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"Tag396": {
"value": "\n
\n
\n
\n
\n
\n1. Form and content of the consolidated financial statements
\n\nEnel SpA has its registered office
\n\nin
\nViale Regina
\nMargherita 137
\n\n\n\n\n\n\n
\n, Rome, Italy, and since 1999 has been
\nlisted on the Milan stock exchange.
\n
\n\n\n\n\n\n\n
\n\nThere were no changes in the company name in
\n2024.
\n\n\n\n\n\n\n
\n\nEnel is an energy multinational and is one of the
\nworld\u2019s leading integrated operators in the electrici-
\nty and gas industries, with a special focus on
\n
\n\nEurope
\nand Latin America
\n\n\n\n\n\n\n
\n.
\n
\n\n\n\n\n\n\nThe consolidated financial statements of the Group
\nas at and for the year ended December 31, 2024
\ncomprise the financial statements of Enel SpA, its
\nsubsidiaries and Group holdings in associates and
\njoint ventures, as well as the Group\u2019s share of the as-
\nsets, liabilities, costs and revenue of joint operations
\n(\u201cthe Group\u201d).
\nA list of the subsidiaries, associates, joint operations
\nand joint ventures included in the consolidation
\nscope is attached.
\n\nThese consolidated financial statements were ap-
\nproved and authorized for publication by the Board
\nof Directors on March 13, 2025.
\n
\n\n\n\n\n\n\nThese consolidated financial statements have been
\naudited by KPMG SpA.
\n\n
\n
\nBasis of presentation
\n\nThe consolidated financial statements as at and for
\nthe year ended December 31, 2024 have been pre-
\npared in accordance with international accounting
\nstandards (International Accounting Standards - IAS
\nand International Financial Reporting Standards -
\nIFRS) issued by the International Accounting Stand-
\nards Board (IASB), the interpretations of the IFRS
\nInterpretations Committee (IFRSIC) and the Stand-
\ning Interpretations Committee (SIC), recognized in
\nthe European Union pursuant to Regulation (EC) no.
\n1606/2002 and in effect as of the close of the year.
\nAll of these standards and interpretations are here-
\ninafter referred to as the \u201cIFRS-EU\u201d.
\n
\n
\n\n\n\n\nThe consolidated financial statements have also
\nbeen prepared in conformity with measures issued
\nin implementation of Article 9, paragraph 3, of Leg-
\nislative Decree 38 of February 28, 2005.
\nThe consolidated financial statements consist of the
\nconsolidated income statement, the statement of
\nconsolidated comprehensive income, the statement
\nof consolidated financial position, the statement of
\nchanges in consolidated equity and the consolidated
\nstatement of cash flows and the related notes.
\nThe assets and liabilities recognized in the state-
\nment of financial position are classified on a \u201ccurrent/
\nnon-current basis\u201d, with separate reporting of assets
\nheld for sale and liabilities included in disposal groups
\nclassified as held for sale. Current assets, which in-
\nclude cash and cash equivalents, are assets that are
\nintended to be realized, sold or consumed during the
\nnormal operating cycle of the Group; current liabili-
\nties are liabilities that are expected to be settled dur-
\ning the normal operating cycle of the Group.
\nThe income statement classifies costs on the basis
\nof their nature, with separate reporting of profit/
\n(loss) from continuing operations and profit/(loss)
\nfrom discontinued operations attributable to own-
\ners of the Parent and to non-controlling interests.
\n\nThe consolidated statement of cash flows is prepared
\nusing the indirect method, with separate reporting of
\n
\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n",
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"Tag397": {
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"dimensions": {
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "Enel SpA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
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"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "\nin \nViale Regina \nMargherita 137\n\n\n\n\n\n",
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"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag400": {
"value": "Italy",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag399": {
"value": "\nThere were no changes in the company name in \n2024.\n\n\n\n\n\n",
"dimensions": {
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"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag403": {
"value": "\nEnel is an energy multinational and is one of the \nworld\u2019s leading integrated operators in the electrici-\nty and gas industries, with a special focus on \n\n\nEurope \nand Latin America\n\n\n\n\n\n\n\n.\n\n\n\n\n\n\n",
"dimensions": {
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"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
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"Tag404": {
"value": "\nEurope \nand Latin America\n\n\n\n\n\n",
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"Tag401": {
"value": "SpA",
"dimensions": {
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag405": {
"value": "\nThese consolidated financial statements were ap-
\nproved and authorized for publication by the Board
\nof Directors on March 13, 2025.
\n
\n\n\n\n\n\n\nDeclaration of the Chief Executive Officer and the officer in
\ncharge of financial reporting of the Enel Group at December 31,
\n2024, pursuant to the provisions of Article 154-bis, paragraph 5,
\nof Legislative Decree 58 of February 24, 1998 and Article 81-ter
\nof CONSOB Regulation no. 11971 of May 14, 1999
\n1. The undersigned Flavio Cattaneo and Stefano De
\nAngelis, in their respective capacities as Chief Ex-
\necutive Officer and officer in charge of financial re-
\nporting of Enel SpA, hereby certify, taking account
\nof the provisions of Article 154-bis, paragraphs
\n3 and 4, of Legislative Decree 58 of February 24,
\n1998:
\na. the appropriateness with respect to the charac-
\nteristics of the Enel Group and
\nb. the effective adoption of the administrative and
\naccounting procedures for the preparation of
\nthe consolidated financial statements of the Enel
\nGroup in the period between January 1, 2024
\nand December 31, 2024.
\n2. In this regard, we report that:
\na. the appropriateness of the administrative and
\naccounting procedures used in the preparation
\nof the consolidated financial statements of the
\nEnel Group has been verified in an assessment
\nof the internal control system for financial re-
\nporting. The assessment was carried out on the
\nbasis of the guidelines set out in the \u201cInternal
\nControls - Integrated Framework\u201d issued by the
\nCommittee of Sponsoring Organizations of the
\nTreadway Commission (COSO);
\nb. the assessment of the internal control system
\nfor financial reporting did not identify any mate-
\nrial issues.
\n3. In addition, we certify that the consolidated finan-
\ncial statements of the Enel Group at December 31,
\n2024:
\na. have been prepared in compliance with the Inter-
\nnational Financial Reporting Standards endorsed
\nby the European Union pursuant to Regulation
\n(EC) no. 1606/2002 of the European Parliament
\nand of the Council of July 19, 2002;
\nb. correspond to the information in the books and
\nother accounting records;
\nc. provide a true and fair representation of the fi-
\nnancial position, financial performance and cash
\nflows of the issuer and the companies included
\nin the consolidation scope.
\n4. Finally, we certify that the Report on Operations,
\naccompanied by the consolidated financial
\nstatements of the Enel Group at December 31,
\n2024, contains a reliable analysis of operations
\nand performance, as well as the situation of the
\nissuer and the companies included in the con-
\nsolidation scope, together with a description of
\nthe main risks and uncertainties to which they
\nare exposed.
\nRome, March 13, 2025
\nFlavio Cattaneo
\nChief Executive Officer of Enel SpA
\nStefano De Angelis
\nOfficer in charge of financial
\nreporting of Enel SpA
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag407": {
"value": "\n
\n
\nBasis of presentation
\n\nThe consolidated financial statements as at and for
\nthe year ended December 31, 2024 have been pre-
\npared in accordance with international accounting
\nstandards (International Accounting Standards - IAS
\nand International Financial Reporting Standards -
\nIFRS) issued by the International Accounting Stand-
\nards Board (IASB), the interpretations of the IFRS
\nInterpretations Committee (IFRSIC) and the Stand-
\ning Interpretations Committee (SIC), recognized in
\nthe European Union pursuant to Regulation (EC) no.
\n1606/2002 and in effect as of the close of the year.
\nAll of these standards and interpretations are here-
\ninafter referred to as the \u201cIFRS-EU\u201d.
\n
\n
\n\n\n\n\nThe consolidated financial statements have also
\nbeen prepared in conformity with measures issued
\nin implementation of Article 9, paragraph 3, of Leg-
\nislative Decree 38 of February 28, 2005.
\nThe consolidated financial statements consist of the
\nconsolidated income statement, the statement of
\nconsolidated comprehensive income, the statement
\nof consolidated financial position, the statement of
\nchanges in consolidated equity and the consolidated
\nstatement of cash flows and the related notes.
\nThe assets and liabilities recognized in the state-
\nment of financial position are classified on a \u201ccurrent/
\nnon-current basis\u201d, with separate reporting of assets
\nheld for sale and liabilities included in disposal groups
\nclassified as held for sale. Current assets, which in-
\nclude cash and cash equivalents, are assets that are
\nintended to be realized, sold or consumed during the
\nnormal operating cycle of the Group; current liabili-
\nties are liabilities that are expected to be settled dur-
\ning the normal operating cycle of the Group.
\nThe income statement classifies costs on the basis
\nof their nature, with separate reporting of profit/
\n(loss) from continuing operations and profit/(loss)
\nfrom discontinued operations attributable to own-
\ners of the Parent and to non-controlling interests.
\n\nThe consolidated statement of cash flows is prepared
\nusing the indirect method, with separate reporting of
\n
\n\n\n\n
\n
\n\n\n\n\n\n
\n\nany cash flows by operating, investing and financing
\nactivities associated with discontinued operations.
\nMore specifically, the statement of cash flows is pre-
\nsented on a gross basis and does not include non-
\ncash transactions.
\nIn particular, although the Group does not diverge from
\nthe provisions of IAS 7 in the classification of items:
\n\u2022 cash flows from operating activities report cash flows
\nfrom core operations, interest on loans granted and
\nobtained and dividends received from associates or
\njoint ventures;
\n\u2022 investing activities comprise investments in property,
\nplant and equipment and intangible assets and dis-
\nposals of such assets and contract assets related to
\nservice concession arrangements. They include, also,
\nthe effects of business combinations in which the
\nGroup acquires or loses control of companies, as well
\nas other minor investments;
\n\u2022 cash flows from financing activities include cash flows
\ngenerated by liability management transactions and
\nleases, dividends and interim dividends paid to owners
\nof the Parent and non-controlling interests and the ef-
\nfects of transactions in non-controlling interests that
\ndo not change the status of control of the companies
\ninvolved;
\n\u2022 a separate item is used to report the impact of ex-
\nchange rates on cash and cash equivalents and their
\nimpact on profit or loss is eliminated in full in order to
\nneutralize the effect on cash flows from operating ac-
\ntivities.
\nFor more information on cash flows as reported in the
\nstatement of cash flows, please see note 44 \u201cCash
\nflows\u201d.
\n
\n
\n\n\n\n
\n\nThe consolidated financial statements have been pre-
\npared on a going concern
\n\n\n\n basis using the cost method,
\nwith the exception of items measured at fair value in ac-
\ncordance with IFRS, as explained in the measurement
\nbases applied to each individual item, and of non-cur-
\nrent assets and disposal groups classified as held for
\nsale, which are measured at the lower of their carrying
\namount and fair value less costs to sell.
\nThe consolidated financial statements are presented in
\neuro, the functional currency of the Parent Enel SpA. All
\nfigures are shown in millions of euro unless stated oth-
\nerwise.
\nThe consolidated income statement, the statement of
\nconsolidated financial position and the consolidated
\nstatement of cash flows report transactions with related
\nparties, the definition of which is given in note 2.2 \u201cMate-
\nrial accounting policies\u201d.
\nThe consolidated financial statements provide compara-
\ntive information in respect of the previous year.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag408": {
"value": "\nThe consolidated financial statements as at and for
\nthe year ended December 31, 2024 have been pre-
\npared in accordance with international accounting
\nstandards (International Accounting Standards - IAS
\nand International Financial Reporting Standards -
\nIFRS) issued by the International Accounting Stand-
\nards Board (IASB), the interpretations of the IFRS
\nInterpretations Committee (IFRSIC) and the Stand-
\ning Interpretations Committee (SIC), recognized in
\nthe European Union pursuant to Regulation (EC) no.
\n1606/2002 and in effect as of the close of the year.
\nAll of these standards and interpretations are here-
\ninafter referred to as the \u201cIFRS-EU\u201d.
\n
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag409": {
"value": "\nThe consolidated statement of cash flows is prepared
\nusing the indirect method, with separate reporting of
\n
\n\n\n\nany cash flows by operating, investing and financing
\nactivities associated with discontinued operations.
\nMore specifically, the statement of cash flows is pre-
\nsented on a gross basis and does not include non-
\ncash transactions.
\nIn particular, although the Group does not diverge from
\nthe provisions of IAS 7 in the classification of items:
\n\u2022 cash flows from operating activities report cash flows
\nfrom core operations, interest on loans granted and
\nobtained and dividends received from associates or
\njoint ventures;
\n\u2022 investing activities comprise investments in property,
\nplant and equipment and intangible assets and dis-
\nposals of such assets and contract assets related to
\nservice concession arrangements. They include, also,
\nthe effects of business combinations in which the
\nGroup acquires or loses control of companies, as well
\nas other minor investments;
\n\u2022 cash flows from financing activities include cash flows
\ngenerated by liability management transactions and
\nleases, dividends and interim dividends paid to owners
\nof the Parent and non-controlling interests and the ef-
\nfects of transactions in non-controlling interests that
\ndo not change the status of control of the companies
\ninvolved;
\n\u2022 a separate item is used to report the impact of ex-
\nchange rates on cash and cash equivalents and their
\nimpact on profit or loss is eliminated in full in order to
\nneutralize the effect on cash flows from operating ac-
\ntivities.
\nFor more information on cash flows as reported in the
\nstatement of cash flows, please see note 44 \u201cCash
\nflows\u201d.
\n
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag411": {
"value": "\nThe consolidated financial statements have been pre-
\npared on a going concern
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag412": {
"value": "Enel SpA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag413": {
"value": "\n2.1 Use of estimates and management
\njudgment
\nPreparing the consolidated financial statements under
\nIFRS-EU requires management to take decisions and
\nmake estimates and assumptions that may impact the
\ncarrying amount of revenue, costs, assets and liabili-
\nties and the related disclosures concerning the items
\ninvolved as well as contingent assets and liabilities. The
\nestimates and management\u2019s judgments are based
\non previous experience and other factors considered
\nreasonable in the circumstances. They are formulated
\nwhen the carrying amount of assets and liabilities is
\nnot easily determined from other sources. The actual
\nresults may therefore differ from these estimates. The
\nestimates and assumptions are periodically revised
\nand the effects of any changes are reflected through
\nprofit or loss if they only involve that period. If the revi-
\nsion involves both the current and future periods, the
\nchange is recognized in the period in which the revi-
\nsion is made and in the related future periods.
\nIn order to enhance understanding of the consolidat-
\ned financial statements, the following sections exam-
\nine the main items affected by the use of estimates
\nand the cases that reflect management judgments to
\na significant degree, underscoring the main assump-
\ntions used by management in measuring these items
\nin compliance with the IFRS-EU. The critical element of
\nsuch valuations is the use of assumptions and profes-
\nsional judgments concerning issues that are by their
\nvery nature uncertain.
\nChanges in the conditions underlying the assump-
\ntions and judgments could have a substantial impact
\non future results.
\nThe information included in the consolidated financial
\nstatements is selected on the basis of a materiality
\nanalysis carried out in accordance with the require-
\nments of Practice Statement 2 \u201cMaking Materiality
\nJudgments\u201d, issued by the International Accounting
\nStandards Board (IASB).
\nWith regard to the effects of climate change issues, the
\nGroup believes that climate change represents an im-
\n
\n\n\n\n\n\n\nplicit element in the application of the methodologies
\nand models used to perform estimates in the valua-
\ntion and/or measurement of certain accounting items.
\nFurthermore, the Group has also taken account of the
\nimpact of climate change in the significant judgments
\nmade by management. In this regard, the main items
\nincluded in the consolidated financial statements at
\nDecember 31, 2024 affected by management\u2019s use of
\nestimates and judgments refer to the impairment of
\nnon-financial assets and obligations connected with
\nthe energy transition, including those for decom-
\nmissioning and site restoration of certain generation
\nplants. For further details on these items, see note 17
\n\u201cProperty, plant and equipment\u201d, note 22 \u201cGoodwill\u201d,
\nand note 38 \u201cProvisions for risks and charges\u201d.
\nUse of estimates
\nRevenue from contracts with customers
\nRevenue from supply of electricity and gas to end
\nusers is recognized at the time the electricity or gas
\nis delivered and includes, in addition to amounts in-
\nvoiced on the basis of electricity consumption meas-
\nured through periodic (and pertaining to the year) me-
\nter readings or on the volumes notified by distributors
\nand transporters, an estimate of the electricity and gas
\ndelivered during the period but not yet invoiced that is
\nequal to the difference between the amount of elec-
\ntricity and gas delivered to the distribution network
\nand that invoiced in the period, taking account of any
\nnetwork losses. Revenue between the date of the last
\nmeter reading and the year-end is based on estimates
\nof the daily consumption of individual customers, pri-
\nmarily determined on their historical information, ad-
\njusted to reflect the climate factors or other matters
\nthat may affect the estimated consumption.
\nFor more details on such revenue, see note 9.a. \u201cReve-
\nnue from sales and services\u201d.
\nImpairment of non-financial assets
\nWhen the carrying amount of property, plant and
\nequipment, investment property measured at cost,
\nintangible assets, right-of-use assets, goodwill and in-
\nvestments in associates/joint ventures exceeds its re-
\ncoverable amount, which is the higher of the fair value
\nless costs to sell and the value in use, the assets are
\nimpaired.
\nVerification of the recoverable amount of such assets
\nis performed in accordance with the provisions of IAS
\n36, as described in greater detail in note 22 \u201cGoodwill\u201d.
\nIn order to determine the recoverable amount, the
\nGroup generally adopts the value in use criterion, in-
\ntended as the present value of the estimated future
\ncash flows generated by the asset, discounted using
\na pre-tax discount rate that reflects the current mar-
\nket assessment of the time value of money and of the
\nspecific risks of the asset.
\nFuture cash flows used to determine value in use are
\nbased on the most recent Business Plan, approved by
\nthe management, containing forecasts for volumes,
\nrevenue, operating costs and investments. These pro-
\njections cover the next three years. For subsequent
\nyears, account is taken of:
\n\u2022 assumptions concerning the long-term evolution
\nof the main variables considered in the calculation
\nof cash flows, as well as the average residual useful
\nlife of the assets or the duration of the concessions,
\nbased on the specific characteristics of the busi-
\nnesses;
\n\u2022 a long-term growth rate equal to the long-term
\ngrowth of electricity demand and/or inflation (de-
\npending on the country and business) that does not
\nin any case exceed the average long-term growth
\nrate of the market involved.
\nThe recoverable amount is sensitive to the esti-
\nmates and assumptions used in the calculation of
\ncash flows and the discount rates applied. Nev-
\nertheless, possible changes in the underlying as-
\nsumptions of such amounts could generate dif-
\nferent recoverable amounts. The analysis of each
\ngroup of non-financial assets is unique and re-
\nquires management to use estimates and assump-
\ntions considered prudent and reasonable in the
\nspecific circumstances.
\nIn line with its business model and in the context of the
\nenergy transition process, the Group has also carefully
\nassessed whether climate change issues have affect-
\ned the reasonable and supportable assumption used
\nto estimate expected cash flows. In this regard, where
\nnecessary, the Group has also taken account of the
\nlong-term impact of climate change, in particular by
\nconsidering in the estimation of the terminal value a
\nlong-term growth rate in line with the change in elec-
\ntricity demand determined using energy models for
\neach country.
\nInformation on the main assumptions used to esti-
\nmate the recoverable amount of assets with reference
\nto the impacts relating to climate change, as well as
\ninformation on changes in these assumptions, is pro-
\nvided in note 22 \u201cGoodwill\u201d.
\n
\n\n\n\n\n\n\nExpected credit losses on financial assets
\nAt the end of each reporting period, the Group rec-
\nognizes a loss allowance for expected credit losses on
\ntrade receivables and other financial assets measured
\nat amortized cost, debt instruments measured at fair
\nvalue through other comprehensive income, contract
\nassets and all other assets in scope.
\nLoss allowances for financial assets are based on as-
\nsumptions about risk of default and on the measure-
\nment of expected credit losses. Management uses
\njudgment in making these assumptions and selecting
\nthe inputs for the impairment calculation, based on
\nthe Group\u2019s past experience, current market condi-
\ntions as well as forward-looking estimates at the end
\nof each reporting period.
\nThe expected credit loss (ECL) \u2013 determined con-
\nsidering probability of default (PD), loss given default
\n(LGD), and exposure at default (EAD) \u2013 is the difference
\nbetween all contractual cash flows that are due in ac-
\ncordance with the contract and all cash flows that are
\nexpected to be received (including all shortfalls) dis-
\ncounted at the original effective interest rate (EIR).
\nFor additional details on the general simplified ap-
\nproach used to determine expected credit losses,
\nplease see note 46 \u201cFinancial instruments by catego-
\nry \u201d.
\nBased on the specific reference market and the regu-
\nlatory context of the sector, as well as expectations of
\nrecovery after 90 days, for trade receivables, contract
\nassets and lease receivables, the Group mainly applies
\na default definition of 180 days past due to determine
\nexpected credit losses, as this is considered an effec-
\ntive indication of a significant increase in credit risk.
\nAccordingly, financial assets that are more than 90
\ndays past due are generally not considered to be in
\ndefault, except for some specific regulated markets.
\nFor trade receivables and contract assets the Group
\nmainly applies a collective approach based on group-
\ning them into specific clusters, taking into account the
\nspecific regulatory and business context. Only if the
\ntrade receivables are deemed to be individually signifi-
\ncant by management and there is specific information
\nabout any significant increase in credit risk, does the
\nGroup apply an analytical approach.
\nBased on specific management evaluations, the for-
\nward-looking adjustment can be applied considering
\nqualitative and quantitative information in order to re-
\nflect possible future events and macroeconomic sce-
\nnarios, which may affect the risk of the portfolio or the
\nfinancial instrument.
\nFor additional details on the key assumptions and in-
\nputs used, please see note 46 \u201cFinancial instruments
\nby category\u201d.
\nDepreciable amount of certain elements of
\nItalian hydroelectric plants subsequent to
\nenactment of Law 134/2012
\nItalian regulations governing large-scale hydroelec-
\ntric concessions were significantly modified by the
\n\u201cSimplifications Decree\u201d (Decree Law 135 of 2018,
\nratified with Law 12 of February 11, 2019). The reg-
\nulations introduce a number of innovations which,
\nif applied to existing concessions, would require a
\nreview of the useful lives of certain investments in
\nhydroelectric plants in order to reflect the possibil-
\nity that, at the end of the concession, some assets
\ncould be transferred free of charge to the new con-
\ncession holder. However, in estimating the useful lives
\nof these plants, management, with the support of a
\nlegal opinion, considered the foreseeable outcome
\nof the appeals promptly lodged by the Group \u2013 and
\nothers \u2013 and the related constitutionality issues,
\nwhich have also been raised by industrial associa-
\ntions. Consequently, we believe that the legislation
\nraises serious constitutionality issues that will be ef-
\nfectively recognized in the appropriate fora. Accord-
\ningly, management deemed it appropriate not to re-
\nflect the changes introduced by the regulations and
\ntherefore has continued to measures the useful lives
\nof the plants as has been done in previous years un-
\nder the previous regulatory system, considering this
\nto be the most realistic estimate.
\nLaw 134 of August 7, 2012 containing \u201curgent meas-
\nures for growth\u201d (published in the Gazzetta Ufficiale
\nof August 11, 2012) introduced a sweeping overhaul
\nof the rules governing hydroelectric concessions.
\nAmong its various provisions, the law establishes that
\nfive years before the expiration of a major hydroelec-
\ntric water diversion concession and in cases of lapse,
\nrelinquishment or revocation, where there is no pre-
\nvailing public interest for a different use of the wa-
\nter, incompatible with its use for hydroelectric gen-
\neration, the competent public entity shall organize a
\npublic call for tenders for the award for consideration
\nof the concession for a period ranging from 20 to a
\nmaximum of 30 years.
\nIn order to ensure operational continuity, the law also
\ngoverns the methods of transferring ownership of the
\nbusiness unit necessary to operate the concession,
\nincluding all legal relationships relating to the con-
\ncession, from the outgoing concession holder to the
\n
\n\n\n\n\n\n\n
\n
\nnew concession holder, in exchange for payment of a
\nprice to be determined in negotiations between the
\ndeparting concession holder and the grantor agency,
\ntaking due account of the following elements:
\n\u2022 for intake and governing works, penstocks and
\noutflow channels, which under the consolidated
\nlaw governing waters and electrical plants are to
\nbe relinquished free of charge (Article 25 of Royal
\nDecree 1775 of December 11, 1933), the revalued
\ncost less government capital grants, also revalued,
\nreceived by the concession holder for the con-
\nstruction of such works, depreciated for ordinary
\nwear and tear;
\n\u2022 for other property, plant and equipment, the mar-
\nket value, meaning replacement value, reduced by
\nestimated depreciation for ordinary wear and tear.
\nWhile acknowledging that the new regulations intro-
\nduce important changes as to the transfer of owner-
\nship of the business unit with regard to the operation
\nof the hydroelectric concession, the practical appli-
\ncation of these principles faces difficulties, given the
\nuncertainties that do not permit the formulation of a
\nreliable estimate of the value that can be recovered
\nat the end of existing concessions (residual value).
\nAccordingly, management has decided it could not
\nproduce a reasonable and reliable estimate of resid-
\nual value.
\nThe fact that the legislation requires the new con-
\ncession holder to make a payment to the departing
\nconcession holder prompted management to review
\nthe depreciation schedules for assets classified as to
\nbe relinquished free of charge prior to Law 134/2012
\n(until the year ended on December 31, 2011, giv-
\nen that the assets were to be relinquished free of
\ncharge, the depreciation period was equal to the
\nclosest date between the term of the concession and
\nthe end of the useful life of the individual asset), cal-
\nculating depreciation no longer over the term of the
\nconcession but, if longer, over the useful life of the
\nindividual assets. If additional information becomes
\navailable to enable the calculation of residual value,
\nthe carrying amounts of the assets involved will be
\nadjusted prospectively.
\nDetermining the fair value of financial
\ninstruments
\nThe fair value of financial instruments is determined on
\nthe basis of prices directly observable in the market,
\nwhere available, or, for unlisted financial instruments,
\nusing specific valuation techniques (mainly based on
\npresent value) that maximize the use of observable
\nmarket inputs. In rare circumstances where this is not
\npossible, the inputs are estimated by management
\ntaking due account of the characteristics of the in-
\nstruments being measured.
\nFor more information on financial instruments meas-
\nured at fair value, please see note 50 \u201cAssets and lia-
\nbilities measured at fair value\u201d.
\nIn accordance with IFRS 13, the Group includes a
\nmeasurement of credit risk, both of the counterparty
\n(Credit Valuation Adjustment or CVA) and its own (Deb-
\nit Valuation Adjustment or DVA), in order to adjust the
\nfair value of financial instruments for the correspond-
\ning amount of counterparty risk, using the method
\ndiscussed in note 50 \u201cAssets and liabilities measured
\nat fair value\u201d.
\nChanges in the assumptions made in estimating the
\ninput data could have an impact on the fair value rec-
\nognized for those instruments.
\nPensions and other post-employment benefits
\nSome of the Group\u2019s employees participate in pension
\nplans offering benefits based on their wage history and
\nyears of service. Certain employees are also eligible for
\nother post-employment benefit schemes.
\nThe expenses and liabilities of such plans are calculated
\non the basis of estimates carried out by consulting ac-
\ntuaries, who use a combination of statistical and actu-
\narial elements in their calculations, including statistical
\ndata on past years and forecasts of future costs. Other
\ncomponents of the estimation that are considered in-
\nclude mortality and retirement rates as well as assump-
\ntions concerning future developments in discount
\nrates, the rate of wage increases, the inflation rate and
\ntrends in healthcare cost.
\nThese estimates can differ significantly from actual de-
\nvelopments owing to changes in economic and market
\nconditions, increases or decreases in retirement rates
\nand the lifespan of participants, as well as changes in
\nthe effective cost of healthcare.
\nSuch differences can have a substantial impact on the
\nquantification of pension costs and other related ex-
\npenses.
\nFor more details on the main actuarial assumptions
\nadopted, please see note 37 \u201cEmployee benefits\u201d.
\n\nProvisions for risks and charges
\nFor more details on provisions for risks and charges,
\nplease see note 38 \u201cProvisions for risks and charges\u201d.
\nNote 55 \u201cContingent assets and liabilities\u201d also pro-
\n
\n\n\n
\n\n\n\n\n\n\n
\n\nvides information regarding the most significant con-
\ntingent assets and liabilities for the Group at year end.
\n
\n\n\nLitigation
\nThe Group is involved in various civil, administrative
\nand tax disputes connected with the normal pursuit
\nof its activities that could give rise to significant lia-
\nbilities. It is not always objectively possible to predict
\nthe outcome of these disputes. The assessment of the
\nrisks associated with this litigation is based on com-
\nplex factors whose very nature requires recourse to
\nmanagement judgments, even when taking account
\nof the contribution of external advisors assisting the
\nGroup, about whether to classify them as contingent
\nliabilities or liabilities.
\nProvisions have been recognized to cover all signifi-
\ncant liabilities for cases in which legal counsel feels an
\nadverse outcome is more likely than not and a reason-
\nable estimate of the amount of the expense can be
\nmade.
\nObligations associated with generation plants,
\nincluding decommissioning and site restoration
\nGeneration activities may entail obligations for the op-
\nerator with regard to future interventions that will have
\nto be performed following the end of the operating life
\nof the plant.
\nSuch interventions may involve the decommission-
\ning of plants and site restoration, or other obligations
\nlinked to the type of generation technology involved.
\nThe nature of such obligations may also have a major
\nimpact on the accounting treatment used for them.
\nIn the case of nuclear power plants, where the costs
\nregard both decommissioning and the storage of
\nwaste fuel and other radioactive materials, the estima-
\ntion of the future cost is a critical process, given that
\nthe costs will be incurred over a very long span of time,
\nestimated at up to 100 years.
\nThe obligation, based on financial and engineering as-
\nsumptions, is calculated by discounting the expected
\nfuture cash flows that the Group considers it will have
\nto pay to meet the obligations it has assumed.
\nThe discount rate used to determine the present value
\nof the liability is the pre-tax risk-free rate and is based
\non the economic parameters of the country in which
\nthe plant is located. That liability is quantified by man-
\nagement on the basis of the technology existing at the
\nmeasurement date and is reviewed each year, taking
\naccount of developments in storage, decommission-
\ning and site restoration technology, as well as the on-
\ngoing evolution of the legislative framework governing
\nhealth and environmental protection.
\nSubsequently, the value of the obligation is adjusted
\nto reflect the passage of time and any changes in es-
\ntimates.
\nPlease see note 38 \u201cProvisions for risks and charges\u201d
\nfor more information on the discount rates, the esti-
\nmated non-discounted costs and their timing, used
\nto calculate the decommissioning and site restoration
\nprovisions.
\nOnerous contracts
\nIn order to identify an onerous contract, the Group es-
\ntimates the non-discretionary costs necessary to fulfil
\nthe obligations assumed (including any penalties) un-
\nder the contract and the economic benefits that are
\npresumed to be obtained from the contract.
\nLeases
\nWhen the interest rate implicit in the lease cannot be
\nreadily determined, the Group uses the incremental
\nborrowing rate (IBR) at the lease commencement date
\nto calculate the present value of the lease payments.
\nThis is the interest rate that the lessee would have to
\npay to borrow over a similar term, and with a similar
\nsecurity, the funds necessary to obtain an asset of
\na similar value to the right-of-use asset in a similar
\neconomic environment. When no observable inputs
\nare available, the Group estimates the IBR making as-
\nsumptions to reflect the terms and conditions of the
\nlease and certain lessee-specific estimates.
\nOne of the most significant judgments for the Group is
\ndetermining this IBR necessary to calculate the pres-
\nent value of the lease payments required to be paid to
\nthe lessor. The Group approach to determine an IBR
\nis based on the assessment of the following three key
\ncomponents:
\n\u2022 the risk-free rate, that consider the currency flows
\nof the lease payments, the economic environment
\nwhere the lease contract has been negotiated and
\nalso the lease term;
\n\u2022 the credit spread adjustment, in order to calculate
\nan IBR that is specific for the lessee considering any
\nunderlying Parent or other guarantee;
\n\u2022 the lease related adjustments, in order to reflect into
\nthe IBR calculation the fact that the discount rate is
\ndirectly linked to the type of the underlying asset,
\nrather than being a general incremental borrowing
\nrate. In particular, the risk of default is mitigated for
\n
\n\n\n\n\n\n\n
\nthe lessors as they have the right to reclaim the un-
\nderlying asset itself.
\nFor more information on lease liabilities, please see
\nnote 46 \u201cFinancial instruments by category\u201d.
\nIncome tax
\nRecovery of deferred tax assets
\nAt December 31, 2024, the consolidated financial
\nstatements report deferred tax assets in respect of tax
\nlosses or tax credits usable in subsequent years and
\nincome components whose deductibility is deferred
\nin an amount whose future recovery is considered by
\nmanagement to be highly probable.
\nThe recoverability of such assets is subject to the
\nachievement of future profits sufficient to absorb
\nsuch tax losses and to use the benefits of the other
\ndeferred tax assets.
\nSignificant management judgment is required to as-
\nsess the probability of recovering deferred tax assets,
\nconsidering all negative and positive evidence, and to
\ndetermine the amount that can be recognized, based
\nupon the likely timing and the level of future taxable
\nprofits together with future tax planning strategies
\nand the tax rates applicable at the date of reversal.
\nHowever, where the Group should become aware that
\nit is unable to recover all or part of recognized tax as-
\nsets in future years, the consequent adjustment would
\nbe taken to profit or loss in the year in which this cir-
\ncumstance arises.
\nThe recoverability of deferred tax assets is reviewed at
\nthe end of each period. Deferred tax assets not recog-
\nnized are reassessed at each reporting date in order to
\nverify the conditions for their recognition.
\nFor more detail in deferred tax assets recognized or
\nnot recognized, please see note 23 \u201cDeferred tax as-
\nsets and liabilities\u201d.
\nManagement judgment
\n\nIdentification of operating segments
\nIn accordance with the requirements of IFRS 8,
\nthe Group\u2019s primary operating segments are rep-
\nresented by the business lines, identified as com-
\nponents:
\n\u2022 that engage in business activities from which they
\nmay earn revenue and incur expenses (including
\nrevenue and expenses relating to transactions with
\nother components of the same entity);
\n\u2022 whose operating results are regularly reviewed by
\nmanagement to make decisions about resources to
\nbe allocated to the segment and assess its perfor-
\nmance; and
\n\u2022 for which discrete financial information is available.
\nThe Group\u2019s secondary operating segments are repre-
\nsented by the regions and countries where it operates,
\nand provide an additional dimension of management
\nanalysis, enabling the monitoring of the performance
\nof each business line on a geographical basis.
\n
\n
\n\n\nIdentification of cash generating units (CGUs)
\nFor impairment testing, if the recoverable amount can-
\nnot be determined for an individual asset, the Group
\nidentifies the smallest group of assets that generate
\nlargely independent cash inflows. The smallest group
\nof assets that generates cash inflows that are largely
\nindependent of the cash inflows from other assets or
\ngroup of assets is a CGU.
\nIdentifying such CGUs involves management judg-
\nments regarding the specific nature of the assets and
\nthe business involved (geographical segment, business
\nsegment, regulatory framework, etc.). The assets of
\neach CGU are also identified on the basis of the manner
\nin which management manages and monitors those
\nassets, as well as the evidence that the cash inflows of
\nthe group of assets are largely independent of those
\nassociated with other assets (or groups of assets).
\nThe assets of each CGU are also identified on the ba-
\nsis of the manner in which management manages and
\nmonitors those assets. In particular, the number and
\nscope of the CGUs are updated systematically to re-
\nflect the impact of new business combinations and
\nreorganizations carried out by the Group.
\nThe CGUs identified by management to which the
\ngoodwill recognized in these consolidated financial
\nstatements has been allocated and the criteria for
\ntheir identification are reported in note 22 \u201cGoodwill\u201d.
\nDetermining the useful life
\nof non-financial assets
\nIn determining the useful life of property, plant and
\nequipment and intangible assets with a finite useful
\nlife, the Group considers not only the future economic
\nbenefits \u2013 contained in the assets \u2013 obtained through
\ntheir use, but also many other factors, such as physi-
\ncal wear and tear, the technical, commercial or other
\nobsolescence of the product or service produced with
\nthe asset, legal or similar limits (e.g. safety, environ-
\nmental or other restrictions) on the use of the asset,
\nif the useful life of the asset depends on the useful life
\nof other assets.
\n
\n\n\n\n\n\n\nFurthermore, in estimating the useful lives of the assets
\nconcerned, the Group has taken account of its commit-
\nment under the Paris Agreement. For more information,
\nplease see note 17 \u201cProperty, plant and equipment\u201d.
\nDetermination of the existence of control
\nUnder the provisions of IFRS 10, control is achieved
\nwhen the Group is exposed, or has rights, to variable
\nreturns from its involvement with the investee and has
\nthe ability to affect those returns through its power
\nover the investee. Power is defined as the current abili-
\nty to direct the relevant activities of the investee based
\non existing substantive rights.
\nThe existence of control does not depend solely on
\nownership of a majority investment, but rather it arises
\nfrom substantive rights that each investor holds over
\nthe investee. Consequently, management must use
\nits judgment in assessing whether specific situations
\ndetermine substantive rights that give the Group the
\npower to direct the relevant activities of the investee
\nin order to affect its returns.
\nFor the purpose of assessing control, management
\nanalyzes all facts and circumstances including any
\nagreements with other investors, also in respect of
\nvoting or appointing directors, rights arising from
\nother contractual arrangements and potential voting
\nrights (call options, warrants, put options granted to
\nnon-controlling shareholders, etc.) and other legal
\nprovisions. These other facts and circumstances could
\nbe especially significant in such assessment when the
\nGroup holds less than a majority of voting rights, or
\nsimilar rights, in the investee.
\nFurthermore, even if it holds more than half of the vot-
\ning rights in an entity, the Group considers all the rel-
\nevant facts and circumstances in assessing whether it
\ncontrols the investee.
\nThe Group reassesses whether or not it controls an in-
\nvestee if facts and circumstances indicate that there
\nare changes to one or more of the elements consid-
\nered in verifying the existence of control.
\nDetermination of the existence of joint control
\nand of the type of joint arrangement
\nUnder the provisions of IFRS 11, a joint arrangement
\nis an agreement where two or more parties have joint
\ncontrol. Joint control exists only when the decisions
\nover the relevant activities require the unanimous
\nconsent of the parties that share joint control.
\nA joint arrangement can be configured as a joint ven-
\nture or a joint operation. Joint ventures are joint ar-
\nrangements whereby the parties that have joint con-
\ntrol have rights to the net assets of the arrangement.
\nConversely, joint operations are joint arrangements
\nwhereby the parties that have joint control have rights
\nto the assets and obligations for the liabilities relating
\nto the arrangement.
\nIn order to determine the existence of the joint control
\nand the type of joint arrangement, management must
\napply judgment and assess its rights and obligations
\narising from the arrangement. For this purpose, the
\nmanagement considers the structure and legal form
\nof the arrangement, the terms agreed by the parties in
\nthe contractual arrangement and, when relevant, oth-
\ner facts and circumstances.
\nFollowing that analysis, the Group has considered its
\ninterest in Asociaci\u00f3n Nuclear Asc\u00f3-Vandell\u00f3s II as a
\njoint operation.
\nThe Group re-assesses whether or not it has joint con-
\ntrol if facts and circumstances indicate that changes
\nhave occurred in one or more of the elements consid-
\nered in verifying the existence of joint control and the
\ntype of the joint arrangement.
\nFor more information on the Group\u2019s investments in
\njoint ventures, please see note 24 \u201cEquity-accounted
\ninvestments\u201d.
\nDetermination of the existence of significant
\ninfluence over an associate
\nAssociates are those in which the Group exercises sig-
\nnificant influence, i.e. the power to participate in the
\nfinancial and operating policy decisions of the inves-
\ntee but not exercise control or joint control over those
\npolicies. In general, it is presumed that the Group has a
\nsignificant influence when it has an ownership interest
\nof 20% or more.
\nIn order to determine the existence of significant influ-
\nence, management must apply judgment and consid-
\ner all facts and circumstances.
\nThe Group re-assesses whether or not it has signif-
\nicant influence if facts and circumstances indicate
\nthat there are changes to one or more of the elements
\nconsidered in verifying the existence of significant in-
\nfluence.
\nFor more information on the Group\u2019s equity invest-
\nments in associates, please see note 24 \u201cEquity-ac-
\ncounted investments\u201d.
\nDetermination of non-current assets
\n(or disposal groups) held for sale and
\ndiscontinued operations
\nAn asset is classified as \u201cheld for sale\u201d when its sale is
\nhighly probable.
\n
\n\n\n\n\n\n\nTo determine whether a sale is highly probable, the
\nGroup considers whether:
\n\u2022 management has committed to a plan to sell the
\nasset (or disposal group), and an active program to
\nlocate a buyer and complete the plan has been in-
\nitiated;
\n\u2022 the sale should be expected to qualify for recog-
\nnition as a completed sale within one year from
\nthe date of classification, except where the delay
\nis caused by events or circumstances beyond the
\nGroup\u2019s control and there is sufficient evidence that
\nthe Group remains committed to its plan to sell the
\nasset;
\n\u2022 the actions required to complete the plan should in-
\ndicate that it is unlikely that significant changes to
\nthe plan will be made or that the plan will be with-
\ndrawn.
\nIn addition, an asset (or group of assets) shall be pre-
\nsented as a discontinued operation when it is classi-
\nfied as held for sale and:
\n\u2022 represents a separate major line of business or geo-
\ngraphical area of operations;
\n\u2022 is part of a single coordinated plan to dispose of a
\nseparate major line of business or geographical area
\nof operations; or
\n\u2022 is a subsidiary acquired exclusively with a view to re-
\nsale.
\nApplication of \u201cIFRIC 12 \u2013 Service concession
\narrangements\u201d to concessions
\nThe Group, as operator, applies IFRIC 12 to \u201cpub-
\nlic-to-private\u201d service concession arrangements, un-
\nder which a public entity (the grantor) conveys to an
\noperator the right to manage the infrastructure used
\nto provide services.
\nMore specifically, management assesses whether
\n\u201cpublic-to-private\u201d service concession arrange-
\nments are within the scope of IFRIC 12 on the basis
\nof whether:
\n\u2022 the grantor controls or regulates what services the
\noperator must provide with the infrastructure, to
\nwhom it must provide them, and at what price; and
\n\u2022 the grantor controls \u2013 through ownership, beneficial
\nentitlement or otherwise \u2013 any significant residual
\ninterest in the infrastructure at the end of the term
\nof the arrangement.
\nOn the basis of that analysis, the provisions of IFRIC
\n12 are applicable to the service concession arrange-
\nments of a number of companies that operate primar-
\nily in Brazil.
\nFurther details about service concession arrange-
\nments in the scope of IFRIC 12 are provided in note 18
\n\u201cService concession arrangements\u201d.
\nRevenue from contracts with customers
\nThe Group carefully analyzes the contractual terms
\nand conditions on a jurisdictional level in order to de-
\ntermine when a contract exists and the terms of that
\ncontract\u2019s enforceability so as to apply IFRS 15 only to
\nsuch contracts.
\nWhen a contract includes multiple promised goods
\nor services, in order to assess if they should be ac-
\ncounted for separately or as a group, the Group con-
\nsiders both the individual characteristics of goods/
\nservices (i.e. whether they are distinct or are a series
\nof distinct goods or services that are substantially the
\nsame and that have the same pattern of transfer to
\nthe customer), and the nature of the promise within
\nthe context of the contract. To this end, it is necessary
\nto evaluate all the facts and circumstances relating to
\nthe specific contract under the relevant legal and reg-
\nulatory framework. To evaluate when a performance
\nobligation is satisfied, the Group evaluates when the
\ncontrol of the goods or services is transferred to the
\ncustomer, assessed primarily from the perspective of
\nthe customer.
\nFor each performance obligation, and in relation to the
\ntype of transaction:
\n\u2022 revenue is recognized over time on the basis of
\nthe progress towards complete satisfaction of the
\nperformance obligation, as in the case of the pro-
\nvision of services. The measurement of progress
\ntowards complete satisfaction of a performance
\nobligation is carried out consistently for perfor-
\nmance obligations and similar circumstances us-
\ning an \u201coutput\u201d or \u201cinput\u201d method. In particular,
\nthe cost incurred method (cost-to-cost method)
\nis considered appropriate for measuring pro-
\ngress except when a specific analysis of the con-
\ntract counsels the use of an alternative method.
\nIf it should prove impossible to reasonably assess
\nprogress towards satisfaction of the performance
\nobligation, the Group recognizes revenue only to
\nthe extent of the incurred costs that are consid-
\nered recoverable;
\n\u2022 if, on the other hand, the performance obligation is
\nsatisfied at a given moment, as in the case of the
\nsupply of goods, revenue is recognized at the point
\nin time in which the customer obtains the control of
\nthe goods, considering all relevant indicators.
\n
\n\n\n\n\n\n\n
\nThe Group considers all relevant facts and circum-
\nstances in determining whether a contract includes
\nvariable consideration (i.e. consideration that may vary
\nor depends upon the occurrence or non-occurrence
\nof a future event). In estimating variable consideration,
\nthe Group uses the method that better predicts the
\nconsideration to which it will be entitled, applying it
\nconsistently throughout the contract and for similar
\ncontracts, also considering all available information,
\nand updating such estimates until the uncertainly is
\nresolved. The Group includes the estimated variable
\nconsideration in the transaction price only to the ex-
\ntent that it is highly probable that a significant reversal
\nin the cumulative revenue recognized will not occur
\nwhen the uncertainty is resolved.
\nThe Group considers that it is an agent in some con-
\ntracts in which it is not primarily responsible for ful-
\nfilling the contract and therefore it does not control
\ngoods or services before they are being transferred to
\ncustomers. For example, the Group acts as an agent
\nin some contracts for electricity/gas network connec-
\ntion services and other related activities depending on
\nlocal legal and regulatory framework.
\nFor contracts that have more than one performance
\nobligation (e.g. \u201cbundled\u201d sale contracts), the Group
\ngenerally allocates the transaction price to each per-
\nformance obligation in proportion to its stand-alone
\nselling price. The Group determines stand-alone sell-
\ning prices considering all information and using ob-
\nservable prices when they are available in the market
\nor, if not, using an estimation method that maximizes
\nthe use of observable inputs and applying it consist-
\nently to similar arrangements.
\nIf the Group evaluates that a contract includes an op-
\ntion for additional goods or services (e.g. customer
\nloyalty programs or renewal options) that represents a
\nmaterial right, it allocates the transaction price to this
\noption since the option gives rise to an additional per-
\nformance obligation.
\n\nThe Group assesses recoverability of the incremen-
\ntal costs of obtaining a contract either on a con-
\ntract-by-contract basis, or for a group of contracts if
\nthose costs are associated with the group of contracts.
\nThe Group supports the recoverability of such costs
\non the basis of its experience with other similar trans-
\nactions and evaluating various factors, including po-
\ntential renewals, amendments and follow-on contracts
\nwith the same customer.
\nThe Group amortizes such costs over the average cus-
\ntomer term. In order to determine this expected peri-
\nod of benefit from the contract, the Group considers
\nits past experience (e.g. \u201cchurn rate\u201d), the predictive
\nevidence from similar contracts and available informa-
\ntion about the market.
\n
\n
\n\n\n\nPower Purchase Agreements
\nPower Purchase Agreements (PPAs), which provide
\nfor the physical delivery of energy and which do not
\ncomply with the requirements of IFRS 10 for the ex-
\nistence of control or joint control over a company or
\nan asset, and IFRS 16 for the recognition of a lease,
\nbut which comply with the definition of a derivative
\nunder IFRS 9, are accounted for on the basis of the
\nown use exemption when the relevant conditions
\nare met.
\nFor more information on Virtual PPAs complying with
\nthe definition of derivative pursuant to IFRS 9, please
\nsee note 49 \u201cDerivatives and hedge accounting\u201d.
\nClassification and measurement
\nof financial assets
\nAt initial recognition, in order to classify financial as-
\nsets as financial assets at amortized cost, at fair value
\nthrough other comprehensive income and at fair val-
\nue through profit or loss, management assesses both
\nthe contractual cash flow characteristics of the instru-
\nment and the business model for managing financial
\nassets in order to generate cash flows.
\nIn order to evaluate the contractual cash flow charac-
\nteristics of the instrument, management performs the
\nSPPI test at an instrument level, in order to determine
\nif it gives rise to cash flows that are solely payments of
\nprincipal and interest (SPPI) on the principal amount
\noutstanding, performing specific assessment on the
\ncontractual clauses of the financial instruments, as
\nwell as quantitative analysis, if required.
\nThe business model determines whether cash flows
\nwill result from collecting contractual cash flows, sell-
\ning the financial assets, or both.
\nFor more details, please see note 46 \u201cFinancial instru-
\nments by category\u201d.
\nHedge accounting
\nHedge accounting is applied to derivatives in order to
\nreflect into the financial statements the effect of the
\nGroup\u2019s risk management strategies.
\n
\n\n\n\nAccordingly, at the inception of the transaction the
\nGroup documents the hedge relationship between
\nhedging instruments and hedged items, as well as its
\nrisk management objectives and strategy. The Group
\nalso assesses, both at hedge inception and on an on-
\ngoing basis, whether hedging instruments are highly
\neffective in offsetting changes in the fair values or cash
\nflows of hedged items.
\nOn the basis of management\u2019s judgment, the ef-
\nfectiveness assessment based on the existence of
\nan economic relationship between the hedging in-
\nstruments and the hedged items, the dominance of
\ncredit risk in the changes in fair value and the hedge
\nratio, as well as the measurement of the ineffective-
\nness, is evaluated through a qualitative assessment
\nor a quantitative computation, depending on the
\nspecific facts and circumstances and on the char-
\nacteristics of the hedged items and the hedging in-
\nstruments.
\nFor cash flow hedges of forecast transactions desig-
\nnated as hedged items, management assesses and
\ndocuments that they are highly probable and present
\nan exposure to changes in cash flows that affect profit
\nor loss.
\nFor additional details on the key assumptions about
\neffectiveness assessment and ineffectiveness meas-
\nurement, please refer to note 49.1 \u201cDerivatives and
\nhedge accounting\u201d.
\nLeases
\nThe complexity of the assessment of the lease con-
\ntracts, and also their long-term expiring date, requires
\nconsiderable professional judgments for application
\nof IFRS 16. In particular, this regards:
\n\u2022 the application of the definition of a lease to the
\ncases typical of the sectors in which the Group op-
\nerates;
\n\u2022 the identification of the non-lease component into
\nthe lease arrangements;
\n\u2022 the evaluation of any renewable and termination op-
\ntions included in the lease in order to determine the
\nterm of leases, also considering the probability of
\ntheir exercise and any significant leasehold improve-
\nments on the underlying asset;
\n\u2022 the identification of any variable lease payments
\nthat depend on an index or a rate to determine
\nwhether the changes of the latter impact the future
\nlease payments and also the amount of the right-
\nof-use asset;
\n\u2022 the estimate of the discount rate to calculate the
\npresent value of the lease payments; further details
\non assumptions about this rate are provided in the
\nparagraph \u201cUse of estimates\u201d.
\nFor more information on leases, please see note 19
\n\u201cLeases\u201d.
\nUncertainty over income tax treatments
\nThe Group determines whether to consider each un-
\ncertain income tax treatment separately or together
\nwith one or more other uncertain tax treatments as
\nwell as whether to reflect the effect of uncertainty by
\nusing the most likely amount or the expected value
\nmethod, based on which approach better predicts
\nthe resolution of the uncertainty for each uncertain
\ntax treatments, taking account of local tax regula-
\ntions.
\nThe Group makes significant use of professional judg-
\nment in identifying uncertainties about income tax
\ntreatments and reviews the judgments and estimates
\nmade in the event of a change in facts and circum-
\nstances that could change its assessment of the ac-
\nceptability of a specific tax treatment or the estimate
\nof the effects of uncertainty, or both.
\nFor more information on income taxes, please see
\nnote 15 \u201cIncome taxes\u201d.
\n
\n
\n\n\n",
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}
},
"Tag421": {
"value": "\nProvisions for risks and charges
\nFor more details on provisions for risks and charges,
\nplease see note 38 \u201cProvisions for risks and charges\u201d.
\nNote 55 \u201cContingent assets and liabilities\u201d also pro-
\n
\n\n\nvides information regarding the most significant con-
\ntingent assets and liabilities for the Group at year end.
\n
\n\n",
"dimensions": {
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}
},
"Tag423": {
"value": "\nIdentification of operating segments
\nIn accordance with the requirements of IFRS 8,
\nthe Group\u2019s primary operating segments are rep-
\nresented by the business lines, identified as com-
\nponents:
\n\u2022 that engage in business activities from which they
\nmay earn revenue and incur expenses (including
\nrevenue and expenses relating to transactions with
\nother components of the same entity);
\n\u2022 whose operating results are regularly reviewed by
\nmanagement to make decisions about resources to
\nbe allocated to the segment and assess its perfor-
\nmance; and
\n\u2022 for which discrete financial information is available.
\nThe Group\u2019s secondary operating segments are repre-
\nsented by the regions and countries where it operates,
\nand provide an additional dimension of management
\nanalysis, enabling the monitoring of the performance
\nof each business line on a geographical basis.
\n
\n
\n\n\nThe representation of performance and financial po-
\nsition presented here is based on the approach used
\nby management in monitoring Group performance for
\nthe two periods under review. In particular, manage-
\nment monitors and reports on performance by busi-
\nness line. Accordingly, the Group has adopted the fol-
\nlowing reporting sectors:
\n\u2022 primary segment: Business Line;
\n\u2022 secondary segment: Geographical Area.
\nThe business line is therefore the main discriminant
\nin the analyses performed and decisions taken by the
\nmanagement of the Enel Group, and is fully consistent
\nwith the internal reporting prepared for these purposes
\nsince the results are measured and evaluated first and
\n
\n\n\n\n\nforemost for each business line and only thereafter are
\nthey broken down by geographical area.
\n
\n\n\n\n",
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},
"Tag7": {
"value": "\nThe Group assesses recoverability of the incremen-
\ntal costs of obtaining a contract either on a con-
\ntract-by-contract basis, or for a group of contracts if
\nthose costs are associated with the group of contracts.
\nThe Group supports the recoverability of such costs
\non the basis of its experience with other similar trans-
\nactions and evaluating various factors, including po-
\ntential renewals, amendments and follow-on contracts
\nwith the same customer.
\nThe Group amortizes such costs over the average cus-
\ntomer term. In order to determine this expected peri-
\nod of benefit from the contract, the Group considers
\nits past experience (e.g. \u201cchurn rate\u201d), the predictive
\nevidence from similar contracts and available informa-
\ntion about the market.
\n
\n
\n\n\n",
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},
"Tag8": {
"value": "\n
\n2.2 Material accounting policies
\n\nRelated parties
\nPursuant to IAS 24, related parties are mainly those
\nthat share the same controlling entity with Enel SpA,
\nthe companies that directly or indirectly are con-
\ntrolled by Enel SpA, the associates or joint ventures
\n(including their subsidiaries) of Enel SpA, or the asso-
\nciates or joint ventures (including their subsidiaries)
\nof any Group company.
\n\nRelated parties also include
\nentities that operate post-employment benefit plans
\nfor employees of Enel SpA or its associates (specif-
\nically, the FOPEN and FONDENEL pension funds), as
\nwell as the members of the boards of statutory au-
\nditors, and their immediate family, and the key man-
\nagement personnel, and their immediate family, of
\nEnel SpA and its subsidiaries. Key management per-
\nsonnel comprises management personnel who have
\nthe power and direct or indirect responsibility for the
\nplanning, management and control of the activities
\nof the Company. They include directors (whether ex-
\necutive or not).
\n\n\n
\n
\n\n\n
\n\n\n\n
\n
\n\n
\n\n
\nSubsidiaries
\nPursuant to IFRS 10, subsidiaries are all entities over
\nwhich the Group has control. For more information on
\nthe definition of control, please see the section \u201cDe-
\ntermination of the existence of control\u201d in note 2.1
\n\u201cUse of estimates and management judgment\u201d.
\nThe financial statements of subsidiaries used to pre-
\npare the consolidated financial statements were pre-
\npared at December 31, 2024 in accordance with the
\naccounting policies adopted by the Group.
\nIf a subsidiary uses different accounting policies from
\nthose adopted in preparing the consolidated finan-
\ncial statements for similar transactions and facts in
\nsimilar circumstances, appropriate adjustments are
\nmade to ensure conformity with Group accounting
\npolicies.
\nThe figures of the subsidiaries are consolidated on a
\nfull line-by-line basis as from the date control is ac-
\nquired until such control ceases.
\n\nProfit or loss for the year and the other comprehen-
\nsive income are attributed to owners of the Parent and
\nnon-controlling interests, even if this results in a loss
\nfor non-controlling interests.
\nAll intercompany assets and liabilities, equity items, rev-
\nenue, expenses and cash flows relating to transactions
\nbetween entities of the Group are eliminated in full.
\nChanges in ownership interest in subsidiaries that
\ndo not result in loss of control are accounted for as
\nequity transactions, with the carrying amounts of the
\ncontrolling and non-controlling interests adjusted to
\nreflect changes in their interests in the subsidiary. Any
\ndifference between the amount to which non-con-
\ntrolling interests are adjusted and the fair value of the
\nconsideration paid or received is recognized in con-
\nsolidated equity.
\n
\n\n\nWhen the Group ceases to have control over a subsid-
\niary, any interest retained in the entity is remeasured
\nto its fair value, recognized through profit or loss, at
\nthe date when control is lost, recognizing any gain or
\nloss from the loss of control through profit or loss. In
\naddition, any amounts previously recognized in other
\ncomprehensive income in respect of the former sub-
\nsidiary are accounted for as if the Group had directly
\ndisposed of the related assets or liabilities.
\n
\n\n\n
\n\n\n\n
\n\n
\n\n
\n\nInvestments in associates and joint
\nventures
\nIn the consolidated financial statements, investments
\nin associated companies and joint arrangements are
\nmeasured in accordance with the requirements es-
\ntablished by \u201cIAS 28 - Investments in Associates and
\nJoint Ventures\u201d and \u201cIFRS 11 - Joint Arrangements\u201d.
\nIn this respect, an associate is an entity over which the
\nGroup has significant influence, while a joint venture
\nis a joint arrangement over which the Group exercis-
\nes joint control and has rights to the net assets of the
\narrangement.
\nThe Group\u2019s investments in associates and joint ven-
\ntures are accounted for using the equity method, un-
\nder which these investments are initially recognized
\nat cost and any goodwill arising from the difference
\nbetween the cost of the investment and the Group\u2019s
\nshare of the net fair value of the investee\u2019s identifiable
\nassets and liabilities at the acquisition date is included
\nin the carrying amount of the investment.
\nAfter the acquisition date, their carrying amount is ad-
\njusted to recognize changes in the Group\u2019s share of
\nprofit or loss of the associate or joint venture in Group
\nprofit or loss. Adjustments to the carrying amount may
\nalso be necessary following changes in the Group\u2019s
\nshare in the associate or joint venture as a result of
\nchanges in the other comprehensive income of the
\ninvestee. The Group\u2019s share of these changes is rec-
\nognized in the Group\u2019s other comprehensive income.
\nDistributions received from joint ventures and associ-
\nates reduce the carrying amount of the investments.
\nGains and losses resulting from transactions between
\nthe Group and the associates or joint ventures are
\neliminated to the extent of the interest in the associate
\nor joint venture.
\nThe financial statements of the associates or joint ven-
\ntures are prepared for the same reporting period as
\nthe Group.
\nAfter application of the equity method, the Group de-
\ntermines whether it is necessary to recognize an im-
\npairment loss on its investment in an associate or joint
\nventure. If there is objective evidence of a loss of value,
\nthe entire carrying amount of the investment under-
\ngoes impairment testing pursuant to IAS 36 as a single
\nasset. For more information on impairment, please see
\nthe section \u201cImpairment of non-financial assets\u201d in note
\n2.1 \u201cUse of estimates and management judgment\u201d.
\nIf the investment ceases to be an associate or a joint
\nventure, the Group recognizes any retained investment
\nat its fair value, through profit or loss. Any amounts
\n
\n\n\n
\n\n\n
\n\n\n
\n\n\n
\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n\n\npreviously recognized in other comprehensive income
\nin respect of the former associate or joint venture are
\naccounted for as if the Group had directly disposed of
\nthe related assets or liabilities.
\n\nIf the ownership interest in an associate or a joint ven-
\nture is reduced, but the Group continues to exercise
\na significant influence or joint control, the Group con-
\ntinues to apply the equity method and the share of the
\ngain or loss that had previously been recognized in
\nother comprehensive income relating to that reduc-
\ntion is accounted for as if the Group had directly dis-
\nposed of the related assets or liabilities.
\n\n\nJoint operations are joint arrangements whereby the
\nGroup, which holds joint control, has rights to the as-
\nsets and obligations for the liabilities relating to the
\narrangement. For each joint operation, the Group rec-
\nognized assets, liabilities, costs and revenue on the
\nbasis of the provisions of the arrangement rather than
\nthe interest held.
\nWhere there is an increase in the interest in a joint ar-
\nrangement that meets the definition of a business:
\n\u2022 if the Group acquires control, and had rights over
\nthe assets and obligations for the liabilities of the
\njoint arrangement immediately before the acquisi-
\ntion date, then the transaction represents a business
\ncombination achieved in stages, with the remeas-
\nurement of the interest it held previously in the joint
\noperation at its fair value at each acquisition date;
\n\u2022 if the Group obtains joint control (i.e. it already had
\nan interest in a joint operation without holding joint
\ncontrol), the interest previously held in the joint op-
\neration shall not be remeasured.
\nFor more information on the Group\u2019s investments in
\nassociates and joint ventures, please see note 24 \u201cEq-
\nuity-accounted investments\u201d.
\n
\n\n\n
\n\n\n
\n\n\n
\n\n\n\nTranslation of foreign currency items
\nPursuant to \u201cIAS 21 - The Effects of Changes in Foreign
\nExchange Rates\u201d, transactions in currencies other than
\nthe functional currency are initially recognized at the
\nspot exchange rate prevailing on the date of the trans-
\naction.
\nMonetary assets and liabilities denominated in a for-
\neign currency other than the functional currency are
\nsubsequently translated using the spot exchange rate
\nprevailing at the reporting date.
\nNon-monetary assets and liabilities denominated in
\nforeign currency that are recognized at historical cost
\nare translated using the exchange rate at the date of
\nthe initial recognition of the transaction. Non-mone-
\ntary assets and liabilities in foreign currency measured
\nat fair value are translated using the exchange rate at
\nthe date the fair value was determined.
\nAny exchange differences are recognized through
\nprofit or loss.
\nIn determining the spot exchange rate to use on initial
\nrecognition of the related asset, expense or income
\n(or part of it) on the derecognition of a non-monetary
\nasset or non-monetary liability relating to advance
\nconsideration in foreign currency paid or received,
\nthe date of the transaction is the date on which the
\nGroup initially recognizes the non-monetary asset or
\nnon-monetary liability associated with the advance
\nconsideration.
\n\n\n\n\nTranslation of financial statements
\ndenominated in a foreign currency
\nFor the purposes of the consolidated financial state-
\nments, all revenue, expenses, assets and liabilities are
\nstated in euro, which is the presentation currency of
\nthe Parent.
\nPursuant to IAS 21, in order to prepare the consoli-
\ndated financial statements, the financial statements
\nof consolidated companies with functional currencies
\nother than the presentation currency used in the con-
\nsolidated financial statements are translated into eu-
\nros by applying the closing exchange rate to the assets
\nand liabilities, including goodwill and consolidation ad-
\njustments, and the average exchange rate for the pe-
\nriod to the income statement items on the condition
\nit approximates the exchange rates prevailing at the
\ndate of the respective transactions.
\nAny resulting exchange gains or losses are recognized
\nas a separate component of equity in a special reserve.
\nThe gains and losses are recognized proportionately in
\nthe income statement on the disposal (partial or total)
\nof the subsidiary.
\nWhen the functional currency of a consolidated com-
\npany is the currency of a hyperinflationary economy,
\nthe Group restates the financial statements in accord-
\nance with \u201cIAS 29 - Financial Reporting in Hyperinfla-
\ntionary Economies\u201d before applying the specific con-
\nversion method set out below.
\nIn order to consider the impact of hyperinflation on
\nthe local currency exchange rate, the financial po-
\nsition and performance (i.e. assets, liabilities, equity
\n\n\n
\n\n\n\n\n\n\nitems, revenue and expenses) of a company of the
\nGroup whose functional currency is the currency of
\na hyperinflationary economy are translated into the
\nGroup\u2019s presentation currency (the euro) using the
\nexchange rate prevailing at the reporting date, except
\nfor comparative amounts presented in the previous
\nyear\u2019s financial statements which are not adjusted for
\nsubsequent changes in the price level or subsequent
\nchanges in exchange rates.
\n\n\n\n\n\n\n\nGoodwill
\nGoodwill represents the future economic benefits
\narising from other assets acquired in a business com-
\nbination that are not individually identified and sepa-
\nrately recognized and is recognized in the consolidat-
\ned financial statements as at the date of acquisition of
\ncontrol of the business.
\nTo this end, the Group recognizes business combina-
\ntions using:
\n\u2022 the \u201cpurchase method\u201d, for all business combina-
\ntions initiated before January 1, 2010 and complet-
\ned within that financial year on the basis of IFRS 3
\n(2004), where the purchase cost is equal to the fair
\nvalue at the date of the exchange of the assets ac-
\nquired and the liabilities incurred or assumed, plus
\ncosts directly attributable to the acquisition. This
\ncost was allocated by recognizing the assets, liabil-
\nities and identifiable contingent liabilities of the ac-
\nquired company at their fair values. Any positive dif-
\nference between the cost of the acquisition and the
\nfair value of the net assets acquired attributable to
\nowners of the Parent was recognized as goodwill. In
\nthe case of business combinations achieved in stag-
\nes, at the date of acquisition any adjustment to the
\nfair value of the net assets acquired previously was
\nrecognized in equity; the amount of goodwill was
\ndetermined for each transaction separately based
\non the fair values of the acquiree\u2019s net assets at the
\ndate of each exchange transaction;
\n\u2022 the \u201cacquisition method\u201d, for all business combina-
\ntions carried out as from January 1, 2010 that are
\nrecognized on the basis of IFRS 3 (2008), which
\nis referred to as IFRS 3 (Revised) hereafter, where
\nthe purchase cost (the consideration transferred)
\nis equal to the fair value at the purchase date of
\nthe assets acquired and the liabilities incurred or
\nassumed, as well as any equity instruments issued
\nby the purchaser. The purchase cost includes the
\nfair value of any asset or liability resulting from a
\ncontingent consideration arrangement. The con-
\nsideration transferred is allocated by recognizing
\nthe assets, liabilities and identifiable contingent lia-
\nbilities of the acquired company at their fair values
\nas at the acquisition date. In this regard, goodwill is
\ndefined as the excess of the consideration trans-
\nferred, measured at fair value as at the acquisition
\ndate, the amount of any non-controlling interest in
\nthe acquiree plus the fair value of any equity inter-
\nest in the acquiree previously held by the Group (in
\na business combination achieved in stages) over
\nthe net amount of the identifiable assets acquired
\nand the liabilities incurred or assumed measured at
\nfair value.
\n\nThe carrying amount of non-controlling
\ninterests is determined either in proportion to the
\ninterest held by non-controlling shareholders in the
\nnet identifiable assets of the acquiree or at their fair
\nvalue as at the acquisition date.
\n\n\nIFRS 3 Revised requires, among other things, the fol-
\nlowing:
\n\u2022 costs directly attributable to the acquisition are rec-
\nognized through profit or loss;
\n\u2022 in the case of business combinations achieved
\nin stages, at the date of acquisition of control the
\npreviously held equity interest in the acquiree is
\nremeasured to fair value and any positive or nega-
\ntive difference is recognized in profit or loss;
\n\u2022 any contingent consideration is recognized at fair
\nvalue at the acquisition date. Subsequent chang-
\nes to the fair value of the contingent consideration
\nclassified as an asset or a liability, or as a financial
\ninstrument within the scope of IFRS 9, are recog-
\nnized in profit or loss. If the contingent considera-
\ntion is not within the scope of IFRS 9, it is measured
\nin accordance with the appropriate IFRS-IAS. Con-
\ntingent consideration that is classified as equity is
\nnot re-measured, and its subsequent settlement is
\naccounted for within equity;
\n\u2022 if the fair values of the assets, liabilities and contin-
\ngent liabilities can only be calculated on a provisional
\nbasis, the business combination is recognized using
\nsuch provisional values. Any adjustments resulting
\nfrom the completion of the measurement process
\nare recognized within 12 months of the date of ac-
\nquisition, restating comparative figures.
\nGoodwill arising on the acquisition of subsidiaries is
\nrecognized separately. After initial recognition, good-
\nwill is not amortized, but is tested for impairment at
\nleast annually. For the purpose of impairment testing,
\ngoodwill is allocated, from the acquisition date, to
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\neach CGU or group of CGUs that is expected to bene-
\nfit from the synergies of the combination.
\nFor more information, please see the following section
\n\u201cImpairment of non-financial assets\u201d.
\nGoodwill relating to equity investments in associates
\nand joint ventures is included in their carrying amount.
\n\n\n\n\n\n\n\nFair value measurement
\nFor all fair value measurements and disclosures of fair
\nvalue, that are either required or permitted by IFRS, the
\nGroup applies IFRS 13.
\nFair value is defined as the price that would be re-
\nceived to sell an asset or paid to transfer a liability, in
\nan orderly transaction, between market participants,
\nat the measurement date (i.e. an exit price).
\nThe fair value measurement assumes that the trans-
\naction to sell an asset or transfer a liability takes place
\nin the principal market, i.e. the market with the great-
\nest volume and level of activity for the asset or liability.
\nIn the absence of a principal market, it is assumed that
\nthe transaction takes place in the most advantageous
\nmarket to which the Group has access, i.e. the market
\nthat maximizes the amount that would be received to
\nsell the asset or minimizes the amount that would be
\npaid to transfer the liability.
\nThe fair value of an asset or a liability is measured us-
\ning the assumptions that market participants would use
\nwhen pricing the asset or liability, assuming that market
\nparticipants act in their economic best interest. Market
\nparticipants are independent, knowledgeable sellers
\nand buyers who are able to enter into a transaction for
\nthe asset or the liability and who are motivated but not
\nforced or otherwise compelled to do so.
\nWhen measuring fair value, the Group considers the
\ncharacteristics of the asset or liability, in particular:
\n\u2022 for a non-financial asset, a fair value measurement
\ntakes into account a market participant\u2019s ability to
\ngenerate economic benefits by using the asset in its
\nhighest and best use or by selling it to another mar-
\nket participant that would use the asset in its highest
\nand best use;
\n\u2022 for liabilities and own equity instruments, the fair
\nvalue reflects the effect of non-performance risk,
\ni.e. the risk that an entity will not fulfill an obligation,
\nincluding among others the credit risk of the Group
\nitself;
\n\u2022 for groups of financial assets and liabilities managed
\non the basis of their net exposure to market risks or
\ncredit risk, see note 50 \u201cAssets and liabilities meas-
\nured at fair value\u201d.
\nIn measuring the fair value of assets and liabilities, the
\nGroup uses valuation techniques that are appropriate
\nin the circumstances and for which sufficient data are
\navailable, maximizing the use of relevant observable
\ninputs and minimizing the use of unobservable inputs.
\n\n\n\n\n\n\nProperty, plant and equipment
\nPursuant to IAS 16, property, plant and equipment is
\nstated at cost, net of accumulated depreciation and
\naccumulated impairment losses, if any. Such cost in-
\ncludes expenses directly attributable to bringing the
\nasset to the location and condition necessary for its
\nintended use.
\n\nThe cost is also increased by the present value of the
\nestimate of the costs of decommissioning and re-
\nstoring the site on which the asset is located where
\nthere is a legal or constructive obligation to do so. The
\ncorresponding liability is recognized under provisions
\nfor risks and charges. More information on changes in
\nthe estimate of these costs, the passage of time and
\nthe discount rate is discussed in note 2.1 \u201cUse of esti-
\nmates and management judgement\u201d.
\n\n\nProperty, plant and equipment transferred from cus-
\ntomers to connect them to the electricity distribution
\nnetwork and/or to provide them with other related
\nservices is initially recognized at its fair value at the
\ndate on which control is obtained.
\n\nBorrowing costs that are directly attributable to the
\nacquisition, construction or production of a qualifying
\nasset, i.e. an asset that takes a substantial period of
\ntime to get ready for its intended use or sale, are cap-
\nitalized as part of the cost of the assets themselves.
\nBorrowing costs associated with the purchase/con-
\nstruction of assets that do not meet such requirement
\nare expensed in the period in which they are incurred.
\nCertain assets that were revalued at the IFRS transition
\ndate or in previous periods are recognized at their fair
\nvalue, which is considered to be their deemed cost at
\nthe revaluation date.
\n\n\nWhere individual items of major components of prop-
\nerty, plant and equipment have different useful lives,
\nthe components are recognized and depreciated sep-
\narately.
\nSubsequent costs are recognized as an increase in the
\ncarrying amount of the asset when it is probable that
\n\n\n
\n\n\n\n\n\n\n\n\nfuture economic benefits associated with the cost in-
\ncurred to replace a part of the asset will flow to the
\nGroup and the cost of the item can be measured reli-
\nably. All other costs are recognized in profit or loss as
\nincurred.
\n\nThe cost of replacing part or all of an asset is recog-
\nnized as an increase in the carrying amount of the as-
\nset and is depreciated over its useful life; the carrying
\namount of the replaced unit is derecognized through
\nprofit or loss.
\n\n\n\nProperty, plant and equipment, net of its residu-
\nal value, is depreciated on a straight-line basis over
\nits estimated useful life, which is reviewed annually.
\nAny changes in depreciation criteria shall be applied
\nprospectively. Depreciation begins when the asset is
\navailable for use. For more information on estimating
\nuseful life, please see note 2.1 \u201cUse of estimates and
\nmanagement judgment\u201d and note 17 \u201cProperty, plant
\nand equipment\u201d. For information on any changes in
\nthe useful lives made by the Group during the year,
\nsee note 10.e \u201cDepreciation, amortization and other
\nimpairment losses\u201d and note 17 \u201cProperty, plant and
\nequipment\u201d.
\n\n\nAssets recognized under property, plant and equip-
\nment are derecognized either upon their disposal (i.e.
\nat the date the recipient obtains control) or when no
\nfuture economic benefit is expected from their use or
\ndisposal. Any gain or loss, recognized through profit
\nor loss, is calculated as the difference between the net
\ndisposal proceeds, determined in accordance with
\nthe transaction price requirements of IFRS 15, and the
\ncarrying amount of the derecognized assets.
\nAssets to be relinquished free of charge
\nThe Group\u2019s plants include assets to be relinquished
\nfree of charge at the end of the concessions. These
\nmainly regard major water diversion works and the
\npublic lands used for the operation of the thermal
\npower plants.
\nWithin the Italian regulatory framework in force until
\n2011, if the concessions are not renewed, at those
\ndates all intake and governing works, penstocks, out-
\nflow channels and other assets on public lands were
\nto be relinquished free of charge to the State in good
\noperating condition. Accordingly, depreciation on as-
\nsets to be relinquished was calculated over the shorter
\nof the term of the concession and the useful life of
\nthe assets.
\nIn the wake of the legislative changes introduced
\nwith Law 134 of August 7, 2012, the assets previ-
\nously classified as assets \u201cto be relinquished free of
\ncharge\u201d connected with the hydroelectric water di-
\nversion concessions are now considered in the same
\nmanner as other categories of \u201cproperty, plant and
\nequipment\u201d and are therefore depreciated over the
\nuseful life of the asset (where this exceeds the term
\nof the concession), as discussed in the section above
\non the \u201cDepreciable amount of certain elements of
\nItalian hydroelectric plants subsequent to enactment
\nof Law 134/2012\u201d, which you are invited to consult for
\nmore details.
\nIn accordance with Spanish laws 29/1985 and 46/1999,
\nhydroelectric power stations in Spanish territory op-
\nerate under administrative concessions at the end of
\nwhich the plants will be returned to the government in
\ngood operating condition. The terms of the conces-
\nsions extend up to 2078.
\nA number of generation companies that operate in
\nLatin America hold administrative concessions with
\nsimilar conditions to those applied under the Spanish
\nconcession system. These concessions will expire in
\nin Argentina in 2087, in Brazil in 2047, in Costa Rica in
\n2031, in Panama in 2062 and in Guatemala in 2062.
\n\n\n\n\nService concession arrangements
\nWhen acting as operator under \u201cpublic-to-private\u201d ser-
\nvice concession arrangements, the Group constructs/
\nupgrades infrastructure used to provide a public ser-
\nvice and/or operates and maintains that infrastructure
\nfor the years of the concession, in accordance with the
\nterms specified in the contract.
\nIn these circumstances, the Group does not account
\nfor the infrastructure operated under a service con-
\ncession arrangement within the scope of IFRIC 12
\nas property, plant and equipment, recognizing and
\nmeasuring revenue in accordance with IFRS 15 for the
\nservices it performs. In particular, when the Group pro-
\nvides construction or upgrade services, depending on
\nthe characteristics of the service concession arrange-
\nment, it recognizes:
\n\u2022 a financial asset, if the Group has an unconditional
\ncontractual right to receive cash or another financial
\nasset from the grantor (or from a third party at the
\ndirection of the grantor), that is the grantor has little
\ndiscretion to avoid payment; and/or
\n\u2022 an intangible asset, if the Group receives the right
\n(a license) to charge users of the public service
\nprovided and thus does not have an uncondition-
\nal right to receive cash because the amounts are
\ncontingent on the extent that the public uses the
\nservice.
\n\n\n
\n\n\n\n\n\n\n\n\nIf the Group (as operator) has a contractual right to
\nreceive an intangible asset, borrowing costs are capi-
\ntalized using the criteria specified in note 17 \u201cProperty,
\nplant and equipment\u201d.
\nHowever, for construction/upgrade services, both
\ntypes of consideration are classified as a contract as-
\nset during the construction/upgrade period.
\nFor more details about such consideration, please see
\nnote 9.a \u201cRevenue from sales and services\u201d.
\nConversely, where the service concession arrange-
\nment provides that the infrastructure used for to op-
\nerate the concessions themselves do not comply with
\nthe requirements established by IFRIC 12 and, in par-
\nticular, are owned and available to the operator or have
\nan indefinite expiry, the carrying amount of the assets
\nattributable to these concessions is recognized under
\n\u201cProperty, plant and equipment\u201d and accounted for in
\naccordance with IAS 16.
\nInformation on the main characteristics of the Group\u2019s
\nservice concession arrangements can be found in
\nnote 18 \u201cService concession arrangements\u201d.
\n\n\n\nLeases
\nAt inception of a contract, the Group assesses wheth-
\ner a contract is, or contains, a lease applying the defini-
\ntion of a lease under IFRS 16, that is met if the contract
\nconveys the right to control the use of an identified as-
\nset for a period of time in exchange for consideration.
\nWhen the Group acts as a lessee, it recognizes a right-
\nof-use asset and a lease liability at the commence-
\nment date of the lease (i.e. the date the underlying
\nasset is available for use).
\nThe right-of-use asset is initially measured at cost,
\nwhich includes the initial amount of lease liability ad-
\njusted for any lease payments made at or before the
\ncommencement date less any lease incentives re-
\nceived, plus any initial direct costs incurred and an
\nestimate of costs to retire and remove the underlying
\nasset and to restore the underlying asset or the site on
\nwhich it is located.
\nRight-of-use assets are subsequently depreciated on
\na straight-line basis over the shorter of the lease term
\nand the estimated useful lives of the right-of-use as-
\nsets. If the lease transfers ownership of the underlying
\nasset to the Group at the end of the lease term or if
\nthe cost of the right-of-use asset reflects the fact that
\nthe Group will exercise a purchase option, deprecia-
\ntion is calculated using the estimated useful life of the
\nunderlying asset.
\nFor information on the depreciation period of right-
\nof-use assets, see note 19 \u201cLeases\u201d.
\nIn addition, the right-of-use assets are subject to im-
\npairment testing and adjusted for any remeasurement
\nof lease liabilities.
\nThe lease liability is initially measured at the present val-
\nue of lease payments to be made over the lease term,
\ndiscounted using the lessee\u2019s incremental borrowing
\nrate at the lease commencement date when the inter-
\nest rate implicit in the lease is not readily determinable.
\nVariable lease payments that do not depend on an in-
\ndex or a rate are recognized as expenses in the period
\nin which the event or condition that triggers the pay-
\nment occurs.
\nAfter the commencement date, the lease liability is
\nmeasured at amortized cost using the effective inter-
\nest method and is remeasured upon the occurrence
\nof certain events.
\nThe Group applies the short-term lease recognition
\nexemption to its lease contracts that have a lease
\nterm of 12 months or less from the commencement
\ndate. It also applies the low-value assets recognition
\nexemption to lease contracts for which the underlying
\nasset is of low-value whose amount is estimated not
\nmaterial. For example, the Group has leases of certain
\noffice equipment (i.e. personal computers, printing
\nand photocopying machines) that are considered of
\nlow-value. Lease payments on short-term leases and
\nleases of low-value assets are recognized as expense
\non a straight-line basis over the lease term.
\n\n\n\n\n\n\n\nIntangible assets
\nPursuant to IAS 38, intangible assets are identifiable
\nassets without physical substance controlled by the
\nGroup, when it is probable that the use of such assets
\nwill generate future economic benefits and the related
\ncost can be reliably determined.
\n\nThey are measured at purchase or internal development
\ncost for internally generated assets and are recognized
\nonly when the Group can demonstrate the technical fea-
\nsibility of completing the asset, its intention and ability to
\ncomplete development and to use or sell the asset and
\nthe availability of resources to complete the asset.
\nThe cost includes any directly attributable expenses
\nnecessary to make the assets ready for their intend-
\ned use.
\n\n\nIntangible assets with a finite useful life are recognized
\nnet of accumulated amortization and any impairment
\nlosses.
\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\nAmortization is calculated on a straight-line basis over
\nthe asset\u2019s estimated useful life, which is reassessed at
\nleast annually; any changes in amortization policies are
\nreflected on a prospective basis. For more information
\non estimating useful life, please see note 2.1 \u201cUse of
\nestimates and management judgment\u201d and note 21
\n\u201cIntangible assets\u201d.
\n\n\nAmortization commences when the asset is ready for
\nuse. Consequently, intangible assets not yet available
\nfor use are not amortized, but are tested for impair-
\nment at least annually.
\nInfrastructure classified as intangible assets under IF-
\nRIC 12 is amortized over the term of the contract. For
\nmore information, see note 18 \u201cService concession
\narrangements\u201d.
\nThe Group\u2019s intangible assets have a finite useful life,
\nwith the exception of a number of concessions and
\ngoodwill.
\n\nIntangible assets with indefinite useful lives are not
\namortized, but are tested for impairment annually.
\nThe assessment of indefinite useful life is reviewed an-
\nnually to determine whether the indefinite useful life
\ncontinues to be supportable. If not, the change in use-
\nful life from indefinite to finite is accounted for as a
\nchange in accounting estimate.
\n\n\nThe Group presents costs to obtain a contract with a
\ncustomer capitalized in accordance with IFRS 15 as in-
\ntangible assets, only if:
\n\u2022 the costs are incremental, that is they are directly
\nattributable to an identified contract and the Group
\nwould not have incurred them if the contract had
\nnot been obtained;
\n\u2022 the Group expects to recover them, through reim-
\nbursements (direct recoverability) or the margin (in-
\ndirect recoverability).
\nIn particular, the Group generally capitalizes trade fees
\nand commissions paid to agents for such contracts if
\nthe capitalization criteria are met.
\nCapitalized customer contract costs are amortized on
\na systematic basis, consistent with the pattern of the
\ntransfer of the goods or services to which they relate,
\nand undergo impairment testing to identify any impair-
\nment losses to the extent that the carrying amount of
\nthe asset recognized exceeds the recoverable amount.
\nThe Group amortizes the capitalized customer con-
\ntract costs on a straight-line basis over the expect-
\ned period of benefit from the contract (i.e. the aver-
\nage term of the customer relationship); any changes
\nin amortization policies are reflected on a prospec-
\ntive basis.
\n\n\n\n\n\n\n\n\n\nImpairment of non-financial assets
\nPursuant to \u201dIAS 36 - Impairment of Assets\u201d at each
\nreporting date, property, plant and equipment, in-
\nvestment property recognized at cost, intangible
\nassets, right-of-use assets, goodwill and equity
\ninvestments in associates/joint ventures are re-
\nviewed to determine whether there is evidence of
\nimpairment (using internal and external sources of
\ninformation).
\nCGUs to which goodwill is allocated, intangible assets
\nwith an indefinite useful life and intangible assets not
\nyet available for use are tested for recoverability annu-
\nally or more frequently if there is evidence suggesting
\nthat the assets can be impaired.
\nIf such evidence exists, the recoverable amount of any
\ninvolved asset is estimated on the basis of the use of
\nthe asset and its future disposal, in accordance with
\nthe Group\u2019s most recent Business Plan. For the esti-
\nmate of the recoverable amount, please see note 2.1
\n\u201cUse of estimates and management judgment\u201d.
\nThe recoverable amount is determined for an individu-
\nal asset, unless the asset do not generate cash inflows
\nthat are largely independent of those from other as-
\nsets or groups of assets and therefore it is determined
\nfor the CGU to which the asset belongs.
\nIf the carrying amount of an asset or of a CGU to which
\nit is allocated is greater than its recoverable amount,
\nan impairment loss is recognized in profit or loss and
\npresented under \u201cDepreciation, amortization and oth-
\ner impairment losses\u201d.
\nImpairment losses of CGUs are firstly charged against
\nthe carrying amount of any goodwill attributed to it
\nand then against the other assets, in proportion to
\ntheir carrying amount.
\nIf the reasons for a previously recognized impairment
\nloss no longer apply, the carrying amount of the as-
\nset is restored through profit or loss, under \u201cDepreci-
\nation, amortization and other impairment losses\u201d, in an
\namount that shall not exceed the carrying amount that
\nthe asset would have had if the impairment loss had
\nnot been recognized. The original amount of goodwill
\nis not restored even if in subsequent years the reasons
\nfor the impairment no longer apply.
\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\nInventories
\nPursuant to IAS 2, inventories are measured at the low-
\ner of cost and net realizable value except for invento-
\nries involved in trading activities, which are measured
\nat fair value with recognition through profit or loss.
\nCost is determined on the basis of average weighted
\ncost, which includes related ancillary charges. Net es-
\ntimated realizable value is the estimated normal selling
\nprice net of estimated costs to sell or, where applica-
\nble, replacement cost.
\nFor the portion of inventories held to discharge sales
\nthat have already been made, the net realizable value
\nis determined on the basis of the amount established
\nin the contract of sale.
\n\nInventories include environmental certificates (for ex-
\nample, green certificates, energy efficiency certificates
\nand European CO
\n2
\n emissions allowances and guaran-
\ntees of origin and renewable energy certificates) not
\nused for compliance in the reporting period. These
\ninventories are allocated to different portfolios, distin-
\nguishing between those held for trading or non-trad-
\ning purposes. For more details on inventories please
\nsee note 56 \u201cEnvironmental programs\u201d.
\n\n\nMaterials and other consumables (including ener-
\ngy commodities) held for use in production are not
\nwritten down if it is expected that the final product in
\nwhich they will be incorporated will be sold at a price
\nsufficient to enable recovery of the cost incurred.
\n\n\n\n\n\nFinancial instruments
\nFinancial instruments are recognized and measured in
\naccordance with \u201cIAS 32 - Financial Instruments: Pres-
\nentation\u201d and \u201cIFRS 9 - Financial Instruments\u201d.
\nA financial asset or liability is recognized in the consol-
\nidated financial statements when, and only when, the
\nGroup becomes party to the contractual provision of
\nthe instrument (i.e. the trade date).
\nTrade receivables arising from contracts with custom-
\ners, in the scope of IFRS 15, are initially measured at
\ntheir transaction price (as defined in IFRS 15) if such
\nreceivables do not contain a significant financing
\ncomponent or when the Group applies the practical
\nexpedient allowed by IFRS 15.
\nConversely, the Group initially measures financial as-
\nsets other than the above-mentioned trade receiva-
\nbles at their fair value plus, in the case of a financial
\nasset not measured at fair value through profit or loss,
\ntransaction costs.
\nFinancial assets are classified, at initial recognition, as
\nfinancial assets at amortized cost, at fair value through
\nother comprehensive income and at fair value through
\nprofit or loss, on the basis of both:
\n\u2022 the Group\u2019s business model for managing financial
\nassets, that is the way in which the Group manages
\nits financial assets in order to generate cash flows
\n(i.e. collecting contractual cash flows, selling the fi-
\nnancial assets, or both); and
\n\u2022 the contractual cash flow characteristics of the in-
\nstrument, to determine whether the instrument
\ngives rise to cash flows that are solely payments of
\nprincipal and interest based on the SPPI test.
\nFor purposes of subsequent measurement, financial
\nassets are classified in four categories:
\n\u2022 financial assets measured at amortized cost (debt
\ninstruments);
\n\u2022 financial assets at fair value through OCI with re-
\nclassification of cumulative gains and losses (debt
\ninstruments);
\n\u2022 financial assets designated at fair value through
\nOCI with no reclassification of cumulative gains
\nand losses upon derecognition (equity instru-
\nments); and
\n\u2022 financial assets at fair value through profit or loss.
\n\n\n\nFinancial assets measured at amortized cost
\nThis category mainly includes trade receivables, other
\nfinancial assets and loan assets.
\nFinancial assets at amortized cost are held within
\na business model whose objective is to hold finan-
\ncial assets in order to collect contractual cash flows
\nand whose contractual terms give rise, on speci-
\nfied dates, to cash flows that are solely payments
\nof principal and interest on the principal amount
\noutstanding.
\nSuch assets are initially recognized at fair value, ad-
\njusted for any transaction costs, and subsequently
\nmeasured at amortized cost using the effective inter-
\nest method and are subject to impairment.
\nGains and losses are recognized in profit or loss when
\nthe asset is derecognized, modified or impaired.
\n\n\n\n\n\nFinancial assets at fair value through
\nother comprehensive income (FVOCI)
\n- Debt instruments
\nFinancial assets at fair value through other compre-
\nhensive income are assets held within a business
\nmodel whose objective is achieved by both collecting
\ncontractual cash flows and selling financial assets and
\nwhose contractual cash flows give rise, on specified
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\ndates, to cash flows that are solely payments of princi-
\npal and interest on the principal amount outstanding.
\nChanges in fair value for these financial assets are rec-
\nognized in other comprehensive income as well as loss
\nallowances that do not reduce the carrying amount of
\nthe financial assets.
\nWhen a financial asset is derecognized (e.g. at the
\ntime of sale), the cumulative gains and losses previ-
\nously recognized in equity (except impairment and
\nforeign exchange gains and losses to be recognized in
\nprofit or loss) are reversed to profit or loss.
\n\n\n\n\n\nFinancial assets at fair value through
\nother comprehensive income (FVOCI)
\n- Equity instruments
\nThis category includes mainly equity investments in
\nother entities irrevocably designated as such upon in-
\nitial recognition.
\nGains and losses on these financial assets are never
\nreclassified to profit or loss. The Group may transfer
\nthe cumulative gain or loss within equity.
\nEquity instruments designated at fair value through
\nOCI are not subject to impairment testing.
\nDividends on such investments are recognized in prof-
\nit or loss unless they clearly represents a recovery of a
\npart of the cost of the investment.
\n\n\n\n\n\n\n\nFinancial assets at fair value through profit
\nor loss
\nThis category mainly includes:
\n\u2022 financial assets with cash flows that are not solely
\npayments of principal and interest, irrespective of
\nthe business model;
\n\u2022 financial assets held for trading because acquired
\nor held principally for the purpose of selling or re-
\npurchasing in the short term (i.e. securities, financial
\ninvestments in funds, etc.);
\n\u2022 derivatives, including separated embedded deriva-
\ntives, held for trading or not designated as effective
\nhedging instruments;
\n\u2022 financial assets that qualify as contingent consider-
\nation.
\nSuch financial assets are initially recognized at fair val-
\nue with subsequent gains and losses from changes in
\ntheir fair value recognized through profit or loss.
\nThis category also includes equity investments which
\nthe Group had not irrevocably elected to classify at
\nfair value through OCI. Dividends on such invest-
\nments are also recognized as other income in the in-
\ncome statement when the right of payment has been
\nestablished.
\n\n\n\n\n\n\n\n\n\n\n\nImpairment of financial assets
\nAt each reporting date, the Group recognizes a loss
\nallowance for expected credit losses on trade receiva-
\nbles and other financial assets measured at amortized
\ncost, debt instruments measured at fair value through
\nother comprehensive income (FVOCI), contract assets
\nand all other assets within the scope of IFRS 9.
\nThe impairment model adopted by the Group in com-
\npliance with IFRS 9 is based on the determination of
\nexpected credit losses (ECL) using a forward-looking
\napproach.
\nFor trade receivables, contract assets and lease re-
\nceivables, including those with a significant financial
\ncomponent, the Group adopts the simplified ap-
\nproach, determining expected credit losses over a
\nperiod corresponding to the entire life of the asset,
\ngenerally equal to 12 months.
\nFor all financial assets other than trade receivables,
\ncontract assets and lease receivables, the Group ap-
\nplies the general approach under IFRS 9, based on the
\nassessment of a significant increase in credit risk since
\ninitial recognition.
\nThe Group recognizes in profit or loss, as an impair-
\nment gain or loss, the amount of expected credit loss-
\nes (or reversal) that is required to adjust the loss allow-
\nance at the reporting date.
\nThe Group applies the low credit risk exemption,
\navoiding the recognition of loss allowances at an
\namount equal to lifetime expected credit losses due
\nto a significant increase in credit risk of debt securi-
\nties at fair value through OCI, whose counterparty has
\na strong financial capacity to meet its contractual cash
\nflow obligations (e.g. investment grade).
\nFor more information on the impairment of financial
\nassets, please see note 46 \u201cFinancial instruments by
\ncategory\u201d.
\n\n\n\n\n\n\n\n\n\nCash and cash equivalents
\nThis category includes deposits that are available on
\ndemand or at very short term, as well as highly liquid
\nshort-term financial investments that are readily con-
\nvertible into a known amount of cash and which are
\nsubject to insignificant risk of changes in value.
\nIn addition, for the purpose of the consolidated state-
\nment of cash flows, cash and cash equivalents do not
\ninclude bank overdrafts at period-end.
\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\nFinancial liabilities at amortized cost
\nThis category mainly includes borrowings, trade paya-
\nbles, lease liabilities and debt instruments.
\nFinancial liabilities, other than derivatives, are recog-
\nnized when the Group becomes a party to the con-
\ntractual clauses of the instrument and are initially
\nmeasured at fair value adjusted for directly attribut-
\nable transaction costs. Financial liabilities are subse-
\nquently measured at amortized cost using the effec-
\ntive interest rate method. The effective interest rate is
\nthe rate that exactly discounts the estimated future
\ncash payments or receipts over the expected life of
\nthe financial instrument or a shorter period, where
\nappropriate, to the carrying amount of the financial
\nasset or liability.
\n\n\n\n\n\n\n\n\n\nFinancial liabilities at fair value through profit
\nor loss
\nFinancial liabilities at fair value through profit or loss
\nmainly include:
\n\u2022 financial liabilities held for trading incurred for the
\npurpose of repurchasing in the near term;
\n\u2022 derivative financial instruments entered into by the
\nGroup that are not designated as hedging instru-
\nments in hedge relationships as defined by IFRS 9;
\n\u2022 financial liabilities that qualify as contingent consid-
\neration.
\n\n\n\n\n\n\n\n\n\nDerecognition of financial assets and liabilities
\nFinancial assets are derecognized whenever one of
\nthe following conditions is met:
\n\u2022 the contractual right to receive the cash flows asso-
\nciated with the asset expires;
\n\u2022 the Group has transferred substantially all the risks
\nand rewards associated with the asset, transferring
\nits rights to receive the cash flows of the asset or
\nassuming a contractual obligation to pay such cash
\nflows to one or more beneficiaries under a contract
\nthat meets the requirements provided by IFRS 9 (the
\n\u201cpass through test\u201d);
\n\u2022 the Group has not transferred or retained substan-
\ntially all the risks and rewards associated with the as-
\nset but has transferred control over the asset.
\nOn derecognition of a financial asset, the Group rec-
\nognizes the difference between the carrying amount
\n(measured at the date of derecognition) and the con-
\nsideration received through profit or loss.
\nFinancial liabilities are derecognized when they are
\nextinguished, i.e. when the contractual obligation has
\nbeen discharged, cancelled or expired.
\nWhen an existing financial liability is replaced by an-
\nother from the same lender on substantially different
\nterms, or the terms of an existing liability are substan-
\ntially modified, such an exchange or modification is
\ntreated as the derecognition of the original liability
\nand the recognition of a new liability. The difference
\nin the respective carrying amounts is recognized in
\nprofit or loss.
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDerivative financial instruments
\nDerivative instruments are classified as financial assets
\nor liabilities depending on the positive or negative fair
\nvalue and they are classified as \u201cheld for trading\u201d with-
\nin \u201cOther business models\u201d and measured at fair value
\nthrough profit or loss, except for those designated as
\neffective hedging instruments.
\nAll derivatives held for trading are classified as current
\nassets or liabilities.
\nDerivatives not held for trading purposes, but meas-
\nured at fair value through profit or loss since they do
\nnot qualify for hedge accounting, and derivatives des-
\nignated as effective hedging instruments are classified
\nas current or not current on the basis of their maturity
\ndate and the Group intention to hold the financial in-
\nstrument till maturity or not.
\nFor more details about derivatives and hedge ac-
\ncounting, please see note 49 \u201cDerivatives and hedge
\naccounting\u201d.
\n\n\n\n\n\n\n\nEmbedded derivatives
\nAn embedded derivative is a derivative included in a
\n\u201ccombined\u201d contract (the so-called \u201chybrid instru-
\nment\u201d) that contains another non-derivative contract
\n(the so-called \u201chost contract\u201d) and gives rise to some
\nor all of the combined contract\u2019s cash flows. Embed-
\nded derivatives are separated from the host contract
\nand accounted for as derivatives when:
\n\u2022 the host contract is not a financial instrument meas-
\nured at fair value through profit or loss;
\n\u2022 the economic risks and characteristics of the em-
\nbedded derivative are not closely related to those of
\nthe host contract;
\n\u2022 a separate contract with the same terms as the em-
\nbedded derivative would meet the definition of a
\nderivative.
\nEmbedded derivatives that are separated from the
\nhost contract are recognized in the consolidated fi-
\nnancial statements at fair value with changes recog-
\nnized in profit or loss (except when the embedded
\nderivative is part of a designated hedge relationship).
\nContracts that do not represent financial instruments
\n\n\n
\n\n\n\n\n\n\n\nto be measured at fair value are analyzed in order to
\nidentify any embedded derivatives, which are to be
\nseparated and measured at fair value. This analysis
\nis performed when the Group becomes party to the
\ncontract or when the contract is renegotiated in a
\nmanner that significantly changes the original asso-
\nciated cash flows.
\nThe main Group contracts that may contain embed-
\nded derivatives are contracts to buy or sell energy
\ncommodities.
\n\n\n\nContracts to buy or sell non-financial items
\nIn general, contracts to buy or sell non-financial items
\nthat are entered into and continue to be held for re-
\nceipt or delivery in accordance with the Group\u2019s nor-
\nmal expected purchase, sale or usage requirements
\nare out of the scope of IFRS 9 and then recognized as
\nexecutory contracts, in accordance with the \u201cown use
\nexemption\u201d.
\nA contract to buy or sell non-financial items is classi-
\nfied as \u201cnormal purchase or sale\u201d if it is entered into:
\n\u2022 for the purpose of the physical settlement;
\n\u2022 in accordance with the entity\u2019s expected purchase,
\nsale or usage requirements.
\nMoreover, contracts to buy or sell non-financial items
\nwith physical settlement (for example, fixed-price for-
\nward contracts on energy commodities) that do not
\nqualify for the own use exemption are recognized as
\nderivatives measured at fair value from the trade date
\nonly if:
\n\u2022 they can be settled net in cash; and
\n\u2022 they are not entered into in accordance with the
\nGroup\u2019s expected purchase, sale or usage require-
\nments.
\nTrading contracts are valued at fair value through prof-
\nit or loss; the results of the measurement of changes
\nin the fair value of contracts still outstanding at the re-
\nporting date are recognized on a net basis under the
\nitem \u201cNet results from commodity contracts\u201d, while at
\nthe settlement date:
\n\u2022 the results of the measurement of changes in the fair
\nvalue of closed contracts for the sale of energy com-
\nmodities as well as the related revenue, together with
\nthe impact on profit or loss of the derecognition of
\nthe derivative, are recognized in \u201cOther revenue\u201d;
\n\u2022 the results of the measurement of changes in the
\nfair value of closed contracts for the purchase of
\nenergy commodities as well as the related cost,
\ntogether with the impact on profit or loss of the
\nderecognition of the derivative, are recognized un-
\nder \u201cElectricity, gas and fuel\u201d and \u201cServices and oth-
\ner materials\u201d.
\nContracts to buy or sell non-financial items falling
\nwithin the scope of application of IFRS 9 can also be
\nsubsequently designated as hedging instruments if
\nthey satisfy the requirements for hedge accounting.
\nThe Group analyzes all contracts to buy or sell non-fi-
\nnancial assets on an ongoing basis, with a specific fo-
\ncus on forward purchases and sales of electricity and
\nenergy commodities, in order to determine if they shall
\nbe classified and treated in accordance with IFRS 9 or
\nif they have been entered into for \u201cown use\u201d.
\n\n\n\n\nOffsetting of financial assets and liabilities
\nThe Group offsets financial assets and liabilities when it:
\n\u2022 currently has a legally enforceable right to set off the
\nrecognized amounts; and
\n\u2022 intends either to settle on a net basis, or to realize
\nthe asset and settle the liability simultaneously.
\n\n\nHyperinflation
\nPursuant to IAS 29, in a hyperinflationary economy, the
\nGroup adjusts non-monetary items, equity and items
\nderiving from index-linked contracts up to the limit of
\nrecoverable amount, using a price index that reflects
\nchanges in general purchasing power.
\nThe effects of initial application are recognized in eq-
\nuity net of tax effects. Conversely, during the hyper-
\ninflationary period (until it ceases), the gain or loss
\nresulting from adjustments is recognized in profit or
\nloss and disclosed separately in financial income and
\nexpense.
\nThese provisions are applied to the Group\u2019s transac-
\ntions in Argentina, whose economy has been declared
\nhyperinflationary since July 1, 2018.
\n\n\nNon-current assets (or disposal groups)
\nclassified as held for sale
\nand discontinued operations
\n\nPursuant to IFRS 5, non-current assets (or disposal
\ngroups) are classified as held for sale if their carrying
\namount will be recovered principally through a sale
\ntransaction, rather than through continuing use.
\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\nThis classification criterion is applicable only when
\nnon-current assets (or disposal groups) are available
\nin their present condition for immediate sale and the
\nsale is highly probable.
\nFor more details on the requirements for determining
\nwhether a sale is highly probable, please see note 2.1
\n\u201cUse of estimates and management judgment\u201d.
\nIf the Group is committed to a sale program involving
\nloss of control of a subsidiary and the requirements
\nprovided for under IFRS 5 are met, all the assets and li-
\nabilities of that subsidiary are classified as held for sale
\nwhen the classification criteria are met, regardless of
\nwhether the Group will retain a non-controlling inter-
\nest in its former subsidiary after the sale.
\nThe Group applies these classification criteria as en-
\nvisaged in IFRS 5 to an investment, or a portion of an
\ninvestment, in an associate or a joint venture. Any re-
\ntained portion of an investment in an associate or a
\njoint venture that has not been classified as held for
\nsale is accounted for using the equity method until
\ndisposal of the portion that is classified as held for sale
\ntakes place.
\nNon-current assets (or disposal groups) and liabilities
\nof disposal groups classified as held for sale are pre-
\nsented separately from other assets and liabilities in
\nthe statement of consolidated financial position.
\nThe amounts presented for non-current assets or for
\nthe assets and liabilities of disposal groups classified
\nas held for sale are not reclassified or re-presented for
\nprior periods presented.
\nImmediately before the initial classification of non-cur-
\nrent assets (or disposal groups) as held for sale, the
\ncarrying amounts of such assets (or disposal groups)
\nare measured in accordance with the account-
\ning standard applicable to those assets or liabilities.
\nNon-current assets (or disposal groups) classified as
\nheld for sale are measured at the lower of their carry-
\ning amount and fair value less costs to sell. Impairment
\nlosses for any initial or subsequent write-down of the
\nassets (or disposal groups) to fair value less costs to
\nsell and gains for their reversals are recognized in
\nprofit or loss from continuing operations.
\n\n\n\nNon-current assets are not depreciated (or amortized)
\nwhile they are classified as held for sale or while they
\nare part of a disposal group classified as held for sale.
\nIf a component of the Group is a discontinued oper-
\nation, the Group presents, in a separate line item of
\nthe income statement, a single amount comprising
\nthe total of:
\n\u2022 the post-tax profit or loss of discontinued opera-
\ntions; and
\n\u2022 the post-tax gain or loss recognized on the meas-
\nurement at fair value less costs to sell or on the dis-
\nposal of the assets or disposal groups constituting
\nthe discontinued operation.
\nThe corresponding amount is restated in the in-
\ncome statement for prior periods presented in the
\nfinancial statements, so that the disclosures relate
\nto all operations that are discontinued by the end
\nof the current reporting period. If the Group ceases
\nto classify a component as held for sale, the results
\nof the component previously presented in discon-
\ntinued operations are reclassified and included in
\nprofit or loss from continuing operations for all pe-
\nriods presented.
\n\n\n\n\n\n\n\n\n\n\nEnvironmental certificates
\nIn the absence of specific IAS/IFRS rules, the account-
\ning treatment adopted by the Group complies with the
\ngeneral rules included in the body of applicable IAS/
\nIFRS accounting standards and with international best
\npractice.
\nIn particular, the Group accounting treatment of en-
\nvironmental certificates reflects the business model
\nof the entities involved and, therefore, the different
\nfeatures of the business conducted by these enti-
\nties, distinguishing between those that generate
\nelectricity from renewable sources, obligated par-
\nties, traders and other entities that operate in the
\nenergy services sector even though they are not ob-
\nligated parties.
\nFurther details on the application of this account-
\ning model are provided in note 56 \u201cEnvironmental
\nprograms\u201d.
\n\n\n\n\n\nEmployee benefits
\nPost-employment and other long-term
\nbenefits
\nPursuant to IAS 19, the Group determines separately
\nfor each plan liabilities related to employee bene-
\nfits paid upon or after ceasing employment or other
\nlong-term benefits accrued during the employment
\nperiod. The Group uses actuarial assumptions to es-
\ntimate the amount of the future benefits that em-
\nployees have accrued at the reporting date (using
\nthe projected unit credit method) and an appropri-
\nate discount rate to determine the present value of
\nthose plans.
\n\n\n
\n\n\n\n\n\n\n\nThe liability, net of any plan assets, is recognized on an
\naccruals basis over the vesting period of the related
\nrights. These appraisals are performed by independ-
\nent actuaries.
\nIf the plan assets exceed the present value of the re-
\nlated defined-benefit obligation, the surplus (up to the
\nlimit of any cap) is recognized as an asset.
\nAs regards the liabilities/(assets) of defined-benefit
\nplans, the Group recognizes the cumulative actuarial
\ngains and losses from the actuarial measurement of
\nthe liabilities, the return on the plan assets (net of the
\nassociated interest income) and the effect of the asset
\nceiling (net of the associated interest in other com-
\nprehensive income when they occur. For other long-
\nterm benefits, the related actuarial gains and losses
\nare recognized through profit or loss.
\nIn addition, the Group is involved in defined contribu-
\ntion plans under which it pays fixed contributions to a
\nseparate entity (a fund) and has no legal or constructive
\nobligation to pay further contributions if the fund does
\nnot hold sufficient assets to pay all employee benefits
\nrelating to employee service in the current and prior
\nperiods. Such plans are usually aimed to supplement
\npension benefits due to employees post-employment.
\nThe related costs are recognized through profit or loss
\non the basis of the amount of contributions paid in the
\nperiod.
\n\nTermination benefits
\nPursuant to IAS 19, liabilities for benefits due to em-
\nployees for the early termination of employee service
\narise out of the Group\u2019s decision to terminate an em-
\nployee\u2019s employment before the normal retirement
\ndate or an employee\u2019s decision to accept an offer of
\nbenefits in exchange for the termination of employ-
\nment.
\nTermination benefits are recognized at the earlier of
\nthe following dates:
\n\u2022 when the entity can no longer withdraw its offer of
\nbenefits; and
\n\u2022 when the entity recognizes a cost for a restructuring
\nthat is within the scope of IAS 37 and involves the
\npayment of termination benefits.
\nThe liabilities are measured on the basis of the nature
\nof the employee benefits.
\n\n\n\nShare-based payments
\nThe Group undertakes share-based payment trans-
\nactions settled with equity instruments as part of the
\nremuneration policy adopted for the Chief Executive
\nOfficer/General Manager and for key management
\npersonnel.
\nThe most recent long-term incentive plans provide for
\nthe grant to recipients of an incentive represented by
\nan equity component (settled with equity instruments)
\nand a monetary component (paid in cash), which will
\naccrue if specific conditions are met.
\nPursuant to IFRS 2, the Group classifies the monetary
\ncomponent as a cash-settled transaction if it is based
\non the price (or value) of the equity instruments of the
\ncompany that issued the plan or, in other cases, as an-
\nother long-term employee benefit.
\nIn order to settle the equity component through the
\nbonus award of Enel shares, a program for the pur-
\nchase of treasury shares to support these plans was
\napproved. For more details on share-based incentive
\nplans, please see note 51 \u201cShare-based payments\u201d.
\nIn particular for the equity component, the Group rec-
\nognizes the services rendered by employees as per-
\nsonnel expenses over the period in which the condi-
\ntions for remaining in service and for achieving certain
\nresults must be satisfied (vesting period) and indirectly
\nestimates their value, and the corresponding increase
\nin a specific equity item, on the basis of the fair value
\nof the equity instruments (i.e. the issuer shares) at the
\ngrant date.
\nThe overall expense recognized is adjusted at each re-
\nporting date until the vesting date to reflect the best
\nestimate available to the Group of the number of equi-
\nty instruments for which the service and performance
\nconditions other than market conditions or non-vest-
\ning conditions will be satisfied at the end of the vest-
\ning period.
\nConversely, if the incentive based on equity instru-
\nments is paid in cash, the Group recognizes the ser-
\nvices rendered by employees as personnel expenses
\nover the vesting period and a corresponding liabili-
\nty measured at the fair value of the liability incurred.
\nSubsequently, and until its extinction, the liability is
\nremeasured at fair value at each reporting date, con-
\nsidering the best possible estimate of the incentive
\nthat will vest, with changes in fair value recognized un-
\nder personnel expenses.
\n\n\n\n\n\n\n\nProvisions for risks and charges
\nPursuant to IAS 37, provisions are recognized where
\nthere is a legal or constructive obligation as a result
\n\n\n
\n\n\n\n\n\n\nof a past event at the end of the reporting period, the
\nsettlement of which is expected to result in an outflow
\nof resources whose amount can be reliably estimated.
\nWhere the impact of the time value of money is materi-
\nal, the accruals are determined by discounting expect-
\ned future cash flows using a pre-tax discount rate that
\nreflects the current market assessment of the time val-
\nue of money in respect of time and the risks for which
\nthe expected future cash flows have not been adjusted.
\nIf the provision is discounted, the periodic adjustment
\nof the present value for the time factor (i.e. the un-
\nwinding of the discount) is recognized as a financial
\nexpense.
\nWhen the Group expects some or all charges to be
\nreimbursed, the reimbursement is recognized as a
\nseparate asset, but only when the reimbursement is
\nvirtually certain.
\n\nWhere the liability relates to decommissioning and/
\nor site restoration in respect of property, plant and
\nequipment, the initial recognition of the provision is
\nmade against the related asset and the expense is
\nthen recognized in profit or loss through the depreci-
\nation of the asset involved.
\nWhere the liability regards the treatment and storage of
\nnuclear waste and other radioactive materials, the pro-
\nvision is recognized against the related operating costs.
\nA liability for restructuring refers to a program planned
\nand controlled by management that materially chang-
\nes the scope of a business undertaken by the Group or
\nthe manner in which the business is conducted. Such
\na liability is recognized when a constructive obligation
\nis established, i.e. when the Group has approved a de-
\ntailed formal restructuring plan and has started to im-
\nplement the plan or has announced its main features
\nto those affected by it.
\n\n\nProvisions do not include liabilities in respect of un-
\ncertain income tax treatments that are recognized as
\ntax liabilities.
\nThe Group could provide a warranty in connection
\nwith the sale of a product (whether a good or ser-
\nvice) from contracts with customers in the scope of
\nIFRS 15, in accordance with the contract, the law or its
\ncustomary business practices. In this case, the Group
\nassesses whether the warranty provides the custom-
\ner with assurance that the related product will func-
\ntion as the parties intended because it complies with
\nagreed-upon specifications or whether the warranty
\nprovides the customer with a service in addition to the
\nassurance that the product complies with agreed-up-
\non specifications.
\nAfter the assessment, if the Group establishes that an
\nassurance warranty is provided, it recognizes a sep-
\narate warranty liability and corresponding expense
\nwhen transferring the product to the customer, as ad-
\nditional costs of providing goods or services, without
\nattributing any of the transaction price (and therefore
\nrevenue) to the warranty. The liability is measured and
\npresented as a provision.
\nOtherwise, if the Group determines that a service war-
\nranty is provided, it accounts for the promised war-
\nranty as a performance obligation in accordance with
\nIFRS 15, recognizing the contract liability as revenue
\nover the period the warranty service is provided and
\nthe costs associated as they are incurred.
\nFinally, if the warranty includes both an assurance el-
\nement and a service element and the Group cannot
\nreasonably account for them separately, then it ac-
\ncounts for both of the warranties together as a single
\nperformance obligation.
\nChanges in estimates of accruals to the provisions
\naddressed here are recognized through profit or loss
\nin the period in which the changes occur, with the
\nexception of those in the costs of decommissioning,
\nretiring and/or restoration resulting from changes
\nin the timetable and costs necessary to extinguish
\nthe obligation or from a change in the discount rate.
\nThese changes increase or decrease the carrying
\namount of the related assets and are taken to prof-
\nit or loss through depreciation. Where they increase
\nthe carrying amount of the assets, it is also deter-
\nmined whether the new carrying amount of the as-
\nsets is fully recoverable. If this is not the case, a loss
\nequal to the unrecoverable amount is recognized
\nthrough profit or loss.
\nDecreases in estimates are recognized up to the car-
\nrying amount of the assets. Any excess is recognized
\nimmediately in profit or loss.
\nFor more information on the estimation criteria adopt-
\ned in determining provisions for retiring and/or res-
\ntoration of property, plant and equipment, especially
\nthose associated with decommissioning nuclear pow-
\ner plants and storage of waste fuel and other radioac-
\ntive materials, please see note 2.1 \u201cUse of estimates
\nand management judgment\u201d.
\nFor more information on the determination of provi-
\nsions for environmental certificates please see note 56
\n\u201cEnvironmental programs\u201d.
\n\n\n
\n\n\n\n\n\n\n\n\n\nRevenue from contracts with customers
\nThe Group recognizes revenue from contracts with
\ncustomers at an amount that reflects the consid-
\neration at which the Group expects to be entitled in
\nexchange for those goods or services, using the five-
\nstep model envisaged by IFRS 15:
\n\u2022 identify the contract with the customer;
\n\u2022 identify the performance obligations in the contract,
\nthat is, all goods or services promised in the con-
\ntract;
\n\n\u2022 determine the transaction price at inception of the
\ncontract considering any variable considerations,
\nnon-cash consideration received from a custom-
\ner or payable to the customer, significant financing
\ncomponents;
\n\n\n\u2022 allocate the transaction price, at contract inception,
\nto each separate performance obligation;
\n\u2022 recognize revenue, when (or as) each performance
\nobligation is satisfied by transferring the promised
\ngood or service to the customer.
\nThe Group does not disclose the information about
\nthe remaining performance obligations in existing
\ncontracts if the performance obligation is part of a
\ncontract that has an original expected duration of one
\nyear or less and if the Group recognizes revenue in the
\namount to which it has a right to invoice the customer.
\nMore information on the application of this revenue
\nrecognition model is provided in note 2.1 \u201cUse of es-
\ntimates and management judgment\u201d and in note 9.a
\n\u201cRevenue from sales and services\u201d.
\n\n\nOther revenue
\nThe Group recognizes revenue other than that de-
\nriving from contracts with customers mainly refer-
\nring to:
\n\n\u2022 revenue from the sale of energy commodities based
\non contracts with physical settlement, which do not
\nqualify for the own use exemption and therefore is
\nrecognized at FVTPL in accordance with IFRS 9;
\n\u2022 changes in the fair value of settled contracts to sell
\nenergy commodities with physical settlement, which
\ndo not qualify for the own use exemption and there-
\nfore are recognized at FVTPL in accordance with
\nIFRS 9;
\n\n\n\u2022 operating lease revenue accounted for on an ac-
\ncrual basis in accordance with the substance of the
\nrelevant lease agreement.
\n\nOther operating income
\nOther operating income primarily includes gains on
\ndisposal of assets that are not an output of the Group\u2019s
\nordinary activities and government grants.
\nPursuant to IAS 20, government grants, including
\nnon-monetary grants at fair value, are recognized
\nwhere there is reasonable assurance that they will be
\nreceived and that the Group will comply with all con-
\nditions attaching to them as set by the government,
\ngovernment agencies and similar bodies whether lo-
\ncal, national or international.
\nWhen loans are provided by governments at a be-
\nlow-market rate of interest, the benefit is regarded
\nas a government grant. The loan is initially recognized
\nand measured at fair value and the government grant
\nis measured as the difference between the initial car-
\nrying amount of the loan and the funds received. The
\nloan is subsequently measured in accordance with the
\nrequirements for financial liabilities.
\nGovernment grants are recognized in profit or loss on
\na systematic basis over the periods in which the Group
\nrecognizes as expenses the costs that the grants are
\nintended to compensate.
\nWhen government grants are received to purchase,
\nbuild or otherwise acquire non-current assets (for ex-
\nample, an item of property, plant and equipment or an
\nintangible asset), they are deducted from the carrying
\namount of the asset and are recognized in profit or loss
\nover the depreciable/amortizable life of the asset as a
\nreduction in the depreciation/amortization charge. If
\nthere is insufficient information to enable adequate
\nattribution to the fixed assets to which they refer, cap-
\nital grants are recognized as deferred income under
\nother liabilities, and credited to profit or loss on a sys-
\ntematic basis over the useful life of the asset.
\nWhere the Group receives government grants in the
\nform of a transfer of a non-monetary asset for the use
\nof the Group, it accounts for both the grant and the
\nasset at the fair value of the non-monetary asset re-
\nceived at the date of the transfer.
\n\n\n\nNet results from commodity contracts
\nThe net results from commodity contracts include:
\n\u2022 the net income or expense from commodity de-
\nrivatives, including derivatives designated as cash
\n\n\n
\n\n\n\n\n\n\nflow hedges and derivatives measured at fair value
\nthrough profit or loss, whether settled or outstand-
\ning at the reporting date; and
\n\u2022 the net gain/(loss) from the measurement through
\nprofit or loss of energy commodity contracts with
\nphysical settlement still outstanding at the reporting
\ndate.
\n\n\n\nDividends
\nPursuant to \u201cIFRS 9 - Financial Instruments\u201d, dividends
\nare recognized when the unconditional right to re-
\nceive payment is established.
\nDividends and interim dividends payable to the Par-
\nent\u2019s shareholders and non-controlling interests are
\nrecognized as changes in equity in the period in which
\nthey are approved by the Shareholders\u2019 Meeting and
\nthe Board of Directors, respectively.
\n\n\n\n\nIncome taxes
\nIAS 12 specifies the requirements for the recognition
\nof current and deferred tax assets and liabilities. The
\nuncertainty in the determination of tax liabilities is de-
\nfined in accordance with the provisions of \u201cIFRIC 23
\n- Uncertainty over Income Tax Treatments\u201d.
\nCurrent income taxes
\nCurrent income taxes for the year, which are recog-
\nnized under \u201cincome tax liabilities\u201d net of payments on
\naccount, or under \u201ctax assets\u201d where there is a credit
\nbalance, are determined using an estimate of taxable
\nincome and in conformity with the applicable regula-
\ntions.
\nSuch liabilities and assets are determined using the
\ntax rates and tax laws that are enacted or substantive-
\nly enacted by the end of the reporting period in the
\ncountries where taxable income has been generated.
\nCurrent income taxes are recognized in profit or loss
\nwith the exception of current income taxes related to
\nitems recognized outside profit or loss that are recog-
\nnized in equity.
\n\nDeferred tax
\nDeferred tax liabilities and assets are calculated on the
\ntemporary differences between the carrying amounts
\nof liabilities and assets in the financial statements and
\ntheir corresponding amounts recognized for tax pur-
\nposes on the basis of tax rates in effect on the date the
\ntemporary difference will reverse, which is determined
\non the basis of tax rates that are enacted or substan-
\ntively enacted as at the end of the reporting period.
\nDeferred tax liabilities are recognized for all taxa-
\nble temporary differences, except when such liability
\narises: (i) from the initial recognition of goodwill; or
\n(ii) from the initial recognition of an asset or a liability
\nin a transaction which is not a business combination
\nand, at the time of the transaction, affects neither ac-
\ncounting profit nor taxable profit (tax loss), and does
\nnot give rise to equal taxable and deductible tempo-
\nrary differences; or (iii) in respect of taxable temporary
\ndifferences associated with investments in subsidi-
\naries, associates and joint ventures, when the Group
\ncan control the timing of the reversal of the temporary
\ndifferences and it is probable that the temporary dif-
\nferences will not reverse in the foreseeable future.
\nDeferred tax assets are recognized for all deductible
\ntemporary differences, the carry forward of tax losses
\nand any unused tax credits. For more information con-
\ncerning the recoverability of such assets, please see
\nthe appropriate section of the discussion of estimates.
\nDeferred taxes and liabilities are recognized in profit
\nor loss, with the exception of those in respect of items
\nrecognized outside profit or loss that are recognized
\nin equity.
\nDeferred tax assets and deferred tax liabilities are off-
\nset only if there is a legally enforceable right to offset
\ncurrent tax assets with current tax liabilities and when
\nthey relate to income taxes levied by the same taxation
\nauthority on either the same taxable entity or different
\ntaxable entities which intend either to settle current
\ntax liabilities and assets on a net basis, or to realize the
\nassets and settle the liabilities simultaneously, in each
\nfuture period in which significant amounts of deferred
\ntax liabilities or assets are expected to be settled or
\nrecovered.
\n\n\n\nUncertainty over income tax treatments
\nIn defining \u2018uncertainty\u2019, it shall be considered whether a
\nparticular tax treatment will be accepted by the relevant
\ntaxation authority. If it is deemed probable that the tax
\ntreatment will be accepted (where the term \u2018probable\u2019
\nis defined as \u2018more likely than not\u2019), then the Group rec-
\nognizes and measures its current/deferred tax asset or
\nliabilities applying the requirements in IAS 12.
\n\n\n\n
\n\n\n
\n\nConversely, when the Group feels that it is not likely
\nthat the taxation authority will accept the tax treat-
\nment for income tax purposes, the Group reflects the
\nuncertainty in the manner that best predicts the reso-
\nlution of the uncertain tax treatment.
\nFor more information on uncertainty over tax treat-
\nments, please see note 2.1 \u201cUse of estimates and
\nmanagement judgment\u201d.
\nSince uncertain income tax positions meet the defi-
\nnition of income taxes, the Group presents uncertain
\ntax liabilities/assets as current tax liabilities/assets or
\ndeferred tax liabilities/assets.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag17": {
"value": "\nRelated parties
\nPursuant to IAS 24, related parties are mainly those
\nthat share the same controlling entity with Enel SpA,
\nthe companies that directly or indirectly are con-
\ntrolled by Enel SpA, the associates or joint ventures
\n(including their subsidiaries) of Enel SpA, or the asso-
\nciates or joint ventures (including their subsidiaries)
\nof any Group company.
\n\nRelated parties also include
\nentities that operate post-employment benefit plans
\nfor employees of Enel SpA or its associates (specif-
\nically, the FOPEN and FONDENEL pension funds), as
\nwell as the members of the boards of statutory au-
\nditors, and their immediate family, and the key man-
\nagement personnel, and their immediate family, of
\nEnel SpA and its subsidiaries. Key management per-
\nsonnel comprises management personnel who have
\nthe power and direct or indirect responsibility for the
\nplanning, management and control of the activities
\nof the Company. They include directors (whether ex-
\necutive or not).
\n\n\n
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag18": {
"value": "\nRelated parties also include
\nentities that operate post-employment benefit plans
\nfor employees of Enel SpA or its associates (specif-
\nically, the FOPEN and FONDENEL pension funds), as
\nwell as the members of the boards of statutory au-
\nditors, and their immediate family, and the key man-
\nagement personnel, and their immediate family, of
\nEnel SpA and its subsidiaries. Key management per-
\nsonnel comprises management personnel who have
\nthe power and direct or indirect responsibility for the
\nplanning, management and control of the activities
\nof the Company. They include directors (whether ex-
\necutive or not).
\n\n\nWith regard to disclosures on the remuneration of
\nmembers of the Board of Directors, members of the
\nBoard of Statutory Auditors and key management
\npersonnel, provided for under IAS 24, please see the
\nfollowing tables.
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n\n\n\n
\n\n| Remuneration of members of the Board of Directors, Board of Statutory | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Auditors and General Manager | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Short-term benefits | \n5 | \n5 | \n- | \n- | \n\n\n\n\n\n
\n\n| Termination benefits | \n- | \n5 | \n(5) | \n- | \n\n\n\n\n\n
\n\n| Share-based payments | \n1 | \n1 | \n- | \n- | \n\n\n\n\n\n
\n\n| Total | \n6 | \n11 | \n(5) | \n-45.5% | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n\n\n\n
\n\n| Remuneration of key management personnel | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Short-term benefits | \n7 | \n8 | \n(1) | \n12.5% | \n\n\n\n\n\n
\n\n| Termination benefits | \n- | \n4 | \n(4) | \n- | \n\n\n\n\n\n
\n\n| Share-based payments | \n1 | \n1 | \n- | \n- | \n\n\n\n\n\n
\n\n| Total | \n8 | \n13 | \n(5) | \n-38.5% | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
Note that the corporate governance rules adopted by
\nthe Enel Group and described in detail in the Report
\non Corporate Governance and Ownership Structure
\navailable on the Company\u2019s website (www.enel.com)
\nsets out rules designed to ensure the transparency
\nand procedural and substantive propriety of transac-
\ntions with related parties.
\nIn November 2010, the Board of Directors of Enel SpA
\napproved a procedure governing the approval and
\nexecution of transactions with related parties carried
\nout by Enel SpA directly or through subsidiaries (Enel
\nProcedure for Transactions with Related Parties), most
\nrecently updated in June 2021. The procedure (avail-
\nable at https://www.enel.com/investors/governance/
\nbylaws-rules-policies) sets out rules designed to en-
\nsure the transparency and procedural and substantive
\npropriety of transactions with related parties. It was
\nadopted in implementation of the provisions of Article
\n2391-bis of the Italian Civil Code and the implement-
\ning regulations issued by CONSOB with Resolution
\nno. 17221 of March 12, 2010, as amended (\u201cCONSOB
\nRegulation\u201d). No related-party transactions requiring
\ndisclosure in the financial statements pursuant to the
\nCONSOB Regulation were carried out in 2024.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag19": {
"value": "\n
\n\n
\nSubsidiaries
\nPursuant to IFRS 10, subsidiaries are all entities over
\nwhich the Group has control. For more information on
\nthe definition of control, please see the section \u201cDe-
\ntermination of the existence of control\u201d in note 2.1
\n\u201cUse of estimates and management judgment\u201d.
\nThe financial statements of subsidiaries used to pre-
\npare the consolidated financial statements were pre-
\npared at December 31, 2024 in accordance with the
\naccounting policies adopted by the Group.
\nIf a subsidiary uses different accounting policies from
\nthose adopted in preparing the consolidated finan-
\ncial statements for similar transactions and facts in
\nsimilar circumstances, appropriate adjustments are
\nmade to ensure conformity with Group accounting
\npolicies.
\nThe figures of the subsidiaries are consolidated on a
\nfull line-by-line basis as from the date control is ac-
\nquired until such control ceases.
\n\nProfit or loss for the year and the other comprehen-
\nsive income are attributed to owners of the Parent and
\nnon-controlling interests, even if this results in a loss
\nfor non-controlling interests.
\nAll intercompany assets and liabilities, equity items, rev-
\nenue, expenses and cash flows relating to transactions
\nbetween entities of the Group are eliminated in full.
\nChanges in ownership interest in subsidiaries that
\ndo not result in loss of control are accounted for as
\nequity transactions, with the carrying amounts of the
\ncontrolling and non-controlling interests adjusted to
\nreflect changes in their interests in the subsidiary. Any
\ndifference between the amount to which non-con-
\ntrolling interests are adjusted and the fair value of the
\nconsideration paid or received is recognized in con-
\nsolidated equity.
\n
\n\n\nWhen the Group ceases to have control over a subsid-
\niary, any interest retained in the entity is remeasured
\nto its fair value, recognized through profit or loss, at
\nthe date when control is lost, recognizing any gain or
\nloss from the loss of control through profit or loss. In
\naddition, any amounts previously recognized in other
\ncomprehensive income in respect of the former sub-
\nsidiary are accounted for as if the Group had directly
\ndisposed of the related assets or liabilities.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
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"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag20": {
"value": "\n
\nSubsidiaries
\nPursuant to IFRS 10, subsidiaries are all entities over
\nwhich the Group has control. For more information on
\nthe definition of control, please see the section \u201cDe-
\ntermination of the existence of control\u201d in note 2.1
\n\u201cUse of estimates and management judgment\u201d.
\nThe financial statements of subsidiaries used to pre-
\npare the consolidated financial statements were pre-
\npared at December 31, 2024 in accordance with the
\naccounting policies adopted by the Group.
\nIf a subsidiary uses different accounting policies from
\nthose adopted in preparing the consolidated finan-
\ncial statements for similar transactions and facts in
\nsimilar circumstances, appropriate adjustments are
\nmade to ensure conformity with Group accounting
\npolicies.
\nThe figures of the subsidiaries are consolidated on a
\nfull line-by-line basis as from the date control is ac-
\nquired until such control ceases.
\n\nProfit or loss for the year and the other comprehen-
\nsive income are attributed to owners of the Parent and
\nnon-controlling interests, even if this results in a loss
\nfor non-controlling interests.
\nAll intercompany assets and liabilities, equity items, rev-
\nenue, expenses and cash flows relating to transactions
\nbetween entities of the Group are eliminated in full.
\nChanges in ownership interest in subsidiaries that
\ndo not result in loss of control are accounted for as
\nequity transactions, with the carrying amounts of the
\ncontrolling and non-controlling interests adjusted to
\nreflect changes in their interests in the subsidiary. Any
\ndifference between the amount to which non-con-
\ntrolling interests are adjusted and the fair value of the
\nconsideration paid or received is recognized in con-
\nsolidated equity.
\n
\n\n\nWhen the Group ceases to have control over a subsid-
\niary, any interest retained in the entity is remeasured
\nto its fair value, recognized through profit or loss, at
\nthe date when control is lost, recognizing any gain or
\nloss from the loss of control through profit or loss. In
\naddition, any amounts previously recognized in other
\ncomprehensive income in respect of the former sub-
\nsidiary are accounted for as if the Group had directly
\ndisposed of the related assets or liabilities.
\n
\n\n\nInvestments in associates and joint
\nventures
\nIn the consolidated financial statements, investments
\nin associated companies and joint arrangements are
\nmeasured in accordance with the requirements es-
\ntablished by \u201cIAS 28 - Investments in Associates and
\nJoint Ventures\u201d and \u201cIFRS 11 - Joint Arrangements\u201d.
\nIn this respect, an associate is an entity over which the
\nGroup has significant influence, while a joint venture
\nis a joint arrangement over which the Group exercis-
\nes joint control and has rights to the net assets of the
\narrangement.
\nThe Group\u2019s investments in associates and joint ven-
\ntures are accounted for using the equity method, un-
\nder which these investments are initially recognized
\nat cost and any goodwill arising from the difference
\nbetween the cost of the investment and the Group\u2019s
\nshare of the net fair value of the investee\u2019s identifiable
\nassets and liabilities at the acquisition date is included
\nin the carrying amount of the investment.
\nAfter the acquisition date, their carrying amount is ad-
\njusted to recognize changes in the Group\u2019s share of
\nprofit or loss of the associate or joint venture in Group
\nprofit or loss. Adjustments to the carrying amount may
\nalso be necessary following changes in the Group\u2019s
\nshare in the associate or joint venture as a result of
\nchanges in the other comprehensive income of the
\ninvestee. The Group\u2019s share of these changes is rec-
\nognized in the Group\u2019s other comprehensive income.
\nDistributions received from joint ventures and associ-
\nates reduce the carrying amount of the investments.
\nGains and losses resulting from transactions between
\nthe Group and the associates or joint ventures are
\neliminated to the extent of the interest in the associate
\nor joint venture.
\nThe financial statements of the associates or joint ven-
\ntures are prepared for the same reporting period as
\nthe Group.
\nAfter application of the equity method, the Group de-
\ntermines whether it is necessary to recognize an im-
\npairment loss on its investment in an associate or joint
\nventure. If there is objective evidence of a loss of value,
\nthe entire carrying amount of the investment under-
\ngoes impairment testing pursuant to IAS 36 as a single
\nasset. For more information on impairment, please see
\nthe section \u201cImpairment of non-financial assets\u201d in note
\n2.1 \u201cUse of estimates and management judgment\u201d.
\nIf the investment ceases to be an associate or a joint
\nventure, the Group recognizes any retained investment
\nat its fair value, through profit or loss. Any amounts
\n
\n\n\n\npreviously recognized in other comprehensive income
\nin respect of the former associate or joint venture are
\naccounted for as if the Group had directly disposed of
\nthe related assets or liabilities.
\n\nIf the ownership interest in an associate or a joint ven-
\nture is reduced, but the Group continues to exercise
\na significant influence or joint control, the Group con-
\ntinues to apply the equity method and the share of the
\ngain or loss that had previously been recognized in
\nother comprehensive income relating to that reduc-
\ntion is accounted for as if the Group had directly dis-
\nposed of the related assets or liabilities.
\n\n\nJoint operations are joint arrangements whereby the
\nGroup, which holds joint control, has rights to the as-
\nsets and obligations for the liabilities relating to the
\narrangement. For each joint operation, the Group rec-
\nognized assets, liabilities, costs and revenue on the
\nbasis of the provisions of the arrangement rather than
\nthe interest held.
\nWhere there is an increase in the interest in a joint ar-
\nrangement that meets the definition of a business:
\n\u2022 if the Group acquires control, and had rights over
\nthe assets and obligations for the liabilities of the
\njoint arrangement immediately before the acquisi-
\ntion date, then the transaction represents a business
\ncombination achieved in stages, with the remeas-
\nurement of the interest it held previously in the joint
\noperation at its fair value at each acquisition date;
\n\u2022 if the Group obtains joint control (i.e. it already had
\nan interest in a joint operation without holding joint
\ncontrol), the interest previously held in the joint op-
\neration shall not be remeasured.
\nFor more information on the Group\u2019s investments in
\nassociates and joint ventures, please see note 24 \u201cEq-
\nuity-accounted investments\u201d.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag21": {
"value": "\nProfit or loss for the year and the other comprehen-
\nsive income are attributed to owners of the Parent and
\nnon-controlling interests, even if this results in a loss
\nfor non-controlling interests.
\nAll intercompany assets and liabilities, equity items, rev-
\nenue, expenses and cash flows relating to transactions
\nbetween entities of the Group are eliminated in full.
\nChanges in ownership interest in subsidiaries that
\ndo not result in loss of control are accounted for as
\nequity transactions, with the carrying amounts of the
\ncontrolling and non-controlling interests adjusted to
\nreflect changes in their interests in the subsidiary. Any
\ndifference between the amount to which non-con-
\ntrolling interests are adjusted and the fair value of the
\nconsideration paid or received is recognized in con-
\nsolidated equity.
\n
\n\n\nThe carrying amount of non-controlling
\ninterests is determined either in proportion to the
\ninterest held by non-controlling shareholders in the
\nnet identifiable assets of the acquiree or at their fair
\nvalue as at the acquisition date.
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag22": {
"value": "\n
\n\n
\n\n
\n\nInvestments in associates and joint
\nventures
\nIn the consolidated financial statements, investments
\nin associated companies and joint arrangements are
\nmeasured in accordance with the requirements es-
\ntablished by \u201cIAS 28 - Investments in Associates and
\nJoint Ventures\u201d and \u201cIFRS 11 - Joint Arrangements\u201d.
\nIn this respect, an associate is an entity over which the
\nGroup has significant influence, while a joint venture
\nis a joint arrangement over which the Group exercis-
\nes joint control and has rights to the net assets of the
\narrangement.
\nThe Group\u2019s investments in associates and joint ven-
\ntures are accounted for using the equity method, un-
\nder which these investments are initially recognized
\nat cost and any goodwill arising from the difference
\nbetween the cost of the investment and the Group\u2019s
\nshare of the net fair value of the investee\u2019s identifiable
\nassets and liabilities at the acquisition date is included
\nin the carrying amount of the investment.
\nAfter the acquisition date, their carrying amount is ad-
\njusted to recognize changes in the Group\u2019s share of
\nprofit or loss of the associate or joint venture in Group
\nprofit or loss. Adjustments to the carrying amount may
\nalso be necessary following changes in the Group\u2019s
\nshare in the associate or joint venture as a result of
\nchanges in the other comprehensive income of the
\ninvestee. The Group\u2019s share of these changes is rec-
\nognized in the Group\u2019s other comprehensive income.
\nDistributions received from joint ventures and associ-
\nates reduce the carrying amount of the investments.
\nGains and losses resulting from transactions between
\nthe Group and the associates or joint ventures are
\neliminated to the extent of the interest in the associate
\nor joint venture.
\nThe financial statements of the associates or joint ven-
\ntures are prepared for the same reporting period as
\nthe Group.
\nAfter application of the equity method, the Group de-
\ntermines whether it is necessary to recognize an im-
\npairment loss on its investment in an associate or joint
\nventure. If there is objective evidence of a loss of value,
\nthe entire carrying amount of the investment under-
\ngoes impairment testing pursuant to IAS 36 as a single
\nasset. For more information on impairment, please see
\nthe section \u201cImpairment of non-financial assets\u201d in note
\n2.1 \u201cUse of estimates and management judgment\u201d.
\nIf the investment ceases to be an associate or a joint
\nventure, the Group recognizes any retained investment
\nat its fair value, through profit or loss. Any amounts
\n
\n\n\n
\n\n\n
\n\n\n
\n\n\n
\n\n
\n\n
\n\n\npreviously recognized in other comprehensive income
\nin respect of the former associate or joint venture are
\naccounted for as if the Group had directly disposed of
\nthe related assets or liabilities.
\n\nIf the ownership interest in an associate or a joint ven-
\nture is reduced, but the Group continues to exercise
\na significant influence or joint control, the Group con-
\ntinues to apply the equity method and the share of the
\ngain or loss that had previously been recognized in
\nother comprehensive income relating to that reduc-
\ntion is accounted for as if the Group had directly dis-
\nposed of the related assets or liabilities.
\n\n\nJoint operations are joint arrangements whereby the
\nGroup, which holds joint control, has rights to the as-
\nsets and obligations for the liabilities relating to the
\narrangement. For each joint operation, the Group rec-
\nognized assets, liabilities, costs and revenue on the
\nbasis of the provisions of the arrangement rather than
\nthe interest held.
\nWhere there is an increase in the interest in a joint ar-
\nrangement that meets the definition of a business:
\n\u2022 if the Group acquires control, and had rights over
\nthe assets and obligations for the liabilities of the
\njoint arrangement immediately before the acquisi-
\ntion date, then the transaction represents a business
\ncombination achieved in stages, with the remeas-
\nurement of the interest it held previously in the joint
\noperation at its fair value at each acquisition date;
\n\u2022 if the Group obtains joint control (i.e. it already had
\nan interest in a joint operation without holding joint
\ncontrol), the interest previously held in the joint op-
\neration shall not be remeasured.
\nFor more information on the Group\u2019s investments in
\nassociates and joint ventures, please see note 24 \u201cEq-
\nuity-accounted investments\u201d.
\n
\n\n\n
\n\n\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag24": {
"value": "\n
\n\n
\n\nInvestments in associates and joint
\nventures
\nIn the consolidated financial statements, investments
\nin associated companies and joint arrangements are
\nmeasured in accordance with the requirements es-
\ntablished by \u201cIAS 28 - Investments in Associates and
\nJoint Ventures\u201d and \u201cIFRS 11 - Joint Arrangements\u201d.
\nIn this respect, an associate is an entity over which the
\nGroup has significant influence, while a joint venture
\nis a joint arrangement over which the Group exercis-
\nes joint control and has rights to the net assets of the
\narrangement.
\nThe Group\u2019s investments in associates and joint ven-
\ntures are accounted for using the equity method, un-
\nder which these investments are initially recognized
\nat cost and any goodwill arising from the difference
\nbetween the cost of the investment and the Group\u2019s
\nshare of the net fair value of the investee\u2019s identifiable
\nassets and liabilities at the acquisition date is included
\nin the carrying amount of the investment.
\nAfter the acquisition date, their carrying amount is ad-
\njusted to recognize changes in the Group\u2019s share of
\nprofit or loss of the associate or joint venture in Group
\nprofit or loss. Adjustments to the carrying amount may
\nalso be necessary following changes in the Group\u2019s
\nshare in the associate or joint venture as a result of
\nchanges in the other comprehensive income of the
\ninvestee. The Group\u2019s share of these changes is rec-
\nognized in the Group\u2019s other comprehensive income.
\nDistributions received from joint ventures and associ-
\nates reduce the carrying amount of the investments.
\nGains and losses resulting from transactions between
\nthe Group and the associates or joint ventures are
\neliminated to the extent of the interest in the associate
\nor joint venture.
\nThe financial statements of the associates or joint ven-
\ntures are prepared for the same reporting period as
\nthe Group.
\nAfter application of the equity method, the Group de-
\ntermines whether it is necessary to recognize an im-
\npairment loss on its investment in an associate or joint
\nventure. If there is objective evidence of a loss of value,
\nthe entire carrying amount of the investment under-
\ngoes impairment testing pursuant to IAS 36 as a single
\nasset. For more information on impairment, please see
\nthe section \u201cImpairment of non-financial assets\u201d in note
\n2.1 \u201cUse of estimates and management judgment\u201d.
\nIf the investment ceases to be an associate or a joint
\nventure, the Group recognizes any retained investment
\nat its fair value, through profit or loss. Any amounts
\n
\n\n\n
\n\n\n
\n\n\n
\n\n
\n\n\npreviously recognized in other comprehensive income
\nin respect of the former associate or joint venture are
\naccounted for as if the Group had directly disposed of
\nthe related assets or liabilities.
\n\nIf the ownership interest in an associate or a joint ven-
\nture is reduced, but the Group continues to exercise
\na significant influence or joint control, the Group con-
\ntinues to apply the equity method and the share of the
\ngain or loss that had previously been recognized in
\nother comprehensive income relating to that reduc-
\ntion is accounted for as if the Group had directly dis-
\nposed of the related assets or liabilities.
\n\n\nJoint operations are joint arrangements whereby the
\nGroup, which holds joint control, has rights to the as-
\nsets and obligations for the liabilities relating to the
\narrangement. For each joint operation, the Group rec-
\nognized assets, liabilities, costs and revenue on the
\nbasis of the provisions of the arrangement rather than
\nthe interest held.
\nWhere there is an increase in the interest in a joint ar-
\nrangement that meets the definition of a business:
\n\u2022 if the Group acquires control, and had rights over
\nthe assets and obligations for the liabilities of the
\njoint arrangement immediately before the acquisi-
\ntion date, then the transaction represents a business
\ncombination achieved in stages, with the remeas-
\nurement of the interest it held previously in the joint
\noperation at its fair value at each acquisition date;
\n\u2022 if the Group obtains joint control (i.e. it already had
\nan interest in a joint operation without holding joint
\ncontrol), the interest previously held in the joint op-
\neration shall not be remeasured.
\nFor more information on the Group\u2019s investments in
\nassociates and joint ventures, please see note 24 \u201cEq-
\nuity-accounted investments\u201d.
\n
\n\n\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag26": {
"value": "\n
\n\nInvestments in associates and joint
\nventures
\nIn the consolidated financial statements, investments
\nin associated companies and joint arrangements are
\nmeasured in accordance with the requirements es-
\ntablished by \u201cIAS 28 - Investments in Associates and
\nJoint Ventures\u201d and \u201cIFRS 11 - Joint Arrangements\u201d.
\nIn this respect, an associate is an entity over which the
\nGroup has significant influence, while a joint venture
\nis a joint arrangement over which the Group exercis-
\nes joint control and has rights to the net assets of the
\narrangement.
\nThe Group\u2019s investments in associates and joint ven-
\ntures are accounted for using the equity method, un-
\nder which these investments are initially recognized
\nat cost and any goodwill arising from the difference
\nbetween the cost of the investment and the Group\u2019s
\nshare of the net fair value of the investee\u2019s identifiable
\nassets and liabilities at the acquisition date is included
\nin the carrying amount of the investment.
\nAfter the acquisition date, their carrying amount is ad-
\njusted to recognize changes in the Group\u2019s share of
\nprofit or loss of the associate or joint venture in Group
\nprofit or loss. Adjustments to the carrying amount may
\nalso be necessary following changes in the Group\u2019s
\nshare in the associate or joint venture as a result of
\nchanges in the other comprehensive income of the
\ninvestee. The Group\u2019s share of these changes is rec-
\nognized in the Group\u2019s other comprehensive income.
\nDistributions received from joint ventures and associ-
\nates reduce the carrying amount of the investments.
\nGains and losses resulting from transactions between
\nthe Group and the associates or joint ventures are
\neliminated to the extent of the interest in the associate
\nor joint venture.
\nThe financial statements of the associates or joint ven-
\ntures are prepared for the same reporting period as
\nthe Group.
\nAfter application of the equity method, the Group de-
\ntermines whether it is necessary to recognize an im-
\npairment loss on its investment in an associate or joint
\nventure. If there is objective evidence of a loss of value,
\nthe entire carrying amount of the investment under-
\ngoes impairment testing pursuant to IAS 36 as a single
\nasset. For more information on impairment, please see
\nthe section \u201cImpairment of non-financial assets\u201d in note
\n2.1 \u201cUse of estimates and management judgment\u201d.
\nIf the investment ceases to be an associate or a joint
\nventure, the Group recognizes any retained investment
\nat its fair value, through profit or loss. Any amounts
\n
\n\n\n
\n\n\n
\n\n\npreviously recognized in other comprehensive income
\nin respect of the former associate or joint venture are
\naccounted for as if the Group had directly disposed of
\nthe related assets or liabilities.
\n\nIf the ownership interest in an associate or a joint ven-
\nture is reduced, but the Group continues to exercise
\na significant influence or joint control, the Group con-
\ntinues to apply the equity method and the share of the
\ngain or loss that had previously been recognized in
\nother comprehensive income relating to that reduc-
\ntion is accounted for as if the Group had directly dis-
\nposed of the related assets or liabilities.
\n\n\nJoint operations are joint arrangements whereby the
\nGroup, which holds joint control, has rights to the as-
\nsets and obligations for the liabilities relating to the
\narrangement. For each joint operation, the Group rec-
\nognized assets, liabilities, costs and revenue on the
\nbasis of the provisions of the arrangement rather than
\nthe interest held.
\nWhere there is an increase in the interest in a joint ar-
\nrangement that meets the definition of a business:
\n\u2022 if the Group acquires control, and had rights over
\nthe assets and obligations for the liabilities of the
\njoint arrangement immediately before the acquisi-
\ntion date, then the transaction represents a business
\ncombination achieved in stages, with the remeas-
\nurement of the interest it held previously in the joint
\noperation at its fair value at each acquisition date;
\n\u2022 if the Group obtains joint control (i.e. it already had
\nan interest in a joint operation without holding joint
\ncontrol), the interest previously held in the joint op-
\neration shall not be remeasured.
\nFor more information on the Group\u2019s investments in
\nassociates and joint ventures, please see note 24 \u201cEq-
\nuity-accounted investments\u201d.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag30": {
"value": "\nIf the ownership interest in an associate or a joint ven-
\nture is reduced, but the Group continues to exercise
\na significant influence or joint control, the Group con-
\ntinues to apply the equity method and the share of the
\ngain or loss that had previously been recognized in
\nother comprehensive income relating to that reduc-
\ntion is accounted for as if the Group had directly dis-
\nposed of the related assets or liabilities.
\n\n\nFinancial assets at fair value through
\nother comprehensive income (FVOCI)
\n- Equity instruments
\nThis category includes mainly equity investments in
\nother entities irrevocably designated as such upon in-
\nitial recognition.
\nGains and losses on these financial assets are never
\nreclassified to profit or loss. The Group may transfer
\nthe cumulative gain or loss within equity.
\nEquity instruments designated at fair value through
\nOCI are not subject to impairment testing.
\nDividends on such investments are recognized in prof-
\nit or loss unless they clearly represents a recovery of a
\npart of the cost of the investment.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag31": {
"value": "\nTranslation of foreign currency items
\nPursuant to \u201cIAS 21 - The Effects of Changes in Foreign
\nExchange Rates\u201d, transactions in currencies other than
\nthe functional currency are initially recognized at the
\nspot exchange rate prevailing on the date of the trans-
\naction.
\nMonetary assets and liabilities denominated in a for-
\neign currency other than the functional currency are
\nsubsequently translated using the spot exchange rate
\nprevailing at the reporting date.
\nNon-monetary assets and liabilities denominated in
\nforeign currency that are recognized at historical cost
\nare translated using the exchange rate at the date of
\nthe initial recognition of the transaction. Non-mone-
\ntary assets and liabilities in foreign currency measured
\nat fair value are translated using the exchange rate at
\nthe date the fair value was determined.
\nAny exchange differences are recognized through
\nprofit or loss.
\nIn determining the spot exchange rate to use on initial
\nrecognition of the related asset, expense or income
\n(or part of it) on the derecognition of a non-monetary
\nasset or non-monetary liability relating to advance
\nconsideration in foreign currency paid or received,
\nthe date of the transaction is the date on which the
\nGroup initially recognizes the non-monetary asset or
\nnon-monetary liability associated with the advance
\nconsideration.
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag32": {
"value": "\nTranslation of financial statements
\ndenominated in a foreign currency
\nFor the purposes of the consolidated financial state-
\nments, all revenue, expenses, assets and liabilities are
\nstated in euro, which is the presentation currency of
\nthe Parent.
\nPursuant to IAS 21, in order to prepare the consoli-
\ndated financial statements, the financial statements
\nof consolidated companies with functional currencies
\nother than the presentation currency used in the con-
\nsolidated financial statements are translated into eu-
\nros by applying the closing exchange rate to the assets
\nand liabilities, including goodwill and consolidation ad-
\njustments, and the average exchange rate for the pe-
\nriod to the income statement items on the condition
\nit approximates the exchange rates prevailing at the
\ndate of the respective transactions.
\nAny resulting exchange gains or losses are recognized
\nas a separate component of equity in a special reserve.
\nThe gains and losses are recognized proportionately in
\nthe income statement on the disposal (partial or total)
\nof the subsidiary.
\nWhen the functional currency of a consolidated com-
\npany is the currency of a hyperinflationary economy,
\nthe Group restates the financial statements in accord-
\nance with \u201cIAS 29 - Financial Reporting in Hyperinfla-
\ntionary Economies\u201d before applying the specific con-
\nversion method set out below.
\nIn order to consider the impact of hyperinflation on
\nthe local currency exchange rate, the financial po-
\nsition and performance (i.e. assets, liabilities, equity
\n\n\nitems, revenue and expenses) of a company of the
\nGroup whose functional currency is the currency of
\na hyperinflationary economy are translated into the
\nGroup\u2019s presentation currency (the euro) using the
\nexchange rate prevailing at the reporting date, except
\nfor comparative amounts presented in the previous
\nyear\u2019s financial statements which are not adjusted for
\nsubsequent changes in the price level or subsequent
\nchanges in exchange rates.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag34": {
"value": "\n\n\n\n\nGoodwill
\nGoodwill represents the future economic benefits
\narising from other assets acquired in a business com-
\nbination that are not individually identified and sepa-
\nrately recognized and is recognized in the consolidat-
\ned financial statements as at the date of acquisition of
\ncontrol of the business.
\nTo this end, the Group recognizes business combina-
\ntions using:
\n\u2022 the \u201cpurchase method\u201d, for all business combina-
\ntions initiated before January 1, 2010 and complet-
\ned within that financial year on the basis of IFRS 3
\n(2004), where the purchase cost is equal to the fair
\nvalue at the date of the exchange of the assets ac-
\nquired and the liabilities incurred or assumed, plus
\ncosts directly attributable to the acquisition. This
\ncost was allocated by recognizing the assets, liabil-
\nities and identifiable contingent liabilities of the ac-
\nquired company at their fair values. Any positive dif-
\nference between the cost of the acquisition and the
\nfair value of the net assets acquired attributable to
\nowners of the Parent was recognized as goodwill. In
\nthe case of business combinations achieved in stag-
\nes, at the date of acquisition any adjustment to the
\nfair value of the net assets acquired previously was
\nrecognized in equity; the amount of goodwill was
\ndetermined for each transaction separately based
\non the fair values of the acquiree\u2019s net assets at the
\ndate of each exchange transaction;
\n\u2022 the \u201cacquisition method\u201d, for all business combina-
\ntions carried out as from January 1, 2010 that are
\nrecognized on the basis of IFRS 3 (2008), which
\nis referred to as IFRS 3 (Revised) hereafter, where
\nthe purchase cost (the consideration transferred)
\nis equal to the fair value at the purchase date of
\nthe assets acquired and the liabilities incurred or
\nassumed, as well as any equity instruments issued
\nby the purchaser. The purchase cost includes the
\nfair value of any asset or liability resulting from a
\ncontingent consideration arrangement. The con-
\nsideration transferred is allocated by recognizing
\nthe assets, liabilities and identifiable contingent lia-
\nbilities of the acquired company at their fair values
\nas at the acquisition date. In this regard, goodwill is
\ndefined as the excess of the consideration trans-
\nferred, measured at fair value as at the acquisition
\ndate, the amount of any non-controlling interest in
\nthe acquiree plus the fair value of any equity inter-
\nest in the acquiree previously held by the Group (in
\na business combination achieved in stages) over
\nthe net amount of the identifiable assets acquired
\nand the liabilities incurred or assumed measured at
\nfair value.
\n\nThe carrying amount of non-controlling
\ninterests is determined either in proportion to the
\ninterest held by non-controlling shareholders in the
\nnet identifiable assets of the acquiree or at their fair
\nvalue as at the acquisition date.
\n\n\nIFRS 3 Revised requires, among other things, the fol-
\nlowing:
\n\u2022 costs directly attributable to the acquisition are rec-
\nognized through profit or loss;
\n\u2022 in the case of business combinations achieved
\nin stages, at the date of acquisition of control the
\npreviously held equity interest in the acquiree is
\nremeasured to fair value and any positive or nega-
\ntive difference is recognized in profit or loss;
\n\u2022 any contingent consideration is recognized at fair
\nvalue at the acquisition date. Subsequent chang-
\nes to the fair value of the contingent consideration
\nclassified as an asset or a liability, or as a financial
\ninstrument within the scope of IFRS 9, are recog-
\nnized in profit or loss. If the contingent considera-
\ntion is not within the scope of IFRS 9, it is measured
\nin accordance with the appropriate IFRS-IAS. Con-
\ntingent consideration that is classified as equity is
\nnot re-measured, and its subsequent settlement is
\naccounted for within equity;
\n\u2022 if the fair values of the assets, liabilities and contin-
\ngent liabilities can only be calculated on a provisional
\nbasis, the business combination is recognized using
\nsuch provisional values. Any adjustments resulting
\nfrom the completion of the measurement process
\nare recognized within 12 months of the date of ac-
\nquisition, restating comparative figures.
\nGoodwill arising on the acquisition of subsidiaries is
\nrecognized separately. After initial recognition, good-
\nwill is not amortized, but is tested for impairment at
\nleast annually. For the purpose of impairment testing,
\ngoodwill is allocated, from the acquisition date, to
\n\n\n\n\n\n\n\n\n\n\n\n\n\neach CGU or group of CGUs that is expected to bene-
\nfit from the synergies of the combination.
\nFor more information, please see the following section
\n\u201cImpairment of non-financial assets\u201d.
\nGoodwill relating to equity investments in associates
\nand joint ventures is included in their carrying amount.
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag36": {
"value": "\n\n\nGoodwill
\nGoodwill represents the future economic benefits
\narising from other assets acquired in a business com-
\nbination that are not individually identified and sepa-
\nrately recognized and is recognized in the consolidat-
\ned financial statements as at the date of acquisition of
\ncontrol of the business.
\nTo this end, the Group recognizes business combina-
\ntions using:
\n\u2022 the \u201cpurchase method\u201d, for all business combina-
\ntions initiated before January 1, 2010 and complet-
\ned within that financial year on the basis of IFRS 3
\n(2004), where the purchase cost is equal to the fair
\nvalue at the date of the exchange of the assets ac-
\nquired and the liabilities incurred or assumed, plus
\ncosts directly attributable to the acquisition. This
\ncost was allocated by recognizing the assets, liabil-
\nities and identifiable contingent liabilities of the ac-
\nquired company at their fair values. Any positive dif-
\nference between the cost of the acquisition and the
\nfair value of the net assets acquired attributable to
\nowners of the Parent was recognized as goodwill. In
\nthe case of business combinations achieved in stag-
\nes, at the date of acquisition any adjustment to the
\nfair value of the net assets acquired previously was
\nrecognized in equity; the amount of goodwill was
\ndetermined for each transaction separately based
\non the fair values of the acquiree\u2019s net assets at the
\ndate of each exchange transaction;
\n\u2022 the \u201cacquisition method\u201d, for all business combina-
\ntions carried out as from January 1, 2010 that are
\nrecognized on the basis of IFRS 3 (2008), which
\nis referred to as IFRS 3 (Revised) hereafter, where
\nthe purchase cost (the consideration transferred)
\nis equal to the fair value at the purchase date of
\nthe assets acquired and the liabilities incurred or
\nassumed, as well as any equity instruments issued
\nby the purchaser. The purchase cost includes the
\nfair value of any asset or liability resulting from a
\ncontingent consideration arrangement. The con-
\nsideration transferred is allocated by recognizing
\nthe assets, liabilities and identifiable contingent lia-
\nbilities of the acquired company at their fair values
\nas at the acquisition date. In this regard, goodwill is
\ndefined as the excess of the consideration trans-
\nferred, measured at fair value as at the acquisition
\ndate, the amount of any non-controlling interest in
\nthe acquiree plus the fair value of any equity inter-
\nest in the acquiree previously held by the Group (in
\na business combination achieved in stages) over
\nthe net amount of the identifiable assets acquired
\nand the liabilities incurred or assumed measured at
\nfair value.
\n\nThe carrying amount of non-controlling
\ninterests is determined either in proportion to the
\ninterest held by non-controlling shareholders in the
\nnet identifiable assets of the acquiree or at their fair
\nvalue as at the acquisition date.
\n\n\nIFRS 3 Revised requires, among other things, the fol-
\nlowing:
\n\u2022 costs directly attributable to the acquisition are rec-
\nognized through profit or loss;
\n\u2022 in the case of business combinations achieved
\nin stages, at the date of acquisition of control the
\npreviously held equity interest in the acquiree is
\nremeasured to fair value and any positive or nega-
\ntive difference is recognized in profit or loss;
\n\u2022 any contingent consideration is recognized at fair
\nvalue at the acquisition date. Subsequent chang-
\nes to the fair value of the contingent consideration
\nclassified as an asset or a liability, or as a financial
\ninstrument within the scope of IFRS 9, are recog-
\nnized in profit or loss. If the contingent considera-
\ntion is not within the scope of IFRS 9, it is measured
\nin accordance with the appropriate IFRS-IAS. Con-
\ntingent consideration that is classified as equity is
\nnot re-measured, and its subsequent settlement is
\naccounted for within equity;
\n\u2022 if the fair values of the assets, liabilities and contin-
\ngent liabilities can only be calculated on a provisional
\nbasis, the business combination is recognized using
\nsuch provisional values. Any adjustments resulting
\nfrom the completion of the measurement process
\nare recognized within 12 months of the date of ac-
\nquisition, restating comparative figures.
\nGoodwill arising on the acquisition of subsidiaries is
\nrecognized separately. After initial recognition, good-
\nwill is not amortized, but is tested for impairment at
\nleast annually. For the purpose of impairment testing,
\ngoodwill is allocated, from the acquisition date, to
\n\n\n\n\n\n\n\n\neach CGU or group of CGUs that is expected to bene-
\nfit from the synergies of the combination.
\nFor more information, please see the following section
\n\u201cImpairment of non-financial assets\u201d.
\nGoodwill relating to equity investments in associates
\nand joint ventures is included in their carrying amount.
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag38": {
"value": "\nGoodwill
\nGoodwill represents the future economic benefits
\narising from other assets acquired in a business com-
\nbination that are not individually identified and sepa-
\nrately recognized and is recognized in the consolidat-
\ned financial statements as at the date of acquisition of
\ncontrol of the business.
\nTo this end, the Group recognizes business combina-
\ntions using:
\n\u2022 the \u201cpurchase method\u201d, for all business combina-
\ntions initiated before January 1, 2010 and complet-
\ned within that financial year on the basis of IFRS 3
\n(2004), where the purchase cost is equal to the fair
\nvalue at the date of the exchange of the assets ac-
\nquired and the liabilities incurred or assumed, plus
\ncosts directly attributable to the acquisition. This
\ncost was allocated by recognizing the assets, liabil-
\nities and identifiable contingent liabilities of the ac-
\nquired company at their fair values. Any positive dif-
\nference between the cost of the acquisition and the
\nfair value of the net assets acquired attributable to
\nowners of the Parent was recognized as goodwill. In
\nthe case of business combinations achieved in stag-
\nes, at the date of acquisition any adjustment to the
\nfair value of the net assets acquired previously was
\nrecognized in equity; the amount of goodwill was
\ndetermined for each transaction separately based
\non the fair values of the acquiree\u2019s net assets at the
\ndate of each exchange transaction;
\n\u2022 the \u201cacquisition method\u201d, for all business combina-
\ntions carried out as from January 1, 2010 that are
\nrecognized on the basis of IFRS 3 (2008), which
\nis referred to as IFRS 3 (Revised) hereafter, where
\nthe purchase cost (the consideration transferred)
\nis equal to the fair value at the purchase date of
\nthe assets acquired and the liabilities incurred or
\nassumed, as well as any equity instruments issued
\nby the purchaser. The purchase cost includes the
\nfair value of any asset or liability resulting from a
\ncontingent consideration arrangement. The con-
\nsideration transferred is allocated by recognizing
\nthe assets, liabilities and identifiable contingent lia-
\nbilities of the acquired company at their fair values
\nas at the acquisition date. In this regard, goodwill is
\ndefined as the excess of the consideration trans-
\nferred, measured at fair value as at the acquisition
\ndate, the amount of any non-controlling interest in
\nthe acquiree plus the fair value of any equity inter-
\nest in the acquiree previously held by the Group (in
\na business combination achieved in stages) over
\nthe net amount of the identifiable assets acquired
\nand the liabilities incurred or assumed measured at
\nfair value.
\n\nThe carrying amount of non-controlling
\ninterests is determined either in proportion to the
\ninterest held by non-controlling shareholders in the
\nnet identifiable assets of the acquiree or at their fair
\nvalue as at the acquisition date.
\n\n\nIFRS 3 Revised requires, among other things, the fol-
\nlowing:
\n\u2022 costs directly attributable to the acquisition are rec-
\nognized through profit or loss;
\n\u2022 in the case of business combinations achieved
\nin stages, at the date of acquisition of control the
\npreviously held equity interest in the acquiree is
\nremeasured to fair value and any positive or nega-
\ntive difference is recognized in profit or loss;
\n\u2022 any contingent consideration is recognized at fair
\nvalue at the acquisition date. Subsequent chang-
\nes to the fair value of the contingent consideration
\nclassified as an asset or a liability, or as a financial
\ninstrument within the scope of IFRS 9, are recog-
\nnized in profit or loss. If the contingent considera-
\ntion is not within the scope of IFRS 9, it is measured
\nin accordance with the appropriate IFRS-IAS. Con-
\ntingent consideration that is classified as equity is
\nnot re-measured, and its subsequent settlement is
\naccounted for within equity;
\n\u2022 if the fair values of the assets, liabilities and contin-
\ngent liabilities can only be calculated on a provisional
\nbasis, the business combination is recognized using
\nsuch provisional values. Any adjustments resulting
\nfrom the completion of the measurement process
\nare recognized within 12 months of the date of ac-
\nquisition, restating comparative figures.
\nGoodwill arising on the acquisition of subsidiaries is
\nrecognized separately. After initial recognition, good-
\nwill is not amortized, but is tested for impairment at
\nleast annually. For the purpose of impairment testing,
\ngoodwill is allocated, from the acquisition date, to
\n\n\n\neach CGU or group of CGUs that is expected to bene-
\nfit from the synergies of the combination.
\nFor more information, please see the following section
\n\u201cImpairment of non-financial assets\u201d.
\nGoodwill relating to equity investments in associates
\nand joint ventures is included in their carrying amount.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag41": {
"value": "\nFair value measurement
\nFor all fair value measurements and disclosures of fair
\nvalue, that are either required or permitted by IFRS, the
\nGroup applies IFRS 13.
\nFair value is defined as the price that would be re-
\nceived to sell an asset or paid to transfer a liability, in
\nan orderly transaction, between market participants,
\nat the measurement date (i.e. an exit price).
\nThe fair value measurement assumes that the trans-
\naction to sell an asset or transfer a liability takes place
\nin the principal market, i.e. the market with the great-
\nest volume and level of activity for the asset or liability.
\nIn the absence of a principal market, it is assumed that
\nthe transaction takes place in the most advantageous
\nmarket to which the Group has access, i.e. the market
\nthat maximizes the amount that would be received to
\nsell the asset or minimizes the amount that would be
\npaid to transfer the liability.
\nThe fair value of an asset or a liability is measured us-
\ning the assumptions that market participants would use
\nwhen pricing the asset or liability, assuming that market
\nparticipants act in their economic best interest. Market
\nparticipants are independent, knowledgeable sellers
\nand buyers who are able to enter into a transaction for
\nthe asset or the liability and who are motivated but not
\nforced or otherwise compelled to do so.
\nWhen measuring fair value, the Group considers the
\ncharacteristics of the asset or liability, in particular:
\n\u2022 for a non-financial asset, a fair value measurement
\ntakes into account a market participant\u2019s ability to
\ngenerate economic benefits by using the asset in its
\nhighest and best use or by selling it to another mar-
\nket participant that would use the asset in its highest
\nand best use;
\n\u2022 for liabilities and own equity instruments, the fair
\nvalue reflects the effect of non-performance risk,
\ni.e. the risk that an entity will not fulfill an obligation,
\nincluding among others the credit risk of the Group
\nitself;
\n\u2022 for groups of financial assets and liabilities managed
\non the basis of their net exposure to market risks or
\ncredit risk, see note 50 \u201cAssets and liabilities meas-
\nured at fair value\u201d.
\nIn measuring the fair value of assets and liabilities, the
\nGroup uses valuation techniques that are appropriate
\nin the circumstances and for which sufficient data are
\navailable, maximizing the use of relevant observable
\ninputs and minimizing the use of unobservable inputs.
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag42": {
"value": "\n\n\nProperty, plant and equipment
\nPursuant to IAS 16, property, plant and equipment is
\nstated at cost, net of accumulated depreciation and
\naccumulated impairment losses, if any. Such cost in-
\ncludes expenses directly attributable to bringing the
\nasset to the location and condition necessary for its
\nintended use.
\n\nThe cost is also increased by the present value of the
\nestimate of the costs of decommissioning and re-
\nstoring the site on which the asset is located where
\nthere is a legal or constructive obligation to do so. The
\ncorresponding liability is recognized under provisions
\nfor risks and charges. More information on changes in
\nthe estimate of these costs, the passage of time and
\nthe discount rate is discussed in note 2.1 \u201cUse of esti-
\nmates and management judgement\u201d.
\n\n\nProperty, plant and equipment transferred from cus-
\ntomers to connect them to the electricity distribution
\nnetwork and/or to provide them with other related
\nservices is initially recognized at its fair value at the
\ndate on which control is obtained.
\n\nBorrowing costs that are directly attributable to the
\nacquisition, construction or production of a qualifying
\nasset, i.e. an asset that takes a substantial period of
\ntime to get ready for its intended use or sale, are cap-
\nitalized as part of the cost of the assets themselves.
\nBorrowing costs associated with the purchase/con-
\nstruction of assets that do not meet such requirement
\nare expensed in the period in which they are incurred.
\nCertain assets that were revalued at the IFRS transition
\ndate or in previous periods are recognized at their fair
\nvalue, which is considered to be their deemed cost at
\nthe revaluation date.
\n\n\nWhere individual items of major components of prop-
\nerty, plant and equipment have different useful lives,
\nthe components are recognized and depreciated sep-
\narately.
\nSubsequent costs are recognized as an increase in the
\ncarrying amount of the asset when it is probable that
\n\n\n\n\nfuture economic benefits associated with the cost in-
\ncurred to replace a part of the asset will flow to the
\nGroup and the cost of the item can be measured reli-
\nably. All other costs are recognized in profit or loss as
\nincurred.
\n\nThe cost of replacing part or all of an asset is recog-
\nnized as an increase in the carrying amount of the as-
\nset and is depreciated over its useful life; the carrying
\namount of the replaced unit is derecognized through
\nprofit or loss.
\n\n\n\nProperty, plant and equipment, net of its residu-
\nal value, is depreciated on a straight-line basis over
\nits estimated useful life, which is reviewed annually.
\nAny changes in depreciation criteria shall be applied
\nprospectively. Depreciation begins when the asset is
\navailable for use. For more information on estimating
\nuseful life, please see note 2.1 \u201cUse of estimates and
\nmanagement judgment\u201d and note 17 \u201cProperty, plant
\nand equipment\u201d. For information on any changes in
\nthe useful lives made by the Group during the year,
\nsee note 10.e \u201cDepreciation, amortization and other
\nimpairment losses\u201d and note 17 \u201cProperty, plant and
\nequipment\u201d.
\n\n\nAssets recognized under property, plant and equip-
\nment are derecognized either upon their disposal (i.e.
\nat the date the recipient obtains control) or when no
\nfuture economic benefit is expected from their use or
\ndisposal. Any gain or loss, recognized through profit
\nor loss, is calculated as the difference between the net
\ndisposal proceeds, determined in accordance with
\nthe transaction price requirements of IFRS 15, and the
\ncarrying amount of the derecognized assets.
\nAssets to be relinquished free of charge
\nThe Group\u2019s plants include assets to be relinquished
\nfree of charge at the end of the concessions. These
\nmainly regard major water diversion works and the
\npublic lands used for the operation of the thermal
\npower plants.
\nWithin the Italian regulatory framework in force until
\n2011, if the concessions are not renewed, at those
\ndates all intake and governing works, penstocks, out-
\nflow channels and other assets on public lands were
\nto be relinquished free of charge to the State in good
\noperating condition. Accordingly, depreciation on as-
\nsets to be relinquished was calculated over the shorter
\nof the term of the concession and the useful life of
\nthe assets.
\nIn the wake of the legislative changes introduced
\nwith Law 134 of August 7, 2012, the assets previ-
\nously classified as assets \u201cto be relinquished free of
\ncharge\u201d connected with the hydroelectric water di-
\nversion concessions are now considered in the same
\nmanner as other categories of \u201cproperty, plant and
\nequipment\u201d and are therefore depreciated over the
\nuseful life of the asset (where this exceeds the term
\nof the concession), as discussed in the section above
\non the \u201cDepreciable amount of certain elements of
\nItalian hydroelectric plants subsequent to enactment
\nof Law 134/2012\u201d, which you are invited to consult for
\nmore details.
\nIn accordance with Spanish laws 29/1985 and 46/1999,
\nhydroelectric power stations in Spanish territory op-
\nerate under administrative concessions at the end of
\nwhich the plants will be returned to the government in
\ngood operating condition. The terms of the conces-
\nsions extend up to 2078.
\nA number of generation companies that operate in
\nLatin America hold administrative concessions with
\nsimilar conditions to those applied under the Spanish
\nconcession system. These concessions will expire in
\nin Argentina in 2087, in Brazil in 2047, in Costa Rica in
\n2031, in Panama in 2062 and in Guatemala in 2062.
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag44": {
"value": "\nThe cost is also increased by the present value of the
\nestimate of the costs of decommissioning and re-
\nstoring the site on which the asset is located where
\nthere is a legal or constructive obligation to do so. The
\ncorresponding liability is recognized under provisions
\nfor risks and charges. More information on changes in
\nthe estimate of these costs, the passage of time and
\nthe discount rate is discussed in note 2.1 \u201cUse of esti-
\nmates and management judgement\u201d.
\n\n\nWhere the liability relates to decommissioning and/
\nor site restoration in respect of property, plant and
\nequipment, the initial recognition of the provision is
\nmade against the related asset and the expense is
\nthen recognized in profit or loss through the depreci-
\nation of the asset involved.
\nWhere the liability regards the treatment and storage of
\nnuclear waste and other radioactive materials, the pro-
\nvision is recognized against the related operating costs.
\nA liability for restructuring refers to a program planned
\nand controlled by management that materially chang-
\nes the scope of a business undertaken by the Group or
\nthe manner in which the business is conducted. Such
\na liability is recognized when a constructive obligation
\nis established, i.e. when the Group has approved a de-
\ntailed formal restructuring plan and has started to im-
\nplement the plan or has announced its main features
\nto those affected by it.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag45": {
"value": "\nBorrowing costs that are directly attributable to the
\nacquisition, construction or production of a qualifying
\nasset, i.e. an asset that takes a substantial period of
\ntime to get ready for its intended use or sale, are cap-
\nitalized as part of the cost of the assets themselves.
\nBorrowing costs associated with the purchase/con-
\nstruction of assets that do not meet such requirement
\nare expensed in the period in which they are incurred.
\nCertain assets that were revalued at the IFRS transition
\ndate or in previous periods are recognized at their fair
\nvalue, which is considered to be their deemed cost at
\nthe revaluation date.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag46": {
"value": "\nThe cost of replacing part or all of an asset is recog-
\nnized as an increase in the carrying amount of the as-
\nset and is depreciated over its useful life; the carrying
\namount of the replaced unit is derecognized through
\nprofit or loss.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag47": {
"value": "\nProperty, plant and equipment, net of its residu-
\nal value, is depreciated on a straight-line basis over
\nits estimated useful life, which is reviewed annually.
\nAny changes in depreciation criteria shall be applied
\nprospectively. Depreciation begins when the asset is
\navailable for use. For more information on estimating
\nuseful life, please see note 2.1 \u201cUse of estimates and
\nmanagement judgment\u201d and note 17 \u201cProperty, plant
\nand equipment\u201d. For information on any changes in
\nthe useful lives made by the Group during the year,
\nsee note 10.e \u201cDepreciation, amortization and other
\nimpairment losses\u201d and note 17 \u201cProperty, plant and
\nequipment\u201d.
\n\n\nAmortization is calculated on a straight-line basis over
\nthe asset\u2019s estimated useful life, which is reassessed at
\nleast annually; any changes in amortization policies are
\nreflected on a prospective basis. For more information
\non estimating useful life, please see note 2.1 \u201cUse of
\nestimates and management judgment\u201d and note 21
\n\u201cIntangible assets\u201d.
\n\n\nIntangible assets with indefinite useful lives are not
\namortized, but are tested for impairment annually.
\nThe assessment of indefinite useful life is reviewed an-
\nnually to determine whether the indefinite useful life
\ncontinues to be supportable. If not, the change in use-
\nful life from indefinite to finite is accounted for as a
\nchange in accounting estimate.
\n\n\n
\n\nThe estimated useful life of the main items of property, plant and equipment is as follows.
\n\n
\n\n\n| Civil buildings | \n10-60 years | \n
\n\n| Buildings and civil works incorporated in plants | \n10-100 years | \n
\n\n| Hydroelectric power plants: | \n | \n
\n\n| - penstocks | \n10-65 years | \n
\n\n| - mechanical and electrical machinery | \n10-65 years | \n
\n\n| - other fixed hydraulic works | \n10-100 years | \n
\n\n| Thermoelectric power plants: | \n | \n
\n\n| - boilers and auxiliary components | \n20-40 years | \n
\n\n| - gas turbine components | \n10-40 years | \n
\n\n| - mechanical and electrical machinery | \n5-40 years | \n
\n\n| - other fixed hydraulic works | \n60 years | \n
\n\n| Nuclear power plants | \n50 years | \n
\n\n| Geothermal power plants: | \n | \n
\n\n| - cooling towers | \n20 years | \n
\n\n| - turbines and generators | \n10-50 years | \n
\n\n| - turbine parts in contact with fluid | \n10 years | \n
\n\n| - mechanical and electrical machinery | \n20-40 years | \n
\n\n| Wind power plants: | \n | \n
\n\n| - towers | \n30-35 years | \n
\n\n| - turbines and generators | \n30-35 years | \n
\n\n| - mechanical and electrical machinery | \n15-30 years | \n
\n\n| Solar power plants: | \n | \n
\n\n| - mechanical and electrical machinery | \n15-40 years | \n
\n\n| Public and artistic lighting systems: | \n | \n
\n\n| - public lighting systems | \n10-35 years | \n
\n\n| - artistic lighting systems | \n20-35 years | \n
\n\n| Transport lines | \n10-60 years | \n
\n\n| Transformer stations | \n20-55 years | \n
\n\n| Distribution systems: | \n | \n
\n\n| - high voltage lines | \n10-60 years | \n
\n\n| - primary transformer stations | \n10-50 years | \n
\n\n| - low- and medium-voltage lines | \n10-50 years | \n
\n\n| Meters: | \n | \n
\n\n| - electromechanical meters | \n5-40 years | \n
\n\n| - energy balance measurement equipment | \n10-15 years | \n
\n\n| - electronic meters | \n15-25 years | \n
\n\n| Charging stations | \n7-15 years | \n
\n\n| Battery Energy Storage Systems (BESS) | \n10-15 years | \n
\n\n
\n
The useful life of leasehold improvements coincides
\nwith the term of the lease or, if shorter, the duration of
\nthe benefits produced by the improvements. Land is
\nnot depreciated as it has an indefinite useful life.
\n
\n\n\n
\n\n\nRight-of-use assets are depreciated on a straight-
\nline basis over the shorter of the lease term and the
\nestimated useful life of the right-of-use assets, as
\nfollows.
\n\n
\n\n\n | \nAverage residual life (years) | \n\n
\n\n| Buildings | \n7 | \n\n
\n\n| Ground rights of plants | \n31 | \n\n
\n\n| Vehicles and other means of transport | \n3 | \n\n
\n\n\n\n
\n\n
\n\n\n\nThe estimated useful life of the main items of intangible
\nassets with a finite useful life, distinguished between in-
\nternally generated and acquired, is as follows.
\n
\n\n\n\n
\n\n\n| Development expenditure: | \n | \n
\n\n| - internally generated | \n5 years | \n
\n\n| - acquired | \n3-26 years | \n
\n\n| Industrial patents and intellectual property rights: | \n | \n
\n\n| - internally generated | \n3-10 years | \n
\n\n| - acquired | \n3-30 years | \n
\n\n| Concessions, licenses, trademarks and similar rights: | \n | \n
\n\n| - internally generated | \n 20 years | \n
\n\n| - acquired | \n10-35 years | \n
\n\n| Other: | \n | \n
\n\n| - internally generated | \n2-28 years | \n
\n\n| - acquired | \n3-15 years | \n
\n\n
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag48": {
"value": "\nService concession arrangements
\nWhen acting as operator under \u201cpublic-to-private\u201d ser-
\nvice concession arrangements, the Group constructs/
\nupgrades infrastructure used to provide a public ser-
\nvice and/or operates and maintains that infrastructure
\nfor the years of the concession, in accordance with the
\nterms specified in the contract.
\nIn these circumstances, the Group does not account
\nfor the infrastructure operated under a service con-
\ncession arrangement within the scope of IFRIC 12
\nas property, plant and equipment, recognizing and
\nmeasuring revenue in accordance with IFRS 15 for the
\nservices it performs. In particular, when the Group pro-
\nvides construction or upgrade services, depending on
\nthe characteristics of the service concession arrange-
\nment, it recognizes:
\n\u2022 a financial asset, if the Group has an unconditional
\ncontractual right to receive cash or another financial
\nasset from the grantor (or from a third party at the
\ndirection of the grantor), that is the grantor has little
\ndiscretion to avoid payment; and/or
\n\u2022 an intangible asset, if the Group receives the right
\n(a license) to charge users of the public service
\nprovided and thus does not have an uncondition-
\nal right to receive cash because the amounts are
\ncontingent on the extent that the public uses the
\nservice.
\n\n\nIf the Group (as operator) has a contractual right to
\nreceive an intangible asset, borrowing costs are capi-
\ntalized using the criteria specified in note 17 \u201cProperty,
\nplant and equipment\u201d.
\nHowever, for construction/upgrade services, both
\ntypes of consideration are classified as a contract as-
\nset during the construction/upgrade period.
\nFor more details about such consideration, please see
\nnote 9.a \u201cRevenue from sales and services\u201d.
\nConversely, where the service concession arrange-
\nment provides that the infrastructure used for to op-
\nerate the concessions themselves do not comply with
\nthe requirements established by IFRIC 12 and, in par-
\nticular, are owned and available to the operator or have
\nan indefinite expiry, the carrying amount of the assets
\nattributable to these concessions is recognized under
\n\u201cProperty, plant and equipment\u201d and accounted for in
\naccordance with IAS 16.
\nInformation on the main characteristics of the Group\u2019s
\nservice concession arrangements can be found in
\nnote 18 \u201cService concession arrangements\u201d.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag50": {
"value": "\nLeases
\nAt inception of a contract, the Group assesses wheth-
\ner a contract is, or contains, a lease applying the defini-
\ntion of a lease under IFRS 16, that is met if the contract
\nconveys the right to control the use of an identified as-
\nset for a period of time in exchange for consideration.
\nWhen the Group acts as a lessee, it recognizes a right-
\nof-use asset and a lease liability at the commence-
\nment date of the lease (i.e. the date the underlying
\nasset is available for use).
\nThe right-of-use asset is initially measured at cost,
\nwhich includes the initial amount of lease liability ad-
\njusted for any lease payments made at or before the
\ncommencement date less any lease incentives re-
\nceived, plus any initial direct costs incurred and an
\nestimate of costs to retire and remove the underlying
\nasset and to restore the underlying asset or the site on
\nwhich it is located.
\nRight-of-use assets are subsequently depreciated on
\na straight-line basis over the shorter of the lease term
\nand the estimated useful lives of the right-of-use as-
\nsets. If the lease transfers ownership of the underlying
\nasset to the Group at the end of the lease term or if
\nthe cost of the right-of-use asset reflects the fact that
\nthe Group will exercise a purchase option, deprecia-
\ntion is calculated using the estimated useful life of the
\nunderlying asset.
\nFor information on the depreciation period of right-
\nof-use assets, see note 19 \u201cLeases\u201d.
\nIn addition, the right-of-use assets are subject to im-
\npairment testing and adjusted for any remeasurement
\nof lease liabilities.
\nThe lease liability is initially measured at the present val-
\nue of lease payments to be made over the lease term,
\ndiscounted using the lessee\u2019s incremental borrowing
\nrate at the lease commencement date when the inter-
\nest rate implicit in the lease is not readily determinable.
\nVariable lease payments that do not depend on an in-
\ndex or a rate are recognized as expenses in the period
\nin which the event or condition that triggers the pay-
\nment occurs.
\nAfter the commencement date, the lease liability is
\nmeasured at amortized cost using the effective inter-
\nest method and is remeasured upon the occurrence
\nof certain events.
\nThe Group applies the short-term lease recognition
\nexemption to its lease contracts that have a lease
\nterm of 12 months or less from the commencement
\ndate. It also applies the low-value assets recognition
\nexemption to lease contracts for which the underlying
\nasset is of low-value whose amount is estimated not
\nmaterial. For example, the Group has leases of certain
\noffice equipment (i.e. personal computers, printing
\nand photocopying machines) that are considered of
\nlow-value. Lease payments on short-term leases and
\nleases of low-value assets are recognized as expense
\non a straight-line basis over the lease term.
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag51": {
"value": "\n\n\n\nIntangible assets
\nPursuant to IAS 38, intangible assets are identifiable
\nassets without physical substance controlled by the
\nGroup, when it is probable that the use of such assets
\nwill generate future economic benefits and the related
\ncost can be reliably determined.
\n\nThey are measured at purchase or internal development
\ncost for internally generated assets and are recognized
\nonly when the Group can demonstrate the technical fea-
\nsibility of completing the asset, its intention and ability to
\ncomplete development and to use or sell the asset and
\nthe availability of resources to complete the asset.
\nThe cost includes any directly attributable expenses
\nnecessary to make the assets ready for their intend-
\ned use.
\n\n\nIntangible assets with a finite useful life are recognized
\nnet of accumulated amortization and any impairment
\nlosses.
\n\n\n\n\n\n\n\n\n\nAmortization is calculated on a straight-line basis over
\nthe asset\u2019s estimated useful life, which is reassessed at
\nleast annually; any changes in amortization policies are
\nreflected on a prospective basis. For more information
\non estimating useful life, please see note 2.1 \u201cUse of
\nestimates and management judgment\u201d and note 21
\n\u201cIntangible assets\u201d.
\n\n\nAmortization commences when the asset is ready for
\nuse. Consequently, intangible assets not yet available
\nfor use are not amortized, but are tested for impair-
\nment at least annually.
\nInfrastructure classified as intangible assets under IF-
\nRIC 12 is amortized over the term of the contract. For
\nmore information, see note 18 \u201cService concession
\narrangements\u201d.
\nThe Group\u2019s intangible assets have a finite useful life,
\nwith the exception of a number of concessions and
\ngoodwill.
\n\nIntangible assets with indefinite useful lives are not
\namortized, but are tested for impairment annually.
\nThe assessment of indefinite useful life is reviewed an-
\nnually to determine whether the indefinite useful life
\ncontinues to be supportable. If not, the change in use-
\nful life from indefinite to finite is accounted for as a
\nchange in accounting estimate.
\n\n\nThe Group presents costs to obtain a contract with a
\ncustomer capitalized in accordance with IFRS 15 as in-
\ntangible assets, only if:
\n\u2022 the costs are incremental, that is they are directly
\nattributable to an identified contract and the Group
\nwould not have incurred them if the contract had
\nnot been obtained;
\n\u2022 the Group expects to recover them, through reim-
\nbursements (direct recoverability) or the margin (in-
\ndirect recoverability).
\nIn particular, the Group generally capitalizes trade fees
\nand commissions paid to agents for such contracts if
\nthe capitalization criteria are met.
\nCapitalized customer contract costs are amortized on
\na systematic basis, consistent with the pattern of the
\ntransfer of the goods or services to which they relate,
\nand undergo impairment testing to identify any impair-
\nment losses to the extent that the carrying amount of
\nthe asset recognized exceeds the recoverable amount.
\nThe Group amortizes the capitalized customer con-
\ntract costs on a straight-line basis over the expect-
\ned period of benefit from the contract (i.e. the aver-
\nage term of the customer relationship); any changes
\nin amortization policies are reflected on a prospec-
\ntive basis.
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag53": {
"value": "\n\nIntangible assets
\nPursuant to IAS 38, intangible assets are identifiable
\nassets without physical substance controlled by the
\nGroup, when it is probable that the use of such assets
\nwill generate future economic benefits and the related
\ncost can be reliably determined.
\n\nThey are measured at purchase or internal development
\ncost for internally generated assets and are recognized
\nonly when the Group can demonstrate the technical fea-
\nsibility of completing the asset, its intention and ability to
\ncomplete development and to use or sell the asset and
\nthe availability of resources to complete the asset.
\nThe cost includes any directly attributable expenses
\nnecessary to make the assets ready for their intend-
\ned use.
\n\n\nIntangible assets with a finite useful life are recognized
\nnet of accumulated amortization and any impairment
\nlosses.
\n\n\n\n\n\nAmortization is calculated on a straight-line basis over
\nthe asset\u2019s estimated useful life, which is reassessed at
\nleast annually; any changes in amortization policies are
\nreflected on a prospective basis. For more information
\non estimating useful life, please see note 2.1 \u201cUse of
\nestimates and management judgment\u201d and note 21
\n\u201cIntangible assets\u201d.
\n\n\nAmortization commences when the asset is ready for
\nuse. Consequently, intangible assets not yet available
\nfor use are not amortized, but are tested for impair-
\nment at least annually.
\nInfrastructure classified as intangible assets under IF-
\nRIC 12 is amortized over the term of the contract. For
\nmore information, see note 18 \u201cService concession
\narrangements\u201d.
\nThe Group\u2019s intangible assets have a finite useful life,
\nwith the exception of a number of concessions and
\ngoodwill.
\n\nIntangible assets with indefinite useful lives are not
\namortized, but are tested for impairment annually.
\nThe assessment of indefinite useful life is reviewed an-
\nnually to determine whether the indefinite useful life
\ncontinues to be supportable. If not, the change in use-
\nful life from indefinite to finite is accounted for as a
\nchange in accounting estimate.
\n\n\nThe Group presents costs to obtain a contract with a
\ncustomer capitalized in accordance with IFRS 15 as in-
\ntangible assets, only if:
\n\u2022 the costs are incremental, that is they are directly
\nattributable to an identified contract and the Group
\nwould not have incurred them if the contract had
\nnot been obtained;
\n\u2022 the Group expects to recover them, through reim-
\nbursements (direct recoverability) or the margin (in-
\ndirect recoverability).
\nIn particular, the Group generally capitalizes trade fees
\nand commissions paid to agents for such contracts if
\nthe capitalization criteria are met.
\nCapitalized customer contract costs are amortized on
\na systematic basis, consistent with the pattern of the
\ntransfer of the goods or services to which they relate,
\nand undergo impairment testing to identify any impair-
\nment losses to the extent that the carrying amount of
\nthe asset recognized exceeds the recoverable amount.
\nThe Group amortizes the capitalized customer con-
\ntract costs on a straight-line basis over the expect-
\ned period of benefit from the contract (i.e. the aver-
\nage term of the customer relationship); any changes
\nin amortization policies are reflected on a prospec-
\ntive basis.
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag55": {
"value": "\nThey are measured at purchase or internal development
\ncost for internally generated assets and are recognized
\nonly when the Group can demonstrate the technical fea-
\nsibility of completing the asset, its intention and ability to
\ncomplete development and to use or sell the asset and
\nthe availability of resources to complete the asset.
\nThe cost includes any directly attributable expenses
\nnecessary to make the assets ready for their intend-
\ned use.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag58": {
"value": "\n\n\nImpairment of non-financial assets
\nPursuant to \u201dIAS 36 - Impairment of Assets\u201d at each
\nreporting date, property, plant and equipment, in-
\nvestment property recognized at cost, intangible
\nassets, right-of-use assets, goodwill and equity
\ninvestments in associates/joint ventures are re-
\nviewed to determine whether there is evidence of
\nimpairment (using internal and external sources of
\ninformation).
\nCGUs to which goodwill is allocated, intangible assets
\nwith an indefinite useful life and intangible assets not
\nyet available for use are tested for recoverability annu-
\nally or more frequently if there is evidence suggesting
\nthat the assets can be impaired.
\nIf such evidence exists, the recoverable amount of any
\ninvolved asset is estimated on the basis of the use of
\nthe asset and its future disposal, in accordance with
\nthe Group\u2019s most recent Business Plan. For the esti-
\nmate of the recoverable amount, please see note 2.1
\n\u201cUse of estimates and management judgment\u201d.
\nThe recoverable amount is determined for an individu-
\nal asset, unless the asset do not generate cash inflows
\nthat are largely independent of those from other as-
\nsets or groups of assets and therefore it is determined
\nfor the CGU to which the asset belongs.
\nIf the carrying amount of an asset or of a CGU to which
\nit is allocated is greater than its recoverable amount,
\nan impairment loss is recognized in profit or loss and
\npresented under \u201cDepreciation, amortization and oth-
\ner impairment losses\u201d.
\nImpairment losses of CGUs are firstly charged against
\nthe carrying amount of any goodwill attributed to it
\nand then against the other assets, in proportion to
\ntheir carrying amount.
\nIf the reasons for a previously recognized impairment
\nloss no longer apply, the carrying amount of the as-
\nset is restored through profit or loss, under \u201cDepreci-
\nation, amortization and other impairment losses\u201d, in an
\namount that shall not exceed the carrying amount that
\nthe asset would have had if the impairment loss had
\nnot been recognized. The original amount of goodwill
\nis not restored even if in subsequent years the reasons
\nfor the impairment no longer apply.
\n\n\n\n\n\n\nImpairment of financial assets
\nAt each reporting date, the Group recognizes a loss
\nallowance for expected credit losses on trade receiva-
\nbles and other financial assets measured at amortized
\ncost, debt instruments measured at fair value through
\nother comprehensive income (FVOCI), contract assets
\nand all other assets within the scope of IFRS 9.
\nThe impairment model adopted by the Group in com-
\npliance with IFRS 9 is based on the determination of
\nexpected credit losses (ECL) using a forward-looking
\napproach.
\nFor trade receivables, contract assets and lease re-
\nceivables, including those with a significant financial
\ncomponent, the Group adopts the simplified ap-
\nproach, determining expected credit losses over a
\nperiod corresponding to the entire life of the asset,
\ngenerally equal to 12 months.
\nFor all financial assets other than trade receivables,
\ncontract assets and lease receivables, the Group ap-
\nplies the general approach under IFRS 9, based on the
\nassessment of a significant increase in credit risk since
\ninitial recognition.
\nThe Group recognizes in profit or loss, as an impair-
\nment gain or loss, the amount of expected credit loss-
\nes (or reversal) that is required to adjust the loss allow-
\nance at the reporting date.
\nThe Group applies the low credit risk exemption,
\navoiding the recognition of loss allowances at an
\namount equal to lifetime expected credit losses due
\nto a significant increase in credit risk of debt securi-
\nties at fair value through OCI, whose counterparty has
\na strong financial capacity to meet its contractual cash
\nflow obligations (e.g. investment grade).
\nFor more information on the impairment of financial
\nassets, please see note 46 \u201cFinancial instruments by
\ncategory\u201d.
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag59": {
"value": "\nImpairment of non-financial assets
\nPursuant to \u201dIAS 36 - Impairment of Assets\u201d at each
\nreporting date, property, plant and equipment, in-
\nvestment property recognized at cost, intangible
\nassets, right-of-use assets, goodwill and equity
\ninvestments in associates/joint ventures are re-
\nviewed to determine whether there is evidence of
\nimpairment (using internal and external sources of
\ninformation).
\nCGUs to which goodwill is allocated, intangible assets
\nwith an indefinite useful life and intangible assets not
\nyet available for use are tested for recoverability annu-
\nally or more frequently if there is evidence suggesting
\nthat the assets can be impaired.
\nIf such evidence exists, the recoverable amount of any
\ninvolved asset is estimated on the basis of the use of
\nthe asset and its future disposal, in accordance with
\nthe Group\u2019s most recent Business Plan. For the esti-
\nmate of the recoverable amount, please see note 2.1
\n\u201cUse of estimates and management judgment\u201d.
\nThe recoverable amount is determined for an individu-
\nal asset, unless the asset do not generate cash inflows
\nthat are largely independent of those from other as-
\nsets or groups of assets and therefore it is determined
\nfor the CGU to which the asset belongs.
\nIf the carrying amount of an asset or of a CGU to which
\nit is allocated is greater than its recoverable amount,
\nan impairment loss is recognized in profit or loss and
\npresented under \u201cDepreciation, amortization and oth-
\ner impairment losses\u201d.
\nImpairment losses of CGUs are firstly charged against
\nthe carrying amount of any goodwill attributed to it
\nand then against the other assets, in proportion to
\ntheir carrying amount.
\nIf the reasons for a previously recognized impairment
\nloss no longer apply, the carrying amount of the as-
\nset is restored through profit or loss, under \u201cDepreci-
\nation, amortization and other impairment losses\u201d, in an
\namount that shall not exceed the carrying amount that
\nthe asset would have had if the impairment loss had
\nnot been recognized. The original amount of goodwill
\nis not restored even if in subsequent years the reasons
\nfor the impairment no longer apply.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag60": {
"value": "\n\nInventories
\nPursuant to IAS 2, inventories are measured at the low-
\ner of cost and net realizable value except for invento-
\nries involved in trading activities, which are measured
\nat fair value with recognition through profit or loss.
\nCost is determined on the basis of average weighted
\ncost, which includes related ancillary charges. Net es-
\ntimated realizable value is the estimated normal selling
\nprice net of estimated costs to sell or, where applica-
\nble, replacement cost.
\nFor the portion of inventories held to discharge sales
\nthat have already been made, the net realizable value
\nis determined on the basis of the amount established
\nin the contract of sale.
\n\nInventories include environmental certificates (for ex-
\nample, green certificates, energy efficiency certificates
\nand European CO
\n2
\n emissions allowances and guaran-
\ntees of origin and renewable energy certificates) not
\nused for compliance in the reporting period. These
\ninventories are allocated to different portfolios, distin-
\nguishing between those held for trading or non-trad-
\ning purposes. For more details on inventories please
\nsee note 56 \u201cEnvironmental programs\u201d.
\n\n\nMaterials and other consumables (including ener-
\ngy commodities) held for use in production are not
\nwritten down if it is expected that the final product in
\nwhich they will be incorporated will be sold at a price
\nsufficient to enable recovery of the cost incurred.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag61": {
"value": "\nInventories include environmental certificates (for ex-
\nample, green certificates, energy efficiency certificates
\nand European CO
\n2
\n emissions allowances and guaran-
\ntees of origin and renewable energy certificates) not
\nused for compliance in the reporting period. These
\ninventories are allocated to different portfolios, distin-
\nguishing between those held for trading or non-trad-
\ning purposes. For more details on inventories please
\nsee note 56 \u201cEnvironmental programs\u201d.
\n\n\n\n\n\nEnvironmental certificates
\nIn the absence of specific IAS/IFRS rules, the account-
\ning treatment adopted by the Group complies with the
\ngeneral rules included in the body of applicable IAS/
\nIFRS accounting standards and with international best
\npractice.
\nIn particular, the Group accounting treatment of en-
\nvironmental certificates reflects the business model
\nof the entities involved and, therefore, the different
\nfeatures of the business conducted by these enti-
\nties, distinguishing between those that generate
\nelectricity from renewable sources, obligated par-
\nties, traders and other entities that operate in the
\nenergy services sector even though they are not ob-
\nligated parties.
\nFurther details on the application of this account-
\ning model are provided in note 56 \u201cEnvironmental
\nprograms\u201d.
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag62": {
"value": "\n\n\nFinancial instruments
\nFinancial instruments are recognized and measured in
\naccordance with \u201cIAS 32 - Financial Instruments: Pres-
\nentation\u201d and \u201cIFRS 9 - Financial Instruments\u201d.
\nA financial asset or liability is recognized in the consol-
\nidated financial statements when, and only when, the
\nGroup becomes party to the contractual provision of
\nthe instrument (i.e. the trade date).
\nTrade receivables arising from contracts with custom-
\ners, in the scope of IFRS 15, are initially measured at
\ntheir transaction price (as defined in IFRS 15) if such
\nreceivables do not contain a significant financing
\ncomponent or when the Group applies the practical
\nexpedient allowed by IFRS 15.
\nConversely, the Group initially measures financial as-
\nsets other than the above-mentioned trade receiva-
\nbles at their fair value plus, in the case of a financial
\nasset not measured at fair value through profit or loss,
\ntransaction costs.
\nFinancial assets are classified, at initial recognition, as
\nfinancial assets at amortized cost, at fair value through
\nother comprehensive income and at fair value through
\nprofit or loss, on the basis of both:
\n\u2022 the Group\u2019s business model for managing financial
\nassets, that is the way in which the Group manages
\nits financial assets in order to generate cash flows
\n(i.e. collecting contractual cash flows, selling the fi-
\nnancial assets, or both); and
\n\u2022 the contractual cash flow characteristics of the in-
\nstrument, to determine whether the instrument
\ngives rise to cash flows that are solely payments of
\nprincipal and interest based on the SPPI test.
\nFor purposes of subsequent measurement, financial
\nassets are classified in four categories:
\n\u2022 financial assets measured at amortized cost (debt
\ninstruments);
\n\u2022 financial assets at fair value through OCI with re-
\nclassification of cumulative gains and losses (debt
\ninstruments);
\n\u2022 financial assets designated at fair value through
\nOCI with no reclassification of cumulative gains
\nand losses upon derecognition (equity instru-
\nments); and
\n\u2022 financial assets at fair value through profit or loss.
\n\n\n\nFinancial assets measured at amortized cost
\nThis category mainly includes trade receivables, other
\nfinancial assets and loan assets.
\nFinancial assets at amortized cost are held within
\na business model whose objective is to hold finan-
\ncial assets in order to collect contractual cash flows
\nand whose contractual terms give rise, on speci-
\nfied dates, to cash flows that are solely payments
\nof principal and interest on the principal amount
\noutstanding.
\nSuch assets are initially recognized at fair value, ad-
\njusted for any transaction costs, and subsequently
\nmeasured at amortized cost using the effective inter-
\nest method and are subject to impairment.
\nGains and losses are recognized in profit or loss when
\nthe asset is derecognized, modified or impaired.
\n\n\n\n\n\nFinancial assets at fair value through
\nother comprehensive income (FVOCI)
\n- Debt instruments
\nFinancial assets at fair value through other compre-
\nhensive income are assets held within a business
\nmodel whose objective is achieved by both collecting
\ncontractual cash flows and selling financial assets and
\nwhose contractual cash flows give rise, on specified
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag63": {
"value": "\n\n\nFinancial assets measured at amortized cost
\nThis category mainly includes trade receivables, other
\nfinancial assets and loan assets.
\nFinancial assets at amortized cost are held within
\na business model whose objective is to hold finan-
\ncial assets in order to collect contractual cash flows
\nand whose contractual terms give rise, on speci-
\nfied dates, to cash flows that are solely payments
\nof principal and interest on the principal amount
\noutstanding.
\nSuch assets are initially recognized at fair value, ad-
\njusted for any transaction costs, and subsequently
\nmeasured at amortized cost using the effective inter-
\nest method and are subject to impairment.
\nGains and losses are recognized in profit or loss when
\nthe asset is derecognized, modified or impaired.
\n\n\n\n\n\n\n\n\nImpairment of financial assets
\nAt each reporting date, the Group recognizes a loss
\nallowance for expected credit losses on trade receiva-
\nbles and other financial assets measured at amortized
\ncost, debt instruments measured at fair value through
\nother comprehensive income (FVOCI), contract assets
\nand all other assets within the scope of IFRS 9.
\nThe impairment model adopted by the Group in com-
\npliance with IFRS 9 is based on the determination of
\nexpected credit losses (ECL) using a forward-looking
\napproach.
\nFor trade receivables, contract assets and lease re-
\nceivables, including those with a significant financial
\ncomponent, the Group adopts the simplified ap-
\nproach, determining expected credit losses over a
\nperiod corresponding to the entire life of the asset,
\ngenerally equal to 12 months.
\nFor all financial assets other than trade receivables,
\ncontract assets and lease receivables, the Group ap-
\nplies the general approach under IFRS 9, based on the
\nassessment of a significant increase in credit risk since
\ninitial recognition.
\nThe Group recognizes in profit or loss, as an impair-
\nment gain or loss, the amount of expected credit loss-
\nes (or reversal) that is required to adjust the loss allow-
\nance at the reporting date.
\nThe Group applies the low credit risk exemption,
\navoiding the recognition of loss allowances at an
\namount equal to lifetime expected credit losses due
\nto a significant increase in credit risk of debt securi-
\nties at fair value through OCI, whose counterparty has
\na strong financial capacity to meet its contractual cash
\nflow obligations (e.g. investment grade).
\nFor more information on the impairment of financial
\nassets, please see note 46 \u201cFinancial instruments by
\ncategory\u201d.
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag64": {
"value": "\nFinancial assets measured at amortized cost
\nThis category mainly includes trade receivables, other
\nfinancial assets and loan assets.
\nFinancial assets at amortized cost are held within
\na business model whose objective is to hold finan-
\ncial assets in order to collect contractual cash flows
\nand whose contractual terms give rise, on speci-
\nfied dates, to cash flows that are solely payments
\nof principal and interest on the principal amount
\noutstanding.
\nSuch assets are initially recognized at fair value, ad-
\njusted for any transaction costs, and subsequently
\nmeasured at amortized cost using the effective inter-
\nest method and are subject to impairment.
\nGains and losses are recognized in profit or loss when
\nthe asset is derecognized, modified or impaired.
\n\n\nFinancial assets at fair value through
\nother comprehensive income (FVOCI)
\n- Debt instruments
\nFinancial assets at fair value through other compre-
\nhensive income are assets held within a business
\nmodel whose objective is achieved by both collecting
\ncontractual cash flows and selling financial assets and
\nwhose contractual cash flows give rise, on specified
\n\n\ndates, to cash flows that are solely payments of princi-
\npal and interest on the principal amount outstanding.
\nChanges in fair value for these financial assets are rec-
\nognized in other comprehensive income as well as loss
\nallowances that do not reduce the carrying amount of
\nthe financial assets.
\nWhen a financial asset is derecognized (e.g. at the
\ntime of sale), the cumulative gains and losses previ-
\nously recognized in equity (except impairment and
\nforeign exchange gains and losses to be recognized in
\nprofit or loss) are reversed to profit or loss.
\n\n\n\n\nFinancial assets at fair value through
\nother comprehensive income (FVOCI)
\n- Equity instruments
\nThis category includes mainly equity investments in
\nother entities irrevocably designated as such upon in-
\nitial recognition.
\nGains and losses on these financial assets are never
\nreclassified to profit or loss. The Group may transfer
\nthe cumulative gain or loss within equity.
\nEquity instruments designated at fair value through
\nOCI are not subject to impairment testing.
\nDividends on such investments are recognized in prof-
\nit or loss unless they clearly represents a recovery of a
\npart of the cost of the investment.
\n\n\n\n\n\n\nFinancial assets at fair value through profit
\nor loss
\nThis category mainly includes:
\n\u2022 financial assets with cash flows that are not solely
\npayments of principal and interest, irrespective of
\nthe business model;
\n\u2022 financial assets held for trading because acquired
\nor held principally for the purpose of selling or re-
\npurchasing in the short term (i.e. securities, financial
\ninvestments in funds, etc.);
\n\u2022 derivatives, including separated embedded deriva-
\ntives, held for trading or not designated as effective
\nhedging instruments;
\n\u2022 financial assets that qualify as contingent consider-
\nation.
\nSuch financial assets are initially recognized at fair val-
\nue with subsequent gains and losses from changes in
\ntheir fair value recognized through profit or loss.
\nThis category also includes equity investments which
\nthe Group had not irrevocably elected to classify at
\nfair value through OCI. Dividends on such invest-
\nments are also recognized as other income in the in-
\ncome statement when the right of payment has been
\nestablished.
\n\n\n\n\n\n\n\n\n\n\nImpairment of financial assets
\nAt each reporting date, the Group recognizes a loss
\nallowance for expected credit losses on trade receiva-
\nbles and other financial assets measured at amortized
\ncost, debt instruments measured at fair value through
\nother comprehensive income (FVOCI), contract assets
\nand all other assets within the scope of IFRS 9.
\nThe impairment model adopted by the Group in com-
\npliance with IFRS 9 is based on the determination of
\nexpected credit losses (ECL) using a forward-looking
\napproach.
\nFor trade receivables, contract assets and lease re-
\nceivables, including those with a significant financial
\ncomponent, the Group adopts the simplified ap-
\nproach, determining expected credit losses over a
\nperiod corresponding to the entire life of the asset,
\ngenerally equal to 12 months.
\nFor all financial assets other than trade receivables,
\ncontract assets and lease receivables, the Group ap-
\nplies the general approach under IFRS 9, based on the
\nassessment of a significant increase in credit risk since
\ninitial recognition.
\nThe Group recognizes in profit or loss, as an impair-
\nment gain or loss, the amount of expected credit loss-
\nes (or reversal) that is required to adjust the loss allow-
\nance at the reporting date.
\nThe Group applies the low credit risk exemption,
\navoiding the recognition of loss allowances at an
\namount equal to lifetime expected credit losses due
\nto a significant increase in credit risk of debt securi-
\nties at fair value through OCI, whose counterparty has
\na strong financial capacity to meet its contractual cash
\nflow obligations (e.g. investment grade).
\nFor more information on the impairment of financial
\nassets, please see note 46 \u201cFinancial instruments by
\ncategory\u201d.
\n\n\n\n\n\n\n\n\n\n\nDerecognition of financial assets and liabilities
\nFinancial assets are derecognized whenever one of
\nthe following conditions is met:
\n\u2022 the contractual right to receive the cash flows asso-
\nciated with the asset expires;
\n\u2022 the Group has transferred substantially all the risks
\nand rewards associated with the asset, transferring
\nits rights to receive the cash flows of the asset or
\nassuming a contractual obligation to pay such cash
\nflows to one or more beneficiaries under a contract
\nthat meets the requirements provided by IFRS 9 (the
\n\u201cpass through test\u201d);
\n\u2022 the Group has not transferred or retained substan-
\ntially all the risks and rewards associated with the as-
\nset but has transferred control over the asset.
\nOn derecognition of a financial asset, the Group rec-
\nognizes the difference between the carrying amount
\n(measured at the date of derecognition) and the con-
\nsideration received through profit or loss.
\nFinancial liabilities are derecognized when they are
\nextinguished, i.e. when the contractual obligation has
\nbeen discharged, cancelled or expired.
\nWhen an existing financial liability is replaced by an-
\nother from the same lender on substantially different
\nterms, or the terms of an existing liability are substan-
\ntially modified, such an exchange or modification is
\ntreated as the derecognition of the original liability
\nand the recognition of a new liability. The difference
\nin the respective carrying amounts is recognized in
\nprofit or loss.
\n\n\n\n\n\n\n\n\n\n\nDerivative financial instruments
\nDerivative instruments are classified as financial assets
\nor liabilities depending on the positive or negative fair
\nvalue and they are classified as \u201cheld for trading\u201d with-
\nin \u201cOther business models\u201d and measured at fair value
\nthrough profit or loss, except for those designated as
\neffective hedging instruments.
\nAll derivatives held for trading are classified as current
\nassets or liabilities.
\nDerivatives not held for trading purposes, but meas-
\nured at fair value through profit or loss since they do
\nnot qualify for hedge accounting, and derivatives des-
\nignated as effective hedging instruments are classified
\nas current or not current on the basis of their maturity
\ndate and the Group intention to hold the financial in-
\nstrument till maturity or not.
\nFor more details about derivatives and hedge ac-
\ncounting, please see note 49 \u201cDerivatives and hedge
\naccounting\u201d.
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag78": {
"value": "\nFinancial assets at fair value through profit
\nor loss
\nThis category mainly includes:
\n\u2022 financial assets with cash flows that are not solely
\npayments of principal and interest, irrespective of
\nthe business model;
\n\u2022 financial assets held for trading because acquired
\nor held principally for the purpose of selling or re-
\npurchasing in the short term (i.e. securities, financial
\ninvestments in funds, etc.);
\n\u2022 derivatives, including separated embedded deriva-
\ntives, held for trading or not designated as effective
\nhedging instruments;
\n\u2022 financial assets that qualify as contingent consider-
\nation.
\nSuch financial assets are initially recognized at fair val-
\nue with subsequent gains and losses from changes in
\ntheir fair value recognized through profit or loss.
\nThis category also includes equity investments which
\nthe Group had not irrevocably elected to classify at
\nfair value through OCI. Dividends on such invest-
\nments are also recognized as other income in the in-
\ncome statement when the right of payment has been
\nestablished.
\n\n\nFinancial liabilities at fair value through profit
\nor loss
\nFinancial liabilities at fair value through profit or loss
\nmainly include:
\n\u2022 financial liabilities held for trading incurred for the
\npurpose of repurchasing in the near term;
\n\u2022 derivative financial instruments entered into by the
\nGroup that are not designated as hedging instru-
\nments in hedge relationships as defined by IFRS 9;
\n\u2022 financial liabilities that qualify as contingent consid-
\neration.
\n\n\nContracts to buy or sell non-financial items
\nIn general, contracts to buy or sell non-financial items
\nthat are entered into and continue to be held for re-
\nceipt or delivery in accordance with the Group\u2019s nor-
\nmal expected purchase, sale or usage requirements
\nare out of the scope of IFRS 9 and then recognized as
\nexecutory contracts, in accordance with the \u201cown use
\nexemption\u201d.
\nA contract to buy or sell non-financial items is classi-
\nfied as \u201cnormal purchase or sale\u201d if it is entered into:
\n\u2022 for the purpose of the physical settlement;
\n\u2022 in accordance with the entity\u2019s expected purchase,
\nsale or usage requirements.
\nMoreover, contracts to buy or sell non-financial items
\nwith physical settlement (for example, fixed-price for-
\nward contracts on energy commodities) that do not
\nqualify for the own use exemption are recognized as
\nderivatives measured at fair value from the trade date
\nonly if:
\n\u2022 they can be settled net in cash; and
\n\u2022 they are not entered into in accordance with the
\nGroup\u2019s expected purchase, sale or usage require-
\nments.
\nTrading contracts are valued at fair value through prof-
\nit or loss; the results of the measurement of changes
\nin the fair value of contracts still outstanding at the re-
\nporting date are recognized on a net basis under the
\nitem \u201cNet results from commodity contracts\u201d, while at
\nthe settlement date:
\n\u2022 the results of the measurement of changes in the fair
\nvalue of closed contracts for the sale of energy com-
\nmodities as well as the related revenue, together with
\nthe impact on profit or loss of the derecognition of
\nthe derivative, are recognized in \u201cOther revenue\u201d;
\n\u2022 the results of the measurement of changes in the
\nfair value of closed contracts for the purchase of
\nenergy commodities as well as the related cost,
\ntogether with the impact on profit or loss of the
\nderecognition of the derivative, are recognized un-
\nder \u201cElectricity, gas and fuel\u201d and \u201cServices and oth-
\ner materials\u201d.
\nContracts to buy or sell non-financial items falling
\nwithin the scope of application of IFRS 9 can also be
\nsubsequently designated as hedging instruments if
\nthey satisfy the requirements for hedge accounting.
\nThe Group analyzes all contracts to buy or sell non-fi-
\nnancial assets on an ongoing basis, with a specific fo-
\ncus on forward purchases and sales of electricity and
\nenergy commodities, in order to determine if they shall
\nbe classified and treated in accordance with IFRS 9 or
\nif they have been entered into for \u201cown use\u201d.
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag82": {
"value": "\nImpairment of financial assets
\nAt each reporting date, the Group recognizes a loss
\nallowance for expected credit losses on trade receiva-
\nbles and other financial assets measured at amortized
\ncost, debt instruments measured at fair value through
\nother comprehensive income (FVOCI), contract assets
\nand all other assets within the scope of IFRS 9.
\nThe impairment model adopted by the Group in com-
\npliance with IFRS 9 is based on the determination of
\nexpected credit losses (ECL) using a forward-looking
\napproach.
\nFor trade receivables, contract assets and lease re-
\nceivables, including those with a significant financial
\ncomponent, the Group adopts the simplified ap-
\nproach, determining expected credit losses over a
\nperiod corresponding to the entire life of the asset,
\ngenerally equal to 12 months.
\nFor all financial assets other than trade receivables,
\ncontract assets and lease receivables, the Group ap-
\nplies the general approach under IFRS 9, based on the
\nassessment of a significant increase in credit risk since
\ninitial recognition.
\nThe Group recognizes in profit or loss, as an impair-
\nment gain or loss, the amount of expected credit loss-
\nes (or reversal) that is required to adjust the loss allow-
\nance at the reporting date.
\nThe Group applies the low credit risk exemption,
\navoiding the recognition of loss allowances at an
\namount equal to lifetime expected credit losses due
\nto a significant increase in credit risk of debt securi-
\nties at fair value through OCI, whose counterparty has
\na strong financial capacity to meet its contractual cash
\nflow obligations (e.g. investment grade).
\nFor more information on the impairment of financial
\nassets, please see note 46 \u201cFinancial instruments by
\ncategory\u201d.
\n\n\nThe expected credit loss (ECL) \u2013 determined using
\nprobability of default (PD), loss given default (LGD) and
\nexposure at default (EAD) \u2013 is the difference between
\nall contractual cash flows that are due in accordance
\nwith the contract and all cash flows that are expected
\nto be received (i.e. all shortfalls) discounted at the orig-
\ninal effective interest rate (EIR).
\nFor calculating ECL, the Group applies two different
\napproaches:
\n\u2022 the general approach, for financial assets other than
\ntrade receivables, contract assets and lease receiva-
\nbles. This approach, based on an assessment of any
\nsignificant increase in credit risk since initial rec-
\nognition, is performed comparing PD at origination
\nwith PD at the reporting date, at each reporting date.
\nThen, based on the results of the assessment, a loss
\nallowance is recognized based on 12-month ECL or
\nlifetime ECL (i.e. staging):
\n\u2022 12-month ECL, for financial assets for which there
\nhas not been a significant increase in credit risk
\nsince initial recognition;
\n\u2022 lifetime ECL, for financial assets for which there
\nhas been a significant increase in credit risk or
\nwhich are credit impaired (i.e. defaulted based on
\npast due information);
\n\u2022 the simplified approach, for trade receivables, con-
\ntract assets and lease receivables with or without a
\nsignificant financing component, based on lifetime
\nECL without tracking changes in credit risk.
\nA forward-looking adjustment can be applied consid-
\nering qualitative and quantitative information in order
\nto reflect future events and macroeconomic develop-
\nments that could impact the risk associated with the
\nportfolio or financial instrument.
\nDepending on the nature of the financial assets and
\nthe credit risk information available, the assessment of
\nthe increase in credit risk can be performed on:
\n\u2022 an individual basis, if the receivables are individually
\nsignificant and for all receivables which have been
\nindividually identified for impairment based on rea-
\nsonable and supportable information;
\n\u2022 a collective basis, if no reasonable and supportable
\ninformation is available without undue cost or effort
\nto measure expected credit losses on an individual
\ninstrument basis.
\nWhen there is no reasonable expectation of recover-
\ning a financial asset in its entirety or a portion thereof,
\nthe gross carrying amount of the financial asset shall
\nbe reduced.
\nA write-off represents a derecognition event (e.g. the
\nright to cash flows is legally or contractually extin-
\nguished, transferred or expired).
\n
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag83": {
"value": "\nCash and cash equivalents
\nThis category includes deposits that are available on
\ndemand or at very short term, as well as highly liquid
\nshort-term financial investments that are readily con-
\nvertible into a known amount of cash and which are
\nsubject to insignificant risk of changes in value.
\nIn addition, for the purpose of the consolidated state-
\nment of cash flows, cash and cash equivalents do not
\ninclude bank overdrafts at period-end.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag84": {
"value": "\n\n\n\n\nFinancial liabilities at amortized cost
\nThis category mainly includes borrowings, trade paya-
\nbles, lease liabilities and debt instruments.
\nFinancial liabilities, other than derivatives, are recog-
\nnized when the Group becomes a party to the con-
\ntractual clauses of the instrument and are initially
\nmeasured at fair value adjusted for directly attribut-
\nable transaction costs. Financial liabilities are subse-
\nquently measured at amortized cost using the effec-
\ntive interest rate method. The effective interest rate is
\nthe rate that exactly discounts the estimated future
\ncash payments or receipts over the expected life of
\nthe financial instrument or a shorter period, where
\nappropriate, to the carrying amount of the financial
\nasset or liability.
\n\n\n\n\n\n\n\n\nFinancial liabilities at fair value through profit
\nor loss
\nFinancial liabilities at fair value through profit or loss
\nmainly include:
\n\u2022 financial liabilities held for trading incurred for the
\npurpose of repurchasing in the near term;
\n\u2022 derivative financial instruments entered into by the
\nGroup that are not designated as hedging instru-
\nments in hedge relationships as defined by IFRS 9;
\n\u2022 financial liabilities that qualify as contingent consid-
\neration.
\n\n\n\n\n\n\n\n\nDerecognition of financial assets and liabilities
\nFinancial assets are derecognized whenever one of
\nthe following conditions is met:
\n\u2022 the contractual right to receive the cash flows asso-
\nciated with the asset expires;
\n\u2022 the Group has transferred substantially all the risks
\nand rewards associated with the asset, transferring
\nits rights to receive the cash flows of the asset or
\nassuming a contractual obligation to pay such cash
\nflows to one or more beneficiaries under a contract
\nthat meets the requirements provided by IFRS 9 (the
\n\u201cpass through test\u201d);
\n\u2022 the Group has not transferred or retained substan-
\ntially all the risks and rewards associated with the as-
\nset but has transferred control over the asset.
\nOn derecognition of a financial asset, the Group rec-
\nognizes the difference between the carrying amount
\n(measured at the date of derecognition) and the con-
\nsideration received through profit or loss.
\nFinancial liabilities are derecognized when they are
\nextinguished, i.e. when the contractual obligation has
\nbeen discharged, cancelled or expired.
\nWhen an existing financial liability is replaced by an-
\nother from the same lender on substantially different
\nterms, or the terms of an existing liability are substan-
\ntially modified, such an exchange or modification is
\ntreated as the derecognition of the original liability
\nand the recognition of a new liability. The difference
\nin the respective carrying amounts is recognized in
\nprofit or loss.
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag85": {
"value": "\n\n\nFinancial liabilities at amortized cost
\nThis category mainly includes borrowings, trade paya-
\nbles, lease liabilities and debt instruments.
\nFinancial liabilities, other than derivatives, are recog-
\nnized when the Group becomes a party to the con-
\ntractual clauses of the instrument and are initially
\nmeasured at fair value adjusted for directly attribut-
\nable transaction costs. Financial liabilities are subse-
\nquently measured at amortized cost using the effec-
\ntive interest rate method. The effective interest rate is
\nthe rate that exactly discounts the estimated future
\ncash payments or receipts over the expected life of
\nthe financial instrument or a shorter period, where
\nappropriate, to the carrying amount of the financial
\nasset or liability.
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag86": {
"value": "\nFinancial liabilities at amortized cost
\nThis category mainly includes borrowings, trade paya-
\nbles, lease liabilities and debt instruments.
\nFinancial liabilities, other than derivatives, are recog-
\nnized when the Group becomes a party to the con-
\ntractual clauses of the instrument and are initially
\nmeasured at fair value adjusted for directly attribut-
\nable transaction costs. Financial liabilities are subse-
\nquently measured at amortized cost using the effec-
\ntive interest rate method. The effective interest rate is
\nthe rate that exactly discounts the estimated future
\ncash payments or receipts over the expected life of
\nthe financial instrument or a shorter period, where
\nappropriate, to the carrying amount of the financial
\nasset or liability.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag91": {
"value": "\nDerecognition of financial assets and liabilities
\nFinancial assets are derecognized whenever one of
\nthe following conditions is met:
\n\u2022 the contractual right to receive the cash flows asso-
\nciated with the asset expires;
\n\u2022 the Group has transferred substantially all the risks
\nand rewards associated with the asset, transferring
\nits rights to receive the cash flows of the asset or
\nassuming a contractual obligation to pay such cash
\nflows to one or more beneficiaries under a contract
\nthat meets the requirements provided by IFRS 9 (the
\n\u201cpass through test\u201d);
\n\u2022 the Group has not transferred or retained substan-
\ntially all the risks and rewards associated with the as-
\nset but has transferred control over the asset.
\nOn derecognition of a financial asset, the Group rec-
\nognizes the difference between the carrying amount
\n(measured at the date of derecognition) and the con-
\nsideration received through profit or loss.
\nFinancial liabilities are derecognized when they are
\nextinguished, i.e. when the contractual obligation has
\nbeen discharged, cancelled or expired.
\nWhen an existing financial liability is replaced by an-
\nother from the same lender on substantially different
\nterms, or the terms of an existing liability are substan-
\ntially modified, such an exchange or modification is
\ntreated as the derecognition of the original liability
\nand the recognition of a new liability. The difference
\nin the respective carrying amounts is recognized in
\nprofit or loss.
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag93": {
"value": "\n\n\nDerivative financial instruments
\nDerivative instruments are classified as financial assets
\nor liabilities depending on the positive or negative fair
\nvalue and they are classified as \u201cheld for trading\u201d with-
\nin \u201cOther business models\u201d and measured at fair value
\nthrough profit or loss, except for those designated as
\neffective hedging instruments.
\nAll derivatives held for trading are classified as current
\nassets or liabilities.
\nDerivatives not held for trading purposes, but meas-
\nured at fair value through profit or loss since they do
\nnot qualify for hedge accounting, and derivatives des-
\nignated as effective hedging instruments are classified
\nas current or not current on the basis of their maturity
\ndate and the Group intention to hold the financial in-
\nstrument till maturity or not.
\nFor more details about derivatives and hedge ac-
\ncounting, please see note 49 \u201cDerivatives and hedge
\naccounting\u201d.
\n\n\n\n\nEmbedded derivatives
\nAn embedded derivative is a derivative included in a
\n\u201ccombined\u201d contract (the so-called \u201chybrid instru-
\nment\u201d) that contains another non-derivative contract
\n(the so-called \u201chost contract\u201d) and gives rise to some
\nor all of the combined contract\u2019s cash flows. Embed-
\nded derivatives are separated from the host contract
\nand accounted for as derivatives when:
\n\u2022 the host contract is not a financial instrument meas-
\nured at fair value through profit or loss;
\n\u2022 the economic risks and characteristics of the em-
\nbedded derivative are not closely related to those of
\nthe host contract;
\n\u2022 a separate contract with the same terms as the em-
\nbedded derivative would meet the definition of a
\nderivative.
\nEmbedded derivatives that are separated from the
\nhost contract are recognized in the consolidated fi-
\nnancial statements at fair value with changes recog-
\nnized in profit or loss (except when the embedded
\nderivative is part of a designated hedge relationship).
\nContracts that do not represent financial instruments
\n\n\nto be measured at fair value are analyzed in order to
\nidentify any embedded derivatives, which are to be
\nseparated and measured at fair value. This analysis
\nis performed when the Group becomes party to the
\ncontract or when the contract is renegotiated in a
\nmanner that significantly changes the original asso-
\nciated cash flows.
\nThe main Group contracts that may contain embed-
\nded derivatives are contracts to buy or sell energy
\ncommodities.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag94": {
"value": "\nDerivative financial instruments
\nDerivative instruments are classified as financial assets
\nor liabilities depending on the positive or negative fair
\nvalue and they are classified as \u201cheld for trading\u201d with-
\nin \u201cOther business models\u201d and measured at fair value
\nthrough profit or loss, except for those designated as
\neffective hedging instruments.
\nAll derivatives held for trading are classified as current
\nassets or liabilities.
\nDerivatives not held for trading purposes, but meas-
\nured at fair value through profit or loss since they do
\nnot qualify for hedge accounting, and derivatives des-
\nignated as effective hedging instruments are classified
\nas current or not current on the basis of their maturity
\ndate and the Group intention to hold the financial in-
\nstrument till maturity or not.
\nFor more details about derivatives and hedge ac-
\ncounting, please see note 49 \u201cDerivatives and hedge
\naccounting\u201d.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag98": {
"value": "\nOffsetting of financial assets and liabilities
\nThe Group offsets financial assets and liabilities when it:
\n\u2022 currently has a legally enforceable right to set off the
\nrecognized amounts; and
\n\u2022 intends either to settle on a net basis, or to realize
\nthe asset and settle the liability simultaneously.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag99": {
"value": "\n\nNon-current assets (or disposal groups)
\nclassified as held for sale
\nand discontinued operations
\n\nPursuant to IFRS 5, non-current assets (or disposal
\ngroups) are classified as held for sale if their carrying
\namount will be recovered principally through a sale
\ntransaction, rather than through continuing use.
\n\n\n\n\n\n\n\nThis classification criterion is applicable only when
\nnon-current assets (or disposal groups) are available
\nin their present condition for immediate sale and the
\nsale is highly probable.
\nFor more details on the requirements for determining
\nwhether a sale is highly probable, please see note 2.1
\n\u201cUse of estimates and management judgment\u201d.
\nIf the Group is committed to a sale program involving
\nloss of control of a subsidiary and the requirements
\nprovided for under IFRS 5 are met, all the assets and li-
\nabilities of that subsidiary are classified as held for sale
\nwhen the classification criteria are met, regardless of
\nwhether the Group will retain a non-controlling inter-
\nest in its former subsidiary after the sale.
\nThe Group applies these classification criteria as en-
\nvisaged in IFRS 5 to an investment, or a portion of an
\ninvestment, in an associate or a joint venture. Any re-
\ntained portion of an investment in an associate or a
\njoint venture that has not been classified as held for
\nsale is accounted for using the equity method until
\ndisposal of the portion that is classified as held for sale
\ntakes place.
\nNon-current assets (or disposal groups) and liabilities
\nof disposal groups classified as held for sale are pre-
\nsented separately from other assets and liabilities in
\nthe statement of consolidated financial position.
\nThe amounts presented for non-current assets or for
\nthe assets and liabilities of disposal groups classified
\nas held for sale are not reclassified or re-presented for
\nprior periods presented.
\nImmediately before the initial classification of non-cur-
\nrent assets (or disposal groups) as held for sale, the
\ncarrying amounts of such assets (or disposal groups)
\nare measured in accordance with the account-
\ning standard applicable to those assets or liabilities.
\nNon-current assets (or disposal groups) classified as
\nheld for sale are measured at the lower of their carry-
\ning amount and fair value less costs to sell. Impairment
\nlosses for any initial or subsequent write-down of the
\nassets (or disposal groups) to fair value less costs to
\nsell and gains for their reversals are recognized in
\nprofit or loss from continuing operations.
\n\n\n\nNon-current assets are not depreciated (or amortized)
\nwhile they are classified as held for sale or while they
\nare part of a disposal group classified as held for sale.
\nIf a component of the Group is a discontinued oper-
\nation, the Group presents, in a separate line item of
\nthe income statement, a single amount comprising
\nthe total of:
\n\u2022 the post-tax profit or loss of discontinued opera-
\ntions; and
\n\u2022 the post-tax gain or loss recognized on the meas-
\nurement at fair value less costs to sell or on the dis-
\nposal of the assets or disposal groups constituting
\nthe discontinued operation.
\nThe corresponding amount is restated in the in-
\ncome statement for prior periods presented in the
\nfinancial statements, so that the disclosures relate
\nto all operations that are discontinued by the end
\nof the current reporting period. If the Group ceases
\nto classify a component as held for sale, the results
\nof the component previously presented in discon-
\ntinued operations are reclassified and included in
\nprofit or loss from continuing operations for all pe-
\nriods presented.
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag101": {
"value": "\nPursuant to IFRS 5, non-current assets (or disposal
\ngroups) are classified as held for sale if their carrying
\namount will be recovered principally through a sale
\ntransaction, rather than through continuing use.
\n\n\nThis classification criterion is applicable only when
\nnon-current assets (or disposal groups) are available
\nin their present condition for immediate sale and the
\nsale is highly probable.
\nFor more details on the requirements for determining
\nwhether a sale is highly probable, please see note 2.1
\n\u201cUse of estimates and management judgment\u201d.
\nIf the Group is committed to a sale program involving
\nloss of control of a subsidiary and the requirements
\nprovided for under IFRS 5 are met, all the assets and li-
\nabilities of that subsidiary are classified as held for sale
\nwhen the classification criteria are met, regardless of
\nwhether the Group will retain a non-controlling inter-
\nest in its former subsidiary after the sale.
\nThe Group applies these classification criteria as en-
\nvisaged in IFRS 5 to an investment, or a portion of an
\ninvestment, in an associate or a joint venture. Any re-
\ntained portion of an investment in an associate or a
\njoint venture that has not been classified as held for
\nsale is accounted for using the equity method until
\ndisposal of the portion that is classified as held for sale
\ntakes place.
\nNon-current assets (or disposal groups) and liabilities
\nof disposal groups classified as held for sale are pre-
\nsented separately from other assets and liabilities in
\nthe statement of consolidated financial position.
\nThe amounts presented for non-current assets or for
\nthe assets and liabilities of disposal groups classified
\nas held for sale are not reclassified or re-presented for
\nprior periods presented.
\nImmediately before the initial classification of non-cur-
\nrent assets (or disposal groups) as held for sale, the
\ncarrying amounts of such assets (or disposal groups)
\nare measured in accordance with the account-
\ning standard applicable to those assets or liabilities.
\nNon-current assets (or disposal groups) classified as
\nheld for sale are measured at the lower of their carry-
\ning amount and fair value less costs to sell. Impairment
\nlosses for any initial or subsequent write-down of the
\nassets (or disposal groups) to fair value less costs to
\nsell and gains for their reversals are recognized in
\nprofit or loss from continuing operations.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag103": {
"value": "\nNon-current assets are not depreciated (or amortized)
\nwhile they are classified as held for sale or while they
\nare part of a disposal group classified as held for sale.
\nIf a component of the Group is a discontinued oper-
\nation, the Group presents, in a separate line item of
\nthe income statement, a single amount comprising
\nthe total of:
\n\u2022 the post-tax profit or loss of discontinued opera-
\ntions; and
\n\u2022 the post-tax gain or loss recognized on the meas-
\nurement at fair value less costs to sell or on the dis-
\nposal of the assets or disposal groups constituting
\nthe discontinued operation.
\nThe corresponding amount is restated in the in-
\ncome statement for prior periods presented in the
\nfinancial statements, so that the disclosures relate
\nto all operations that are discontinued by the end
\nof the current reporting period. If the Group ceases
\nto classify a component as held for sale, the results
\nof the component previously presented in discon-
\ntinued operations are reclassified and included in
\nprofit or loss from continuing operations for all pe-
\nriods presented.
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag105": {
"value": "\n\nEnvironmental certificates
\nIn the absence of specific IAS/IFRS rules, the account-
\ning treatment adopted by the Group complies with the
\ngeneral rules included in the body of applicable IAS/
\nIFRS accounting standards and with international best
\npractice.
\nIn particular, the Group accounting treatment of en-
\nvironmental certificates reflects the business model
\nof the entities involved and, therefore, the different
\nfeatures of the business conducted by these enti-
\nties, distinguishing between those that generate
\nelectricity from renewable sources, obligated par-
\nties, traders and other entities that operate in the
\nenergy services sector even though they are not ob-
\nligated parties.
\nFurther details on the application of this account-
\ning model are provided in note 56 \u201cEnvironmental
\nprograms\u201d.
\n\n\n56.2 Accounting policies
\nFor the purposes of accounting for charges arising
\nfrom such regulatory requirements, the Group uses
\nthe \u201cnet liability approach\u201d.
\nUnder this accounting policy:
\n\u2022 any environmental certificates received free of
\ncharge and those self-produced as a result of
\nGroup\u2019s operations that will be used for compliance
\npurposes are recognized at nominal value (nil);
\n\u2022 charges incurred for obtaining (in the market or in
\nsome other transaction for consideration) any miss-
\ning certificates to fulfil compliance requirements for
\nthe reporting period are recognized through profit
\nor loss under other operating costs, as they repre-
\nsent \u201csystem charges\u201d consequent to compliance
\nwith a regulatory requirement;
\n\u2022 if the number of environmental certificates availa-
\nble at the reporting date is not sufficient to fulfill the
\nrelated obligation (a certificate \u201cdeficit\u201d), a provision
\nis accrued under \u201cprovisions for risks and charges\u201d.
\nConversely, any \u201csurplus\u201d of certificates purchased
\nat the reporting date is recognized in \u201cinventories\u201d
\nin accordance with the general principles referred
\nto in note 2.2 \u201cMaterial accounting policies\u201d.
\nSome types of environmental certificates accrue in
\nproportion to:
\n\u2022 electricity generated by plants that use renewable
\nresources (for example, guarantees of origin and re-
\nnewable energy certificates);
\n\u2022 energy savings certified by the competent authority
\n(energy efficiency certificates).
\n
\n\n\n\n\n\nIn these cases, the right to obtain such certificates can
\nbe treated as a non-monetary government operating
\ngrant and, as such, the Group recognizes that right at
\nfair value under \u201cother non-current/current non-fi-
\nnancial assets\u201d. When the certificates are credited to
\nthe ownership account, they are reclassified from oth-
\ner assets to inventories.
\nThe corresponding income is recognized under other
\noperating profit.
\nFor Group companies involved in trading activities, en-
\nvironmental certificates represent goods exchanged
\nas part of their normal business activity and, as such,
\nthe purchased certificates are recognized under \u201cser-
\nvices and other materials\u201d.
\nRevenue from the sale of such certificates is recog-
\nnized under revenue, with a corresponding decrease
\nin inventories.
\nContracts for the purchase or sale of environmen-
\ntal certificates settled at a future date (for example,
\nforward contracts, etc.) that comply with the defi-
\nnition of derivative are recognized and measured
\nin accordance with the \u201cown use exemption\u201d, at
\nfair value through profit or loss, or with hedge ac-
\ncounting rules based on specific circumstances. For
\nfurther details, please see note 49 \u201cDerivatives and
\nhedge accounting\u201d.
\n
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag106": {
"value": "\nEmployee benefits
\nPost-employment and other long-term
\nbenefits
\nPursuant to IAS 19, the Group determines separately
\nfor each plan liabilities related to employee bene-
\nfits paid upon or after ceasing employment or other
\nlong-term benefits accrued during the employment
\nperiod. The Group uses actuarial assumptions to es-
\ntimate the amount of the future benefits that em-
\nployees have accrued at the reporting date (using
\nthe projected unit credit method) and an appropri-
\nate discount rate to determine the present value of
\nthose plans.
\n\n\n\n\nThe liability, net of any plan assets, is recognized on an
\naccruals basis over the vesting period of the related
\nrights. These appraisals are performed by independ-
\nent actuaries.
\nIf the plan assets exceed the present value of the re-
\nlated defined-benefit obligation, the surplus (up to the
\nlimit of any cap) is recognized as an asset.
\nAs regards the liabilities/(assets) of defined-benefit
\nplans, the Group recognizes the cumulative actuarial
\ngains and losses from the actuarial measurement of
\nthe liabilities, the return on the plan assets (net of the
\nassociated interest income) and the effect of the asset
\nceiling (net of the associated interest in other com-
\nprehensive income when they occur. For other long-
\nterm benefits, the related actuarial gains and losses
\nare recognized through profit or loss.
\nIn addition, the Group is involved in defined contribu-
\ntion plans under which it pays fixed contributions to a
\nseparate entity (a fund) and has no legal or constructive
\nobligation to pay further contributions if the fund does
\nnot hold sufficient assets to pay all employee benefits
\nrelating to employee service in the current and prior
\nperiods. Such plans are usually aimed to supplement
\npension benefits due to employees post-employment.
\nThe related costs are recognized through profit or loss
\non the basis of the amount of contributions paid in the
\nperiod.
\n\nTermination benefits
\nPursuant to IAS 19, liabilities for benefits due to em-
\nployees for the early termination of employee service
\narise out of the Group\u2019s decision to terminate an em-
\nployee\u2019s employment before the normal retirement
\ndate or an employee\u2019s decision to accept an offer of
\nbenefits in exchange for the termination of employ-
\nment.
\nTermination benefits are recognized at the earlier of
\nthe following dates:
\n\u2022 when the entity can no longer withdraw its offer of
\nbenefits; and
\n\u2022 when the entity recognizes a cost for a restructuring
\nthat is within the scope of IAS 37 and involves the
\npayment of termination benefits.
\nThe liabilities are measured on the basis of the nature
\nof the employee benefits.
\n\n\n\nShare-based payments
\nThe Group undertakes share-based payment trans-
\nactions settled with equity instruments as part of the
\nremuneration policy adopted for the Chief Executive
\nOfficer/General Manager and for key management
\npersonnel.
\nThe most recent long-term incentive plans provide for
\nthe grant to recipients of an incentive represented by
\nan equity component (settled with equity instruments)
\nand a monetary component (paid in cash), which will
\naccrue if specific conditions are met.
\nPursuant to IFRS 2, the Group classifies the monetary
\ncomponent as a cash-settled transaction if it is based
\non the price (or value) of the equity instruments of the
\ncompany that issued the plan or, in other cases, as an-
\nother long-term employee benefit.
\nIn order to settle the equity component through the
\nbonus award of Enel shares, a program for the pur-
\nchase of treasury shares to support these plans was
\napproved. For more details on share-based incentive
\nplans, please see note 51 \u201cShare-based payments\u201d.
\nIn particular for the equity component, the Group rec-
\nognizes the services rendered by employees as per-
\nsonnel expenses over the period in which the condi-
\ntions for remaining in service and for achieving certain
\nresults must be satisfied (vesting period) and indirectly
\nestimates their value, and the corresponding increase
\nin a specific equity item, on the basis of the fair value
\nof the equity instruments (i.e. the issuer shares) at the
\ngrant date.
\nThe overall expense recognized is adjusted at each re-
\nporting date until the vesting date to reflect the best
\nestimate available to the Group of the number of equi-
\nty instruments for which the service and performance
\nconditions other than market conditions or non-vest-
\ning conditions will be satisfied at the end of the vest-
\ning period.
\nConversely, if the incentive based on equity instru-
\nments is paid in cash, the Group recognizes the ser-
\nvices rendered by employees as personnel expenses
\nover the vesting period and a corresponding liabili-
\nty measured at the fair value of the liability incurred.
\nSubsequently, and until its extinction, the liability is
\nremeasured at fair value at each reporting date, con-
\nsidering the best possible estimate of the incentive
\nthat will vest, with changes in fair value recognized un-
\nder personnel expenses.
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag108": {
"value": "\nTermination benefits
\nPursuant to IAS 19, liabilities for benefits due to em-
\nployees for the early termination of employee service
\narise out of the Group\u2019s decision to terminate an em-
\nployee\u2019s employment before the normal retirement
\ndate or an employee\u2019s decision to accept an offer of
\nbenefits in exchange for the termination of employ-
\nment.
\nTermination benefits are recognized at the earlier of
\nthe following dates:
\n\u2022 when the entity can no longer withdraw its offer of
\nbenefits; and
\n\u2022 when the entity recognizes a cost for a restructuring
\nthat is within the scope of IAS 37 and involves the
\npayment of termination benefits.
\nThe liabilities are measured on the basis of the nature
\nof the employee benefits.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag109": {
"value": "\nShare-based payments
\nThe Group undertakes share-based payment trans-
\nactions settled with equity instruments as part of the
\nremuneration policy adopted for the Chief Executive
\nOfficer/General Manager and for key management
\npersonnel.
\nThe most recent long-term incentive plans provide for
\nthe grant to recipients of an incentive represented by
\nan equity component (settled with equity instruments)
\nand a monetary component (paid in cash), which will
\naccrue if specific conditions are met.
\nPursuant to IFRS 2, the Group classifies the monetary
\ncomponent as a cash-settled transaction if it is based
\non the price (or value) of the equity instruments of the
\ncompany that issued the plan or, in other cases, as an-
\nother long-term employee benefit.
\nIn order to settle the equity component through the
\nbonus award of Enel shares, a program for the pur-
\nchase of treasury shares to support these plans was
\napproved. For more details on share-based incentive
\nplans, please see note 51 \u201cShare-based payments\u201d.
\nIn particular for the equity component, the Group rec-
\nognizes the services rendered by employees as per-
\nsonnel expenses over the period in which the condi-
\ntions for remaining in service and for achieving certain
\nresults must be satisfied (vesting period) and indirectly
\nestimates their value, and the corresponding increase
\nin a specific equity item, on the basis of the fair value
\nof the equity instruments (i.e. the issuer shares) at the
\ngrant date.
\nThe overall expense recognized is adjusted at each re-
\nporting date until the vesting date to reflect the best
\nestimate available to the Group of the number of equi-
\nty instruments for which the service and performance
\nconditions other than market conditions or non-vest-
\ning conditions will be satisfied at the end of the vest-
\ning period.
\nConversely, if the incentive based on equity instru-
\nments is paid in cash, the Group recognizes the ser-
\nvices rendered by employees as personnel expenses
\nover the vesting period and a corresponding liabili-
\nty measured at the fair value of the liability incurred.
\nSubsequently, and until its extinction, the liability is
\nremeasured at fair value at each reporting date, con-
\nsidering the best possible estimate of the incentive
\nthat will vest, with changes in fair value recognized un-
\nder personnel expenses.
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag110": {
"value": "\nProvisions for risks and charges
\nPursuant to IAS 37, provisions are recognized where
\nthere is a legal or constructive obligation as a result
\n\n\n\n\nof a past event at the end of the reporting period, the
\nsettlement of which is expected to result in an outflow
\nof resources whose amount can be reliably estimated.
\nWhere the impact of the time value of money is materi-
\nal, the accruals are determined by discounting expect-
\ned future cash flows using a pre-tax discount rate that
\nreflects the current market assessment of the time val-
\nue of money in respect of time and the risks for which
\nthe expected future cash flows have not been adjusted.
\nIf the provision is discounted, the periodic adjustment
\nof the present value for the time factor (i.e. the un-
\nwinding of the discount) is recognized as a financial
\nexpense.
\nWhen the Group expects some or all charges to be
\nreimbursed, the reimbursement is recognized as a
\nseparate asset, but only when the reimbursement is
\nvirtually certain.
\n\nWhere the liability relates to decommissioning and/
\nor site restoration in respect of property, plant and
\nequipment, the initial recognition of the provision is
\nmade against the related asset and the expense is
\nthen recognized in profit or loss through the depreci-
\nation of the asset involved.
\nWhere the liability regards the treatment and storage of
\nnuclear waste and other radioactive materials, the pro-
\nvision is recognized against the related operating costs.
\nA liability for restructuring refers to a program planned
\nand controlled by management that materially chang-
\nes the scope of a business undertaken by the Group or
\nthe manner in which the business is conducted. Such
\na liability is recognized when a constructive obligation
\nis established, i.e. when the Group has approved a de-
\ntailed formal restructuring plan and has started to im-
\nplement the plan or has announced its main features
\nto those affected by it.
\n\n\nProvisions do not include liabilities in respect of un-
\ncertain income tax treatments that are recognized as
\ntax liabilities.
\nThe Group could provide a warranty in connection
\nwith the sale of a product (whether a good or ser-
\nvice) from contracts with customers in the scope of
\nIFRS 15, in accordance with the contract, the law or its
\ncustomary business practices. In this case, the Group
\nassesses whether the warranty provides the custom-
\ner with assurance that the related product will func-
\ntion as the parties intended because it complies with
\nagreed-upon specifications or whether the warranty
\nprovides the customer with a service in addition to the
\nassurance that the product complies with agreed-up-
\non specifications.
\nAfter the assessment, if the Group establishes that an
\nassurance warranty is provided, it recognizes a sep-
\narate warranty liability and corresponding expense
\nwhen transferring the product to the customer, as ad-
\nditional costs of providing goods or services, without
\nattributing any of the transaction price (and therefore
\nrevenue) to the warranty. The liability is measured and
\npresented as a provision.
\nOtherwise, if the Group determines that a service war-
\nranty is provided, it accounts for the promised war-
\nranty as a performance obligation in accordance with
\nIFRS 15, recognizing the contract liability as revenue
\nover the period the warranty service is provided and
\nthe costs associated as they are incurred.
\nFinally, if the warranty includes both an assurance el-
\nement and a service element and the Group cannot
\nreasonably account for them separately, then it ac-
\ncounts for both of the warranties together as a single
\nperformance obligation.
\nChanges in estimates of accruals to the provisions
\naddressed here are recognized through profit or loss
\nin the period in which the changes occur, with the
\nexception of those in the costs of decommissioning,
\nretiring and/or restoration resulting from changes
\nin the timetable and costs necessary to extinguish
\nthe obligation or from a change in the discount rate.
\nThese changes increase or decrease the carrying
\namount of the related assets and are taken to prof-
\nit or loss through depreciation. Where they increase
\nthe carrying amount of the assets, it is also deter-
\nmined whether the new carrying amount of the as-
\nsets is fully recoverable. If this is not the case, a loss
\nequal to the unrecoverable amount is recognized
\nthrough profit or loss.
\nDecreases in estimates are recognized up to the car-
\nrying amount of the assets. Any excess is recognized
\nimmediately in profit or loss.
\nFor more information on the estimation criteria adopt-
\ned in determining provisions for retiring and/or res-
\ntoration of property, plant and equipment, especially
\nthose associated with decommissioning nuclear pow-
\ner plants and storage of waste fuel and other radioac-
\ntive materials, please see note 2.1 \u201cUse of estimates
\nand management judgment\u201d.
\nFor more information on the determination of provi-
\nsions for environmental certificates please see note 56
\n\u201cEnvironmental programs\u201d.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag113": {
"value": "\n\nRevenue from contracts with customers
\nThe Group recognizes revenue from contracts with
\ncustomers at an amount that reflects the consid-
\neration at which the Group expects to be entitled in
\nexchange for those goods or services, using the five-
\nstep model envisaged by IFRS 15:
\n\u2022 identify the contract with the customer;
\n\u2022 identify the performance obligations in the contract,
\nthat is, all goods or services promised in the con-
\ntract;
\n\n\u2022 determine the transaction price at inception of the
\ncontract considering any variable considerations,
\nnon-cash consideration received from a custom-
\ner or payable to the customer, significant financing
\ncomponents;
\n\n\n\u2022 allocate the transaction price, at contract inception,
\nto each separate performance obligation;
\n\u2022 recognize revenue, when (or as) each performance
\nobligation is satisfied by transferring the promised
\ngood or service to the customer.
\nThe Group does not disclose the information about
\nthe remaining performance obligations in existing
\ncontracts if the performance obligation is part of a
\ncontract that has an original expected duration of one
\nyear or less and if the Group recognizes revenue in the
\namount to which it has a right to invoice the customer.
\nMore information on the application of this revenue
\nrecognition model is provided in note 2.1 \u201cUse of es-
\ntimates and management judgment\u201d and in note 9.a
\n\u201cRevenue from sales and services\u201d.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag114": {
"value": "\n\u2022 determine the transaction price at inception of the
\ncontract considering any variable considerations,
\nnon-cash consideration received from a custom-
\ner or payable to the customer, significant financing
\ncomponents;
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag115": {
"value": "\n\u2022 revenue from the sale of energy commodities based
\non contracts with physical settlement, which do not
\nqualify for the own use exemption and therefore is
\nrecognized at FVTPL in accordance with IFRS 9;
\n\u2022 changes in the fair value of settled contracts to sell
\nenergy commodities with physical settlement, which
\ndo not qualify for the own use exemption and there-
\nfore are recognized at FVTPL in accordance with
\nIFRS 9;
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag116": {
"value": "\nOther operating income
\nOther operating income primarily includes gains on
\ndisposal of assets that are not an output of the Group\u2019s
\nordinary activities and government grants.
\nPursuant to IAS 20, government grants, including
\nnon-monetary grants at fair value, are recognized
\nwhere there is reasonable assurance that they will be
\nreceived and that the Group will comply with all con-
\nditions attaching to them as set by the government,
\ngovernment agencies and similar bodies whether lo-
\ncal, national or international.
\nWhen loans are provided by governments at a be-
\nlow-market rate of interest, the benefit is regarded
\nas a government grant. The loan is initially recognized
\nand measured at fair value and the government grant
\nis measured as the difference between the initial car-
\nrying amount of the loan and the funds received. The
\nloan is subsequently measured in accordance with the
\nrequirements for financial liabilities.
\nGovernment grants are recognized in profit or loss on
\na systematic basis over the periods in which the Group
\nrecognizes as expenses the costs that the grants are
\nintended to compensate.
\nWhen government grants are received to purchase,
\nbuild or otherwise acquire non-current assets (for ex-
\nample, an item of property, plant and equipment or an
\nintangible asset), they are deducted from the carrying
\namount of the asset and are recognized in profit or loss
\nover the depreciable/amortizable life of the asset as a
\nreduction in the depreciation/amortization charge. If
\nthere is insufficient information to enable adequate
\nattribution to the fixed assets to which they refer, cap-
\nital grants are recognized as deferred income under
\nother liabilities, and credited to profit or loss on a sys-
\ntematic basis over the useful life of the asset.
\nWhere the Group receives government grants in the
\nform of a transfer of a non-monetary asset for the use
\nof the Group, it accounts for both the grant and the
\nasset at the fair value of the non-monetary asset re-
\nceived at the date of the transfer.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag117": {
"value": "\nNet results from commodity contracts
\nThe net results from commodity contracts include:
\n\u2022 the net income or expense from commodity de-
\nrivatives, including derivatives designated as cash
\n\n\nflow hedges and derivatives measured at fair value
\nthrough profit or loss, whether settled or outstand-
\ning at the reporting date; and
\n\u2022 the net gain/(loss) from the measurement through
\nprofit or loss of energy commodity contracts with
\nphysical settlement still outstanding at the reporting
\ndate.
\n\n",
"dimensions": {
"concept": "enel:AccountingPolicyofNetResultsFromCommodityContracts",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag119": {
"value": "\nDividends
\nPursuant to \u201cIFRS 9 - Financial Instruments\u201d, dividends
\nare recognized when the unconditional right to re-
\nceive payment is established.
\nDividends and interim dividends payable to the Par-
\nent\u2019s shareholders and non-controlling interests are
\nrecognized as changes in equity in the period in which
\nthey are approved by the Shareholders\u2019 Meeting and
\nthe Board of Directors, respectively.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag120": {
"value": "\n\nIncome taxes
\nIAS 12 specifies the requirements for the recognition
\nof current and deferred tax assets and liabilities. The
\nuncertainty in the determination of tax liabilities is de-
\nfined in accordance with the provisions of \u201cIFRIC 23
\n- Uncertainty over Income Tax Treatments\u201d.
\nCurrent income taxes
\nCurrent income taxes for the year, which are recog-
\nnized under \u201cincome tax liabilities\u201d net of payments on
\naccount, or under \u201ctax assets\u201d where there is a credit
\nbalance, are determined using an estimate of taxable
\nincome and in conformity with the applicable regula-
\ntions.
\nSuch liabilities and assets are determined using the
\ntax rates and tax laws that are enacted or substantive-
\nly enacted by the end of the reporting period in the
\ncountries where taxable income has been generated.
\nCurrent income taxes are recognized in profit or loss
\nwith the exception of current income taxes related to
\nitems recognized outside profit or loss that are recog-
\nnized in equity.
\n\nDeferred tax
\nDeferred tax liabilities and assets are calculated on the
\ntemporary differences between the carrying amounts
\nof liabilities and assets in the financial statements and
\ntheir corresponding amounts recognized for tax pur-
\nposes on the basis of tax rates in effect on the date the
\ntemporary difference will reverse, which is determined
\non the basis of tax rates that are enacted or substan-
\ntively enacted as at the end of the reporting period.
\nDeferred tax liabilities are recognized for all taxa-
\nble temporary differences, except when such liability
\narises: (i) from the initial recognition of goodwill; or
\n(ii) from the initial recognition of an asset or a liability
\nin a transaction which is not a business combination
\nand, at the time of the transaction, affects neither ac-
\ncounting profit nor taxable profit (tax loss), and does
\nnot give rise to equal taxable and deductible tempo-
\nrary differences; or (iii) in respect of taxable temporary
\ndifferences associated with investments in subsidi-
\naries, associates and joint ventures, when the Group
\ncan control the timing of the reversal of the temporary
\ndifferences and it is probable that the temporary dif-
\nferences will not reverse in the foreseeable future.
\nDeferred tax assets are recognized for all deductible
\ntemporary differences, the carry forward of tax losses
\nand any unused tax credits. For more information con-
\ncerning the recoverability of such assets, please see
\nthe appropriate section of the discussion of estimates.
\nDeferred taxes and liabilities are recognized in profit
\nor loss, with the exception of those in respect of items
\nrecognized outside profit or loss that are recognized
\nin equity.
\nDeferred tax assets and deferred tax liabilities are off-
\nset only if there is a legally enforceable right to offset
\ncurrent tax assets with current tax liabilities and when
\nthey relate to income taxes levied by the same taxation
\nauthority on either the same taxable entity or different
\ntaxable entities which intend either to settle current
\ntax liabilities and assets on a net basis, or to realize the
\nassets and settle the liabilities simultaneously, in each
\nfuture period in which significant amounts of deferred
\ntax liabilities or assets are expected to be settled or
\nrecovered.
\n\n\n\nUncertainty over income tax treatments
\nIn defining \u2018uncertainty\u2019, it shall be considered whether a
\nparticular tax treatment will be accepted by the relevant
\ntaxation authority. If it is deemed probable that the tax
\ntreatment will be accepted (where the term \u2018probable\u2019
\nis defined as \u2018more likely than not\u2019), then the Group rec-
\nognizes and measures its current/deferred tax asset or
\nliabilities applying the requirements in IAS 12.
\n\n\n\nConversely, when the Group feels that it is not likely
\nthat the taxation authority will accept the tax treat-
\nment for income tax purposes, the Group reflects the
\nuncertainty in the manner that best predicts the reso-
\nlution of the uncertain tax treatment.
\nFor more information on uncertainty over tax treat-
\nments, please see note 2.1 \u201cUse of estimates and
\nmanagement judgment\u201d.
\nSince uncertain income tax positions meet the defi-
\nnition of income taxes, the Group presents uncertain
\ntax liabilities/assets as current tax liabilities/assets or
\ndeferred tax liabilities/assets.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag121": {
"value": "\nDeferred tax
\nDeferred tax liabilities and assets are calculated on the
\ntemporary differences between the carrying amounts
\nof liabilities and assets in the financial statements and
\ntheir corresponding amounts recognized for tax pur-
\nposes on the basis of tax rates in effect on the date the
\ntemporary difference will reverse, which is determined
\non the basis of tax rates that are enacted or substan-
\ntively enacted as at the end of the reporting period.
\nDeferred tax liabilities are recognized for all taxa-
\nble temporary differences, except when such liability
\narises: (i) from the initial recognition of goodwill; or
\n(ii) from the initial recognition of an asset or a liability
\nin a transaction which is not a business combination
\nand, at the time of the transaction, affects neither ac-
\ncounting profit nor taxable profit (tax loss), and does
\nnot give rise to equal taxable and deductible tempo-
\nrary differences; or (iii) in respect of taxable temporary
\ndifferences associated with investments in subsidi-
\naries, associates and joint ventures, when the Group
\ncan control the timing of the reversal of the temporary
\ndifferences and it is probable that the temporary dif-
\nferences will not reverse in the foreseeable future.
\nDeferred tax assets are recognized for all deductible
\ntemporary differences, the carry forward of tax losses
\nand any unused tax credits. For more information con-
\ncerning the recoverability of such assets, please see
\nthe appropriate section of the discussion of estimates.
\nDeferred taxes and liabilities are recognized in profit
\nor loss, with the exception of those in respect of items
\nrecognized outside profit or loss that are recognized
\nin equity.
\nDeferred tax assets and deferred tax liabilities are off-
\nset only if there is a legally enforceable right to offset
\ncurrent tax assets with current tax liabilities and when
\nthey relate to income taxes levied by the same taxation
\nauthority on either the same taxable entity or different
\ntaxable entities which intend either to settle current
\ntax liabilities and assets on a net basis, or to realize the
\nassets and settle the liabilities simultaneously, in each
\nfuture period in which significant amounts of deferred
\ntax liabilities or assets are expected to be settled or
\nrecovered.
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1101": {
"value": "\n3. New and amended standards and interpretations
\nThe Group has applied the following standards, inter-
\npretations and amendments that took effect as from
\nJanuary 1, 2024.
\n\u2022 \u201cAmendments to IAS 7 \u2013 Statement of cash flows
\nand IFRS 7 \u2013 Financial Instruments Disclosures: Sup-
\nplier Finance Arrangements\u201d, issued in May 2023.
\nThe amendments clarify the characteristics of sup-
\nplier finance arrangements (SFAs) and require the
\nprovision of additional disclosures to enable users of
\nfinancial statements to evaluate the impact of such
\narrangements on liabilities, cash flows and exposure
\nto liquidity risk.
\nThe amendments also clarify that these arrange-
\nments provide the entity with extended payment
\nterms, or the entity\u2019s suppliers with early payment
\nterms, compared to the related payment due date.
\nThe amendments to IAS 7 provide a list of disclo-
\nsures, to be reported in aggregate form, for SFAs
\nwith similar characteristics.
\nThe amendments to IFRS 7 add SFAs to the list of
\nfactors that could be considered when providing
\nrequired disclosures on liquidity risk management,
\nand include such arrangements as a possible source
\nof concentration of liquidity risk.
\nThe IASB does not require disclosure of comparative
\ninformation or disclosure of opening balances dur-
\ning the first year of application.
\nFollowing the implementation of these amend-
\nments, the Group has provided further information
\non its SFAs. In this regard, please refer to note 39
\n\u201cTrade payables\u201d.
\n\u2022 \u201cAmendments to IAS 1 - Classification of Liabilities as
\nCurrent or Non-current\u201d, issued in January 2020. The
\namendments regard the provisions of IAS 1 concern-
\ning the presentation of liabilities. More specifically,
\nthe amendments eliminate the requirement that the
\nright to defer be unconditional and clarify:
\n\u2022 the criteria to adopt in classifying a liability as cur-
\nrent or non-current, specifying the meaning of
\nright to defer settlement and that that right must
\nexist at the end of the reporting period;
\n\u2022 that the classification is unaffected by the inten-
\ntions or expectations of management about the
\nexercise of the right to defer settlement of a lia-
\nbility;
\n\u2022 that the right to defer exists if and only if the en-
\ntity satisfies the terms of the liability at the end
\nof the reporting period, even if the creditor does
\nnot verify compliance with those terms until lat-
\ner; and
\n\u2022 that settlement regards the transfer to the coun-
\nterparty of cash, equity instruments, other assets
\nor services. In this regard, terms of a liability that
\ncould, at the option of the counterparty, result in
\nits settlement by the transfer of the entity\u2019s own
\nequity instruments (e.g. conversion options) do
\nnot affect its classification as current or non-cur-
\nrent if, applying IAS 32, the entity classifies the op-
\ntion as an equity instrument, recognizing it sepa-
\nrately from the liability.
\nThe application of the amendments has not had
\na material impact in these consolidated financial
\nstatements.
\n\u2022 \u201cAmendments to IAS 1 - Non-current Liabilities with
\nCovenants\u201d, issued in October 2022. The amend-
\nments are intended to:
\n\u2022 clarify that the classification of a liability as current
\nor non-current is subject to any covenants, present
\nin the arrangement if an entity is required to comply
\nwith the covenant on or before the end of the re-
\nporting period; and
\n\u2022 improve disclosure when the right to defer settle-
\nment of a liability for at least 12 months is subject
\nto compliance with covenants. Specifically, the
\namendments require disclosures that enable us-
\ners of financial statements to understand the risk
\nthat the liabilities could become repayable within
\n12 months after the reporting period, including:
\n(a) information about the covenants (including
\nthe nature of the covenants and when the entity
\nis required to comply with them) and the carrying
\namount of related liabilities; (b) facts and circum-
\nstances, if any, that indicate the entity may have
\ndifficulty complying with the covenants.
\n
\n\n\n\n\nThe application of the amendments has not had
\na material impact in these consolidated financial
\nstatements.
\n\u2022 \u201cAmendments to IFRS 16 - Lease Liability in a Sale
\nand Leaseback\u201d, issued in September 2022. The
\namendments specify the criteria that the seller-les-
\nsee shall use in measuring the liability arising from
\na sale and leaseback transaction in order to en-
\nsure that the seller-lessee does not recognize any
\namount of the gain or loss that relates to the right of
\nuse retained by the seller-lessee.
\nSpecifically, IFRS 16 requires the seller-lessee to
\nmeasure the right-of-use asset arising from a sale
\nand leaseback transaction in proportion to the
\nprevious carrying amount of the asset in respect
\nof the retained right-of-use and, consequently, to
\nrecognize only the amount of any capital gain or
\nloss relating to the rights transferred to the buy-
\ner-lessor.
\nMoreover, the amendments apply to sale and lease-
\nback transactions in which lease payments include
\nvariable payments that do not depend on an index
\nor rate.
\nThe application of the amendments has not had
\na material impact in these consolidated financial
\nstatements.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1103": {
"value": "\n4. Minimum tax
\nThe Pillar II - Global Anti-Base Erosion Model Rules
\n(GloBE Rules), which are intended to ensure that large
\nmultinational enterprises pay a minimum level of in-
\ncome tax in each jurisdiction in which they operate,
\nhave been enacted or substantially enacted in certain
\njurisdictions in which the Enel Group operates. In gen-
\neral, the rules envisage the application of a \u201ctop-up\u201d tax
\nto the excess profit in a jurisdiction to bring the effec-
\ntive tax rate on that income up to a minimum of 15%.
\nFor this purpose, the Group has conducted an assess-
\nment of its potential exposure to the top-up tax in
\nsuch jurisdictions, which found that there are a limited
\nnumber of circumstances in which the effective tax
\nrate is below 15%.
\nOn the basis of this assessment, the potential top-up
\ntax that the Enel Group will have to pay as the differ-
\nence between the effective tax rates calculated per ju-
\nrisdiction based on the GloBE Rules and the minimum
\nrate of 15% will not have a significant impact.
\nIn application of the provisions of the amendment
\nof \u201cIAS 12 \u2013 International Tax Reform \u2013 Pillar II Model
\nRules\u201d, the Group has applied the mandatory tempo-
\nrary exemption to requirements regarding deferred
\ntaxes deriving from the application of Pillar II. The
\nGroup will recognize the taxes emerging from the
\napplication of the rules as current taxes when they
\nare incurred (see note 23 \u201cDeferred tax assets and
\nliabilities\u201d).
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1104": {
"value": "\n5. Argentina - Hyperinflationary economy: impact of the application
\nof IAS 29
\nAs from July 1, 2018, the Argentine economy has been
\nconsidered hyperinflationary based on the criteria es-
\ntablished by \u201cIAS 29 - Financial reporting in hyperin-
\nflationary economies\u201d. This designation is determined
\nfollowing an assessment of a series of qualitative and
\nquantitative circumstances, including the presence of
\na cumulative inflation rate of more than 100% over the
\nprevious three years.
\nFor the purposes of preparing the consolidated finan-
\ncial statements at December 31, 2024, and in accord-
\nance with IAS 29, certain items of the statements of
\nfinancial position of the investees in Argentina have
\nbeen remeasured by applying the general consumer
\nprice index to historical data in order to reflect chang-
\nes in the purchasing power of the Argentine peso at
\nthe reporting date for those companies.
\n
\n\n\n\n\nBearing in mind that the Enel Group acquired control
\nof the Argentine companies on June 25, 2009, the
\nremeasurement of the non-monetary financial state-
\nment figures was conducted by applying the inflation
\nindices starting from that date. In addition to being al-
\nready reflected in the opening statement of financial
\nposition, the accounting effects of that remeasurement
\nalso include changes during the period.
\nMore specifically, the effect of the remeasurement of
\nnon-monetary items, the equity items and the income
\nstatement items recognized in 2024 was recognized in
\na specific line of the income statement under financial
\nincome and expense. The associated tax effect was
\nrecognized in taxes for the year.
\nIn order to also take account of the impact of hyper-
\ninflation on the exchange rate of the local currency,
\nthe income statement balances expressed in the hy-
\nperinflationary currency have been translated into the
\nGroup\u2019s presentation currency (euro) applying, in ac-
\ncordance with IAS 21, the closing exchange rate rather
\nthan the average rate for the year in order to adjust
\nthese amounts to present values.
\nThe cumulative changes in the general price indices
\nfrom December 31, 2018 until December 31, 2024 are
\nshown in the following table:
\n\n
\n\n\n | \nCumulative | \n
\n\n| change in general | \n
\n\n | \nconsumer price | \n
\n\n| Periods | \nindex | \n
\n\n| From July 1, 2009 to December 31, 2018 | \n346.30% | \n
\n\n| From January 1, 2019 to December 31, 2019 | \n54.46% | \n
\n\n| From January 1, 2020 to December 31, 2020 | \n35.41% | \n
\n\n| From January 1, 2021 to December 31, 2021 | \n49.73% | \n
\n\n| From January 1, 2022 to December 31, 2022 | \n97.08% | \n
\n\n| From January 1, 2023 to December 31, 2023 | \n222.01% | \n
\n\n| From January 1, 2024 to December 31, 2024 | \n109.22% | \n
\n\n\n\n
\n\n\n
In 2024 the application of IAS 29 generated net finan-
\ncial income (gross of tax) of \u20ac321 million.
\nThe following tables report the effects of IAS 29 on the
\nbalance at December 31, 2024 and the impact of hy-
\nperinflation on the main income statement items for
\n2024, differentiating between that concerning the re-
\nvaluation on the basis of the general consumer price
\nindex and that due to the application of the closing ex-
\nchange rate rather than the average exchange rate for
\nthe period, in accordance with the provisions of IAS 21
\nfor hyperinflationary economies.
\n\n
\n\n\n | \nCumulative | \nHyperinflation | \n | \nCumulative | \n\n\n
\n\n | \nhyperinflation effect | \neffect for | \nExchange | \nhyperinflation effect | \n\n\n
\n\n| Millions of euro | \nat Dec. 31, 2023 | \nthe period | \ndifferences | \nat Dec. 31, 2024 | \n\n\n
\n\n| Total assets | \n1,294 | \n1,269 | \n(230) | \n2,333 | \n\n\n
\n\n| Total liabilities | \n438 | \n348 | \n(76) | \n710 | \n\n\n
\n\n| Equity | \n856 | \n921(1) | \n(154) | \n1,623 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) The figure includes profit for year equal to \u20ac79 million.
\n\n
\n\n\n | \n | \n | \nTotal effect | \n\n\n
\n\n| Millions of euro | \nIAS 29 effect | \nIAS 21 effect | \nat Dec. 31, 2024 | \n\n\n
\n\n| Revenue | \n259 | \n(86) | \n173 | \n\n\n
\n\n| Costs | \n387(1) | \n(87)(2) | \n300 | \n\n\n
\n\n| Operating profit | \n(128) | \n1 | \n(127) | \n\n\n
\n\n| Net financial income/(expense) | \n19 | \n28 | \n47 | \n\n\n
\n\n| Net income/(expense) from hyperinflation | \n321 | \n- | \n321 | \n\n\n
\n\n| Pre-tax profit/(loss) | \n212 | \n29 | \n241 | \n\n\n
\n\n| Income taxes | \n133 | \n16 | \n149 | \n\n\n
\n\n| Profit/(Loss) for the year (owners of the Parent | \n79 | \n13 | \n92 | \n\n\n
\n\n| and non-controlling interests) | \n | \n | \n | \n\n\n
\n\n| Attributable to owners of the Parent | \n32 | \n18 | \n50 | \n\n\n
\n\n| Attributable to non-controlling interests | \n47 | \n(5) | \n42 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Includes impact on depreciation, amortization and impairment losses of \u20ac144 million.
\n(2) Includes impact on depreciation, amortization and impairment losses of \u20ac(4) million.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1029": {
"value": "\n6. Climate change disclosures
\nThe move towards \u201cnet zero\u201d is under way worldwide
\nand the processes of decarbonization and electrifica-
\ntion of the global economy are crucial to avoiding the
\nserious consequences of global warming.
\nWith this outlook, the Group has set its strategic
\nguidelines as follows:
\n\u2022 allocate investments consistently with achieving
\n100% zero-emission generation by 2040;
\n\u2022 strengthening and digitizing distribution grids, im-
\nproving resilience to climate events;
\n\u2022 offer products and services to make electrification
\nof consumption more efficient and simple.
\nConsidering the risks related to climate change and
\nthe commitments established under the Paris Agree-
\nment, the Group has set the goal of zero emissions
\nby 2040 reflecting its impact on assets, liabilities, and
\nprofit and loss and highlighting its significant and fore-
\nseeable impacts as required under the Conceptual
\nFramework of the international accounting standards.
\nIn this regard, in accordance with the provisions of
\nthe document published by the IFRS Foundation in
\nJuly 2023, the Group provides explicit information in
\nthe notes to these consolidated financial statements
\nregarding how climate change is reflected in our ac-
\ncounts.
\nFor a more effective and comprehensive communi-
\ncation concerning climate change disclosures pre-
\npared as part of the notes to these consolidated fi-
\nnancial statements, we have mapped this disclosure
\nas shown below, providing references to the vari-
\nous sections where issues associated with climate
\nchange are addressed.
\n\n
\n\n\n| Topic | \nNote | \n Content | \n
\n\n| Estimates | \nNote 2.1 \u201cUse of estimates | \n\u2022 | \nReference to management\u2019s use of estimates and judgments | \n
\n\n| and judgments | \nand management judgment\u201d | \n | \nwith regard to climate change (taking account of their materi- | \n
\n\n| concerning climate | \n | \n | \nality within financial reporting). | \n
\n\n| change | \n | \n\u2022 | \nFocus on estimating expected cash flows from specific assets/ | \n
\n\n | \n | \n | \nCGUs (section: \u201cImpairment of non-financial assets\u201d). | \n
\n\n | \n | \n\u2022 | \nFocus on the effects of the Group\u2019s commitments under the | \n
\n\n | \n | \n | \nParis Agreement and their impact on the estimation of the use- | \n
\n\n | \n | \n | \nful life of the assets involved (section \u201cDetermining the useful | \n
\n\n | \n | \n | \nlife of non-financial assets\u201d). | \n
\n\n| Sustainable | \nNote 17 \u201cProperty, plant and equipment\u201d | \n\u2022 | \nFocus on infrastructure associated with the development of the | \n
\n\n| investment | \n | \n | \ngrid and investment in developing innovative solutions for cus- | \n
\n\n | \n | \n | \ntomers. | \n
\n\n| Long-term renewable | \nNote 47 \u201cRisk management\u201d | \n\u2022 | \nFocus on main features of power purchase agreements (PPAs/ | \n
\n\n| energy contracts | \n | \n | \nvirtual PPAs). | \n
\n\n| Valuation | \nNote 10.e \u201cDepreciation, amortization | \n\u2022 | \nFocus on the effects related to the commitments undertaken by | \n
\n\n| of non-financial | \nand other impairment losses\u201d | \n | \nthe Group in line with the Paris Agreement in the context of the | \n
\n\n| assets | \nNote 17 \u201cProperty, plant and equipment\u201d | \n | \nvaluations of non-financial assets with particular reference to the | \n
\n\n | \n | \n | \nresidual useful life of certain assets and to the impairment tests. | \n
\n\n | \nNote 22 \u201cGoodwill\u201d | \n | \n | \n
\n\n| Provisions | \nNote 38 \u201cProvisions for risks and | \n\u2022 | \nFocus on provisions for the impact of climate change on distri- | \n
\n\n | \ncharges\u201d | \n | \nbution grids and generation plants, including those for decom- | \n
\n\n | \n | \n | \nmissioning and restoration of sites, and possible provisions for | \n
\n\n | \n | \n | \nrestructuring plans linked to the energy transition. | \n
\n\n| Sustainability-linked | \nNote 46.3 \u201cBorrowings\u201d | \n\u2022 | \nFocus on: | \n
\n\n| finance | \nNote 58 \u201cEvents after the reporting | \n | \n\u2022 | \nissues of sustainability-linked bonds connected with the | \n
\n\n | \nperiod\u201d | \n | \n | \nachievement of sustainability objectives in line with the SDGs | \n
\n\n | \n | \n | \n | \nissued by the UN; | \n
\n\n | \n | \n | \n\u2022 | \nGreen Bonds used to finance specific sustainable Group pro- | \n
\n\n | \n | \n | \n | \njects and initiatives; | \n
\n\n | \n | \n | \n\u2022 | \nsustainable loans connected with the achievement of Sustain- | \n
\n\n | \n | \n | \n | \nable Development Goals (SDGs). | \n
\n\n| Share-based payments | \nNote 51 \u201cShare-based payments\u201d | \n\u2022 | \nDescription of long-term incentive plans anchored to achieve- | \n
\n\n | \n | \n | \nment of specific climate-related targets. | \n
\n\n| Environmental programs | \nNote 56 \u201cEnvironmental programs\u201d | \n\u2022 | \nDescription of costs relating to environmental compliance re- | \n
\n\n | \n | \n | \nquired by national and international regulations. | \n
\n\n | \n | \n\u2022 | \nDescription of costs generated by not having sufficient environ- | \n
\n\n | \n | \n | \nmental certificates to meet environmental compliance regula- | \n
\n\n | \n | \n | \ntions. | \n
\n\n
\n
7. Main acquisitions and disposals during the year
\nIn the two periods under review, the consolidation
\nscope changed as a result of a number of transac-
\ntions.
\n2023
\n\u2022 On February 17, 2023, the Enel Group, through its
\nsubsidiary Enel Argentina, closed the deal for the
\nsale to energy company Central Puerto SA of the
\nGroup\u2019s stake in the thermal generation company
\nEnel Generaci\u00f3n Costanera for \u20ac42 million, which
\nhave been collected in full. The transaction resulted
\nin the recognition of a capital loss of \u20ac132 million.
\n\u2022 On April 14, 2023, the Enel Group completed the
\nsale to YPF and Pan American Sur SA of the shares
\nheld in Inversora Dock Sud SA and Central Dock Sud
\nSA, for a total of \u20ac48 million. The transaction had
\na negative impact on profit or loss of about \u20ac194
\nmillion.
\n\u2022 On September 29, 2023, the Enel Group, acting
\nthrough its subsidiary Enel Green Power SpA, final-
\nized the sale of 50% of the two companies that own
\nall of the Group\u2019s renewables operations in Australia,
\nspecifically Enel Green Power Australia (Pty) Ltd and
\nEnel Green Power Australia Trust, to INPEX Corpora-
\ntion, for a total of \u20ac142 million. The operation result-
\ned in the recognition of a gain of \u20ac103 million.
\n\u2022 On October 25, 2023, Enel SpA and its listed sub-
\nsidiary Enel Chile SA closed the sale of their entire
\nequity interests in the share capital of Arcadia Gen-
\neraci\u00f3n Solar SA, a Chilean company which owns a
\nportfolio of four operating PV plants for a total in-
\nstalled capacity of approximately 416 MW, to Sonn-
\nedix, an international renewable energy producer,
\nfor a total \u20ac535 million. The transaction resulted in
\nthe recognition of a capital gain of \u20ac195 million.
\n\u2022 On October 25, 2023, the Enel Group finalized the
\nsale to the Greek company Public Power Corpo-
\nration SA of all the equity stakes held by the Enel
\nGroup in Romania, for a total \u20ac1,241 million. The
\ntransaction had a negative impact on profit or loss
\nin 2023 of \u20ac847 million, of which \u20ac655 million re-
\nflecting the release of a currency translation re-
\nserve.
\n\u2022 On December 29, 2023, Enel SpA, acting through
\nits fully-owned subsidiary Enel Green Power SpA,
\nfinalized the sale of 50% of Enel Green Power Hel-
\nlas, Enel Green Power\u2019s fully-owned subsidiary
\nowner of renewable generation assets in Greece,
\nto Macquarie Asset Management, for a total \u20ac351
\nmillion. The overall transaction had a positive im-
\npact on the profit or loss of the Group in 2023 of
\n\u20ac422 million.
\n2024
\n\u2022 On January 4, 2024, the Enel Group, acting through
\nthe subsidiary Enel Green Power North America
\n(EGPNA), finalized the sale of a renewable asset
\nportfolio in the United States for a total of $277
\nmillion, equivalent to \u20ac253 million. The assets sold
\ninclude EGPNA\u2019s entire geothermal portfolio as well
\nas a number of small solar plants, with a total ca-
\npacity of about 150 MW of operating plants. The
\ntransaction had a positive impact on the Group re-
\nsult of \u20ac8 million.
\n\n
\n\n\n| Millions of euro | \n | \n
\n\n| Sale price | \n253 | \n
\n\n| Total net assets sold | \n(245) | \n
\n\n| Impact on operating profit | \n8 | \n
\n\n| Impact on Group profit | \n8 | \n
\n\n
\n
At December 31, 2023, the assets involved had al-
\nready been reclassified under \u2018\u2018Non-current assets
\nheld for sale and discontinued operations\u2019\u2019 pursu-
\nant to IFRS 5 and following the reclassification at the
\nlower of their fair value and book carrying amount,
\nan impairment loss of \u20ac34 million was recognized
\nthrough operating profit.
\n\u2022 On May 10, 2024, Enel Per\u00fa SAC, controlled by
\nEnel SpA through Enel Am\u00e9ricas SA, finalized
\nthe sale to Niagara Energy SAC of all the equity
\nstakes held in the power generation companies
\nEnel Generaci\u00f3n Per\u00fa SAA and Compa\u00f1\u00eda En-
\nerg\u00e9tica Veracruz SAC for a total \u20ac1,198 million.
\nThe sale generated a positive impact of \u20ac9 million
\non Group profit for the period taking account of
\nthe negative effects associated with the release
\nof the associated translation reserves.
\n
\n\n\n\n
\n\n\n| Millions of euro | \n | \n
\n\n| Sale price | \n1,198 | \n
\n\n| Total net assets sold | \n(843) | \n
\n\n| Release of OCI reserve | \n(94) | \n
\n\n| Goodwill | \n(152) | \n
\n\n| Gain/(Loss) on sale | \n109 | \n
\n\n| Tax | \n(66) | \n
\n\n| Impact on operating profit | \n43 | \n
\n\n| Impact on Group profit | \n9 | \n
\n\n
\n
\u2022 On June 12, 2024, Enel Per\u00fa SAC finalized the sale to
\nNorth Lima Power Grid Holding SAC of all the equity
\nstakes held in Enel Distribuci\u00f3n Per\u00fa SAA and in the
\nadvanced energy services company Enel X Per\u00fa SAC
\nfor a total \u20ac2,880 million. The transaction generated a
\npositive impact on Group profit of \u20ac509 million, tak-
\ning account of the negative effects associated with
\nthe release of the associated translation reserves.
\n\n
\n\n\n| Millions of euro | \n | \n
\n\n| Sale price | \n2,880 | \n
\n\n| Total net assets sold | \n(1,110) | \n
\n\n| Release of OCI reserve | \n(212) | \n
\n\n| Goodwill | \n(320) | \n
\n\n| Gain/(Loss) on sale | \n1,238 | \n
\n\n| Tax | \n(558) | \n
\n\n| Impact on operating profit | \n680 | \n
\n\n| Impact on Group profit | \n509 | \n
\n\n
\n
\u2022 At the beginning of October 2024 the Enel Group,
\nacting through the subsidiary Enel North America,
\nfinalized the sale of assets related to the storage
\nbusiness in North America to MSS Energy Storage
\nLLC (for assets in the United States) and MSS LP
\nHoldings Inc. (for assets in Canada), for a total \u20ac160
\nmillion. The transaction generated a negative im-
\npact on Group profit of \u20ac44 million.
\n\n
\n\n\n| Millions of euro | \n | \n
\n\n| Sale price | \n160 | \n
\n\n| Total net assets sold | \n(162) | \n
\n\n| Gain/(Loss) on sale | \n(2) | \n
\n\n| Adjustment of pre-sale plant value | \n(42) | \n
\n\n| Impact on operating profit | \n(44) | \n
\n\n| Impact on Group profit | \n(44) | \n
\n\n
\n
\u2022 On December 30, 2024 Enel SpA, acting through
\nthe subsidiary e-distribuzione SpA, finalized the
\nsale to A2A of 90% of the share capital of Du-
\nereti Srl, a vehicle beneficiary of the contribution
\nof electricity distribution services in a number of
\nmunicipalities in the provinces of Milan and Bres-
\ncia for \u20ac1,229 million. The overall transaction gen-
\nerated a positive impact on Group profit of \u20ac978
\nmillion.
\n\n
\n\n\n| Millions of euro | \n | \n
\n\n| Sale price | \n1,229 | \n
\n\n| Total net assets sold | \n(339) | \n
\n\n| Gain/(Loss) on sale | \n890 | \n
\n\n| Remeasurement at fair value of the | \n99 | \n
\n\n| residual interest (10%) | \n | \n
\n\n| Gain/(Loss) on sale | \n989 | \n
\n\n| Tax | \n(11) | \n
\n\n| Impact on operating profit | \n978 | \n
\n\n| Impact on Group profit | \n978 | \n
\n\n
\n
Other changes
\nOn June 26, 2024, Enel SpA, acting through the sub-
\nsidiary Enel Italia SpA, finalized the sale to Sosteneo
\nEnergy Transition 1 of 49% of the share capital held
\nin Enel Libra Flexsys Srl, a company operating a num-
\nber of battery energy storage systems and owner of
\na number of Open Cycle Gas Turbine (OCGT) plants,
\nfor \u20ac1,095 million. The transaction had no impact on
\nGroup economic results, as Enel continues to main-
\ntain control and, therefore, fully consolidate Enel Libra
\nFlexsys Srl.
\nOn December 23, 2024, Enel Green Power Espa\u00f1a SLU,
\na Group company controlled through Endesa SA, final-
\nized the sale to Masdar, for a consideration of \u20ac849
\nmillion, of 49.99% of the share capital of Enel Green
\nPower Espa\u00f1a Solar 1 SLU owner of Endesa photovol-
\ntaic plants in Spain, with a total installed capacity of
\nabout 2 GW.
\nThe transaction had no impact on the Group econom-
\nic results as Enel continues to maintain control and
\ntherefore fully consolidate Enel Green Power Espa\u00f1a
\nSolar 1.
\n
\n\n",
"dimensions": {
"concept": "enel:DisclosureOfChangeInOwnershipInterestsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag951": {
"value": "\n
\n
\n
\n
\n8. Performance and financial position by primary segment
\n(Business Line) and secondary segment (Geographical Area)
\n\nThe representation of performance and financial po-
\nsition presented here is based on the approach used
\nby management in monitoring Group performance for
\nthe two periods under review. In particular, manage-
\nment monitors and reports on performance by busi-
\nness line. Accordingly, the Group has adopted the fol-
\nlowing reporting sectors:
\n\u2022 primary segment: Business Line;
\n\u2022 secondary segment: Geographical Area.
\nThe business line is therefore the main discriminant
\nin the analyses performed and decisions taken by the
\nmanagement of the Enel Group, and is fully consistent
\nwith the internal reporting prepared for these purposes
\nsince the results are measured and evaluated first and
\n
\n\n\n\n\n\nforemost for each business line and only thereafter are
\nthey broken down by geographical area.
\n
\n\n\n\n\nIn this regard, note that following the organizational
\nsimplification process begun in 2023 with a restructur-
\ning of the business lines and geographical areas, since
\nDecember 2024 a further need has emerged to rede-
\nfine the figures by secondary segment (Geographical
\nArea). In particular, the presentation of figures took into
\naccount the current organization of the \u201cRest of the
\nWorld\u201d composed of Argentina, Brazil, Chile, Colombia
\nand Central America, United States and Canada, Mexico,
\nRest of the World - Other countries.
\nFollowing these changes, the figures for the previous
\nyear have been adjusted for comparative purposes only.
\n
\n\n\n\n\nPerformance by primary segment (Business Line)
\n\n
\n\n\n| Results for 2024 | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nThermal | \nEnel | \n | \n | \nHolding | \nTotal | \nEliminations | \n | \n\n\n
\n\n | \nGeneration | \nGreen | \nEnel | \nEnd-user | \nand | \nreporting | \nand | \n | \n\n\n
\n\n| Millions of euro | \nand Trading | \nPower | \nGrids | \nMarkets | \nServices | \nsegment(1) | \nadjustments | \nTotal | \n\n\n
\n\n| Revenue and other income | \n10,355 | \n8,940 | \n20,449 | \n39,215 | \n(12) | \n78,947 | \n- | \n78,947 | \n\n\n
\n\n| from third parties | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Revenue and other income | \n13,921 | \n3,277 | \n2,787 | \n2,646 | \n1,958 | \n24,589 | \n(24,589) | \n- | \n\n\n
\n\n| from transactions with | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| other segments | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Total revenue | \n24,276 | \n12, 217 | \n23,236 | \n41,861 | \n1,946 | \n103,536 | \n(24,589) | \n78,947 | \n\n\n
\n\n| Total costs | \n22,781 | \n5,568 | \n13,156 | \n35,988 | \n2,454 | \n79,947 | \n(24,589) | \n55,358 | \n\n\n
\n\n| Net results from | \n1,673 | \n(22) | \n- | \n(1,171) | \n(3) | \n477 | \n- | \n477 | \n\n\n
\n\n| commodity contracts | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Depreciation and | \n788 | \n1,701 | \n3,078 | \n861 | \n255 | \n6,683 | \n- | \n6,683 | \n\n\n
\n\n| amortization | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Impairment losses | \n77 | \n425 | \n97 | \n1,581 | \n2 | \n2,182 | \n- | \n2,182 | \n\n\n
\n\n| Impairment gains | \n(17) | \n(13) | \n(90) | \n(172) | \n(1) | \n(293) | \n- | \n(293) | \n\n\n
\n\n| Operating profit/(loss) | \n2,320 | \n4,514 | \n6,995 | \n2,432 | \n(767) | \n15,494 | \n- | \n15,494 | \n\n\n
\n\n| Capital expenditure | \n673(2) | \n3,133(3) | \n5,868(4) | \n971(5) | \n176 | \n10,821 | \n- | \n10,821 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
\n(2) Does not include \u20ac13 million classified as held for sale or discontinued operations.
\n(3) Does not include \u20ac100 million classified as held for sale or discontinued operations, of which \u20ac91 million refer to investments in the first five
\nmonths of 2024 made by the company 3SUN, which since June 2024 has however been reclassified among \u201cheld-for-use\u201d assets and liabilities,
\nas the conditions that had determined the previous classification pursuant to IFRS 5 no longer apply.
\n(4) Does not include \u20ac62 million classified as held for sale or discontinued operations.
\n(5) Does not include \u20ac14 million classified as held for sale or discontinued operations.
\n\n
\n\n\n| Results for 2023 | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nThermal | \nEnel | \n | \n | \nHolding | \nTotal | \nEliminations | \n | \n\n\n
\n\n | \nGeneration | \nGreen | \nEnel | \nEnd-user | \nand | \nreporting | \nand | \n | \n\n\n
\n\n| Millions of euro | \nand Trading | \nPower | \nGrids | \nMarkets | \nServices | \nsegment(1) | \nadjustments | \nTotal | \n\n\n
\n\n| Revenue and other | \n20,152 | \n8,459 | \n17,206 | \n49,748 | \n- | \n95,565 | \n- | \n95,565 | \n\n\n
\n\n| income from third parties | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Revenue and other | \n20,038 | \n3,161 | \n3,053 | \n2,371 | \n2,045 | \n30,668 | \n(30,668) | \n- | \n\n\n
\n\n| income from transactions | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| with other segments | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Total revenue | \n40,190 | \n11,620 | \n20,259 | \n52,119 | \n2,045 | \n126,233 | \n(30,668) | \n95,565 | \n\n\n
\n\n| Total costs | \n35,140 | \n6,377 | \n12,798 | \n46,038 | \n2,659 | \n103,012 | \n(30,668) | \n72,344 | \n\n\n
\n\n| Net results from | \n(1,983) | \n(65) | \n- | \n(923) | \n5 | \n(2,966) | \n- | \n(2,966) | \n\n\n
\n\n| commodity contracts | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Depreciation and | \n775 | \n1,603 | \n2,957 | \n785 | \n233 | \n6,353 | \n- | \n6,353 | \n\n\n
\n\n| amortization | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Impairment losses | \n161 | \n1,552 | \n168 | \n1,439 | \n18 | \n3,338 | \n- | \n3,338 | \n\n\n
\n\n| Impairment gains | \n(49) | \n(19) | \n(90) | \n(108) | \n(2) | \n(268) | \n- | \n(268) | \n\n\n
\n\n| Operating profit/(loss) | \n2,180 | \n2,042 | \n4,426 | \n3,042 | \n(858) | \n10,832 | \n- | \n10,832 | \n\n\n
\n\n| Capital expenditure | \n761(2) | \n5,345(3) | \n5,280(4) | \n1,138(5) | \n190(6) | \n12,714 | \n- | \n12,714 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
\n(2) Does not include \u20ac14 million classified as held for sale or discontinued operations.
\n(3) Does not include \u20ac565 million classified as held for sale or discontinued operations.
\n(4) Does not include \u20ac233 million classified as held for sale or discontinued operations.
\n(5) Does not include \u20ac34 million classified as held for sale or discontinued operations.
\n(6) Does not include \u20ac3 million classified as held for sale or discontinued operations.
\n
\n\n\n\n\nPerformance by secondary segment (Geographical Area)
\n\n
\n\n\n| Results for 2024(1) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nColombia | \nUnited | \n | \nRest of | \n | \nOther, | \n | \n\n\n
\n\n | \n | \n | \nRest | \n | \n | \n | \nand | \nStates | \n | \nthe World | \nEliminations | \neliminations | \n | \n\n\n
\n\n | \n | \n | \nof the | \n | \n | \n | \nCentral | \nand | \n | \n\u2013 Other | \nRest of the | \nand | \n | \n\n\n
\n\n| Millions of euro | \nItaly | \nIberia | \nWorld | \nArgentina | \nBrazil | \nChile | \nAmerica | \nCanada | \nMexico | \ncountries | \nWorld | \nadjustments | \nTotal | \n\n\n
\n\n| Revenue and other | \n36,095 | \n21,285 | \n21,444 | \n1,355 | \n7,6 85 | \n3,889 | \n3,872 | \n1,989 | \n359 | \n2,344 | \n(49) | \n123 | \n78,947 | \n\n\n
\n\n| income from third | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| parties | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Revenue and other | \n145 | \n11 | \n46 | \n- | \n- | \n9 | \n- | \n2 | \n(1) | \n4 | \n32 | \n(202) | \n- | \n\n\n
\n\n| income from | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| transactions with other | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| segments | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Total revenue | \n36,240 | \n21,296 | \n2 1,490 | \n1,355 | \n7,6 85 | \n3,898 | \n3,872 | \n1,991 | \n358 | \n2,348 | \n(17) | \n(79) | \n78,947 | \n\n\n
\n\n| Total costs | \n25,698 | \n15,199 | \n14,295 | \n1,309 | \n5,626 | \n3,208 | \n2,503 | \n798 | \n238 | \n630 | \n(17) | \n166 | \n55,358 | \n\n\n
\n\n| Net results from | \n1,496 | \n(908) | \n(107) | \n- | \n1 | \n(18) | \n(1) | \n(73) | \n(16) | \n- | \n- | \n(4) | \n477 | \n\n\n
\n\n| commodity contracts | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Depreciation and | \n2,457 | \n1,981 | \n2,027 | \n145 | \n702 | \n296 | \n264 | \n481 | \n37 | \n102 | \n- | \n218 | \n6,683 | \n\n\n
\n\n| amortization | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Impairment losses | \n964 | \n534 | \n592 | \n46 | \n238 | \n51 | \n74 | \n148 | \n2 | \n33 | \n- | \n92 | \n2,182 | \n\n\n
\n\n| Impairment gains | \n(46) | \n(218) | \n(28) | \n- | \n(3) | \n- | \n(3) | \n(21) | \n(2) | \n1 | \n- | \n(1) | \n(293) | \n\n\n
\n\n| Operating profit/(loss) | \n8,663 | \n2,892 | \n4,497 | \n(145) | \n1,123 | \n325 | \n1,033 | \n512 | \n67 | \n1,582 | \n- | \n(558) | \n15,494 | \n\n\n
\n\n| Capital expenditure | \n5,331(2) | \n1,979 | \n3,350(3) | \n179 | \n1,286 | \n540 | \n478 | \n834(4) | \n27 | \n6(5) | \n- | \n161 | \n10,821 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
\n(2) Does not include \u20ac91 million classified as held for sale or discontinued operations and referring to investments in the first five months of 2024
\nmade by the company 3SUN, which since June 2024 has however been reclassified among \u201cheld-for-use\u201d assets and liabilities, as the condi-
\ntions that had determined the previous classification pursuant to IFRS 5 no longer apply.
\n(3) Does not include \u20ac98 million classified as held for sale or discontinued operations.
\n(4) Does not include \u20ac96 million classified as held for sale or discontinued operations.
\n(5) Does not include \u20ac2 million classified as held for sale or discontinued operations.
\n\n
\n\n\n| Results for 2023(1) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nColombia | \nUnited | \n | \nRest of | \n | \nOther, | \n | \n\n\n
\n\n | \n | \n | \nRest | \n | \n | \n | \nand | \nStates | \n | \nthe World | \nEliminations | \neliminations | \n | \n\n\n
\n\n | \n | \n | \nof the | \n | \n | \n | \nCentral | \nand | \n | \n\u2013 Other | \nRest of the | \nand | \n | \n\n\n
\n\n| Millions of euro | \nItaly | \nIberia | \nWorld | \nArgentina | \nBrazil | \nChile | \nAmerica | \nCanada | \nMexico | \ncountries | \nWorld | \nadjustments | \nTotal | \n\n\n
\n\n| Revenue and other | \n49,145 | \n25,418 | \n20,927 | \n601 | \n7, 8 25 | \n4,986 | \n3,583 | \n1,809 | \n320 | \n2,144 | \n(341) | \n75 | \n95,565 | \n\n\n
\n\n| income from third | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| parties | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Revenue and other | \n182 | \n10 | \n354 | \n- | \n1 | \n16 | \n1 | \n4 | \n9 | \n8 | \n315 | \n(546) | \n- | \n\n\n
\n\n| income from | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| transactions with other | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| segments | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Total revenue | \n49,327 | \n25,428 | \n21,281 | \n601 | \n7,826 | \n5,002 | \n3,584 | \n1,813 | \n329 | \n2,152 | \n(26) | \n(471) | \n95,565 | \n\n\n
\n\n| Total costs | \n38,792 | \n18,578 | \n15,091 | \n971 | \n5,639 | \n3,867 | \n2,165 | \n993 | \n269 | \n1,211 | \n(24) | \n(117) | \n72,344 | \n\n\n
\n\n| Net results from | \n233 | \n(3,171) | \n(38) | \n(1) | \n- | \n180 | \n- | \n(207) | \n(13) | \n1 | \n2 | \n10 | \n(2,966) | \n\n\n
\n\n| commodity contracts | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Depreciation and | \n2,325 | \n1,911 | \n1,931 | \n60 | \n671 | \n287 | \n227 | \n464 | \n27 | \n195 | \n- | \n186 | \n6,353 | \n\n\n
\n\n| amortization | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Impairment losses | \n824 | \n558 | \n1,879 | \n11 | \n227 | \n20 | \n181 | \n1,424 | \n1 | \n15 | \n- | \n77 | \n3,338 | \n\n\n
\n\n| Impairment gains | \n(22) | \n(197) | \n(48) | \n(1) | \n(12) | \n(1) | \n(30) | \n- | \n- | \n(4) | \n- | \n(1) | \n(268) | \n\n\n
\n\n| Operating profit/(loss) | \n7,641 | \n1,407 | \n2,390 | \n(441) | \n1,301 | \n1,009 | \n1,041 | \n(1,275) | \n19 | \n736 | \n- | \n(606) | \n10,832 | \n\n\n
\n\n| Capital expenditure | \n5,763(2) | \n2,305 | \n4,419(3) | \n103(4) | \n1,811 | \n744 | \n605 | \n1,071(5) | \n25 | \n60(6) | \n- | \n227(6) | \n12,714 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
\n(2) Does not include \u20ac337 million classified as held for sale or discontinued operations.
\n(3) Does not include \u20ac512 million classified as held for sale or discontinued operations.
\n(4) Does not include \u20ac2 million classified as held for sale or discontinued operations.
\n(5) Does not include \u20ac1 million classified as held for sale or discontinued operations.
\n(6) Does not include \u20ac509 million classified as held for sale or discontinued operations.
\n
\n\n\n\n\nFinancial position by primary segment (Business Line)
\n\n
\n\n\n| At December 31, 2024 | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nThermal | \nEnel | \n | \n | \nHolding | \nTotal | \nEliminations | \n | \n\n\n
\n\n | \nGeneration | \nGreen | \nEnel | \nEnd-user | \nand | \nreporting | \nand | \n | \n\n\n
\n\n| Millions of euro | \nand Trading | \nPower | \nGrids | \nMarkets | \nServices | \nsegment | \nadjustments | \nTotal | \n\n\n
\n\n| Property, plant and | \n8,128 | \n43,144 | \n41,679 | \n975 | \n889 | \n94,815 | \n(1) | \n94,814 | \n\n\n
\n\n| equipment | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Intangible assets | \n199 | \n5,060 | \n18,333 | \n4,777 | \n350 | \n28,719 | \n- | \n28,719 | \n\n\n
\n\n| Non-current and current | \n12 | \n13 | \n535 | \n163 | \n3 | \n726 | \n(3) | \n723 | \n\n\n
\n\n| contract assets | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Trade receivables | \n4,648 | \n2,943 | \n8,279 | \n5,600 | \n1,329 | \n22,799 | \n(6,850) | \n15,949 | \n\n\n
\n\n| Other | \n6,457 | \n647 | \n2,459 | \n2,984 | \n5,513 | \n18,060 | \n(10,879) | \n7, 181 | \n\n\n
\n\n| Operating assets | \n19,444(1) | \n51,807(2) | \n71,285(3) | \n14,499 | \n8,084 | \n165,119 | \n(17,733) | \n147,386 | \n\n\n
\n\n| Trade payables | \n5,104 | \n3,491 | \n5,049 | \n5,520 | \n1,101 | \n20,265 | \n(6,560) | \n13,705 | \n\n\n
\n\n| Non-current and current | \n175 | \n254 | \n7,645 | \n71 | \n4 | \n8,149 | \n(19) | \n8,130 | \n\n\n
\n\n| contract liabilities | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sundry provisions | \n3,514 | \n1,596 | \n2,380 | \n751 | \n1,270 | \n9,511 | \n(56) | \n9,455 | \n\n\n
\n\n| Other | \n5,322 | \n958 | \n9,512 | \n7, 211 | \n5,111 | \n28,114 | \n(10,867) | \n17, 2 47 | \n\n\n
\n\n| Operating liabilities | \n14,115(4) | \n6,299(5) | \n24,586(6) | \n13,553 | \n7,486 | \n66,039 | \n(17,502) | \n48,537 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Of which \u20ac189 million classified as held for sale or discontinued operations.
\n(2) Of which \u20ac116 million classified as held for sale or discontinued operations.
\n(3) Of which \u20ac37 million classified as held for sale or discontinued operations.
\n(4) Of which \u20ac12 million classified as held for sale or discontinued operations.
\n(5) Of which \u20ac12 million classified as held for sale or discontinued operations.
\n(6) Of which \u20ac17 million classified as held for sale or discontinued operations.
\n\n
\n\n\n| At December 31, 2023 | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nThermal | \nEnel | \n | \n | \nHolding | \nTotal | \nEliminations | \n | \n\n\n
\n\n | \nGeneration | \nGreen | \nEnel | \nEnd-user | \nand | \nreporting | \nand | \n | \n\n\n
\n\n| Millions of euro | \nand Trading | \nPower | \nGrids | \nMarkets | \nServices | \nsegment | \nadjustments | \nTotal | \n\n\n
\n\n| Property, plant and | \n8,340 | \n42,757 | \n40,490 | \n1,142 | \n793 | \n93,522 | \n(13) | \n93,509 | \n\n\n
\n\n| equipment | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Intangible assets | \n271 | \n5,555 | \n20,188 | \n4,926 | \n443 | \n31,383 | \n- | \n31,383 | \n\n\n
\n\n| Non-current and current | \n20 | \n17 | \n484 | \n169 | \n2 | \n692 | \n(1) | \n691 | \n\n\n
\n\n| contract assets | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Trade receivables | \n7, 2 87 | \n3,471 | \n7, 771 | \n8,373 | \n792 | \n27,694 | \n(9,711) | \n1 7,983 | \n\n\n
\n\n| Other | \n5,736 | \n290 | \n2,738 | \n2,489 | \n3,134 | \n14,387 | \n(6,268) | \n8,119 | \n\n\n
\n\n| Operating assets | \n21,654(1) | \n52,090(2) | \n71,671(3) | \n17,099(4) | \n5,164(5) | \n167,678 | \n(15,993) | \n151,685 | \n\n\n
\n\n| Trade payables | \n6,741 | \n3,797 | \n4,174 | \n9,418 | \n1,014 | \n25,144 | \n(8,986) | \n16,158 | \n\n\n
\n\n| Non-current and current | \n112 | \n271 | \n7,515 | \n59 | \n7 | \n7,964 | \n(95) | \n7,869 | \n\n\n
\n\n| contract liabilities | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sundry provisions | \n3,468 | \n979 | \n3,348 | \n742 | \n1,208 | \n9,745 | \n(63) | \n9,682 | \n\n\n
\n\n| Other | \n3,833 | \n1,606 | \n9,817 | \n4,327 | \n4,740 | \n24,323 | \n(6,164) | \n18,159 | \n\n\n
\n\n| Operating liabilities | \n14,154(6) | \n6,653(7) | \n24,854(8) | \n14,546(9) | \n6,969(10) | \n67, 176 | \n(15,308) | \n51,868 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Of which \u20ac640 million classified as held for sale or discontinued operations.
\n(2) Of which \u20ac2,254 million classified as held for sale or discontinued operations.
\n(3) Of which \u20ac2,469 million classified as held for sale or discontinued operations.
\n(4) Of which \u20ac84 million classified as held for sale or discontinued operations.
\n(5) Of which \u20ac9 million classified as held for sale or discontinued operations.
\n(6) Of which \u20ac142 million classified as held for sale or discontinued operations.
\n(7) Of which \u20ac265 million classified as held for sale or discontinued operations.
\n(8) Of which \u20ac207 million classified as held for sale or discontinued operations.
\n(9) Of which \u20ac19 million classified as held for sale or discontinued operations.
\n(10) Of which \u20ac3 million classified as held for sale or discontinued operations.
\n
\n\n\n\n\nFinancial position by secondary segment (Geographical Area)
\n\n
\n\n\n| At December 31, 2024 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nColombia | \nUnited | \n | \nRest of | \n | \nOther, | \n | \n\n\n
\n\n | \n | \n | \nRest | \n | \n | \n | \nand | \nStates | \n | \nthe World | \nEliminations | \neliminations | \n | \n\n\n
\n\n | \n | \n | \nof the | \n | \n | \n | \nCentral | \nand | \n | \n\u2013 Other | \nRest of the | \nand | \n | \n\n\n
\n\n| Millions of euro | \nItaly | \nIberia | \nWorld | \nArgentina | \nBrazil | \nChile | \nAmerica | \nCanada | \nMexico | \ncountries | \nWorld | \nadjustments | \nTotal | \n\n\n
\n\n| Property, plant and | \n36,659 | \n23,553 | \n34,457 | \n2,430 | \n4,748 | \n7,6 89 | \n5,423 | \n12,733 | \n891 | \n543 | \n- | \n145 | \n94,814 | \n\n\n
\n\n| equipment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Intangible assets | \n3,082 | \n16,065 | \n9,085 | \n141 | \n3,777 | \n2,574 | \n2,043 | \n324 | \n35 | \n191 | \n- | \n487 | \n28,719 | \n\n\n
\n\n| Non-current and | \n61 | \n82 | \n560 | \n- | \n517 | \n- | \n- | \n8 | \n3 | \n32 | \n- | \n20 | \n723 | \n\n\n
\n\n| current contract | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| assets | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Trade receivables | \n7,397 | \n3,442 | \n5,013 | \n246 | \n1,585 | \n2,456 | \n400 | \n165 | \n92 | \n106 | \n(37) | \n97 | \n15,949 | \n\n\n
\n\n| Other | \n3,222 | \n2,347 | \n1,591 | \n76 | \n684 | \n206 | \n196 | \n176 | \n178 | \n91 | \n(16) | \n21 | \n7, 1 81 | \n\n\n
\n\n| Operating assets | \n50,421 | \n45,489(1) | \n50,706(2) | \n2,893 | \n11,311 | \n12,925 | \n8,062(3) | \n13,406 | \n1,199 | \n963(4) | \n(53) | \n770 | \n147,386 | \n\n\n
\n\n| Trade payables | \n6,855 | \n2,270 | \n5,277 | \n543 | \n1,366 | \n2,286 | \n435 | \n389 | \n132 | \n160 | \n(34) | \n(697) | \n13,705 | \n\n\n
\n\n| Non-current and | \n4,253 | \n3,802 | \n108 | \n- | \n70 | \n- | \n38 | \n- | \n- | \n- | \n- | \n(33) | \n8,130 | \n\n\n
\n\n| current contract | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| liabilities | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sundry provisions | \n3,508 | \n3,000 | \n2,103 | \n50 | \n1,215 | \n327 | \n302 | \n181 | \n4 | \n24 | \n- | \n844 | \n9,455 | \n\n\n
\n\n| Other | \n7,218 | \n3,093 | \n5,545 | \n490 | \n1,971 | \n1,102 | \n174 | \n1,629 | \n126 | \n68 | \n(15) | \n1,391 | \n17, 2 47 | \n\n\n
\n\n| Operating liabilities | \n21,834 | \n12,165(5) | \n13,033(6) | \n1,083 | \n4,622 | \n3,715 | \n949 | \n2,199 | \n262 | \n252(7) | \n(49) | \n1,505 | \n48,537 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Of which \u20ac37 million classified as held for sale or discontinued operations.
\n(2) Of which \u20ac306 million classified as held for sale or discontinued operations.
\n(3) Of which \u20ac49 million classified as held for sale or discontinued operations.
\n(4) Of which \u20ac257 million classified as held for sale or discontinued operations.
\n(5) Of which \u20ac17 million classified as held for sale or discontinued operations.
\n(6) Of which \u20ac28 million classified as held for sale or discontinued operations.
\n(7) Of which \u20ac28 million classified as held for sale or discontinued operations.
\n\n
\n\n\n| At December 31, 2023 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nColombia | \nUnited | \n | \nRest of | \n | \nOther, | \n | \n\n\n
\n\n | \n | \n | \nRest | \n | \n | \n | \nand | \nStates | \n | \nthe World | \nEliminations | \neliminations | \n | \n\n\n
\n\n | \n | \n | \nof the | \n | \n | \n | \nCentral | \nand | \n | \n\u2013 Other | \nRest of the | \nand | \n | \n\n\n
\n\n| Millions of euro | \nItaly | \nIberia | \nWorld | \nArgentina | \nBrazil | \nChile | \nAmerica | \nCanada | \nMexico | \ncountries | \nWorld | \nadjustments | \nTotal | \n\n\n
\n\n| Property, plant and | \n34,361 | \n23,527 | \n35,524 | \n1,305 | \n5,335 | \n7, 475 | \n5,328 | \n11,972 | \n818 | \n3,291 | \n- | \n97 | \n93,509 | \n\n\n
\n\n| equipment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Intangible assets | \n3,122 | \n16, 178 | \n11,397 | \n88 | \n4,701 | \n2,576 | \n2,173 | \n446 | \n36 | \n1,377 | \n- | \n686 | \n31,383 | \n\n\n
\n\n| Non-current and | \n90 | \n80 | \n520 | \n- | \n439 | \n- | \n- | \n39 | \n1 | \n41 | \n- | \n1 | \n691 | \n\n\n
\n\n| current contract | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| assets | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Trade receivables | \n8,819 | \n4,011 | \n5,302 | \n77 | \n1,933 | \n2,249 | \n527 | \n176 | \n68 | \n311 | \n(39) | \n(149) | \n17,983 | \n\n\n
\n\n| Other | \n4,281 | \n2,375 | \n1,706 | \n34 | \n762 | \n225 | \n218 | \n214 | \n57 | \n209 | \n(13) | \n(243) | \n8,119 | \n\n\n
\n\n| Operating assets | \n50,673(1) | \n46,171 | \n54,449(2) | \n1,504 | \n13,170 | \n12,525(3) | \n8,246(4) | \n12,847(5) | \n980 | \n5,229(6) | \n(52) | \n392 | \n151,685 | \n\n\n
\n\n| Trade payables | \n9,001 | \n2,888 | \n5,011 | \n173 | \n1,300 | \n1,696 | \n659 | \n834 | \n15 | \n365 | \n(31) | \n(742) | \n16,158 | \n\n\n
\n\n| Non-current and | \n4,318 | \n3,537 | \n47 | \n- | \n- | \n- | \n47 | \n- | \n- | \n- | \n- | \n(33) | \n7,8 69 | \n\n\n
\n\n| current contract | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| liabilities | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Sundry provisions | \n3,078 | \n3,177 | \n2,686 | \n32 | \n1,920 | \n312 | \n224 | \n129 | \n5 | \n64 | \n- | \n741 | \n9,682 | \n\n\n
\n\n| Other | \n6,913 | \n3,556 | \n6,219 | \n240 | \n2,519 | \n1,076 | \n199 | \n1,826 | \n106 | \n268 | \n(15) | \n1,471 | \n18,159 | \n\n\n
\n\n| Operating liabilities | \n23,310(7) | \n13,158 | \n13,963(8) | \n445 | \n5,739 | \n3,084 | \n1,129 | \n2,789(9) | \n126 | \n697(10) | \n(46) | \n1,437 | \n51,868 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) Of which \u20ac631 million classified as held for sale or discontinued operations.
\n(2) Of which \u20ac4,801 million classified as held for sale or discontinued operations.
\n(3) Of which \u20ac5 million classified as held for sale or discontinued operations.
\n(4) Of which \u20ac99 million classified as held for sale or discontinued operations.
\n(5) Of which \u20ac242 million classified as held for sale or discontinued operations.
\n(6) Of which \u20ac4,455 million classified as held for sale or discontinued operations.
\n(7) Of which \u20ac155 million classified as held for sale or discontinued operations.
\n(8) Of which \u20ac481 million classified as held for sale or discontinued operations.
\n(9) Of which \u20ac3 million classified as held for sale or discontinued operations.
\n(10) Of which \u20ac483 million classified as held for sale or discontinued operations.
\n
\n\n\n\n\nThe following table reconciles segment assets and liabilities and the consolidated figures.
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n\n
\n\n| Total assets | \n187, 139 | \n195,224 | \n\n\n
\n\n| Equity-accounted investments | \n1,456 | \n1,650 | \n\n\n
\n\n| Non-current financial derivative assets | \n2,003 | \n2,383 | \n\n\n
\n\n| Other non-current financial assets | \n7,607 | \n8,750 | \n\n\n
\n\n| Non-current tax assets included in \u201cOther non-current assets\u201d | \n1,114 | \n1,487 | \n\n\n
\n\n| Other current financial assets | \n4,854 | \n4,329 | \n\n\n
\n\n| Current financial derivative assets | \n3,512 | \n6,407 | \n\n\n
\n\n| Cash and cash equivalents | \n8,051 | \n6,801 | \n\n\n
\n\n| Deferred tax assets | \n9,025 | \n9,218 | \n\n\n
\n\n| Tax assets | \n2,059 | \n2,016 | \n\n\n
\n\n| Financial and tax assets of \u201cAssets classified as held for sale\u201d | \n72 | \n498 | \n\n\n
\n\n| Segment assets | \n147,386 | \n151,685 | \n\n\n
\n\n| Total liabilities | \n137,968 | \n150,115 | \n\n\n
\n\n| Long-term borrowings | \n60,000 | \n61,085 | \n\n\n
\n\n| Non-current financial derivative liabilities | \n2,915 | \n3,373 | \n\n\n
\n\n| Other non-current financial liabilities | \n64 | \n8 | \n\n\n
\n\n| Short-term borrowings | \n3,645 | \n4,769 | \n\n\n
\n\n| Current portion of long-term borrowings | \n7,4 39 | \n9,086 | \n\n\n
\n\n| Other current financial liabilities | \n845 | \n909 | \n\n\n
\n\n| Current financial derivative liabilities | \n3,584 | \n6,461 | \n\n\n
\n\n| Deferred tax liabilities | \n7,9 51 | \n8,217 | \n\n\n
\n\n| Income tax liabilities | \n1,589 | \n1,573 | \n\n\n
\n\n| Other tax liabilities | \n1,289 | \n1,034 | \n\n\n
\n\n| Financial and tax liabilities of \u201cLiabilities included in disposal groups classified as held for sale\u201d | \n110 | \n1,732 | \n\n\n
\n\n| Segment liabilities | \n48,537 | \n51,868 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1047": {
"value": "\n
\nRevenue
\n\n9.a Revenue from sales and services \u2013 \u20ac73,914 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n\n
\n\n| Sale of electricity | \n43,478 | \n52,465 | \n(8,987) | \n-17. 1 % | \n\n\n\n
\n\n| Transport of electricity | \n12,072 | \n11,123 | \n949 | \n8.5% | \n\n\n\n
\n\n| Fees from network operators | \n961 | \n1,142 | \n(181) | \n-15.8% | \n\n\n\n
\n\n| Transfers from institutional market operators | \n1 ,747 | \n1 ,570 | \n177 | \n11.3% | \n\n\n\n
\n\n| Sale of gas | \n5,875 | \n7,983 | \n(2,108) | \n-26.4% | \n\n\n\n
\n\n| Transport of gas | \n564 | \n68 | \n496 | \n- | \n\n\n\n
\n\n| Sale of fuel | \n1,578 | \n3,458 | \n(1,880) | \n-54.4% | \n\n\n\n
\n\n| Fees for connection to electricity and gas networks | \n1,002 | \n877 | \n125 | \n14.3% | \n\n\n\n
\n\n| Construction contracts | \n1,054 | \n995 | \n59 | \n5.9% | \n\n\n\n
\n\n| Sale of environmental certificates | \n132 | \n283 | \n(151) | \n-53.4% | \n\n\n\n
\n\n| Sale of value-added services | \n1,263 | \n1,653 | \n(390) | \n-23.6% | \n\n\n\n
\n\n| Other sales and services | \n900 | \n866 | \n34 | \n3.9% | \n\n\n\n
\n\n| Total IFRS 15 revenue | \n70,626 | \n82,483 | \n(11,857) | \n-14.4% | \n\n\n\n
\n\n| Sale of commodities under contracts with physical settlement | \n4,598 | \n8,875 | \n(4,277) | \n-48.2% | \n\n\n\n
\n\n| Gain/(Loss) on the measurement of commodity sales | \n(1,333) | \n1,508 | \n(2,841) | \n- | \n\n\n\n
\n\n| contracts with physical settlement closed during the period | \n | \n | \n | \n | \n\n\n\n
\n\n| Other revenue | \n23 | \n16 | \n7 | \n43.8% | \n\n\n\n
\n\n| Total revenue from sales and services | \n73,914 | \n92,882 | \n(18,968) | \n-20.4% | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
Revenue from the \u201csale of electricity\u201d amounted to
\n\u20ac43,478 million, a decrease of \u20ac8,987 million compared
\nwith the previous year (-17.1%), mainly reflecting low-
\ner sales volumes against a background of decreasing
\nelectricity sales prices, mainly in Italy (\u20ac6,176 million) and
\nin Spain (\u20ac1,947 million). The decrease was only partly
\noffset by higher revenue from \u201ctransport of electricity\u201d
\n(\u20ac949 million), mainly attributable to the remuneration
\nof distribution and metering charges in Italy.
\n\u201cTransfers from institutional market operators\u201d de-
\ncreased by \u20ac181 million from 2023, in particular in Italy,
\nmainly reflecting lower revenue from the maximization
\nof coal-fired generation for security reasons, com-
\npared with 2023.
\nRevenue from the \u201csale of gas\u201c in 2024 amounted to
\n\u20ac5,875 million (\u20ac7,983 million in 2023), a decrease of
\n\u20ac2,108 million on the previous year. The decrease is at-
\ntributable to a decline in both sales and volumes han-
\ndled and the decrease in average selling prices, mainly
\nin Spain (\u20ac1,091 million) and Italy (\u20ac1,011 million). The
\neffect is partly offset by an increase in revenue from
\n\u201ctransport of gas\u201d, mainly in Italy (\u20ac497 million) due to
\nthe reinstatement of system charges.
\nRevenue from the \u201csale of fuel\u201d decreased by \u20ac1,880
\nmillion due to decreasing quantities and average gas
\nsales prices, mainly in Spain and Italy.
\nThe decrease in revenue from the \u201csale of commodi-
\nties under contracts with physical settlement\u201d (\u20ac4,277
\nmillion) and in \u201cgain/(loss) on the measurement of
\ncommodity sales contracts with physical settlement
\nclosed during the period\u201d (\u20ac2,841 million) mainly re-
\ngards the sale of gas and reflects a decrease in prices
\nas well as in volumes handled.
\nThe following table shows the net results on contracts
\nfor the sale or purchase of commodities with physi-
\ncal settlement measured at fair value through profit or
\nloss within the scope of IFRS 9.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n\n
\n\n| Fair value gain/(loss) on contracts for energy commodities with | \n | \n | \n | \n | \n\n\n\n
\n\n| physical settlement (within the scope of IFRS 9) closed in the period | \n | \n | \n | \n | \n\n\n\n
\n\n| Sales contracts | \n | \n | \n | \n | \n\n\n\n
\n\n| Sale of electricity | \n919 | \n1,550 | \n(631) | \n-40.7% | \n\n\n\n
\n\n| Fair value gain/(loss) on closed contracts | \n1 | \n281 | \n(280) | \n-99.6% | \n\n\n\n
\n\n| Total electricity | \n920 | \n1,831 | \n(911) | \n-49.8% | \n\n\n\n
\n\n| Sale of gas | \n3,599 | \n7, 271 | \n(3,672) | \n-50.5% | \n\n\n\n
\n\n| Fair value gain/(loss) on closed contracts | \n(1,482) | \n1,114 | \n(2,596) | \n- | \n\n\n\n
\n\n| Total gas | \n2,117 | \n8,385 | \n(6,268) | \n-74.8% | \n\n\n\n
\n\n| Sale of emissions allowances | \n74 | \n4 | \n70 | \n- | \n\n\n\n
\n\n| Fair value gain/(loss) on closed contracts | \n139 | \n109 | \n30 | \n27.5% | \n\n\n\n
\n\n| Total emissions allowances | \n213 | \n113 | \n100 | \n88.5% | \n\n\n\n
\n\n| Sale of guarantees of origin | \n6 | \n50 | \n(44) | \n-88.0% | \n\n\n\n
\n\n| Fair value gain/(loss) on closed contracts | \n9 | \n4 | \n5 | \n- | \n\n\n\n
\n\n| Total guarantees of origin | \n15 | \n54 | \n(39) | \n-72 .2% | \n\n\n\n
\n\n| Total revenue | \n3,265 | \n10,383 | \n(7,118) | \n-68.6% | \n\n\n\n
\n\n| Purchase contracts | \n | \n | \n | \n | \n\n\n\n
\n\n| Purchase of electricity | \n872 | \n2,884 | \n(2,012) | \n-69.8% | \n\n\n\n
\n\n| Fair value gain/(loss) on closed contracts | \n555 | \n570 | \n(15) | \n-2.6% | \n\n\n\n
\n\n| Total electricity | \n1,427 | \n3,454 | \n(2,027) | \n-58.7% | \n\n\n\n
\n\n| Purchase of gas | \n4,793 | \n8,063 | \n(3,270) | \n-40.6% | \n\n\n\n
\n\n| Fair value gain/(loss) on closed contracts | \n(2,173) | \n1,370 | \n(3,543) | \n- | \n\n\n\n
\n\n| Total gas | \n2,620 | \n9,433 | \n(6,813) | \n-72 .2% | \n\n\n\n
\n\n| Purchase of emissions allowances | \n236 | \n624 | \n(388) | \n-62.2% | \n\n\n\n
\n\n| Fair value gain/(loss) on closed contracts | \n(30) | \n(31) | \n1 | \n3.2% | \n\n\n\n
\n\n| Total emissions allowances | \n206 | \n593 | \n(387) | \n-65.3% | \n\n\n\n
\n\n| Purchase of guarantees of origin | \n14 | \n101 | \n(87) | \n-86.1% | \n\n\n\n
\n\n| Fair value gain/(loss) on closed contracts | \n(28) | \n32 | \n(60) | \n- | \n\n\n\n
\n\n| Total guarantees of origin | \n(14) | \n133 | \n(147) | \n- | \n\n\n\n
\n\n| Total costs | \n4,239 | \n13,613 | \n(9,374) | \n-68.9% | \n\n\n\n
\n\n| Net revenue/(costs) on contracts for energy commodities with | \n(974) | \n(3,230) | \n2,256 | \n69.8% | \n\n\n\n
\n\n| physical settlement (within the scope of IFRS 9) closed in the period | \n | \n | \n | \n | \n\n\n\n
\n\n| Gain/(Loss) from measurement of outstanding contracts for energy | \n | \n | \n | \n | \n\n\n\n
\n\n| commodities with physical settlement (within the scope of IFRS 9) | \n | \n | \n | \n | \n\n\n\n
\n\n| Sales contracts | \n | \n | \n | \n | \n\n\n\n
\n\n| Electricity | \n(57) | \n226 | \n(283) | \n- | \n\n\n\n
\n\n| Gas | \n(647) | \n136 | \n(783) | \n- | \n\n\n\n
\n\n| Emissions allowances | \n(15) | \n23 | \n(38) | \n- | \n\n\n\n
\n\n| Guarantees of origin | \n9 | \n4 | \n5 | \n- | \n\n\n\n
\n\n| Total | \n(710) | \n389 | \n(1,099) | \n- | \n\n\n\n
\n\n| Purchase contracts | \n | \n | \n | \n | \n\n\n\n
\n\n| Electricity | \n(626) | \n254 | \n(880) | \n- | \n\n\n\n
\n\n| Gas | \n(1,187) | \n586 | \n(1,773) | \n- | \n\n\n\n
\n\n| Emissions allowances | \n(37) | \n19 | \n(56) | \n- | \n\n\n\n
\n\n| Guarantees of origin | \n51 | \n67 | \n(16) | \n-23.9% | \n\n\n\n
\n\n| Total | \n(1,799) | \n926 | \n(2,725) | \n- | \n\n\n\n
\n\n| Gain/(Loss) from measurement of outstanding contracts for energy | \n1,089 | \n(537) | \n1,626 | \n- | \n\n\n\n
\n\n| commodities with physical settlement (within the scope of IFRS 9) | \n | \n | \n | \n | \n\n\n\n
\n\n| Total net revenue/(costs) on contracts with physical settlement | \n115 | \n(3,767) | \n3,882 | \n- | \n\n\n\n
\n\n| (within the scope of IFRS 9) | \n | \n | \n | \n | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\nRevenue from contracts with customers (IFRS 15) breaks down into \u201cpoint in time\u201d and \u201cover time\u201d revenue as
\nindicated in the following table.
\n\n
\n\n\n | \n2024 | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nOther, eliminations | \n | \n | \n\n\n
\n\n | \nItaly | \nIberia | \nRest of the World | \nand adjustments | \nTotal | \n\n\n
\n\n | \nOver | \nPoint in | \nOver | \nPoint in | \nOver | \nPoint in | \n | \nPoint in | \nOver | \nPoint in | \n\n\n
\n\n| Millions of euro | \ntime | \ntime | \ntime | \ntime | \ntime | \ntime | \nOver time | \ntime | \ntime | \ntime | \n\n\n
\n\n| Total IFRS 15 revenue | \n30,167 | \n990 | \n20,207 | \n690 | \n18,227 | \n239 | \n54 | \n52 | \n68,655 | \n1,971 | \n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
\n
\n\n\n | \n2023 | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nOther, | \n | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \neliminations and | \n | \n | \n\n\n
\n\n | \nItaly | \nIberia | \nRest of the World | \nadjustments | \nTotal | \n\n\n
\n\n | \nOver | \nPoint in | \nOver | \nPoint in | \nOver | \nPoint in | \nOver | \nPoint in | \nOver | \nPoint in | \n\n\n
\n\n | \ntime | \ntime | \ntime | \ntime | \ntime | \ntime | \ntime | \ntime | \ntime | \ntime | \n\n\n
\n\n| Total IFRS 15 revenue | \n36,982 | \n1,169 | \n23,063 | \n1,973 | \n17,887 | \n1,342 | \n13 | \n54 | \n77,945 | \n4,538 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The table below gives a breakdown of revenue from sales and services by geographical area.
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n\n\n
\n\n| Italy | \n30,987 | \n39,724 | \n\n\n
\n\n| Europe | \n | \n | \n\n\n
\n\n| Iberia | \n19,076 | \n21,799 | \n\n\n
\n\n| France | \n1,017 | \n1,919 | \n\n\n
\n\n| Switzerland | \n788 | \n1,936 | \n\n\n
\n\n| Germany | \n729 | \n1,028 | \n\n\n
\n\n| Austria | \n93 | \n75 | \n\n\n
\n\n| Slovenia | \n26 | \n10 | \n\n\n
\n\n| Romania | \n17 | \n4 | \n\n\n
\n\n| Greece | \n18 | \n6 | \n\n\n
\n\n| Belgium | \n30 | \n13 | \n\n\n
\n\n| Czech Republic | \n42 | \n180 | \n\n\n
\n\n| Hungary | \n- | \n13 | \n\n\n
\n\n| Netherlands | \n68 | \n145 | \n\n\n
\n\n| United Kingdom | \n1,692 | \n4,523 | \n\n\n
\n\n| Other European countries | \n683 | \n2,152 | \n\n\n
\n\n| Americas | \n | \n | \n\n\n
\n\n| United States | \n719 | \n864 | \n\n\n
\n\n| Canada | \n42 | \n62 | \n\n\n
\n\n| Mexico | \n331 | \n315 | \n\n\n
\n\n| Brazil | \n7,5 61 | \n7,621 | \n\n\n
\n\n| Chile | \n3,793 | \n4,369 | \n\n\n
\n\n| Peru | \n667 | \n1,565 | \n\n\n
\n\n| Colombia | \n3,512 | \n3,248 | \n\n\n
\n\n| Argentina | \n1,333 | \n613 | \n\n\n
\n\n| Panama | \n213 | \n200 | \n\n\n
\n\n| Costa Rica | \n20 | \n17 | \n\n\n
\n\n| Guatemala | \n84 | \n81 | \n\n\n
\n\n| Other | \n | \n | \n\n\n
\n\n| Africa | \n103 | \n96 | \n\n\n
\n\n| Asia | \n249 | \n266 | \n\n\n
\n\n| Oceania | \n21 | \n38 | \n\n\n
\n\n| Total | \n73,914 | \n92,882 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\nPerformance obligations
\nThe following table provides information about the
\nGroup\u2019s performance obligations arising from contracts
\nwith customers with reference to the main revenue
\nstreams only, with a summary of the specific judgments
\nmade and the related revenue recognition policies.
\nFor information on the use of estimates with revenue
\nfrom contracts with customers, please see note 2.1
\n\u201cUse of estimates and management judgment\u201d.
\n\n
\n\n\n| Type of | \n
| \nNature and timing of satisfaction | \n
| \n | \n\n
\n\n| product/service | \n
| \nof performance obligation | \n
| \nAccounting policies | \n\n
\n\n| Sale of electricity | \n
| \nIn order to determine the nature of the promise con- | \n
| \nThe Group applies an output method to recognize | \n\n
\n\n| produced by the Group | \n
| \ntained in these contracts with customers for the sale | \n
| \nrevenue from the sale of electricity on power ex- | \n\n
\n\n | \n
| \nof electricity, the Group carefully analyzes the facts | \n
| \nchanges, recognized over time, so as to recognize | \n\n
\n\n | \n
| \nand circumstances applicable to each contract. | \n
| \nrevenue in the amount to which it has a right to in- | \n\n
\n\n | \n
| \nFor the sale of electricity on power exchanges, the | \n
| \nvoice the customer if that amount corresponds di- | \n\n
\n\n | \n
| \nfacts and circumstances (including the intrinsic char- | \n
| \nrectly with the value to the customer of the perfor- | \n\n
\n\n | \n
| \nacteristics of the commodity, contractual terms, in- | \n
| \nmance completed to date, i.e. at the price defined in | \n\n
\n\n | \n
| \nformation regarding infrastructure and other delivery | \n
| \nthe market (without variable consideration). | \n\n
\n\n | \n
| \nmechanisms) generally indicate that the performance | \n
| \n | \n\n
\n\n | \n
| \nobligation is a service in which the customer simulta- | \n
| \n | \n\n
\n\n | \n
| \nneously receives and consumes the benefits of the | \n
| \n | \n\n
\n\n | \n
| \ncommodity as it is delivered. Thus, the Group identifies | \n
| \n | \n\n
\n\n | \n
| \na performance obligation satisfied over time as part of | \n
| \n | \n\n
\n\n | \n
| \na series of distinct goods/services (i.e. each unit of | \n
| \n | \n\n
\n\n | \n
| \ncommodity) that are substantially the same and have | \n
| \n | \n\n
\n\n | \n
| \nthe same pattern of transfer to the customer. | \n
| \n | \n\n
\n\n| Network connection | \n
| \nThe network connection fees received from custom- | \n
| \nRevenue from monetary and in-kind fees for connec- | \n\n
\n\n| services | \n
| \ners for connecting them to the electricity/gas distri- | \n
| \ntion to the electricity and gas distribution network | \n\n
\n\n | \n
| \nbution networks require a specific Group assessment | \n
| \nis recognized on the basis of the satisfaction of the | \n\n
\n\n | \n
| \nto take into consideration a number of factors. | \n
| \nperformance obligations included in the contract. The | \n\n
\n\n | \n
| \nThis assessment is intended to determine whether | \n
| \nidentification of distinct goods or services requires a | \n\n
\n\n | \n
| \nthe contract includes other distinct goods or servic- | \n
| \ncareful analysis of the terms and conditions of the | \n\n
\n\n | \n
| \nes, such as for example the right to obtain ongoing | \n
| \nconnection arrangements, which could vary from | \n\n
\n\n | \n
| \naccess to the infrastructure in order to receive the | \n
| \ncountry to country based on the local context, regula- | \n\n
\n\n | \n
| \ncommodity or, when the connection fee is a \u201cnon-re- | \n
| \ntions and law. In order to finalize this assessment, the | \n\n
\n\n | \n
| \nfundable up-front fee\u201d paid at or near contract incep- | \n
| \nGroup considers not only the characteristics of the | \n\n
\n\n | \n
| \ntion, a material right that gives rise to a performance | \n
| \ngoods/services themselves (i.e. the good or service is | \n\n
\n\n | \n
| \nobligation. | \n
| \ncapable of being distinct) but also the implied prom- | \n\n
\n\n | \n
| \n | \n
| \nises for which the customer has a valid expectation | \n\n
\n\n | \n
| \nIn particular, in some countries in which the Group op- | \n
| \nas it views those promises as part of the negotiated | \n\n
\n\n | \n
| \nerates, it has determined that the nature of the con- | \n
| \nexchange. | \n\n
\n\n | \n
| \nsideration received represents a \u201cnon-refundable up- | \n
| \nFurthermore, the Group acts as an agent in some | \n\n
\n\n | \n
| \nfront fee\u201d whose payment provides a material right | \n
| \ncontracts for electricity/gas network connection ser- | \n\n
\n\n | \n
| \nto the customer. In order to determine if the period | \n
| \nvices and other related activities, depending on local | \n\n
\n\n | \n
| \nover which this material right should be recognized | \n
| \nlegal and regulatory framework. In such cases, it rec- | \n\n
\n\n | \n
| \nextends beyond the initial contractual period, the | \n
| \nognizes revenue on a net basis, corresponding to any | \n\n
\n\n | \n
| \nGroup also takes into consideration applicable local | \n
| \nfee or commission to which it expects to be entitled. | \n\n
\n\n | \n
| \nlegal and regulatory framework. | \n
| \n | \n\n
\n\n| Sale/Transport | \n
| \nAn electricity/gas supply agreement signed with an | \n
| \nThe Group applies an output method to recognize | \n\n
\n\n| of electricity/gas | \n
| \nend user includes a single performance obligation | \n
| \nrevenue from the sale and transport of electricity/ | \n\n
\n\n| to end users | \n
| \n(sale and transport of the commodity) because the | \n
| \ngas to end users, so as to recognize revenue in the | \n\n
\n\n | \n
| \nGroup has determined that the contract does not | \n
| \namount to which it has a right to invoice the customer | \n\n
\n\n | \n
| \nprovide distinct goods/services and the promise is | \n
| \nif that amount corresponds directly with the value to | \n\n
\n\n | \n
| \nsatisfied by transferring control over the commodi- | \n
| \nthe customer of the performance completed to date, | \n\n
\n\n | \n
| \nty to the customer when it is delivered at the point | \n
| \ni.e. the quantities provided during the period, even if | \n\n
\n\n | \n
| \nof delivery. In order to determine the nature of the | \n
| \nthese have not yet been invoiced; this revenue is de- | \n\n
\n\n | \n
| \npromise included in such contracts, the Group care- | \n
| \ntermined using estimates as well as periodic meter | \n\n
\n\n | \n
| \nfully analyzes the facts and circumstances applicable | \n
| \nreadings. Where applicable, this revenue is based on | \n\n
\n\n | \n
| \nto each contract and commodity. | \n
| \nthe rates and related restrictions established by law | \n\n
\n\n | \n
| \nHowever, the Group considers that the performance | \n
| \nor by the Regulatory Authority for Energy, Networks | \n\n
\n\n | \n
| \nobligation provided for in a repetitive service contract, | \n
| \nand the Environment (ARERA) and analogous foreign | \n\n
\n\n | \n
| \nsuch as a supply contract for the provision of electric- | \n
| \nauthorities during the applicable period. | \n\n
\n\n | \n
| \nity/gas to end users, is typically satisfied over time (be- | \n
| \n | \n\n
\n\n | \n
| \ncause the customer simultaneously receives and con- | \n
| \n | \n\n
\n\n | \n
| \nsumes the benefits of the commodity as it is delivered) | \n
| \n | \n\n
\n\n | \n
| \nas part of a series of distinct goods/services (i.e. each | \n
| \n | \n\n
\n\n | \n
| \nunit of commodity) that are substantially the same and | \n
| \n | \n\n
\n\n | \n
| \nhave the same pattern of transfer to the customer. | \n
| \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n\n\n
\n\n\n| Type of | \n
| \nNature and timing of satisfaction | \n | \n | \n\n
\n\n| product/service | \n
| \nof performance obligation | \n | \nAccounting policies | \n\n
\n\n| Construction contracts | \n
| \nThe construction contracts typically include a perfor- | \n | \nFor construction contracts that include a performance | \n\n
\n\n | \n
| \nmance obligation satisfied over time. For these con- | \n | \nobligation satisfied over time, the Group recognizes | \n\n
\n\n | \n
| \ntracts, the Group generally considers it appropriate to | \n | \nrevenue over time by measuring progress toward the | \n\n
\n\n | \n
| \nuse an input method for measuring progress, except | \n | \ncomplete satisfaction of that performance obligation. | \n\n
\n\n | \n
| \nwhen a specific contract analysis suggests the use of | \n
| \nThe cost-to-cost method is generally considered the | \n\n
\n\n | \n
| \nan alternative method that better depicts the Group\u2019s | \n
| \nbest method to depict the Group\u2019s performance obli- | \n\n
\n\n | \n
| \nperformance obligation fulfilled at the reporting date. | \n
| \ngation fulfilled at the reporting date. | \n\n
\n\n | \n
| \n | \n
| \nThe amount due from customers under a construc- | \n\n
\n\n | \n
| \n | \n
| \ntion contract is presented as a contract asset; the | \n\n
\n\n | \n
| \n | \n
| \namount due to customers under a construction con- | \n\n
\n\n | \n
| \n | \n
| \ntract is presented as a contract liability. | \n\n
\n\n| Concession service | \n
| \nThe Group, as concession holder, provides services for | \n | \nWhen the Group provides construction/upgrade ser- | \n\n
\n\n| arrangements (within the | \n
| \nthe construction/upgrade of the infrastructure used | \n
| \nvices, it recognizes intangible assets and/or financial | \n\n
\n\n| scope of IFRIC 12) | \n
| \nfor the provision of public services and/or services for | \n
| \nassets, depending on the characteristics of the service | \n\n
\n\n | \n
| \nthe operation and maintenance of the infrastructure | \n
| \nconcession arrangement. | \n\n
\n\n | \n
| \nitself for the period of the concession. | \n
| \nThe amounts received or receivable relating to both | \n\n
\n\n | \n
| \nFor performance obligations related to infrastructure | \n
| \ncomponents are initially recognized as revenue from | \n\n
\n\n | \n
| \nconstruction and improvement, please refer to the | \n
| \ncontracts with customers. For more details on revenue | \n\n
\n\n | \n
| \nsection \u201cConstruction contracts\u201d. | \n
| \nrecognition, please refer to the section \u201cConstruction | \n\n
\n\n | \n
| \nAs far as revenue from operating services is con- | \n
| \ncontracts\u201d. | \n\n
\n\n | \n
| \ncerned, please refer to the sections \u201cSale of electricity | \n
| \nFurthermore, the component recognized in profit or | \n\n
\n\n | \n
| \nproduced by the Group\u201d and \u201cSale/Transport of elec- | \n
| \nloss deriving from the remeasurement at fair value of | \n\n
\n\n | \n
| \ntricity/gas to end users\u201d. | \n
| \nthe financial assets in respect of service concession | \n\n
\n\n | \n
| \n | \n
| \nagreements for the distribution business in Brazil is | \n\n
\n\n | \n
| \n | \n
| \nalso classified as revenue, in order to adequately re- | \n\n
\n\n | \n
| \n | \n
| \nflect the business model in line with the related con- | \n\n
\n\n | \n
| \n | \n
| \ncession agreement. | \n\n
\n\n | \n
| \n | \n
| \nRevenue from management and maintenance activ- | \n\n
\n\n | \n
| \n | \n
| \nities is recognized as revenue from the sale of elec- | \n\n
\n\n | \n
| \n | \n
| \ntricity on the market or to end users (please refer to | \n\n
\n\n | \n
| \n | \n
| \nsections \u201cSale of electricity produced by the Group\u201d | \n\n
\n\n | \n
| \n | \n
| \nand \u201cSale/Transport of electricity/gas to end users\u201d, | \n\n
\n\n | \n
| \n | \n
| \nrespectively). | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\n\n\n
\n\n9.b Other income \u2013 \u20ac5,033 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n
\n\n| Grants for environmental certificates(1) | \n294 | \n346 | \n(52) | \n-15.0% | \n
\n\n| Other operating grants | \n60 | \n9 | \n51 | \n- | \n
\n\n| Capital grants (electricity and gas business) | \n30 | \n28 | \n2 | \n7. 1% | \n
\n\n| Sundry reimbursements | \n401 | \n314 | \n87 | \n2 7.7 % | \n
\n\n| Gains on the disposal of subsidiaries, associates, joint ventures, | \n2,351 | \n584 | \n1,767 | \n- | \n
\n\n| joint operations and non-current assets held for sale | \n | \n | \n | \n | \n
\n\n| Gains on the disposal of property, plant and equipment, | \n90 | \n44 | \n46 | \n- | \n
\n\n| and intangible assets | \n | \n | \n | \n | \n
\n\n| Service continuity bonuses | \n12 | \n13 | \n(1) | \n-7.7 % | \n
\n\n| Other income | \n1,795 | \n1,345 | \n450 | \n33.5% | \n
\n\n| Total | \n5,033 | \n2,683 | \n2,350 | \n87.6 % | \n
\n\n
\n
(1) For more on \u201cGrants for environmental certificates\u201d, please see note 56 \u201cEnvironmental programs\u201d.
\nGains on the disposal of entities amounted to \u20ac2,351
\nmillion in 2024, mainly reflecting gains on the disposal
\nof electricity generation and distribution assets in Peru
\n(totaling \u20ac1,347 million) and gains from the sale of elec-
\ntricity distribution assets in a number of municipalities in
\nthe provinces of Milan and Brescia (totaling \u20ac989 million).
\nIn 2023 the item mainly included recognition
\nby Enel CIEN (in Brazil) of \u20ac99 million for the
\nend-of-concession indemnity received for the
\ntakeover of the concession by another entity and
\nthe overall income of \u20ac103 million from the partial
\nsale with loss of control of assets held in Australia,
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n\n
\n
\n
\nthe gain on the sale of Arcadia Generaci\u00f3n Solar
\n(\u20ac195 million) and the remeasurement at fair value
\nof the residual interest in Enel Green Power Hellas
\n(\u20ac160 million).
\n\u201cOther income\u201d increased by \u20ac450 million on 2023,
\nmainly reflecting revenue from tax partnership agree-
\nments (\u20ac440 million) following the entry into service of
\nnew plants in North America.
\n\n
\n
\nThe following tables show a breakdown of total rev-
\nenue by business line based on the approach used
\nby management to monitor the Group\u2019s performance
\nduring the two years being compared.
\n
\n\n\n\n\n\n\n\n
\n
\n\n
\n\n\n | \n2024 | \n
\n\n | \nThermal | \nEnel | \n | \n | \nHolding | \nTotal | \nEliminations | \n | \n
\n\n | \nGeneration | \nGreen | \nEnel | \nEnd-user | \nand | \nreporting | \nand | \n | \n
\n\n| Millions of euro | \nand Trading | \nPower | \nGrids | \nMarkets | \nServices | \nsegment | \nadjustments | \nTotal | \n
\n\n| Total IFRS 15 revenue | \n19,088 | \n10,397 | \n20,685 | \n41,232 | \n1,902 | \n93,304 | \n(22,678) | \n70,626 | \n
\n\n| Sale of commodities under | \n6,344 | \n- | \n- | \n- | \n- | \n6,344 | \n(1,746) | \n4,598 | \n
\n\n| contracts with physical | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| settlement | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Gain/(Loss) on the | \n(1,333) | \n- | \n- | \n- | \n- | \n(1,333) | \n- | \n(1,333) | \n
\n\n| measurement of | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| commodity sales contracts | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| with physical settlement | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| closed during the period | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Other revenue | \n11 | \n2 | \n18 | \n- | \n19 | \n50 | \n(27) | \n23 | \n
\n\n| Total revenue from sales | \n24,110 | \n10,399 | \n20,703 | \n41,232 | \n1,921 | \n98,365 | \n(24,451) | \n73,914 | \n
\n\n| and services | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Other income | \n166 | \n1,818 | \n2,533 | \n629 | \n25 | \n5,171 | \n(138) | \n5,033 | \n
\n\n| TOTAL REVENUE | \n24,276 | \n12,217 | \n23,236 | \n41,861 | \n1,946 | \n103,536 | \n(24,589) | \n78,947 | \n
\n\n
\n
\n
\n\n\n | \n2023 | \n
\n\n | \nThermal | \nEnel | \n | \n | \nHolding | \nTotal | \nEliminations | \n | \n
\n\n | \nGeneration | \nGreen | \nEnel | \nEnd-user | \nand | \nreporting | \nand | \n | \n
\n\n| Millions of euro | \nand Trading | \nPower | \nGrids | \nMarkets | \nServices | \nsegment | \nadjustments | \nTotal | \n
\n\n| Total IFRS 15 revenue | \n26,354 | \n9,982 | \n19,719 | \n51,630 | \n2,004 | \n109,689 | \n(27,206) | \n82,483 | \n
\n\n| Sale of commodities under | \n12,374 | \n- | \n- | \n6 | \n- | \n12,380 | \n(3,505) | \n8,875 | \n
\n\n| contracts with physical | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| settlement | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Gain/(Loss) on the | \n1,504 | \n- | \n- | \n4 | \n- | \n1,508 | \n- | \n1,508 | \n
\n\n| measurement of | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| commodity sales contracts | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| with physical settlement | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| closed during the period | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Other revenue | \n6 | \n3 | \n18 | \n1 | \n16 | \n44 | \n(28) | \n16 | \n
\n\n| Total revenue from sales | \n40,238 | \n9,985 | \n19,737 | \n51,641 | \n2,020 | \n123,621 | \n(30,739) | \n92,882 | \n
\n\n| and services | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Other income | \n(48) | \n1,635 | \n522 | \n478 | \n25 | \n2,612 | \n71 | \n2,683 | \n
\n\n| TOTAL REVENUE | \n40,190 | \n11,620 | \n20,259 | \n52,119 | \n2,045 | \n126,233 | \n(30,668) | \n95,565 | \n
\n\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1053": {
"value": "\n9.a Revenue from sales and services \u2013 \u20ac73,914 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n\n
\n\n| Sale of electricity | \n43,478 | \n52,465 | \n(8,987) | \n-17. 1 % | \n\n\n\n
\n\n| Transport of electricity | \n12,072 | \n11,123 | \n949 | \n8.5% | \n\n\n\n
\n\n| Fees from network operators | \n961 | \n1,142 | \n(181) | \n-15.8% | \n\n\n\n
\n\n| Transfers from institutional market operators | \n1 ,747 | \n1 ,570 | \n177 | \n11.3% | \n\n\n\n
\n\n| Sale of gas | \n5,875 | \n7,983 | \n(2,108) | \n-26.4% | \n\n\n\n
\n\n| Transport of gas | \n564 | \n68 | \n496 | \n- | \n\n\n\n
\n\n| Sale of fuel | \n1,578 | \n3,458 | \n(1,880) | \n-54.4% | \n\n\n\n
\n\n| Fees for connection to electricity and gas networks | \n1,002 | \n877 | \n125 | \n14.3% | \n\n\n\n
\n\n| Construction contracts | \n1,054 | \n995 | \n59 | \n5.9% | \n\n\n\n
\n\n| Sale of environmental certificates | \n132 | \n283 | \n(151) | \n-53.4% | \n\n\n\n
\n\n| Sale of value-added services | \n1,263 | \n1,653 | \n(390) | \n-23.6% | \n\n\n\n
\n\n| Other sales and services | \n900 | \n866 | \n34 | \n3.9% | \n\n\n\n
\n\n| Total IFRS 15 revenue | \n70,626 | \n82,483 | \n(11,857) | \n-14.4% | \n\n\n\n
\n\n| Sale of commodities under contracts with physical settlement | \n4,598 | \n8,875 | \n(4,277) | \n-48.2% | \n\n\n\n
\n\n| Gain/(Loss) on the measurement of commodity sales | \n(1,333) | \n1,508 | \n(2,841) | \n- | \n\n\n\n
\n\n| contracts with physical settlement closed during the period | \n | \n | \n | \n | \n\n\n\n
\n\n| Other revenue | \n23 | \n16 | \n7 | \n43.8% | \n\n\n\n
\n\n| Total revenue from sales and services | \n73,914 | \n92,882 | \n(18,968) | \n-20.4% | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
Revenue from the \u201csale of electricity\u201d amounted to
\n\u20ac43,478 million, a decrease of \u20ac8,987 million compared
\nwith the previous year (-17.1%), mainly reflecting low-
\ner sales volumes against a background of decreasing
\nelectricity sales prices, mainly in Italy (\u20ac6,176 million) and
\nin Spain (\u20ac1,947 million). The decrease was only partly
\noffset by higher revenue from \u201ctransport of electricity\u201d
\n(\u20ac949 million), mainly attributable to the remuneration
\nof distribution and metering charges in Italy.
\n\u201cTransfers from institutional market operators\u201d de-
\ncreased by \u20ac181 million from 2023, in particular in Italy,
\nmainly reflecting lower revenue from the maximization
\nof coal-fired generation for security reasons, com-
\npared with 2023.
\nRevenue from the \u201csale of gas\u201c in 2024 amounted to
\n\u20ac5,875 million (\u20ac7,983 million in 2023), a decrease of
\n\u20ac2,108 million on the previous year. The decrease is at-
\ntributable to a decline in both sales and volumes han-
\ndled and the decrease in average selling prices, mainly
\nin Spain (\u20ac1,091 million) and Italy (\u20ac1,011 million). The
\neffect is partly offset by an increase in revenue from
\n\u201ctransport of gas\u201d, mainly in Italy (\u20ac497 million) due to
\nthe reinstatement of system charges.
\nRevenue from the \u201csale of fuel\u201d decreased by \u20ac1,880
\nmillion due to decreasing quantities and average gas
\nsales prices, mainly in Spain and Italy.
\nThe decrease in revenue from the \u201csale of commodi-
\nties under contracts with physical settlement\u201d (\u20ac4,277
\nmillion) and in \u201cgain/(loss) on the measurement of
\ncommodity sales contracts with physical settlement
\nclosed during the period\u201d (\u20ac2,841 million) mainly re-
\ngards the sale of gas and reflects a decrease in prices
\nas well as in volumes handled.
\nThe following table shows the net results on contracts
\nfor the sale or purchase of commodities with physi-
\ncal settlement measured at fair value through profit or
\nloss within the scope of IFRS 9.
\n
\n\n\n\n\n\n\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n\n
\n\n| Fair value gain/(loss) on contracts for energy commodities with | \n | \n | \n | \n | \n\n\n\n
\n\n| physical settlement (within the scope of IFRS 9) closed in the period | \n | \n | \n | \n | \n\n\n\n
\n\n| Sales contracts | \n | \n | \n | \n | \n\n\n\n
\n\n| Sale of electricity | \n919 | \n1,550 | \n(631) | \n-40.7% | \n\n\n\n
\n\n| Fair value gain/(loss) on closed contracts | \n1 | \n281 | \n(280) | \n-99.6% | \n\n\n\n
\n\n| Total electricity | \n920 | \n1,831 | \n(911) | \n-49.8% | \n\n\n\n
\n\n| Sale of gas | \n3,599 | \n7, 271 | \n(3,672) | \n-50.5% | \n\n\n\n
\n\n| Fair value gain/(loss) on closed contracts | \n(1,482) | \n1,114 | \n(2,596) | \n- | \n\n\n\n
\n\n| Total gas | \n2,117 | \n8,385 | \n(6,268) | \n-74.8% | \n\n\n\n
\n\n| Sale of emissions allowances | \n74 | \n4 | \n70 | \n- | \n\n\n\n
\n\n| Fair value gain/(loss) on closed contracts | \n139 | \n109 | \n30 | \n27.5% | \n\n\n\n
\n\n| Total emissions allowances | \n213 | \n113 | \n100 | \n88.5% | \n\n\n\n
\n\n| Sale of guarantees of origin | \n6 | \n50 | \n(44) | \n-88.0% | \n\n\n\n
\n\n| Fair value gain/(loss) on closed contracts | \n9 | \n4 | \n5 | \n- | \n\n\n\n
\n\n| Total guarantees of origin | \n15 | \n54 | \n(39) | \n-72 .2% | \n\n\n\n
\n\n| Total revenue | \n3,265 | \n10,383 | \n(7,118) | \n-68.6% | \n\n\n\n
\n\n| Purchase contracts | \n | \n | \n | \n | \n\n\n\n
\n\n| Purchase of electricity | \n872 | \n2,884 | \n(2,012) | \n-69.8% | \n\n\n\n
\n\n| Fair value gain/(loss) on closed contracts | \n555 | \n570 | \n(15) | \n-2.6% | \n\n\n\n
\n\n| Total electricity | \n1,427 | \n3,454 | \n(2,027) | \n-58.7% | \n\n\n\n
\n\n| Purchase of gas | \n4,793 | \n8,063 | \n(3,270) | \n-40.6% | \n\n\n\n
\n\n| Fair value gain/(loss) on closed contracts | \n(2,173) | \n1,370 | \n(3,543) | \n- | \n\n\n\n
\n\n| Total gas | \n2,620 | \n9,433 | \n(6,813) | \n-72 .2% | \n\n\n\n
\n\n| Purchase of emissions allowances | \n236 | \n624 | \n(388) | \n-62.2% | \n\n\n\n
\n\n| Fair value gain/(loss) on closed contracts | \n(30) | \n(31) | \n1 | \n3.2% | \n\n\n\n
\n\n| Total emissions allowances | \n206 | \n593 | \n(387) | \n-65.3% | \n\n\n\n
\n\n| Purchase of guarantees of origin | \n14 | \n101 | \n(87) | \n-86.1% | \n\n\n\n
\n\n| Fair value gain/(loss) on closed contracts | \n(28) | \n32 | \n(60) | \n- | \n\n\n\n
\n\n| Total guarantees of origin | \n(14) | \n133 | \n(147) | \n- | \n\n\n\n
\n\n| Total costs | \n4,239 | \n13,613 | \n(9,374) | \n-68.9% | \n\n\n\n
\n\n| Net revenue/(costs) on contracts for energy commodities with | \n(974) | \n(3,230) | \n2,256 | \n69.8% | \n\n\n\n
\n\n| physical settlement (within the scope of IFRS 9) closed in the period | \n | \n | \n | \n | \n\n\n\n
\n\n| Gain/(Loss) from measurement of outstanding contracts for energy | \n | \n | \n | \n | \n\n\n\n
\n\n| commodities with physical settlement (within the scope of IFRS 9) | \n | \n | \n | \n | \n\n\n\n
\n\n| Sales contracts | \n | \n | \n | \n | \n\n\n\n
\n\n| Electricity | \n(57) | \n226 | \n(283) | \n- | \n\n\n\n
\n\n| Gas | \n(647) | \n136 | \n(783) | \n- | \n\n\n\n
\n\n| Emissions allowances | \n(15) | \n23 | \n(38) | \n- | \n\n\n\n
\n\n| Guarantees of origin | \n9 | \n4 | \n5 | \n- | \n\n\n\n
\n\n| Total | \n(710) | \n389 | \n(1,099) | \n- | \n\n\n\n
\n\n| Purchase contracts | \n | \n | \n | \n | \n\n\n\n
\n\n| Electricity | \n(626) | \n254 | \n(880) | \n- | \n\n\n\n
\n\n| Gas | \n(1,187) | \n586 | \n(1,773) | \n- | \n\n\n\n
\n\n| Emissions allowances | \n(37) | \n19 | \n(56) | \n- | \n\n\n\n
\n\n| Guarantees of origin | \n51 | \n67 | \n(16) | \n-23.9% | \n\n\n\n
\n\n| Total | \n(1,799) | \n926 | \n(2,725) | \n- | \n\n\n\n
\n\n| Gain/(Loss) from measurement of outstanding contracts for energy | \n1,089 | \n(537) | \n1,626 | \n- | \n\n\n\n
\n\n| commodities with physical settlement (within the scope of IFRS 9) | \n | \n | \n | \n | \n\n\n\n
\n\n| Total net revenue/(costs) on contracts with physical settlement | \n115 | \n(3,767) | \n3,882 | \n- | \n\n\n\n
\n\n| (within the scope of IFRS 9) | \n | \n | \n | \n | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n\n\n\n\n\n\nRevenue from contracts with customers (IFRS 15) breaks down into \u201cpoint in time\u201d and \u201cover time\u201d revenue as
\nindicated in the following table.
\n\n
\n\n\n | \n2024 | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nOther, eliminations | \n | \n | \n\n\n
\n\n | \nItaly | \nIberia | \nRest of the World | \nand adjustments | \nTotal | \n\n\n
\n\n | \nOver | \nPoint in | \nOver | \nPoint in | \nOver | \nPoint in | \n | \nPoint in | \nOver | \nPoint in | \n\n\n
\n\n| Millions of euro | \ntime | \ntime | \ntime | \ntime | \ntime | \ntime | \nOver time | \ntime | \ntime | \ntime | \n\n\n
\n\n| Total IFRS 15 revenue | \n30,167 | \n990 | \n20,207 | \n690 | \n18,227 | \n239 | \n54 | \n52 | \n68,655 | \n1,971 | \n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
\n
\n\n\n | \n2023 | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nOther, | \n | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \neliminations and | \n | \n | \n\n\n
\n\n | \nItaly | \nIberia | \nRest of the World | \nadjustments | \nTotal | \n\n\n
\n\n | \nOver | \nPoint in | \nOver | \nPoint in | \nOver | \nPoint in | \nOver | \nPoint in | \nOver | \nPoint in | \n\n\n
\n\n | \ntime | \ntime | \ntime | \ntime | \ntime | \ntime | \ntime | \ntime | \ntime | \ntime | \n\n\n
\n\n| Total IFRS 15 revenue | \n36,982 | \n1,169 | \n23,063 | \n1,973 | \n17,887 | \n1,342 | \n13 | \n54 | \n77,945 | \n4,538 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The table below gives a breakdown of revenue from sales and services by geographical area.
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n\n\n
\n\n| Italy | \n30,987 | \n39,724 | \n\n\n
\n\n| Europe | \n | \n | \n\n\n
\n\n| Iberia | \n19,076 | \n21,799 | \n\n\n
\n\n| France | \n1,017 | \n1,919 | \n\n\n
\n\n| Switzerland | \n788 | \n1,936 | \n\n\n
\n\n| Germany | \n729 | \n1,028 | \n\n\n
\n\n| Austria | \n93 | \n75 | \n\n\n
\n\n| Slovenia | \n26 | \n10 | \n\n\n
\n\n| Romania | \n17 | \n4 | \n\n\n
\n\n| Greece | \n18 | \n6 | \n\n\n
\n\n| Belgium | \n30 | \n13 | \n\n\n
\n\n| Czech Republic | \n42 | \n180 | \n\n\n
\n\n| Hungary | \n- | \n13 | \n\n\n
\n\n| Netherlands | \n68 | \n145 | \n\n\n
\n\n| United Kingdom | \n1,692 | \n4,523 | \n\n\n
\n\n| Other European countries | \n683 | \n2,152 | \n\n\n
\n\n| Americas | \n | \n | \n\n\n
\n\n| United States | \n719 | \n864 | \n\n\n
\n\n| Canada | \n42 | \n62 | \n\n\n
\n\n| Mexico | \n331 | \n315 | \n\n\n
\n\n| Brazil | \n7,5 61 | \n7,621 | \n\n\n
\n\n| Chile | \n3,793 | \n4,369 | \n\n\n
\n\n| Peru | \n667 | \n1,565 | \n\n\n
\n\n| Colombia | \n3,512 | \n3,248 | \n\n\n
\n\n| Argentina | \n1,333 | \n613 | \n\n\n
\n\n| Panama | \n213 | \n200 | \n\n\n
\n\n| Costa Rica | \n20 | \n17 | \n\n\n
\n\n| Guatemala | \n84 | \n81 | \n\n\n
\n\n| Other | \n | \n | \n\n\n
\n\n| Africa | \n103 | \n96 | \n\n\n
\n\n| Asia | \n249 | \n266 | \n\n\n
\n\n| Oceania | \n21 | \n38 | \n\n\n
\n\n| Total | \n73,914 | \n92,882 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\nPerformance obligations
\nThe following table provides information about the
\nGroup\u2019s performance obligations arising from contracts
\nwith customers with reference to the main revenue
\nstreams only, with a summary of the specific judgments
\nmade and the related revenue recognition policies.
\nFor information on the use of estimates with revenue
\nfrom contracts with customers, please see note 2.1
\n\u201cUse of estimates and management judgment\u201d.
\n\n
\n\n\n| Type of | \n
| \nNature and timing of satisfaction | \n
| \n | \n\n
\n\n| product/service | \n
| \nof performance obligation | \n
| \nAccounting policies | \n\n
\n\n| Sale of electricity | \n
| \nIn order to determine the nature of the promise con- | \n
| \nThe Group applies an output method to recognize | \n\n
\n\n| produced by the Group | \n
| \ntained in these contracts with customers for the sale | \n
| \nrevenue from the sale of electricity on power ex- | \n\n
\n\n | \n
| \nof electricity, the Group carefully analyzes the facts | \n
| \nchanges, recognized over time, so as to recognize | \n\n
\n\n | \n
| \nand circumstances applicable to each contract. | \n
| \nrevenue in the amount to which it has a right to in- | \n\n
\n\n | \n
| \nFor the sale of electricity on power exchanges, the | \n
| \nvoice the customer if that amount corresponds di- | \n\n
\n\n | \n
| \nfacts and circumstances (including the intrinsic char- | \n
| \nrectly with the value to the customer of the perfor- | \n\n
\n\n | \n
| \nacteristics of the commodity, contractual terms, in- | \n
| \nmance completed to date, i.e. at the price defined in | \n\n
\n\n | \n
| \nformation regarding infrastructure and other delivery | \n
| \nthe market (without variable consideration). | \n\n
\n\n | \n
| \nmechanisms) generally indicate that the performance | \n
| \n | \n\n
\n\n | \n
| \nobligation is a service in which the customer simulta- | \n
| \n | \n\n
\n\n | \n
| \nneously receives and consumes the benefits of the | \n
| \n | \n\n
\n\n | \n
| \ncommodity as it is delivered. Thus, the Group identifies | \n
| \n | \n\n
\n\n | \n
| \na performance obligation satisfied over time as part of | \n
| \n | \n\n
\n\n | \n
| \na series of distinct goods/services (i.e. each unit of | \n
| \n | \n\n
\n\n | \n
| \ncommodity) that are substantially the same and have | \n
| \n | \n\n
\n\n | \n
| \nthe same pattern of transfer to the customer. | \n
| \n | \n\n
\n\n| Network connection | \n
| \nThe network connection fees received from custom- | \n
| \nRevenue from monetary and in-kind fees for connec- | \n\n
\n\n| services | \n
| \ners for connecting them to the electricity/gas distri- | \n
| \ntion to the electricity and gas distribution network | \n\n
\n\n | \n
| \nbution networks require a specific Group assessment | \n
| \nis recognized on the basis of the satisfaction of the | \n\n
\n\n | \n
| \nto take into consideration a number of factors. | \n
| \nperformance obligations included in the contract. The | \n\n
\n\n | \n
| \nThis assessment is intended to determine whether | \n
| \nidentification of distinct goods or services requires a | \n\n
\n\n | \n
| \nthe contract includes other distinct goods or servic- | \n
| \ncareful analysis of the terms and conditions of the | \n\n
\n\n | \n
| \nes, such as for example the right to obtain ongoing | \n
| \nconnection arrangements, which could vary from | \n\n
\n\n | \n
| \naccess to the infrastructure in order to receive the | \n
| \ncountry to country based on the local context, regula- | \n\n
\n\n | \n
| \ncommodity or, when the connection fee is a \u201cnon-re- | \n
| \ntions and law. In order to finalize this assessment, the | \n\n
\n\n | \n
| \nfundable up-front fee\u201d paid at or near contract incep- | \n
| \nGroup considers not only the characteristics of the | \n\n
\n\n | \n
| \ntion, a material right that gives rise to a performance | \n
| \ngoods/services themselves (i.e. the good or service is | \n\n
\n\n | \n
| \nobligation. | \n
| \ncapable of being distinct) but also the implied prom- | \n\n
\n\n | \n
| \n | \n
| \nises for which the customer has a valid expectation | \n\n
\n\n | \n
| \nIn particular, in some countries in which the Group op- | \n
| \nas it views those promises as part of the negotiated | \n\n
\n\n | \n
| \nerates, it has determined that the nature of the con- | \n
| \nexchange. | \n\n
\n\n | \n
| \nsideration received represents a \u201cnon-refundable up- | \n
| \nFurthermore, the Group acts as an agent in some | \n\n
\n\n | \n
| \nfront fee\u201d whose payment provides a material right | \n
| \ncontracts for electricity/gas network connection ser- | \n\n
\n\n | \n
| \nto the customer. In order to determine if the period | \n
| \nvices and other related activities, depending on local | \n\n
\n\n | \n
| \nover which this material right should be recognized | \n
| \nlegal and regulatory framework. In such cases, it rec- | \n\n
\n\n | \n
| \nextends beyond the initial contractual period, the | \n
| \nognizes revenue on a net basis, corresponding to any | \n\n
\n\n | \n
| \nGroup also takes into consideration applicable local | \n
| \nfee or commission to which it expects to be entitled. | \n\n
\n\n | \n
| \nlegal and regulatory framework. | \n
| \n | \n\n
\n\n| Sale/Transport | \n
| \nAn electricity/gas supply agreement signed with an | \n
| \nThe Group applies an output method to recognize | \n\n
\n\n| of electricity/gas | \n
| \nend user includes a single performance obligation | \n
| \nrevenue from the sale and transport of electricity/ | \n\n
\n\n| to end users | \n
| \n(sale and transport of the commodity) because the | \n
| \ngas to end users, so as to recognize revenue in the | \n\n
\n\n | \n
| \nGroup has determined that the contract does not | \n
| \namount to which it has a right to invoice the customer | \n\n
\n\n | \n
| \nprovide distinct goods/services and the promise is | \n
| \nif that amount corresponds directly with the value to | \n\n
\n\n | \n
| \nsatisfied by transferring control over the commodi- | \n
| \nthe customer of the performance completed to date, | \n\n
\n\n | \n
| \nty to the customer when it is delivered at the point | \n
| \ni.e. the quantities provided during the period, even if | \n\n
\n\n | \n
| \nof delivery. In order to determine the nature of the | \n
| \nthese have not yet been invoiced; this revenue is de- | \n\n
\n\n | \n
| \npromise included in such contracts, the Group care- | \n
| \ntermined using estimates as well as periodic meter | \n\n
\n\n | \n
| \nfully analyzes the facts and circumstances applicable | \n
| \nreadings. Where applicable, this revenue is based on | \n\n
\n\n | \n
| \nto each contract and commodity. | \n
| \nthe rates and related restrictions established by law | \n\n
\n\n | \n
| \nHowever, the Group considers that the performance | \n
| \nor by the Regulatory Authority for Energy, Networks | \n\n
\n\n | \n
| \nobligation provided for in a repetitive service contract, | \n
| \nand the Environment (ARERA) and analogous foreign | \n\n
\n\n | \n
| \nsuch as a supply contract for the provision of electric- | \n
| \nauthorities during the applicable period. | \n\n
\n\n | \n
| \nity/gas to end users, is typically satisfied over time (be- | \n
| \n | \n\n
\n\n | \n
| \ncause the customer simultaneously receives and con- | \n
| \n | \n\n
\n\n | \n
| \nsumes the benefits of the commodity as it is delivered) | \n
| \n | \n\n
\n\n | \n
| \nas part of a series of distinct goods/services (i.e. each | \n
| \n | \n\n
\n\n | \n
| \nunit of commodity) that are substantially the same and | \n
| \n | \n\n
\n\n | \n
| \nhave the same pattern of transfer to the customer. | \n
| \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\n\n\n
\n\n\n| Type of | \n
| \nNature and timing of satisfaction | \n | \n | \n\n
\n\n| product/service | \n
| \nof performance obligation | \n | \nAccounting policies | \n\n
\n\n| Construction contracts | \n
| \nThe construction contracts typically include a perfor- | \n | \nFor construction contracts that include a performance | \n\n
\n\n | \n
| \nmance obligation satisfied over time. For these con- | \n | \nobligation satisfied over time, the Group recognizes | \n\n
\n\n | \n
| \ntracts, the Group generally considers it appropriate to | \n | \nrevenue over time by measuring progress toward the | \n\n
\n\n | \n
| \nuse an input method for measuring progress, except | \n | \ncomplete satisfaction of that performance obligation. | \n\n
\n\n | \n
| \nwhen a specific contract analysis suggests the use of | \n
| \nThe cost-to-cost method is generally considered the | \n\n
\n\n | \n
| \nan alternative method that better depicts the Group\u2019s | \n
| \nbest method to depict the Group\u2019s performance obli- | \n\n
\n\n | \n
| \nperformance obligation fulfilled at the reporting date. | \n
| \ngation fulfilled at the reporting date. | \n\n
\n\n | \n
| \n | \n
| \nThe amount due from customers under a construc- | \n\n
\n\n | \n
| \n | \n
| \ntion contract is presented as a contract asset; the | \n\n
\n\n | \n
| \n | \n
| \namount due to customers under a construction con- | \n\n
\n\n | \n
| \n | \n
| \ntract is presented as a contract liability. | \n\n
\n\n| Concession service | \n
| \nThe Group, as concession holder, provides services for | \n | \nWhen the Group provides construction/upgrade ser- | \n\n
\n\n| arrangements (within the | \n
| \nthe construction/upgrade of the infrastructure used | \n
| \nvices, it recognizes intangible assets and/or financial | \n\n
\n\n| scope of IFRIC 12) | \n
| \nfor the provision of public services and/or services for | \n
| \nassets, depending on the characteristics of the service | \n\n
\n\n | \n
| \nthe operation and maintenance of the infrastructure | \n
| \nconcession arrangement. | \n\n
\n\n | \n
| \nitself for the period of the concession. | \n
| \nThe amounts received or receivable relating to both | \n\n
\n\n | \n
| \nFor performance obligations related to infrastructure | \n
| \ncomponents are initially recognized as revenue from | \n\n
\n\n | \n
| \nconstruction and improvement, please refer to the | \n
| \ncontracts with customers. For more details on revenue | \n\n
\n\n | \n
| \nsection \u201cConstruction contracts\u201d. | \n
| \nrecognition, please refer to the section \u201cConstruction | \n\n
\n\n | \n
| \nAs far as revenue from operating services is con- | \n
| \ncontracts\u201d. | \n\n
\n\n | \n
| \ncerned, please refer to the sections \u201cSale of electricity | \n
| \nFurthermore, the component recognized in profit or | \n\n
\n\n | \n
| \nproduced by the Group\u201d and \u201cSale/Transport of elec- | \n
| \nloss deriving from the remeasurement at fair value of | \n\n
\n\n | \n
| \ntricity/gas to end users\u201d. | \n
| \nthe financial assets in respect of service concession | \n\n
\n\n | \n
| \n | \n
| \nagreements for the distribution business in Brazil is | \n\n
\n\n | \n
| \n | \n
| \nalso classified as revenue, in order to adequately re- | \n\n
\n\n | \n
| \n | \n
| \nflect the business model in line with the related con- | \n\n
\n\n | \n
| \n | \n
| \ncession agreement. | \n\n
\n\n | \n
| \n | \n
| \nRevenue from management and maintenance activ- | \n\n
\n\n | \n
| \n | \n
| \nities is recognized as revenue from the sale of elec- | \n\n
\n\n | \n
| \n | \n
| \ntricity on the market or to end users (please refer to | \n\n
\n\n | \n
| \n | \n
| \nsections \u201cSale of electricity produced by the Group\u201d | \n\n
\n\n | \n
| \n | \n
| \nand \u201cSale/Transport of electricity/gas to end users\u201d, | \n\n
\n\n | \n
| \n | \n
| \nrespectively). | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\n\n
\n
\nThe following tables show a breakdown of total rev-
\nenue by business line based on the approach used
\nby management to monitor the Group\u2019s performance
\nduring the two years being compared.
\n
\n\n\n\n\n\n\n
\n
\n\n
\n\n\n | \n2024 | \n
\n\n | \nThermal | \nEnel | \n | \n | \nHolding | \nTotal | \nEliminations | \n | \n
\n\n | \nGeneration | \nGreen | \nEnel | \nEnd-user | \nand | \nreporting | \nand | \n | \n
\n\n| Millions of euro | \nand Trading | \nPower | \nGrids | \nMarkets | \nServices | \nsegment | \nadjustments | \nTotal | \n
\n\n| Total IFRS 15 revenue | \n19,088 | \n10,397 | \n20,685 | \n41,232 | \n1,902 | \n93,304 | \n(22,678) | \n70,626 | \n
\n\n| Sale of commodities under | \n6,344 | \n- | \n- | \n- | \n- | \n6,344 | \n(1,746) | \n4,598 | \n
\n\n| contracts with physical | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| settlement | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Gain/(Loss) on the | \n(1,333) | \n- | \n- | \n- | \n- | \n(1,333) | \n- | \n(1,333) | \n
\n\n| measurement of | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| commodity sales contracts | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| with physical settlement | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| closed during the period | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Other revenue | \n11 | \n2 | \n18 | \n- | \n19 | \n50 | \n(27) | \n23 | \n
\n\n| Total revenue from sales | \n24,110 | \n10,399 | \n20,703 | \n41,232 | \n1,921 | \n98,365 | \n(24,451) | \n73,914 | \n
\n\n| and services | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Other income | \n166 | \n1,818 | \n2,533 | \n629 | \n25 | \n5,171 | \n(138) | \n5,033 | \n
\n\n| TOTAL REVENUE | \n24,276 | \n12,217 | \n23,236 | \n41,861 | \n1,946 | \n103,536 | \n(24,589) | \n78,947 | \n
\n\n
\n
\n
\n\n\n | \n2023 | \n
\n\n | \nThermal | \nEnel | \n | \n | \nHolding | \nTotal | \nEliminations | \n | \n
\n\n | \nGeneration | \nGreen | \nEnel | \nEnd-user | \nand | \nreporting | \nand | \n | \n
\n\n| Millions of euro | \nand Trading | \nPower | \nGrids | \nMarkets | \nServices | \nsegment | \nadjustments | \nTotal | \n
\n\n| Total IFRS 15 revenue | \n26,354 | \n9,982 | \n19,719 | \n51,630 | \n2,004 | \n109,689 | \n(27,206) | \n82,483 | \n
\n\n| Sale of commodities under | \n12,374 | \n- | \n- | \n6 | \n- | \n12,380 | \n(3,505) | \n8,875 | \n
\n\n| contracts with physical | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| settlement | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Gain/(Loss) on the | \n1,504 | \n- | \n- | \n4 | \n- | \n1,508 | \n- | \n1,508 | \n
\n\n| measurement of | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| commodity sales contracts | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| with physical settlement | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| closed during the period | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Other revenue | \n6 | \n3 | \n18 | \n1 | \n16 | \n44 | \n(28) | \n16 | \n
\n\n| Total revenue from sales | \n40,238 | \n9,985 | \n19,737 | \n51,641 | \n2,020 | \n123,621 | \n(30,739) | \n92,882 | \n
\n\n| and services | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Other income | \n(48) | \n1,635 | \n522 | \n478 | \n25 | \n2,612 | \n71 | \n2,683 | \n
\n\n| TOTAL REVENUE | \n40,190 | \n11,620 | \n20,259 | \n52,119 | \n2,045 | \n126,233 | \n(30,668) | \n95,565 | \n
\n\n
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1058": {
"value": "\n
\n\n9.b Other income \u2013 \u20ac5,033 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n
\n\n| Grants for environmental certificates(1) | \n294 | \n346 | \n(52) | \n-15.0% | \n
\n\n| Other operating grants | \n60 | \n9 | \n51 | \n- | \n
\n\n| Capital grants (electricity and gas business) | \n30 | \n28 | \n2 | \n7. 1% | \n
\n\n| Sundry reimbursements | \n401 | \n314 | \n87 | \n2 7.7 % | \n
\n\n| Gains on the disposal of subsidiaries, associates, joint ventures, | \n2,351 | \n584 | \n1,767 | \n- | \n
\n\n| joint operations and non-current assets held for sale | \n | \n | \n | \n | \n
\n\n| Gains on the disposal of property, plant and equipment, | \n90 | \n44 | \n46 | \n- | \n
\n\n| and intangible assets | \n | \n | \n | \n | \n
\n\n| Service continuity bonuses | \n12 | \n13 | \n(1) | \n-7.7 % | \n
\n\n| Other income | \n1,795 | \n1,345 | \n450 | \n33.5% | \n
\n\n| Total | \n5,033 | \n2,683 | \n2,350 | \n87.6 % | \n
\n\n
\n
(1) For more on \u201cGrants for environmental certificates\u201d, please see note 56 \u201cEnvironmental programs\u201d.
\nGains on the disposal of entities amounted to \u20ac2,351
\nmillion in 2024, mainly reflecting gains on the disposal
\nof electricity generation and distribution assets in Peru
\n(totaling \u20ac1,347 million) and gains from the sale of elec-
\ntricity distribution assets in a number of municipalities in
\nthe provinces of Milan and Brescia (totaling \u20ac989 million).
\nIn 2023 the item mainly included recognition
\nby Enel CIEN (in Brazil) of \u20ac99 million for the
\nend-of-concession indemnity received for the
\ntakeover of the concession by another entity and
\nthe overall income of \u20ac103 million from the partial
\nsale with loss of control of assets held in Australia,
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\n
\n
\nthe gain on the sale of Arcadia Generaci\u00f3n Solar
\n(\u20ac195 million) and the remeasurement at fair value
\nof the residual interest in Enel Green Power Hellas
\n(\u20ac160 million).
\n\u201cOther income\u201d increased by \u20ac450 million on 2023,
\nmainly reflecting revenue from tax partnership agree-
\nments (\u20ac440 million) following the entry into service of
\nnew plants in North America.
\n\n
\n
\nThe following tables show a breakdown of total rev-
\nenue by business line based on the approach used
\nby management to monitor the Group\u2019s performance
\nduring the two years being compared.
\n
\n\n\n\n\n\n\n\n
\n
\n\n
\n\n\n | \n2024 | \n
\n\n | \nThermal | \nEnel | \n | \n | \nHolding | \nTotal | \nEliminations | \n | \n
\n\n | \nGeneration | \nGreen | \nEnel | \nEnd-user | \nand | \nreporting | \nand | \n | \n
\n\n| Millions of euro | \nand Trading | \nPower | \nGrids | \nMarkets | \nServices | \nsegment | \nadjustments | \nTotal | \n
\n\n| Total IFRS 15 revenue | \n19,088 | \n10,397 | \n20,685 | \n41,232 | \n1,902 | \n93,304 | \n(22,678) | \n70,626 | \n
\n\n| Sale of commodities under | \n6,344 | \n- | \n- | \n- | \n- | \n6,344 | \n(1,746) | \n4,598 | \n
\n\n| contracts with physical | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| settlement | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Gain/(Loss) on the | \n(1,333) | \n- | \n- | \n- | \n- | \n(1,333) | \n- | \n(1,333) | \n
\n\n| measurement of | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| commodity sales contracts | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| with physical settlement | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| closed during the period | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Other revenue | \n11 | \n2 | \n18 | \n- | \n19 | \n50 | \n(27) | \n23 | \n
\n\n| Total revenue from sales | \n24,110 | \n10,399 | \n20,703 | \n41,232 | \n1,921 | \n98,365 | \n(24,451) | \n73,914 | \n
\n\n| and services | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Other income | \n166 | \n1,818 | \n2,533 | \n629 | \n25 | \n5,171 | \n(138) | \n5,033 | \n
\n\n| TOTAL REVENUE | \n24,276 | \n12,217 | \n23,236 | \n41,861 | \n1,946 | \n103,536 | \n(24,589) | \n78,947 | \n
\n\n
\n
\n
\n\n\n | \n2023 | \n
\n\n | \nThermal | \nEnel | \n | \n | \nHolding | \nTotal | \nEliminations | \n | \n
\n\n | \nGeneration | \nGreen | \nEnel | \nEnd-user | \nand | \nreporting | \nand | \n | \n
\n\n| Millions of euro | \nand Trading | \nPower | \nGrids | \nMarkets | \nServices | \nsegment | \nadjustments | \nTotal | \n
\n\n| Total IFRS 15 revenue | \n26,354 | \n9,982 | \n19,719 | \n51,630 | \n2,004 | \n109,689 | \n(27,206) | \n82,483 | \n
\n\n| Sale of commodities under | \n12,374 | \n- | \n- | \n6 | \n- | \n12,380 | \n(3,505) | \n8,875 | \n
\n\n| contracts with physical | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| settlement | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Gain/(Loss) on the | \n1,504 | \n- | \n- | \n4 | \n- | \n1,508 | \n- | \n1,508 | \n
\n\n| measurement of | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| commodity sales contracts | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| with physical settlement | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| closed during the period | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Other revenue | \n6 | \n3 | \n18 | \n1 | \n16 | \n44 | \n(28) | \n16 | \n
\n\n| Total revenue from sales | \n40,238 | \n9,985 | \n19,737 | \n51,641 | \n2,020 | \n123,621 | \n(30,739) | \n92,882 | \n
\n\n| and services | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Other income | \n(48) | \n1,635 | \n522 | \n478 | \n25 | \n2,612 | \n71 | \n2,683 | \n
\n\n| TOTAL REVENUE | \n40,190 | \n11,620 | \n20,259 | \n52,119 | \n2,045 | \n126,233 | \n(30,668) | \n95,565 | \n
\n\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1060": {
"value": "\n9.b Other income \u2013 \u20ac5,033 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n
\n\n| Grants for environmental certificates(1) | \n294 | \n346 | \n(52) | \n-15.0% | \n
\n\n| Other operating grants | \n60 | \n9 | \n51 | \n- | \n
\n\n| Capital grants (electricity and gas business) | \n30 | \n28 | \n2 | \n7. 1% | \n
\n\n| Sundry reimbursements | \n401 | \n314 | \n87 | \n2 7.7 % | \n
\n\n| Gains on the disposal of subsidiaries, associates, joint ventures, | \n2,351 | \n584 | \n1,767 | \n- | \n
\n\n| joint operations and non-current assets held for sale | \n | \n | \n | \n | \n
\n\n| Gains on the disposal of property, plant and equipment, | \n90 | \n44 | \n46 | \n- | \n
\n\n| and intangible assets | \n | \n | \n | \n | \n
\n\n| Service continuity bonuses | \n12 | \n13 | \n(1) | \n-7.7 % | \n
\n\n| Other income | \n1,795 | \n1,345 | \n450 | \n33.5% | \n
\n\n| Total | \n5,033 | \n2,683 | \n2,350 | \n87.6 % | \n
\n\n
\n
(1) For more on \u201cGrants for environmental certificates\u201d, please see note 56 \u201cEnvironmental programs\u201d.
\nGains on the disposal of entities amounted to \u20ac2,351
\nmillion in 2024, mainly reflecting gains on the disposal
\nof electricity generation and distribution assets in Peru
\n(totaling \u20ac1,347 million) and gains from the sale of elec-
\ntricity distribution assets in a number of municipalities in
\nthe provinces of Milan and Brescia (totaling \u20ac989 million).
\nIn 2023 the item mainly included recognition
\nby Enel CIEN (in Brazil) of \u20ac99 million for the
\nend-of-concession indemnity received for the
\ntakeover of the concession by another entity and
\nthe overall income of \u20ac103 million from the partial
\nsale with loss of control of assets held in Australia,
\n
\n\n\n\n\n\n\n
\n
\n
\nthe gain on the sale of Arcadia Generaci\u00f3n Solar
\n(\u20ac195 million) and the remeasurement at fair value
\nof the residual interest in Enel Green Power Hellas
\n(\u20ac160 million).
\n\u201cOther income\u201d increased by \u20ac450 million on 2023,
\nmainly reflecting revenue from tax partnership agree-
\nments (\u20ac440 million) following the entry into service of
\nnew plants in North America.
\n\n
\n
\nThe following tables show a breakdown of total rev-
\nenue by business line based on the approach used
\nby management to monitor the Group\u2019s performance
\nduring the two years being compared.
\n
\n\n\n\n\n\n\n\n
\n
\n\n
\n\n\n | \n2024 | \n
\n\n | \nThermal | \nEnel | \n | \n | \nHolding | \nTotal | \nEliminations | \n | \n
\n\n | \nGeneration | \nGreen | \nEnel | \nEnd-user | \nand | \nreporting | \nand | \n | \n
\n\n| Millions of euro | \nand Trading | \nPower | \nGrids | \nMarkets | \nServices | \nsegment | \nadjustments | \nTotal | \n
\n\n| Total IFRS 15 revenue | \n19,088 | \n10,397 | \n20,685 | \n41,232 | \n1,902 | \n93,304 | \n(22,678) | \n70,626 | \n
\n\n| Sale of commodities under | \n6,344 | \n- | \n- | \n- | \n- | \n6,344 | \n(1,746) | \n4,598 | \n
\n\n| contracts with physical | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| settlement | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Gain/(Loss) on the | \n(1,333) | \n- | \n- | \n- | \n- | \n(1,333) | \n- | \n(1,333) | \n
\n\n| measurement of | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| commodity sales contracts | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| with physical settlement | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| closed during the period | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Other revenue | \n11 | \n2 | \n18 | \n- | \n19 | \n50 | \n(27) | \n23 | \n
\n\n| Total revenue from sales | \n24,110 | \n10,399 | \n20,703 | \n41,232 | \n1,921 | \n98,365 | \n(24,451) | \n73,914 | \n
\n\n| and services | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Other income | \n166 | \n1,818 | \n2,533 | \n629 | \n25 | \n5,171 | \n(138) | \n5,033 | \n
\n\n| TOTAL REVENUE | \n24,276 | \n12,217 | \n23,236 | \n41,861 | \n1,946 | \n103,536 | \n(24,589) | \n78,947 | \n
\n\n
\n
\n
\n\n\n | \n2023 | \n
\n\n | \nThermal | \nEnel | \n | \n | \nHolding | \nTotal | \nEliminations | \n | \n
\n\n | \nGeneration | \nGreen | \nEnel | \nEnd-user | \nand | \nreporting | \nand | \n | \n
\n\n| Millions of euro | \nand Trading | \nPower | \nGrids | \nMarkets | \nServices | \nsegment | \nadjustments | \nTotal | \n
\n\n| Total IFRS 15 revenue | \n26,354 | \n9,982 | \n19,719 | \n51,630 | \n2,004 | \n109,689 | \n(27,206) | \n82,483 | \n
\n\n| Sale of commodities under | \n12,374 | \n- | \n- | \n6 | \n- | \n12,380 | \n(3,505) | \n8,875 | \n
\n\n| contracts with physical | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| settlement | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Gain/(Loss) on the | \n1,504 | \n- | \n- | \n4 | \n- | \n1,508 | \n- | \n1,508 | \n
\n\n| measurement of | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| commodity sales contracts | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| with physical settlement | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| closed during the period | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Other revenue | \n6 | \n3 | \n18 | \n1 | \n16 | \n44 | \n(28) | \n16 | \n
\n\n| Total revenue from sales | \n40,238 | \n9,985 | \n19,737 | \n51,641 | \n2,020 | \n123,621 | \n(30,739) | \n92,882 | \n
\n\n| and services | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Other income | \n(48) | \n1,635 | \n522 | \n478 | \n25 | \n2,612 | \n71 | \n2,683 | \n
\n\n| TOTAL REVENUE | \n40,190 | \n11,620 | \n20,259 | \n52,119 | \n2,045 | \n126,233 | \n(30,668) | \n95,565 | \n
\n\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n10.f Other operating costs \u2013 \u20ac3,940 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n
\n\n| System charges \u2013 Environmental certificates(1) | \n1,449 | \n2,603 | \n(1,154) | \n | \n-44.3% | \n\n\n
\n\n| Other costs connected with electrical and gas system | \n175 | \n568 | \n(393) | \n | \n-69.2% | \n\n\n
\n\n| Other taxes and duties | \n1,341 | \n1,529 | \n(188) | \n | \n-12.3% | \n\n\n
\n\n| Capital losses and other costs on the disposal of equity | \n4 | \n404 | \n(400) | \n | \n-99.0% | \n\n\n
\n\n| investments | \n | \n | \n | \n | \n | \n\n\n
\n\n| Extraordinary solidarity levies | \n138 | \n208 | \n(70) | \n | \n-33.7% | \n\n\n
\n\n| Other | \n833 | \n813 | \n20 | \n | \n2.5% | \n\n\n
\n\n| Total | \n3,940 | \n6,125 | \n(2,185) | \n | \n-35.7% | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) For more on \u201cSystem charges \u2013 Environmental certificates\u201d, please see note 56 \u201cEnvironmental programs\u201d.
\n\u201cOther operating costs\u201d decreased by \u20ac2,185 million
\ncompared with the previous year due to the following.
\nCosts for environmental certificates decreased re-
\nflecting the impact of a decrease in the purchase in
\nCO
\n2
\n allowances mainly due to a decrease in generation
\nfrom conventional sources.
\nThe decrease in \u201cother costs connected with electri-
\ncal and gas system\u201d mainly reflected the decreasing
\nimpact of the Bono Social in Spain (\u20ac337 million) es-
\nsentially due to the recognition in 2024 of a surplus
\nrelating to the 2022-2023 period.
\n\u201cOther taxes and duties\u201d decreased in 2023 mainly due
\nto the clawback mechanism in Italy (\u20ac357 million) in-
\ntroduced with Decree Law 25 of March 28, 2022 and
\nas a result of Royal Decree 17/2021 in Spain (\u20ac118 mil-
\nlion). The change was partly offset by the recognition
\nin 2024 of the tax on the value on the production of
\nelectricity (IVPEE) reactivated in Spain by the Royal De-
\ncree 8/2023 for \u20ac342 million.
\n\u201cCapital losses and other costs on the disposal of eq-
\nuity investments\u201d in 2024 mainly include the capital
\nlosses on the disposal of assets related to the storage
\nbusiness in North America (\u20ac2 million).
\nThe figure for 2023 mainly included capital losses rec-
\nognized after the disposal of Enel Generaci\u00f3n Cos-
\ntanera (\u20ac132 million) and Central Dock Sud (\u20ac194 mil-
\nlion) in Argentina, and the price adjustment in respect
\nof the disposal of Celg Distribui\u00e7\u00e3o SA Celg-D (Enel
\nGoi\u00e1s) (\u20ac23 million).
\n\u201cExtraordinary solidarity levies\u201d regard the extraordi-
\nnary solidarity levy recognized, in 2024, in Spain in the
\namount of \u20ac138 million (\u20ac208 million in 2023) following
\nthe approval of Law 38 of December 27, 2022.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1106": {
"value": "\n
\n\nCosts
\n10.a Electricity, gas and fuel \u2013 \u20ac30,282 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \nChange | \n\n\n
\n\n| Electricity | \n19,348 | \n24,098 | \n(4,750) | \n-19.7% | \n\n\n
\n\n| - of which purchases under contracts with physical settlement (IFRS 9) | \n872 | \n2,884 | \n(2,012) | \n-69.8% | \n\n\n
\n\n| Gas | \n10,739 | \n16,583 | \n(5,844) | \n-35.2% | \n\n\n
\n\n| - of which purchases under contracts with physical settlement (IFRS 9) | \n4,793 | \n8,063 | \n(3,270) | \n-40.6% | \n\n\n
\n\n| Fair value gain/(loss) on contracts for purchase of electricity and gas with | \n(1,618) | \n1,940 | \n(3,558) | \n- | \n\n\n
\n\n| physical settlement closed during the period | \n | \n | \n | \n | \n\n\n
\n\n| Nuclear fuel | \n103 | \n99 | \n4 | \n4.0% | \n\n\n
\n\n| Other fuels | \n1,710 | \n3,550 | \n(1,840) | \n-51.8% | \n\n\n
\n\n| Total | \n30,282 | \n46,270 | \n(15,988) | \n-34.6% | \n\n\n
\n\n\n\n\n\n
\n\n\n
\u201cElectricity\u201d purchase decreased by \u20ac4,750 million
\nreflecting both a decline in average prices and quan-
\ntities purchased compared with the previous year,
\nmainly in Italy (\u20ac3,992 million) and Spain (\u20ac1,127 mil-
\nlion).
\nThe decrease in costs for \u201cgas\u201d purchases of \u20ac5,844
\nmillion mainly reflects the decrease in average prices as
\nwell as the decrease in volumes handled, mainly in Italy
\nand Spain.
\nIn 2023 the item included charges of \u20ac515 million relat-
\ned to the settlement of an arbitration dispute with the
\nQatari gas supplier in Spain.
\nResults of the fair value measurement of purchases of
\ngas under contracts with physical settlement closed
\ndecreased by \u20ac3,558 million on the previous year, of
\nwhich \u20ac3,544 million attributable to gas and \u20ac14 mil-
\nlion to electricity.
\nThe decrease in \u201cother fuels\u201d is mainly attributable to
\nthe decrease in volumes purchased.
\n10.b Services and other materials \u2013 \u20ac19,240 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n
\n\n| Wheeling | \n9,207 | \n7,781 | \n1,426 | \n18.3% | \n\n\n
\n\n| Maintenance and repairs | \n1,216 | \n1,134 | \n82 | \n7. 2 % | \n\n\n
\n\n| Telephone and postal costs | \n174 | \n168 | \n6 | \n3.6% | \n\n\n
\n\n| Communication services | \n166 | \n120 | \n46 | \n38.3% | \n\n\n
\n\n| IT services | \n744 | \n840 | \n(96) | \n-11.4% | \n\n\n
\n\n| Leases and rentals | \n813 | \n534 | \n279 | \n52.2% | \n\n\n
\n\n| Costs for services connected with the electricity and gas business | \n1,111 | \n1,327 | \n(216) | \n-16.3% | \n\n\n
\n\n| Value-added services | \n697 | \n822 | \n(125) | \n-15.2% | \n\n\n
\n\n| Construction contracts | \n288 | \n394 | \n(106) | \n-26.9% | \n\n\n
\n\n| Service concession arrangements | \n451 | \n429 | \n22 | \n5.1% | \n\n\n
\n\n| Other services | \n1,927 | \n2,008 | \n(81) | \n-4.0% | \n\n\n
\n\n| Environmental certificates not used for compliance | \n264 | \n1,002 | \n(738) | \n-73.7% | \n\n\n
\n\n| - of which relating to purchases from contracts with physical settlement (IFRS 9) | \n250 | \n725 | \n(475) | \n-65.5% | \n\n\n
\n\n| Fair value gain/(loss) on contracts for purchase of environmental certificates | \n(58) | \n1 | \n(59) | \n- | \n\n\n
\n\n| with physical settlement closed during the period | \n | \n | \n | \n | \n\n\n
\n\n| Change in inventories of environmental certificates | \n84 | \n(593) | \n677 | \n- | \n\n\n
\n\n| Other materials | \n2,156 | \n2,337 | \n(181) | \n-7.7 % | \n\n\n
\n\n| Total | \n19,240 | \n18,304 | \n936 | \n5.1% | \n\n\n
\n\n\n\n\n\n
\n\n\n
Costs for services and other materials amounted to
\n\u20ac19,240 million in 2024, an increase of \u20ac936 million
\nfrom 2023. This change essentially reflected:
\n\u2022 an increase in costs for wheeling, mainly in Italy and
\nIberia, reflecting the application of specific meas-
\nures issued by rate-setting regulators;
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n\u2022 an increase in costs for leases and rentals, mainly in
\nItaly, essentially due to higher hydroelectric conces-
\nsion fees;
\n\u2022 a decrease in costs for services connected with the
\nelectricity and gas business due to a decrease in
\nvolumes handled;
\n\u2022 a decrease in costs for construction contracts and
\nvalue-added services due to lower sales and services
\nattributable to energy efficient goods (\u20ac231 million);
\n\u2022 a decrease in costs for technical and professional
\nservices (\u20ac102 million);
\n\u2022 a decrease in costs of environmental certificates
\n(\u20ac61 million) essentially due to higher use of inven-
\ntories;
\n\u2022 a decrease in \u201cother materials\u201d mainly attributable to
\nlower procurement costs for materials and equip-
\nment.
\n\n10.c Personnel expenses \u2013 \u20ac4,938 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n
\n\n| Wages and salaries | \n3,350 | \n3,498 | \n(148) | \n-4.2% | \n\n\n
\n\n| Social security contributions | \n932 | \n903 | \n29 | \n3.2% | \n\n\n
\n\n| Italian post-employment benefits | \n114 | \n114 | \n- | \n- | \n\n\n
\n\n| Post-employment and other long-term benefits | \n68 | \n67 | \n1 | \n1.5% | \n\n\n
\n\n| Early retirement incentives | \n47 | \n42 | \n5 | \n11.9% | \n\n\n
\n\n| Early retirement incentives connected with restructuring | \n227 | \n214 | \n13 | \n6.1% | \n\n\n
\n\n| agreements | \n | \n | \n | \n | \n\n\n
\n\n| Other costs | \n200 | \n192 | \n8 | \n4.2% | \n\n\n
\n\n| Total | \n4,938 | \n5,030 | \n(92) | \n-1.8% | \n\n\n
\n\n\n\n\n\n
\n\n\n
Personnel expenses in 2024 amounted to \u20ac4,938 mil-
\nlion, a decrease of \u20ac92 million.
\nThe Group\u2019s workforce decreased by 696 employ-
\nees, due to the positive balance between new hires
\nand terminations (566 employees) mainly reflecting
\nnew hires in Grids in Italy and Brazil, offset by negative
\nchanges in the consolidation scope (-1,262 employ-
\nees), essentially attributable to:
\n\u2022 the sale of Enel Generaci\u00f3n Per\u00fa;
\n\u2022 the sale of Enel Distribuci\u00f3n Per\u00fa;
\n\u2022 the sale of Enel X Per\u00fa;
\n\u2022 the sale of Enel X Storage US LLC;
\n\u2022 the transfer of employees from e-distribuzione SpA
\nto A2A as part of the sale of distribution assets relat-
\ning to some municipalities in the provinces of Milan
\nand Brescia.
\nThe decrease in \u201cwages and salaries\u201d substantially re-
\nflects the decrease in the average headcount com-
\npared with 2023, as shown in the following table, and
\nthe changes in scope commented earlier.
\nThe increase in \u201csocial security contributions\u201d is mainly
\nrelated to Argentina.
\nThe increase in \u201cearly retirement incentives\u201d and \u201cear-
\nly retirement incentives connected with restructuring
\nagreements\u201d is mainly attributable to an increase in
\ncosts in Italy following a new provision in application
\nof Article 4 of Law 92/2012 for the 2025-2028 period,
\npartly offset by charges incurred in 2023 in Spain
\nfor the adjustment to the provision for the Acuerdo
\nVoluntario de Salida plan.
\nThe table below shows the average number of employ-
\nees by category, along with a comparison with the pre-
\nvious year, and the headcount as of December 31, 2024.
\n\n
\n\n\n | \nAverage(1) | \nHeadcount(1) | \n\n\n
\n\n| No. | \n2024 | \n2023 | \nat Dec. 31, 2024 | \n\n\n
\n\n| Senior managers | \n1,285 | \n1,374 | \n1,256 | \n\n\n
\n\n| Middle managers | \n12,062 | \n12,589 | \n12,013 | \n\n\n
\n\n| White collar | \n29,872 | \n33,906 | \n28,402 | \n\n\n
\n\n| Blue collar | \n17,057 | \n16,527 | \n18,688 | \n\n\n
\n\n| Total | \n60,276 | \n64,396 | \n60,359 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) For companies consolidated on a proportionate basis, the headcount corresponds to Enel\u2019s percentage share of the total.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n\n10.d Net impairment/(reversals) on trade receivables and other receivables
\n\u2013 \u20ac1,323 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n | \n\n\n
\n\n| Impairment losses on trade receivables | \n1,337 | \n1,384 | \n(47) | \n | \n-3.4% | \n\n\n
\n\n| Impairment losses on other financial assets | \n234 | \n162 | \n72 | \n | \n44.4% | \n\n\n
\n\n| Total impairment losses on trade receivables | \n1,571 | \n1,546 | \n25 | \n | \n1.6% | \n\n\n
\n\n| and other financial assets | \n | \n | \n | \n | \n | \n\n\n
\n\n| Impairment gains on trade receivables | \n(244) | \n(210) | \n(34) | \n | \n-16.2% | \n\n\n
\n\n| Impairment gains on other financial assets | \n(4) | \n(2) | \n(2) | \n | \n- | \n\n\n
\n\n| Total impairment gains on trade receivables | \n(248) | \n(212) | \n(36) | \n | \n- 17.0% | \n\n\n
\n\n| and other financial assets | \n | \n | \n | \n | \n | \n\n\n
\n\n| NET IMPAIRMENT/(REVERSALS) ON TRADE | \n1,323 | \n1,334 | \n(11) | \n | \n-0.8% | \n\n\n
\n\n| RECEIVABLES AND OTHER FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
The item is essentially in line with the previous year.
\n
\n\n\n\n\n\n
\n\n10.e Depreciation, amortization and other impairment losses \u2013 \u20ac7,249 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n
\n\n| Property, plant and equipment | \n4,896 | \n4,674 | \n222 | \n | \n4.7% | \n\n\n
\n\n| Investment property | \n2 | \n2 | \n- | \n | \n- | \n\n\n
\n\n| Intangible assets | \n1,785 | \n1,677 | \n108 | \n | \n6.4% | \n\n\n
\n\n| Other impairment losses | \n611 | \n1,792 | \n(1,181) | \n | \n-65.9% | \n\n\n
\n\n| Other reversals of impairment losses | \n(45) | \n(56) | \n11 | \n | \n19.6% | \n\n\n
\n\n| Total | \n7, 249 | \n8,089 | \n(840) | \n | \n-10.4% | \n\n\n
\n\n\n\n\n\n
\n\n\n
The decrease in \u201cdepreciation, amortization and other
\nimpairment losses\u201d essentially reflected the decrease
\nin impairment losses, partly offset by higher deprecia-
\ntion and amortization due to new capital expenditure,
\nmainly in the sector of renewable energy and distri-
\nbution.
\nMore specifically, impairment losses in 2024 mainly in-
\nclude:
\n\u2022 the value adjustment of \u20ac42 million of the assets in
\nthe storage business in North America sold in 2024;
\n\u2022 the impairment loss of \u20ac22 million on the renewa-
\nble business in India, following its reclassification, in
\n2024, under assets and liabilities held for sale and
\nthe related sale price adjustment;
\n\u2022 the impairment loss on a number of renewable elec-
\ntricity plants in Spain, Brazil, Chile, United States and
\nItaly (\u20ac223 million);
\n\u2022 the value adjustment of a number of photovolta-
\nic plants in Italy (\u20ac36 million) and wind plants in the
\nUnited States (\u20ac45 million);
\n\u2022 impairment losses recognized on software, IT plat-
\nforms and support activities of Enel X in Italy (\u20ac62
\nmillion) and the value adjustment of assets related
\nto the e-mobility business (\u20ac56 million) mainly in Italy
\nand the United States;
\n\u2022 the value adjustment of the Colombian wind project
\nof Windpeshi in the amount of \u20ac46 million (\u20ac171 mil-
\nlion in 2023).
\nThe figure for 2023 included the value adjustments on
\na number of renewable plant companies (\u20ac1,268 mil-
\nlion) and on the assets of Enel X and Enel X Way (\u20ac126
\nmillion) in North America.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n\n
\n\n10.f Other operating costs \u2013 \u20ac3,940 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n
\n\n| System charges \u2013 Environmental certificates(1) | \n1,449 | \n2,603 | \n(1,154) | \n | \n-44.3% | \n\n\n
\n\n| Other costs connected with electrical and gas system | \n175 | \n568 | \n(393) | \n | \n-69.2% | \n\n\n
\n\n| Other taxes and duties | \n1,341 | \n1,529 | \n(188) | \n | \n-12.3% | \n\n\n
\n\n| Capital losses and other costs on the disposal of equity | \n4 | \n404 | \n(400) | \n | \n-99.0% | \n\n\n
\n\n| investments | \n | \n | \n | \n | \n | \n\n\n
\n\n| Extraordinary solidarity levies | \n138 | \n208 | \n(70) | \n | \n-33.7% | \n\n\n
\n\n| Other | \n833 | \n813 | \n20 | \n | \n2.5% | \n\n\n
\n\n| Total | \n3,940 | \n6,125 | \n(2,185) | \n | \n-35.7% | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) For more on \u201cSystem charges \u2013 Environmental certificates\u201d, please see note 56 \u201cEnvironmental programs\u201d.
\n\u201cOther operating costs\u201d decreased by \u20ac2,185 million
\ncompared with the previous year due to the following.
\nCosts for environmental certificates decreased re-
\nflecting the impact of a decrease in the purchase in
\nCO
\n2
\n allowances mainly due to a decrease in generation
\nfrom conventional sources.
\nThe decrease in \u201cother costs connected with electri-
\ncal and gas system\u201d mainly reflected the decreasing
\nimpact of the Bono Social in Spain (\u20ac337 million) es-
\nsentially due to the recognition in 2024 of a surplus
\nrelating to the 2022-2023 period.
\n\u201cOther taxes and duties\u201d decreased in 2023 mainly due
\nto the clawback mechanism in Italy (\u20ac357 million) in-
\ntroduced with Decree Law 25 of March 28, 2022 and
\nas a result of Royal Decree 17/2021 in Spain (\u20ac118 mil-
\nlion). The change was partly offset by the recognition
\nin 2024 of the tax on the value on the production of
\nelectricity (IVPEE) reactivated in Spain by the Royal De-
\ncree 8/2023 for \u20ac342 million.
\n\u201cCapital losses and other costs on the disposal of eq-
\nuity investments\u201d in 2024 mainly include the capital
\nlosses on the disposal of assets related to the storage
\nbusiness in North America (\u20ac2 million).
\nThe figure for 2023 mainly included capital losses rec-
\nognized after the disposal of Enel Generaci\u00f3n Cos-
\ntanera (\u20ac132 million) and Central Dock Sud (\u20ac194 mil-
\nlion) in Argentina, and the price adjustment in respect
\nof the disposal of Celg Distribui\u00e7\u00e3o SA Celg-D (Enel
\nGoi\u00e1s) (\u20ac23 million).
\n\u201cExtraordinary solidarity levies\u201d regard the extraordi-
\nnary solidarity levy recognized, in 2024, in Spain in the
\namount of \u20ac138 million (\u20ac208 million in 2023) following
\nthe approval of Law 38 of December 27, 2022.
\n
\n\n\n\n\n
\n\n\n\n\n10.g Capitalized costs \u2013 \u20ac(3,042) million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n | \n\n\n
\n\n| Personnel | \n(1,064) | \n(1,120) | \n56 | \n | \n5.0% | \n\n\n
\n\n| Materials | \n(1,237) | \n(1,338) | \n101 | \n | \n7.5% | \n\n\n
\n\n| Other | \n(741) | \n(927) | \n186 | \n | \n20.1% | \n\n\n
\n\n| Total | \n(3,042) | \n(3,385) | \n343 | \n | \n10.1% | \n\n\n
\n\n\n\n\n\n
\n\n\n
Capitalized costs came to \u20ac3,042 million, a decrease
\nof \u20ac343 million on the previous year, mainly reflecting
\nthe reallocation of investments, in line with the prior-
\nitites set in the Strategic Plan 2024-2026.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1110": {
"value": "\nCosts
\n10.a Electricity, gas and fuel \u2013 \u20ac30,282 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \nChange | \n\n\n
\n\n| Electricity | \n19,348 | \n24,098 | \n(4,750) | \n-19.7% | \n\n\n
\n\n| - of which purchases under contracts with physical settlement (IFRS 9) | \n872 | \n2,884 | \n(2,012) | \n-69.8% | \n\n\n
\n\n| Gas | \n10,739 | \n16,583 | \n(5,844) | \n-35.2% | \n\n\n
\n\n| - of which purchases under contracts with physical settlement (IFRS 9) | \n4,793 | \n8,063 | \n(3,270) | \n-40.6% | \n\n\n
\n\n| Fair value gain/(loss) on contracts for purchase of electricity and gas with | \n(1,618) | \n1,940 | \n(3,558) | \n- | \n\n\n
\n\n| physical settlement closed during the period | \n | \n | \n | \n | \n\n\n
\n\n| Nuclear fuel | \n103 | \n99 | \n4 | \n4.0% | \n\n\n
\n\n| Other fuels | \n1,710 | \n3,550 | \n(1,840) | \n-51.8% | \n\n\n
\n\n| Total | \n30,282 | \n46,270 | \n(15,988) | \n-34.6% | \n\n\n
\n\n\n\n\n\n
\n\n\n
\u201cElectricity\u201d purchase decreased by \u20ac4,750 million
\nreflecting both a decline in average prices and quan-
\ntities purchased compared with the previous year,
\nmainly in Italy (\u20ac3,992 million) and Spain (\u20ac1,127 mil-
\nlion).
\nThe decrease in costs for \u201cgas\u201d purchases of \u20ac5,844
\nmillion mainly reflects the decrease in average prices as
\nwell as the decrease in volumes handled, mainly in Italy
\nand Spain.
\nIn 2023 the item included charges of \u20ac515 million relat-
\ned to the settlement of an arbitration dispute with the
\nQatari gas supplier in Spain.
\nResults of the fair value measurement of purchases of
\ngas under contracts with physical settlement closed
\ndecreased by \u20ac3,558 million on the previous year, of
\nwhich \u20ac3,544 million attributable to gas and \u20ac14 mil-
\nlion to electricity.
\nThe decrease in \u201cother fuels\u201d is mainly attributable to
\nthe decrease in volumes purchased.
\n10.b Services and other materials \u2013 \u20ac19,240 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n
\n\n| Wheeling | \n9,207 | \n7,781 | \n1,426 | \n18.3% | \n\n\n
\n\n| Maintenance and repairs | \n1,216 | \n1,134 | \n82 | \n7. 2 % | \n\n\n
\n\n| Telephone and postal costs | \n174 | \n168 | \n6 | \n3.6% | \n\n\n
\n\n| Communication services | \n166 | \n120 | \n46 | \n38.3% | \n\n\n
\n\n| IT services | \n744 | \n840 | \n(96) | \n-11.4% | \n\n\n
\n\n| Leases and rentals | \n813 | \n534 | \n279 | \n52.2% | \n\n\n
\n\n| Costs for services connected with the electricity and gas business | \n1,111 | \n1,327 | \n(216) | \n-16.3% | \n\n\n
\n\n| Value-added services | \n697 | \n822 | \n(125) | \n-15.2% | \n\n\n
\n\n| Construction contracts | \n288 | \n394 | \n(106) | \n-26.9% | \n\n\n
\n\n| Service concession arrangements | \n451 | \n429 | \n22 | \n5.1% | \n\n\n
\n\n| Other services | \n1,927 | \n2,008 | \n(81) | \n-4.0% | \n\n\n
\n\n| Environmental certificates not used for compliance | \n264 | \n1,002 | \n(738) | \n-73.7% | \n\n\n
\n\n| - of which relating to purchases from contracts with physical settlement (IFRS 9) | \n250 | \n725 | \n(475) | \n-65.5% | \n\n\n
\n\n| Fair value gain/(loss) on contracts for purchase of environmental certificates | \n(58) | \n1 | \n(59) | \n- | \n\n\n
\n\n| with physical settlement closed during the period | \n | \n | \n | \n | \n\n\n
\n\n| Change in inventories of environmental certificates | \n84 | \n(593) | \n677 | \n- | \n\n\n
\n\n| Other materials | \n2,156 | \n2,337 | \n(181) | \n-7.7 % | \n\n\n
\n\n| Total | \n19,240 | \n18,304 | \n936 | \n5.1% | \n\n\n
\n\n\n\n\n\n
\n\n\n
Costs for services and other materials amounted to
\n\u20ac19,240 million in 2024, an increase of \u20ac936 million
\nfrom 2023. This change essentially reflected:
\n\u2022 an increase in costs for wheeling, mainly in Italy and
\nIberia, reflecting the application of specific meas-
\nures issued by rate-setting regulators;
\n
\n\n\n\n\n
\n\u2022 an increase in costs for leases and rentals, mainly in
\nItaly, essentially due to higher hydroelectric conces-
\nsion fees;
\n\u2022 a decrease in costs for services connected with the
\nelectricity and gas business due to a decrease in
\nvolumes handled;
\n\u2022 a decrease in costs for construction contracts and
\nvalue-added services due to lower sales and services
\nattributable to energy efficient goods (\u20ac231 million);
\n\u2022 a decrease in costs for technical and professional
\nservices (\u20ac102 million);
\n\u2022 a decrease in costs of environmental certificates
\n(\u20ac61 million) essentially due to higher use of inven-
\ntories;
\n\u2022 a decrease in \u201cother materials\u201d mainly attributable to
\nlower procurement costs for materials and equip-
\nment.
\n\n10.c Personnel expenses \u2013 \u20ac4,938 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n
\n\n| Wages and salaries | \n3,350 | \n3,498 | \n(148) | \n-4.2% | \n\n\n
\n\n| Social security contributions | \n932 | \n903 | \n29 | \n3.2% | \n\n\n
\n\n| Italian post-employment benefits | \n114 | \n114 | \n- | \n- | \n\n\n
\n\n| Post-employment and other long-term benefits | \n68 | \n67 | \n1 | \n1.5% | \n\n\n
\n\n| Early retirement incentives | \n47 | \n42 | \n5 | \n11.9% | \n\n\n
\n\n| Early retirement incentives connected with restructuring | \n227 | \n214 | \n13 | \n6.1% | \n\n\n
\n\n| agreements | \n | \n | \n | \n | \n\n\n
\n\n| Other costs | \n200 | \n192 | \n8 | \n4.2% | \n\n\n
\n\n| Total | \n4,938 | \n5,030 | \n(92) | \n-1.8% | \n\n\n
\n\n\n\n\n\n
\n\n\n
Personnel expenses in 2024 amounted to \u20ac4,938 mil-
\nlion, a decrease of \u20ac92 million.
\nThe Group\u2019s workforce decreased by 696 employ-
\nees, due to the positive balance between new hires
\nand terminations (566 employees) mainly reflecting
\nnew hires in Grids in Italy and Brazil, offset by negative
\nchanges in the consolidation scope (-1,262 employ-
\nees), essentially attributable to:
\n\u2022 the sale of Enel Generaci\u00f3n Per\u00fa;
\n\u2022 the sale of Enel Distribuci\u00f3n Per\u00fa;
\n\u2022 the sale of Enel X Per\u00fa;
\n\u2022 the sale of Enel X Storage US LLC;
\n\u2022 the transfer of employees from e-distribuzione SpA
\nto A2A as part of the sale of distribution assets relat-
\ning to some municipalities in the provinces of Milan
\nand Brescia.
\nThe decrease in \u201cwages and salaries\u201d substantially re-
\nflects the decrease in the average headcount com-
\npared with 2023, as shown in the following table, and
\nthe changes in scope commented earlier.
\nThe increase in \u201csocial security contributions\u201d is mainly
\nrelated to Argentina.
\nThe increase in \u201cearly retirement incentives\u201d and \u201cear-
\nly retirement incentives connected with restructuring
\nagreements\u201d is mainly attributable to an increase in
\ncosts in Italy following a new provision in application
\nof Article 4 of Law 92/2012 for the 2025-2028 period,
\npartly offset by charges incurred in 2023 in Spain
\nfor the adjustment to the provision for the Acuerdo
\nVoluntario de Salida plan.
\nThe table below shows the average number of employ-
\nees by category, along with a comparison with the pre-
\nvious year, and the headcount as of December 31, 2024.
\n\n
\n\n\n | \nAverage(1) | \nHeadcount(1) | \n\n\n
\n\n| No. | \n2024 | \n2023 | \nat Dec. 31, 2024 | \n\n\n
\n\n| Senior managers | \n1,285 | \n1,374 | \n1,256 | \n\n\n
\n\n| Middle managers | \n12,062 | \n12,589 | \n12,013 | \n\n\n
\n\n| White collar | \n29,872 | \n33,906 | \n28,402 | \n\n\n
\n\n| Blue collar | \n17,057 | \n16,527 | \n18,688 | \n\n\n
\n\n| Total | \n60,276 | \n64,396 | \n60,359 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) For companies consolidated on a proportionate basis, the headcount corresponds to Enel\u2019s percentage share of the total.
\n
\n\n\n\n\n
\n\n\n\n\n
\n
\n\n10.d Net impairment/(reversals) on trade receivables and other receivables
\n\u2013 \u20ac1,323 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n | \n\n\n
\n\n| Impairment losses on trade receivables | \n1,337 | \n1,384 | \n(47) | \n | \n-3.4% | \n\n\n
\n\n| Impairment losses on other financial assets | \n234 | \n162 | \n72 | \n | \n44.4% | \n\n\n
\n\n| Total impairment losses on trade receivables | \n1,571 | \n1,546 | \n25 | \n | \n1.6% | \n\n\n
\n\n| and other financial assets | \n | \n | \n | \n | \n | \n\n\n
\n\n| Impairment gains on trade receivables | \n(244) | \n(210) | \n(34) | \n | \n-16.2% | \n\n\n
\n\n| Impairment gains on other financial assets | \n(4) | \n(2) | \n(2) | \n | \n- | \n\n\n
\n\n| Total impairment gains on trade receivables | \n(248) | \n(212) | \n(36) | \n | \n- 17.0% | \n\n\n
\n\n| and other financial assets | \n | \n | \n | \n | \n | \n\n\n
\n\n| NET IMPAIRMENT/(REVERSALS) ON TRADE | \n1,323 | \n1,334 | \n(11) | \n | \n-0.8% | \n\n\n
\n\n| RECEIVABLES AND OTHER FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
The item is essentially in line with the previous year.
\n
\n\n\n\n\n\n
\n\n10.e Depreciation, amortization and other impairment losses \u2013 \u20ac7,249 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n
\n\n| Property, plant and equipment | \n4,896 | \n4,674 | \n222 | \n | \n4.7% | \n\n\n
\n\n| Investment property | \n2 | \n2 | \n- | \n | \n- | \n\n\n
\n\n| Intangible assets | \n1,785 | \n1,677 | \n108 | \n | \n6.4% | \n\n\n
\n\n| Other impairment losses | \n611 | \n1,792 | \n(1,181) | \n | \n-65.9% | \n\n\n
\n\n| Other reversals of impairment losses | \n(45) | \n(56) | \n11 | \n | \n19.6% | \n\n\n
\n\n| Total | \n7, 249 | \n8,089 | \n(840) | \n | \n-10.4% | \n\n\n
\n\n\n\n\n\n
\n\n\n
The decrease in \u201cdepreciation, amortization and other
\nimpairment losses\u201d essentially reflected the decrease
\nin impairment losses, partly offset by higher deprecia-
\ntion and amortization due to new capital expenditure,
\nmainly in the sector of renewable energy and distri-
\nbution.
\nMore specifically, impairment losses in 2024 mainly in-
\nclude:
\n\u2022 the value adjustment of \u20ac42 million of the assets in
\nthe storage business in North America sold in 2024;
\n\u2022 the impairment loss of \u20ac22 million on the renewa-
\nble business in India, following its reclassification, in
\n2024, under assets and liabilities held for sale and
\nthe related sale price adjustment;
\n\u2022 the impairment loss on a number of renewable elec-
\ntricity plants in Spain, Brazil, Chile, United States and
\nItaly (\u20ac223 million);
\n\u2022 the value adjustment of a number of photovolta-
\nic plants in Italy (\u20ac36 million) and wind plants in the
\nUnited States (\u20ac45 million);
\n\u2022 impairment losses recognized on software, IT plat-
\nforms and support activities of Enel X in Italy (\u20ac62
\nmillion) and the value adjustment of assets related
\nto the e-mobility business (\u20ac56 million) mainly in Italy
\nand the United States;
\n\u2022 the value adjustment of the Colombian wind project
\nof Windpeshi in the amount of \u20ac46 million (\u20ac171 mil-
\nlion in 2023).
\nThe figure for 2023 included the value adjustments on
\na number of renewable plant companies (\u20ac1,268 mil-
\nlion) and on the assets of Enel X and Enel X Way (\u20ac126
\nmillion) in North America.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n\n10.f Other operating costs \u2013 \u20ac3,940 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n
\n\n| System charges \u2013 Environmental certificates(1) | \n1,449 | \n2,603 | \n(1,154) | \n | \n-44.3% | \n\n\n
\n\n| Other costs connected with electrical and gas system | \n175 | \n568 | \n(393) | \n | \n-69.2% | \n\n\n
\n\n| Other taxes and duties | \n1,341 | \n1,529 | \n(188) | \n | \n-12.3% | \n\n\n
\n\n| Capital losses and other costs on the disposal of equity | \n4 | \n404 | \n(400) | \n | \n-99.0% | \n\n\n
\n\n| investments | \n | \n | \n | \n | \n | \n\n\n
\n\n| Extraordinary solidarity levies | \n138 | \n208 | \n(70) | \n | \n-33.7% | \n\n\n
\n\n| Other | \n833 | \n813 | \n20 | \n | \n2.5% | \n\n\n
\n\n| Total | \n3,940 | \n6,125 | \n(2,185) | \n | \n-35.7% | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) For more on \u201cSystem charges \u2013 Environmental certificates\u201d, please see note 56 \u201cEnvironmental programs\u201d.
\n\u201cOther operating costs\u201d decreased by \u20ac2,185 million
\ncompared with the previous year due to the following.
\nCosts for environmental certificates decreased re-
\nflecting the impact of a decrease in the purchase in
\nCO
\n2
\n allowances mainly due to a decrease in generation
\nfrom conventional sources.
\nThe decrease in \u201cother costs connected with electri-
\ncal and gas system\u201d mainly reflected the decreasing
\nimpact of the Bono Social in Spain (\u20ac337 million) es-
\nsentially due to the recognition in 2024 of a surplus
\nrelating to the 2022-2023 period.
\n\u201cOther taxes and duties\u201d decreased in 2023 mainly due
\nto the clawback mechanism in Italy (\u20ac357 million) in-
\ntroduced with Decree Law 25 of March 28, 2022 and
\nas a result of Royal Decree 17/2021 in Spain (\u20ac118 mil-
\nlion). The change was partly offset by the recognition
\nin 2024 of the tax on the value on the production of
\nelectricity (IVPEE) reactivated in Spain by the Royal De-
\ncree 8/2023 for \u20ac342 million.
\n\u201cCapital losses and other costs on the disposal of eq-
\nuity investments\u201d in 2024 mainly include the capital
\nlosses on the disposal of assets related to the storage
\nbusiness in North America (\u20ac2 million).
\nThe figure for 2023 mainly included capital losses rec-
\nognized after the disposal of Enel Generaci\u00f3n Cos-
\ntanera (\u20ac132 million) and Central Dock Sud (\u20ac194 mil-
\nlion) in Argentina, and the price adjustment in respect
\nof the disposal of Celg Distribui\u00e7\u00e3o SA Celg-D (Enel
\nGoi\u00e1s) (\u20ac23 million).
\n\u201cExtraordinary solidarity levies\u201d regard the extraordi-
\nnary solidarity levy recognized, in 2024, in Spain in the
\namount of \u20ac138 million (\u20ac208 million in 2023) following
\nthe approval of Law 38 of December 27, 2022.
\n
\n\n\n\n\n
\n\n\n\n\n10.g Capitalized costs \u2013 \u20ac(3,042) million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n | \n\n\n
\n\n| Personnel | \n(1,064) | \n(1,120) | \n56 | \n | \n5.0% | \n\n\n
\n\n| Materials | \n(1,237) | \n(1,338) | \n101 | \n | \n7.5% | \n\n\n
\n\n| Other | \n(741) | \n(927) | \n186 | \n | \n20.1% | \n\n\n
\n\n| Total | \n(3,042) | \n(3,385) | \n343 | \n | \n10.1% | \n\n\n
\n\n\n\n\n\n
\n\n\n
Capitalized costs came to \u20ac3,042 million, a decrease
\nof \u20ac343 million on the previous year, mainly reflecting
\nthe reallocation of investments, in line with the prior-
\nitites set in the Strategic Plan 2024-2026.
\n
\n\n\n\n",
"dimensions": {
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},
"Tag1114": {
"value": "\n10.c Personnel expenses \u2013 \u20ac4,938 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n
\n\n| Wages and salaries | \n3,350 | \n3,498 | \n(148) | \n-4.2% | \n\n\n
\n\n| Social security contributions | \n932 | \n903 | \n29 | \n3.2% | \n\n\n
\n\n| Italian post-employment benefits | \n114 | \n114 | \n- | \n- | \n\n\n
\n\n| Post-employment and other long-term benefits | \n68 | \n67 | \n1 | \n1.5% | \n\n\n
\n\n| Early retirement incentives | \n47 | \n42 | \n5 | \n11.9% | \n\n\n
\n\n| Early retirement incentives connected with restructuring | \n227 | \n214 | \n13 | \n6.1% | \n\n\n
\n\n| agreements | \n | \n | \n | \n | \n\n\n
\n\n| Other costs | \n200 | \n192 | \n8 | \n4.2% | \n\n\n
\n\n| Total | \n4,938 | \n5,030 | \n(92) | \n-1.8% | \n\n\n
\n\n\n\n\n\n
\n\n\n
Personnel expenses in 2024 amounted to \u20ac4,938 mil-
\nlion, a decrease of \u20ac92 million.
\nThe Group\u2019s workforce decreased by 696 employ-
\nees, due to the positive balance between new hires
\nand terminations (566 employees) mainly reflecting
\nnew hires in Grids in Italy and Brazil, offset by negative
\nchanges in the consolidation scope (-1,262 employ-
\nees), essentially attributable to:
\n\u2022 the sale of Enel Generaci\u00f3n Per\u00fa;
\n\u2022 the sale of Enel Distribuci\u00f3n Per\u00fa;
\n\u2022 the sale of Enel X Per\u00fa;
\n\u2022 the sale of Enel X Storage US LLC;
\n\u2022 the transfer of employees from e-distribuzione SpA
\nto A2A as part of the sale of distribution assets relat-
\ning to some municipalities in the provinces of Milan
\nand Brescia.
\nThe decrease in \u201cwages and salaries\u201d substantially re-
\nflects the decrease in the average headcount com-
\npared with 2023, as shown in the following table, and
\nthe changes in scope commented earlier.
\nThe increase in \u201csocial security contributions\u201d is mainly
\nrelated to Argentina.
\nThe increase in \u201cearly retirement incentives\u201d and \u201cear-
\nly retirement incentives connected with restructuring
\nagreements\u201d is mainly attributable to an increase in
\ncosts in Italy following a new provision in application
\nof Article 4 of Law 92/2012 for the 2025-2028 period,
\npartly offset by charges incurred in 2023 in Spain
\nfor the adjustment to the provision for the Acuerdo
\nVoluntario de Salida plan.
\nThe table below shows the average number of employ-
\nees by category, along with a comparison with the pre-
\nvious year, and the headcount as of December 31, 2024.
\n\n
\n\n\n | \nAverage(1) | \nHeadcount(1) | \n\n\n
\n\n| No. | \n2024 | \n2023 | \nat Dec. 31, 2024 | \n\n\n
\n\n| Senior managers | \n1,285 | \n1,374 | \n1,256 | \n\n\n
\n\n| Middle managers | \n12,062 | \n12,589 | \n12,013 | \n\n\n
\n\n| White collar | \n29,872 | \n33,906 | \n28,402 | \n\n\n
\n\n| Blue collar | \n17,057 | \n16,527 | \n18,688 | \n\n\n
\n\n| Total | \n60,276 | \n64,396 | \n60,359 | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) For companies consolidated on a proportionate basis, the headcount corresponds to Enel\u2019s percentage share of the total.
\n
\n\n\n\n",
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"Tag1115": {
"value": "\n10.d Net impairment/(reversals) on trade receivables and other receivables
\n\u2013 \u20ac1,323 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n | \n\n\n
\n\n| Impairment losses on trade receivables | \n1,337 | \n1,384 | \n(47) | \n | \n-3.4% | \n\n\n
\n\n| Impairment losses on other financial assets | \n234 | \n162 | \n72 | \n | \n44.4% | \n\n\n
\n\n| Total impairment losses on trade receivables | \n1,571 | \n1,546 | \n25 | \n | \n1.6% | \n\n\n
\n\n| and other financial assets | \n | \n | \n | \n | \n | \n\n\n
\n\n| Impairment gains on trade receivables | \n(244) | \n(210) | \n(34) | \n | \n-16.2% | \n\n\n
\n\n| Impairment gains on other financial assets | \n(4) | \n(2) | \n(2) | \n | \n- | \n\n\n
\n\n| Total impairment gains on trade receivables | \n(248) | \n(212) | \n(36) | \n | \n- 17.0% | \n\n\n
\n\n| and other financial assets | \n | \n | \n | \n | \n | \n\n\n
\n\n| NET IMPAIRMENT/(REVERSALS) ON TRADE | \n1,323 | \n1,334 | \n(11) | \n | \n-0.8% | \n\n\n
\n\n| RECEIVABLES AND OTHER FINANCIAL ASSETS | \n | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
The item is essentially in line with the previous year.
\n
\n\n\n\n\n10.e Depreciation, amortization and other impairment losses \u2013 \u20ac7,249 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n
\n\n| Property, plant and equipment | \n4,896 | \n4,674 | \n222 | \n | \n4.7% | \n\n\n
\n\n| Investment property | \n2 | \n2 | \n- | \n | \n- | \n\n\n
\n\n| Intangible assets | \n1,785 | \n1,677 | \n108 | \n | \n6.4% | \n\n\n
\n\n| Other impairment losses | \n611 | \n1,792 | \n(1,181) | \n | \n-65.9% | \n\n\n
\n\n| Other reversals of impairment losses | \n(45) | \n(56) | \n11 | \n | \n19.6% | \n\n\n
\n\n| Total | \n7, 249 | \n8,089 | \n(840) | \n | \n-10.4% | \n\n\n
\n\n\n\n\n\n
\n\n\n
The decrease in \u201cdepreciation, amortization and other
\nimpairment losses\u201d essentially reflected the decrease
\nin impairment losses, partly offset by higher deprecia-
\ntion and amortization due to new capital expenditure,
\nmainly in the sector of renewable energy and distri-
\nbution.
\nMore specifically, impairment losses in 2024 mainly in-
\nclude:
\n\u2022 the value adjustment of \u20ac42 million of the assets in
\nthe storage business in North America sold in 2024;
\n\u2022 the impairment loss of \u20ac22 million on the renewa-
\nble business in India, following its reclassification, in
\n2024, under assets and liabilities held for sale and
\nthe related sale price adjustment;
\n\u2022 the impairment loss on a number of renewable elec-
\ntricity plants in Spain, Brazil, Chile, United States and
\nItaly (\u20ac223 million);
\n\u2022 the value adjustment of a number of photovolta-
\nic plants in Italy (\u20ac36 million) and wind plants in the
\nUnited States (\u20ac45 million);
\n\u2022 impairment losses recognized on software, IT plat-
\nforms and support activities of Enel X in Italy (\u20ac62
\nmillion) and the value adjustment of assets related
\nto the e-mobility business (\u20ac56 million) mainly in Italy
\nand the United States;
\n\u2022 the value adjustment of the Colombian wind project
\nof Windpeshi in the amount of \u20ac46 million (\u20ac171 mil-
\nlion in 2023).
\nThe figure for 2023 included the value adjustments on
\na number of renewable plant companies (\u20ac1,268 mil-
\nlion) and on the assets of Enel X and Enel X Way (\u20ac126
\nmillion) in North America.
\n
\n\n\n\n",
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"Tag1116": {
"value": "\n
\n\n10.e Depreciation, amortization and other impairment losses \u2013 \u20ac7,249 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n
\n\n| Property, plant and equipment | \n4,896 | \n4,674 | \n222 | \n | \n4.7% | \n\n\n
\n\n| Investment property | \n2 | \n2 | \n- | \n | \n- | \n\n\n
\n\n| Intangible assets | \n1,785 | \n1,677 | \n108 | \n | \n6.4% | \n\n\n
\n\n| Other impairment losses | \n611 | \n1,792 | \n(1,181) | \n | \n-65.9% | \n\n\n
\n\n| Other reversals of impairment losses | \n(45) | \n(56) | \n11 | \n | \n19.6% | \n\n\n
\n\n| Total | \n7, 249 | \n8,089 | \n(840) | \n | \n-10.4% | \n\n\n
\n\n\n\n\n\n
\n\n\n
The decrease in \u201cdepreciation, amortization and other
\nimpairment losses\u201d essentially reflected the decrease
\nin impairment losses, partly offset by higher deprecia-
\ntion and amortization due to new capital expenditure,
\nmainly in the sector of renewable energy and distri-
\nbution.
\nMore specifically, impairment losses in 2024 mainly in-
\nclude:
\n\u2022 the value adjustment of \u20ac42 million of the assets in
\nthe storage business in North America sold in 2024;
\n\u2022 the impairment loss of \u20ac22 million on the renewa-
\nble business in India, following its reclassification, in
\n2024, under assets and liabilities held for sale and
\nthe related sale price adjustment;
\n\u2022 the impairment loss on a number of renewable elec-
\ntricity plants in Spain, Brazil, Chile, United States and
\nItaly (\u20ac223 million);
\n\u2022 the value adjustment of a number of photovolta-
\nic plants in Italy (\u20ac36 million) and wind plants in the
\nUnited States (\u20ac45 million);
\n\u2022 impairment losses recognized on software, IT plat-
\nforms and support activities of Enel X in Italy (\u20ac62
\nmillion) and the value adjustment of assets related
\nto the e-mobility business (\u20ac56 million) mainly in Italy
\nand the United States;
\n\u2022 the value adjustment of the Colombian wind project
\nof Windpeshi in the amount of \u20ac46 million (\u20ac171 mil-
\nlion in 2023).
\nThe figure for 2023 included the value adjustments on
\na number of renewable plant companies (\u20ac1,268 mil-
\nlion) and on the assets of Enel X and Enel X Way (\u20ac126
\nmillion) in North America.
\n
\n\n\n\n\n
\n\n\n\n",
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"Tag1118": {
"value": "\n
\n\n10.f Other operating costs \u2013 \u20ac3,940 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n
\n\n| System charges \u2013 Environmental certificates(1) | \n1,449 | \n2,603 | \n(1,154) | \n | \n-44.3% | \n\n\n
\n\n| Other costs connected with electrical and gas system | \n175 | \n568 | \n(393) | \n | \n-69.2% | \n\n\n
\n\n| Other taxes and duties | \n1,341 | \n1,529 | \n(188) | \n | \n-12.3% | \n\n\n
\n\n| Capital losses and other costs on the disposal of equity | \n4 | \n404 | \n(400) | \n | \n-99.0% | \n\n\n
\n\n| investments | \n | \n | \n | \n | \n | \n\n\n
\n\n| Extraordinary solidarity levies | \n138 | \n208 | \n(70) | \n | \n-33.7% | \n\n\n
\n\n| Other | \n833 | \n813 | \n20 | \n | \n2.5% | \n\n\n
\n\n| Total | \n3,940 | \n6,125 | \n(2,185) | \n | \n-35.7% | \n\n\n
\n\n\n\n\n\n
\n\n\n
(1) For more on \u201cSystem charges \u2013 Environmental certificates\u201d, please see note 56 \u201cEnvironmental programs\u201d.
\n\u201cOther operating costs\u201d decreased by \u20ac2,185 million
\ncompared with the previous year due to the following.
\nCosts for environmental certificates decreased re-
\nflecting the impact of a decrease in the purchase in
\nCO
\n2
\n allowances mainly due to a decrease in generation
\nfrom conventional sources.
\nThe decrease in \u201cother costs connected with electri-
\ncal and gas system\u201d mainly reflected the decreasing
\nimpact of the Bono Social in Spain (\u20ac337 million) es-
\nsentially due to the recognition in 2024 of a surplus
\nrelating to the 2022-2023 period.
\n\u201cOther taxes and duties\u201d decreased in 2023 mainly due
\nto the clawback mechanism in Italy (\u20ac357 million) in-
\ntroduced with Decree Law 25 of March 28, 2022 and
\nas a result of Royal Decree 17/2021 in Spain (\u20ac118 mil-
\nlion). The change was partly offset by the recognition
\nin 2024 of the tax on the value on the production of
\nelectricity (IVPEE) reactivated in Spain by the Royal De-
\ncree 8/2023 for \u20ac342 million.
\n\u201cCapital losses and other costs on the disposal of eq-
\nuity investments\u201d in 2024 mainly include the capital
\nlosses on the disposal of assets related to the storage
\nbusiness in North America (\u20ac2 million).
\nThe figure for 2023 mainly included capital losses rec-
\nognized after the disposal of Enel Generaci\u00f3n Cos-
\ntanera (\u20ac132 million) and Central Dock Sud (\u20ac194 mil-
\nlion) in Argentina, and the price adjustment in respect
\nof the disposal of Celg Distribui\u00e7\u00e3o SA Celg-D (Enel
\nGoi\u00e1s) (\u20ac23 million).
\n\u201cExtraordinary solidarity levies\u201d regard the extraordi-
\nnary solidarity levy recognized, in 2024, in Spain in the
\namount of \u20ac138 million (\u20ac208 million in 2023) following
\nthe approval of Law 38 of December 27, 2022.
\n
\n\n\n\n\n
\n\n\n\n",
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"Tag940": {
"value": "\n11. Net results from commodity contracts \u2013 \u20ac477 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \nChange | \n
\n\n| Commodity derivatives | \n | \n | \n | \n | \n
\n\n| Income from derivatives designated as hedging derivatives | \n876 | \n836 | \n40 | \n4.8% | \n
\n\n| Income from derivatives at fair value through profit or loss | \n2,517 | \n3,196 | \n(679) | \n-21.2% | \n
\n\n| Income from commodity derivatives | \n3,393 | \n4,032 | \n(639) | \n-15.8% | \n
\n\n| Expense from derivatives designated as hedging derivatives | \n1,208 | \n2,892 | \n(1,684) | \n-58.2% | \n
\n\n| Expense from derivatives at fair value through profit or loss | \n2,797 | \n3,569 | \n(772) | \n-21.6% | \n
\n\n| Expense from commodity derivatives | \n4,005 | \n6,461 | \n(2,456) | \n-38.0% | \n
\n\n| Net income/(expense) from commodity derivatives | \n(612) | \n(2,429) | \n1,817 | \n74.8% | \n
\n\n| Outstanding contracts for energy commodities with physical settlement: | \n | \n | \n
\n\n| - results from outstanding contracts to sell energy commodities | \n(710) | \n389 | \n(1,099) | \n- | \n
\n\n| with physical settlement | \n | \n | \n | \n | \n
\n\n| - results from outstanding contracts to purchase energy | \n1,799 | \n(926) | \n2,725 | \n- | \n
\n\n| commodities with physical settlement | \n | \n | \n | \n | \n
\n\n| Net results from outstanding contracts for energy | \n1,089 | \n(537) | \n1,626 | \n- | \n
\n\n| commodities with physical settlement | \n | \n | \n | \n | \n
\n\n| NET RESULTS FROM COMMODITY CONTRACTS | \n477 | \n(2,966) | \n3,443 | \n- | \n
\n\n
\n
Net results from commodity contracts came to \u20ac477
\nmillion in 2024 (a net expense of \u20ac2,966 million in
\n2023), and mainly refer to hedges of price and curren-
\ncy risks, breaking down as follows:
\n\u2022 net expense from commodity derivatives total-
\ning \u20ac612 million (net expense of \u20ac2,429 million in
\n2023). More specifically, net expense on derivatives
\ndesignated as hedging instruments came to \u20ac332
\nmillion (net expense of \u20ac2,056 million in 2023) and
\nnet expense on derivatives measured at fair value
\nthrough profit or loss came to \u20ac280 million (net ex-
\npense of \u20ac373 million in 2023);
\n\u2022 net income from the fair value measurement through
\nprofit or loss of energy commodity contracts with
\nphysical settlement still outstanding at the reporting
\ndate, amounting to \u20ac1,089 million (net expense of
\n\u20ac537 million in 2023).
\nThe increase in net income, in the amount of \u20ac3,443
\nmillion, is mainly attributable to the results of com-
\nmodity price hedges mainly reflecting market price
\ndevelopments.
\nFor more information on derivatives, please see note
\n49 \u201cDerivatives and hedge accounting\u201d.
\n
\n\n\n",
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"Tag941": {
"value": "\n
\n\n
\n\n12. Net financial income/(expense) from derivatives \u2013 \u20ac1,697 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n
\n\n| Income: | \n | \n | \n | \n | \n | \n\n
\n\n| - income from derivatives designated as hedging derivatives | \n2,212 | \n756 | \n1,456 | \n | \n- | \n\n
\n\n| - income from derivatives at fair value through profit or loss | \n508 | \n802 | \n(294) | \n | \n-36.7% | \n\n
\n\n| Total income | \n2,720 | \n1,558 | \n1,162 | \n | \n74.6% | \n\n
\n\n| Expense: | \n | \n | \n | \n | \n | \n\n
\n\n| - expense from derivatives designated as hedging derivatives | \n(620) | \n(1,254) | \n634 | \n | \n50.6% | \n\n
\n\n| - expense from derivatives at fair value through profit or loss | \n(403) | \n(913) | \n510 | \n | \n55.9% | \n\n
\n\n| Total expense | \n(1,023) | \n(2,167) | \n1,144 | \n | \n52.8% | \n\n
\n\n| NET FINANCIAL INCOME/(EXPENSE) FROM DERIVATIVES | \n1,697 | \n(609) | \n2,306 | \n | \n- | \n\n
\n\n\n\n
\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n
\n\nIn 2024, net income from derivatives on interest and ex-
\nchange rates amounted to \u20ac1,697 million (net expense
\nof \u20ac609 million in 2023) and breaks down as follows:
\n\u2022 net income from derivatives designated as hedging
\nderivatives in the amount of \u20ac1,592 million (net ex-
\npense of \u20ac498 million in 2023) mainly in regard of
\ncash flow hedges;
\n\u2022 net income from derivatives at fair value through
\nprofit or loss in the amount of \u20ac105 million (net ex-
\npense of \u20ac111 million in 2023).
\nThe net balances recognized in 2024 and 2023 on
\nboth hedging derivatives and those at fair value
\nthrough profit or loss mainly referred to the hedging
\nof exchange rate risk. For more information on deriva-
\ntives, see note 49 \u201cDerivatives and hedge accounting\u201d.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\nOther financial expense
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n
\n\n| Interest expense on financial debt | \n | \n | \n | \n | \n | \n\n
\n\n| (current and non-current): | \n | \n | \n | \n | \n | \n\n
\n\n| - interest on bank borrowings | \n1,001 | \n987 | \n14 | \n | \n1.4% | \n\n
\n\n| - interest expense on bonds | \n2,057 | \n2,079 | \n(22) | \n | \n-1.1% | \n\n
\n\n| - interest expense on other borrowings | \n393 | \n451 | \n(58) | \n | \n-12.9% | \n\n
\n\n| Total interest expense | \n3,451 | \n3,517 | \n(66) | \n | \n-1.9% | \n\n
\n\n| Financial expense on debt management transactions | \n59 | \n7 | \n52 | \n | \n- | \n\n
\n\n| Exchange losses | \n3,002 | \n1,058 | \n1,944 | \n | \n- | \n\n
\n\n| Adjustment to post-employment and other employee benefits | \n142 | \n165 | \n(23) | \n | \n-13.9% | \n\n
\n\n| Adjustment to other provisions | \n291 | \n255 | \n36 | \n | \n14.1% | \n\n
\n\n| Expense from hyperinflation | \n1,632 | \n1,291 | \n341 | \n | \n26.4% | \n\n
\n\n| Other expenses | \n883 | \n964 | \n(81) | \n | \n-8.4% | \n\n
\n\n| TOTAL OTHER FINANCIAL EXPENSE | \n9,460 | \n7, 257 | \n2,203 | \n | \n30.4% | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\nOther financial expense amounted to \u20ac9,460 million,
\na total increase of \u20ac2,203 million on 2023 essentially
\ndue to the following factors:
\n\u2022 an increase in expense from hyperinflation of
\n\u20ac341 million, recognized by the Argentine compa-
\nnies as a result of the application of IAS 29 on fi-
\nnancial reporting in hyperinflationary economies;
\nfor more information, see note 5 of these consoli-
\ndated financial statements at December 31, 2024;
\n\u2022 an increase in expense on exchange losses of
\n\u20ac1,944 million, mainly relating to Enel Finance Inter-
\nnational (\u20ac1,102 million), Enel Am\u00e9ricas (\u20ac437 million)
\nand Enel Chile (\u20ac385 million);
\n\u2022 a decrease in interest expense of \u20ac66 million, mainly
\nattributable to the decrease in average debt in the
\nperiod.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag942": {
"value": "\n
\n\n12. Net financial income/(expense) from derivatives \u2013 \u20ac1,697 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n
\n\n| Income: | \n | \n | \n | \n | \n | \n\n
\n\n| - income from derivatives designated as hedging derivatives | \n2,212 | \n756 | \n1,456 | \n | \n- | \n\n
\n\n| - income from derivatives at fair value through profit or loss | \n508 | \n802 | \n(294) | \n | \n-36.7% | \n\n
\n\n| Total income | \n2,720 | \n1,558 | \n1,162 | \n | \n74.6% | \n\n
\n\n| Expense: | \n | \n | \n | \n | \n | \n\n
\n\n| - expense from derivatives designated as hedging derivatives | \n(620) | \n(1,254) | \n634 | \n | \n50.6% | \n\n
\n\n| - expense from derivatives at fair value through profit or loss | \n(403) | \n(913) | \n510 | \n | \n55.9% | \n\n
\n\n| Total expense | \n(1,023) | \n(2,167) | \n1,144 | \n | \n52.8% | \n\n
\n\n| NET FINANCIAL INCOME/(EXPENSE) FROM DERIVATIVES | \n1,697 | \n(609) | \n2,306 | \n | \n- | \n\n
\n\n\n\n
\n\n
\n\n\n\n
\n\n\n\n
\n\nIn 2024, net income from derivatives on interest and ex-
\nchange rates amounted to \u20ac1,697 million (net expense
\nof \u20ac609 million in 2023) and breaks down as follows:
\n\u2022 net income from derivatives designated as hedging
\nderivatives in the amount of \u20ac1,592 million (net ex-
\npense of \u20ac498 million in 2023) mainly in regard of
\ncash flow hedges;
\n\u2022 net income from derivatives at fair value through
\nprofit or loss in the amount of \u20ac105 million (net ex-
\npense of \u20ac111 million in 2023).
\nThe net balances recognized in 2024 and 2023 on
\nboth hedging derivatives and those at fair value
\nthrough profit or loss mainly referred to the hedging
\nof exchange rate risk. For more information on deriva-
\ntives, see note 49 \u201cDerivatives and hedge accounting\u201d.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\nOther financial income
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n
\n\n| Interest income from financial assets | \n | \n | \n | \n | \n | \n\n
\n\n| (current and non-current): | \n | \n | \n | \n | \n | \n\n
\n\n| - interest income at effective rate on non-current financial assets | \n256 | \n289 | \n(33) | \n | \n-11.4% | \n\n
\n\n| - interest income at effective rate on current financial | \n359 | \n335 | \n24 | \n | \n7. 2% | \n\n
\n\n| investments | \n | \n | \n | \n | \n | \n\n
\n\n| Total interest income at the effective interest rate | \n615 | \n624 | \n(9) | \n | \n-1.4% | \n\n
\n\n| Exchange gains | \n1,320 | \n1,807 | \n(487) | \n | \n-2 7.0% | \n\n
\n\n| Income on equity investments | \n2 | \n3 | \n(1) | \n | \n-33.3% | \n\n
\n\n| Income from hyperinflation | \n1,953 | \n1,575 | \n378 | \n | \n24.0% | \n\n
\n\n| Other income | \n472 | \n482 | \n(10) | \n | \n-2.1% | \n\n
\n\n| TOTAL OTHER FINANCIAL INCOME | \n4,362 | \n4,491 | \n(129) | \n | \n-2.9% | \n\n
\n\n\n\n
\n\n
Other financial income amounted to \u20ac4,362 million,
\na decrease of \u20ac129 million on 2023, mainly reflecting
\nthe decrease in income from exchange gains (\u20ac487
\nmillion), mainly relating to Enel Finance International
\n(\u20ac472 million), partly offset by the increase in income
\nfrom hyperinflation (\u20ac378 million), recognized by the
\nArgentine companies as a result of the application of
\nIAS 29 on financial reporting in hyperinflationary econ-
\nomies; for more information, see note 5 of these con-
\nsolidated financial statements at December 31, 2024.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag943": {
"value": "\n12. Net financial income/(expense) from derivatives \u2013 \u20ac1,697 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n
\n\n| Income: | \n | \n | \n | \n | \n | \n\n
\n\n| - income from derivatives designated as hedging derivatives | \n2,212 | \n756 | \n1,456 | \n | \n- | \n\n
\n\n| - income from derivatives at fair value through profit or loss | \n508 | \n802 | \n(294) | \n | \n-36.7% | \n\n
\n\n| Total income | \n2,720 | \n1,558 | \n1,162 | \n | \n74.6% | \n\n
\n\n| Expense: | \n | \n | \n | \n | \n | \n\n
\n\n| - expense from derivatives designated as hedging derivatives | \n(620) | \n(1,254) | \n634 | \n | \n50.6% | \n\n
\n\n| - expense from derivatives at fair value through profit or loss | \n(403) | \n(913) | \n510 | \n | \n55.9% | \n\n
\n\n| Total expense | \n(1,023) | \n(2,167) | \n1,144 | \n | \n52.8% | \n\n
\n\n| NET FINANCIAL INCOME/(EXPENSE) FROM DERIVATIVES | \n1,697 | \n(609) | \n2,306 | \n | \n- | \n\n
\n\n\n\n
\n\n
\n\n\n\nIn 2024, net income from derivatives on interest and ex-
\nchange rates amounted to \u20ac1,697 million (net expense
\nof \u20ac609 million in 2023) and breaks down as follows:
\n\u2022 net income from derivatives designated as hedging
\nderivatives in the amount of \u20ac1,592 million (net ex-
\npense of \u20ac498 million in 2023) mainly in regard of
\ncash flow hedges;
\n\u2022 net income from derivatives at fair value through
\nprofit or loss in the amount of \u20ac105 million (net ex-
\npense of \u20ac111 million in 2023).
\nThe net balances recognized in 2024 and 2023 on
\nboth hedging derivatives and those at fair value
\nthrough profit or loss mainly referred to the hedging
\nof exchange rate risk. For more information on deriva-
\ntives, see note 49 \u201cDerivatives and hedge accounting\u201d.
\n
\n\n\n\n\n\n\n
\n\n
\n
\n13. Net other financial income/(expense) \u2013 \u20ac(5,098) million
\n\n
\n\nOther financial income
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n
\n\n| Interest income from financial assets | \n | \n | \n | \n | \n | \n\n
\n\n| (current and non-current): | \n | \n | \n | \n | \n | \n\n
\n\n| - interest income at effective rate on non-current financial assets | \n256 | \n289 | \n(33) | \n | \n-11.4% | \n\n
\n\n| - interest income at effective rate on current financial | \n359 | \n335 | \n24 | \n | \n7. 2% | \n\n
\n\n| investments | \n | \n | \n | \n | \n | \n\n
\n\n| Total interest income at the effective interest rate | \n615 | \n624 | \n(9) | \n | \n-1.4% | \n\n
\n\n| Exchange gains | \n1,320 | \n1,807 | \n(487) | \n | \n-2 7.0% | \n\n
\n\n| Income on equity investments | \n2 | \n3 | \n(1) | \n | \n-33.3% | \n\n
\n\n| Income from hyperinflation | \n1,953 | \n1,575 | \n378 | \n | \n24.0% | \n\n
\n\n| Other income | \n472 | \n482 | \n(10) | \n | \n-2.1% | \n\n
\n\n| TOTAL OTHER FINANCIAL INCOME | \n4,362 | \n4,491 | \n(129) | \n | \n-2.9% | \n\n
\n\n\n\n
\n\n
Other financial income amounted to \u20ac4,362 million,
\na decrease of \u20ac129 million on 2023, mainly reflecting
\nthe decrease in income from exchange gains (\u20ac487
\nmillion), mainly relating to Enel Finance International
\n(\u20ac472 million), partly offset by the increase in income
\nfrom hyperinflation (\u20ac378 million), recognized by the
\nArgentine companies as a result of the application of
\nIAS 29 on financial reporting in hyperinflationary econ-
\nomies; for more information, see note 5 of these con-
\nsolidated financial statements at December 31, 2024.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\nOther financial expense
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n
\n\n| Interest expense on financial debt | \n | \n | \n | \n | \n | \n\n
\n\n| (current and non-current): | \n | \n | \n | \n | \n | \n\n
\n\n| - interest on bank borrowings | \n1,001 | \n987 | \n14 | \n | \n1.4% | \n\n
\n\n| - interest expense on bonds | \n2,057 | \n2,079 | \n(22) | \n | \n-1.1% | \n\n
\n\n| - interest expense on other borrowings | \n393 | \n451 | \n(58) | \n | \n-12.9% | \n\n
\n\n| Total interest expense | \n3,451 | \n3,517 | \n(66) | \n | \n-1.9% | \n\n
\n\n| Financial expense on debt management transactions | \n59 | \n7 | \n52 | \n | \n- | \n\n
\n\n| Exchange losses | \n3,002 | \n1,058 | \n1,944 | \n | \n- | \n\n
\n\n| Adjustment to post-employment and other employee benefits | \n142 | \n165 | \n(23) | \n | \n-13.9% | \n\n
\n\n| Adjustment to other provisions | \n291 | \n255 | \n36 | \n | \n14.1% | \n\n
\n\n| Expense from hyperinflation | \n1,632 | \n1,291 | \n341 | \n | \n26.4% | \n\n
\n\n| Other expenses | \n883 | \n964 | \n(81) | \n | \n-8.4% | \n\n
\n\n| TOTAL OTHER FINANCIAL EXPENSE | \n9,460 | \n7, 257 | \n2,203 | \n | \n30.4% | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n
\n\n
\n\nOther financial expense amounted to \u20ac9,460 million,
\na total increase of \u20ac2,203 million on 2023 essentially
\ndue to the following factors:
\n\u2022 an increase in expense from hyperinflation of
\n\u20ac341 million, recognized by the Argentine compa-
\nnies as a result of the application of IAS 29 on fi-
\nnancial reporting in hyperinflationary economies;
\nfor more information, see note 5 of these consoli-
\ndated financial statements at December 31, 2024;
\n\u2022 an increase in expense on exchange losses of
\n\u20ac1,944 million, mainly relating to Enel Finance Inter-
\nnational (\u20ac1,102 million), Enel Am\u00e9ricas (\u20ac437 million)
\nand Enel Chile (\u20ac385 million);
\n\u2022 a decrease in interest expense of \u20ac66 million, mainly
\nattributable to the decrease in average debt in the
\nperiod.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag986": {
"value": "\n
\n
\n13. Net other financial income/(expense) \u2013 \u20ac(5,098) million
\n\n
\n\nOther financial income
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n
\n\n| Interest income from financial assets | \n | \n | \n | \n | \n | \n\n
\n\n| (current and non-current): | \n | \n | \n | \n | \n | \n\n
\n\n| - interest income at effective rate on non-current financial assets | \n256 | \n289 | \n(33) | \n | \n-11.4% | \n\n
\n\n| - interest income at effective rate on current financial | \n359 | \n335 | \n24 | \n | \n7. 2% | \n\n
\n\n| investments | \n | \n | \n | \n | \n | \n\n
\n\n| Total interest income at the effective interest rate | \n615 | \n624 | \n(9) | \n | \n-1.4% | \n\n
\n\n| Exchange gains | \n1,320 | \n1,807 | \n(487) | \n | \n-2 7.0% | \n\n
\n\n| Income on equity investments | \n2 | \n3 | \n(1) | \n | \n-33.3% | \n\n
\n\n| Income from hyperinflation | \n1,953 | \n1,575 | \n378 | \n | \n24.0% | \n\n
\n\n| Other income | \n472 | \n482 | \n(10) | \n | \n-2.1% | \n\n
\n\n| TOTAL OTHER FINANCIAL INCOME | \n4,362 | \n4,491 | \n(129) | \n | \n-2.9% | \n\n
\n\n\n\n
\n\n
Other financial income amounted to \u20ac4,362 million,
\na decrease of \u20ac129 million on 2023, mainly reflecting
\nthe decrease in income from exchange gains (\u20ac487
\nmillion), mainly relating to Enel Finance International
\n(\u20ac472 million), partly offset by the increase in income
\nfrom hyperinflation (\u20ac378 million), recognized by the
\nArgentine companies as a result of the application of
\nIAS 29 on financial reporting in hyperinflationary econ-
\nomies; for more information, see note 5 of these con-
\nsolidated financial statements at December 31, 2024.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\nOther financial expense
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n
\n\n| Interest expense on financial debt | \n | \n | \n | \n | \n | \n\n
\n\n| (current and non-current): | \n | \n | \n | \n | \n | \n\n
\n\n| - interest on bank borrowings | \n1,001 | \n987 | \n14 | \n | \n1.4% | \n\n
\n\n| - interest expense on bonds | \n2,057 | \n2,079 | \n(22) | \n | \n-1.1% | \n\n
\n\n| - interest expense on other borrowings | \n393 | \n451 | \n(58) | \n | \n-12.9% | \n\n
\n\n| Total interest expense | \n3,451 | \n3,517 | \n(66) | \n | \n-1.9% | \n\n
\n\n| Financial expense on debt management transactions | \n59 | \n7 | \n52 | \n | \n- | \n\n
\n\n| Exchange losses | \n3,002 | \n1,058 | \n1,944 | \n | \n- | \n\n
\n\n| Adjustment to post-employment and other employee benefits | \n142 | \n165 | \n(23) | \n | \n-13.9% | \n\n
\n\n| Adjustment to other provisions | \n291 | \n255 | \n36 | \n | \n14.1% | \n\n
\n\n| Expense from hyperinflation | \n1,632 | \n1,291 | \n341 | \n | \n26.4% | \n\n
\n\n| Other expenses | \n883 | \n964 | \n(81) | \n | \n-8.4% | \n\n
\n\n| TOTAL OTHER FINANCIAL EXPENSE | \n9,460 | \n7, 257 | \n2,203 | \n | \n30.4% | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n
\n\nOther financial expense amounted to \u20ac9,460 million,
\na total increase of \u20ac2,203 million on 2023 essentially
\ndue to the following factors:
\n\u2022 an increase in expense from hyperinflation of
\n\u20ac341 million, recognized by the Argentine compa-
\nnies as a result of the application of IAS 29 on fi-
\nnancial reporting in hyperinflationary economies;
\nfor more information, see note 5 of these consoli-
\ndated financial statements at December 31, 2024;
\n\u2022 an increase in expense on exchange losses of
\n\u20ac1,944 million, mainly relating to Enel Finance Inter-
\nnational (\u20ac1,102 million), Enel Am\u00e9ricas (\u20ac437 million)
\nand Enel Chile (\u20ac385 million);
\n\u2022 a decrease in interest expense of \u20ac66 million, mainly
\nattributable to the decrease in average debt in the
\nperiod.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag988": {
"value": "\n
\n\nOther financial income
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n
\n\n| Interest income from financial assets | \n | \n | \n | \n | \n | \n\n
\n\n| (current and non-current): | \n | \n | \n | \n | \n | \n\n
\n\n| - interest income at effective rate on non-current financial assets | \n256 | \n289 | \n(33) | \n | \n-11.4% | \n\n
\n\n| - interest income at effective rate on current financial | \n359 | \n335 | \n24 | \n | \n7. 2% | \n\n
\n\n| investments | \n | \n | \n | \n | \n | \n\n
\n\n| Total interest income at the effective interest rate | \n615 | \n624 | \n(9) | \n | \n-1.4% | \n\n
\n\n| Exchange gains | \n1,320 | \n1,807 | \n(487) | \n | \n-2 7.0% | \n\n
\n\n| Income on equity investments | \n2 | \n3 | \n(1) | \n | \n-33.3% | \n\n
\n\n| Income from hyperinflation | \n1,953 | \n1,575 | \n378 | \n | \n24.0% | \n\n
\n\n| Other income | \n472 | \n482 | \n(10) | \n | \n-2.1% | \n\n
\n\n| TOTAL OTHER FINANCIAL INCOME | \n4,362 | \n4,491 | \n(129) | \n | \n-2.9% | \n\n
\n\n\n\n
\n\n
Other financial income amounted to \u20ac4,362 million,
\na decrease of \u20ac129 million on 2023, mainly reflecting
\nthe decrease in income from exchange gains (\u20ac487
\nmillion), mainly relating to Enel Finance International
\n(\u20ac472 million), partly offset by the increase in income
\nfrom hyperinflation (\u20ac378 million), recognized by the
\nArgentine companies as a result of the application of
\nIAS 29 on financial reporting in hyperinflationary econ-
\nomies; for more information, see note 5 of these con-
\nsolidated financial statements at December 31, 2024.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag992": {
"value": "\n
\n\nOther financial expense
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n
\n\n| Interest expense on financial debt | \n | \n | \n | \n | \n | \n\n
\n\n| (current and non-current): | \n | \n | \n | \n | \n | \n\n
\n\n| - interest on bank borrowings | \n1,001 | \n987 | \n14 | \n | \n1.4% | \n\n
\n\n| - interest expense on bonds | \n2,057 | \n2,079 | \n(22) | \n | \n-1.1% | \n\n
\n\n| - interest expense on other borrowings | \n393 | \n451 | \n(58) | \n | \n-12.9% | \n\n
\n\n| Total interest expense | \n3,451 | \n3,517 | \n(66) | \n | \n-1.9% | \n\n
\n\n| Financial expense on debt management transactions | \n59 | \n7 | \n52 | \n | \n- | \n\n
\n\n| Exchange losses | \n3,002 | \n1,058 | \n1,944 | \n | \n- | \n\n
\n\n| Adjustment to post-employment and other employee benefits | \n142 | \n165 | \n(23) | \n | \n-13.9% | \n\n
\n\n| Adjustment to other provisions | \n291 | \n255 | \n36 | \n | \n14.1% | \n\n
\n\n| Expense from hyperinflation | \n1,632 | \n1,291 | \n341 | \n | \n26.4% | \n\n
\n\n| Other expenses | \n883 | \n964 | \n(81) | \n | \n-8.4% | \n\n
\n\n| TOTAL OTHER FINANCIAL EXPENSE | \n9,460 | \n7, 257 | \n2,203 | \n | \n30.4% | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\nOther financial expense amounted to \u20ac9,460 million,
\na total increase of \u20ac2,203 million on 2023 essentially
\ndue to the following factors:
\n\u2022 an increase in expense from hyperinflation of
\n\u20ac341 million, recognized by the Argentine compa-
\nnies as a result of the application of IAS 29 on fi-
\nnancial reporting in hyperinflationary economies;
\nfor more information, see note 5 of these consoli-
\ndated financial statements at December 31, 2024;
\n\u2022 an increase in expense on exchange losses of
\n\u20ac1,944 million, mainly relating to Enel Finance Inter-
\nnational (\u20ac1,102 million), Enel Am\u00e9ricas (\u20ac437 million)
\nand Enel Chile (\u20ac385 million);
\n\u2022 a decrease in interest expense of \u20ac66 million, mainly
\nattributable to the decrease in average debt in the
\nperiod.
\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag994": {
"value": "\n
\n\n
\n\n
\n\n14. Share of profit/(loss) of equity-accounted investments \u2013 \u20ac(210) million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n
\n\n| Share of profit of joint ventures and associates | \n89 | \n68 | \n21 | \n | \n30.9% | \n\n
\n\n| Share of loss of joint ventures and associates | \n(299) | \n(109) | \n(190) | \n | \n- | \n\n
\n\n| Total | \n(210) | \n(41) | \n(169) | \n | \n- | \n\n
\n\n\n\n
\n\n
The increase in the share of net loss of equity-ac-
\ncounted investments in 2024 is mainly attributable
\nto Slovak Power Holding BV (\u20ac189 million), due to the
\nvalue adjustment of the investment to zero following
\nthe agreement between Enel Produzione and EPH, by
\nwhich the latter, as foreseen by the early call option,
\nwill purchase 50% of the share capital of Slovak Pow-
\ner Holding BV now held by Enel Produzione; for more
\ninformation, see note 24 \u201cEquity-accounted invest-
\nments\u201d.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "enel:DisclosureOfIncomeExpenseOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag995": {
"value": "\n
\n\n
\n\n14. Share of profit/(loss) of equity-accounted investments \u2013 \u20ac(210) million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n
\n\n| Share of profit of joint ventures and associates | \n89 | \n68 | \n21 | \n | \n30.9% | \n\n
\n\n| Share of loss of joint ventures and associates | \n(299) | \n(109) | \n(190) | \n | \n- | \n\n
\n\n| Total | \n(210) | \n(41) | \n(169) | \n | \n- | \n\n
\n\n\n\n
\n\n
The increase in the share of net loss of equity-ac-
\ncounted investments in 2024 is mainly attributable
\nto Slovak Power Holding BV (\u20ac189 million), due to the
\nvalue adjustment of the investment to zero following
\nthe agreement between Enel Produzione and EPH, by
\nwhich the latter, as foreseen by the early call option,
\nwill purchase 50% of the share capital of Slovak Pow-
\ner Holding BV now held by Enel Produzione; for more
\ninformation, see note 24 \u201cEquity-accounted invest-
\nments\u201d.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n
\n\n
\n\n24. Equity-accounted investments \u2013 \u20ac1,456 million
\nThe following table shows changes in the main investments in joint ventures and associated companies accounted
\nfor using the equity method.
\n\n
\n\n\n | \n | \n | \nImpact on | \nChange in the | \n | \nReclassifications | \n | \n | \n | \n | \n\n
\n\n | \nat Dec. 31, | \n | \nprofit or | \nconsolidation | \n | \nfrom/to assets | \n | \nOther | \nat Dec. 31, | \n | \n\n
\n\n| Millions of euro | \n2023 | \n% held | \nloss | \nscope | \nDividends | \nheld for sale | \nImpairment | \nchanges | \n2024 | \n% held | \n\n
\n\n| Joint ventures | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Gridspertise Srl | \n306 | \n50.0% | \n6 | \n- | \n- | \n- | \n- | \n1 | \n313 | \n50.0% | \n\n
\n\n| Mooney Group | \n185 | \n50.0% | \n(32) | \n- | \n- | \n- | \n- | \n50 | \n203 | \n50.0% | \n\n
\n\n| SpA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Slovak Power | \n189 | \n50.0% | \n8 | \n- | \n- | \n- | \n(197) | \n- | \n- | \n- | \n\n
\n\n| Holding | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power | \n148 | \n50.0% | \n(16) | \n- | \n- | \n- | \n- | \n10 | \n142 | \n50.0% | \n\n
\n\n| Australia | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power | \n245 | \n50.0% | \n(4) | \n- | \n- | \n- | \n- | \n4 | \n245 | \n50.0% | \n\n
\n\n| Hellas | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Matimba project | \n75 | \n50.0% | \n(2) | \n8 | \n- | \n- | \n- | \n(15) | \n66 | \n50.0% | \n\n
\n\n| companies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Ewiva Srl | \n39 | \n50.0% | \n(4) | \n- | \n- | \n- | \n- | \n1 | \n36 | \n50.0% | \n\n
\n\n| Drift Sand Wind | \n45 | \n50.0% | \n5 | \n- | \n- | \n- | \n- | \n16 | \n66 | \n50.0% | \n\n
\n\n| Project | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Front Mar\u00edtim del | \n30 | \n61.4% | \n- | \n- | \n- | \n- | \n- | \n- | \n30 | \n61.4% | \n\n
\n\n| Bes\u00f2s | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Elecgas SA | \n21 | \n50.0% | \n5 | \n- | \n- | \n- | \n- | \n2 | \n28 | \n50.0% | \n\n
\n\n| Tejo Energia | \n5 | \n43.8% | \n- | \n- | \n- | \n- | \n- | \n1 | \n6 | \n43.8% | \n\n
\n\n| Produ\u00e7\u00e3o e | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Distribui\u00e7\u00e3o de | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Energia El\u00e9ctrica | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Suministradora | \n8 | \n33.5% | \n1 | \n- | \n(2) | \n- | \n- | \n1 | \n8 | \n33.5% | \n\n
\n\n| El\u00e9ctrica de C\u00e1diz | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Energie Electrique | \n8 | \n32.0% | \n2 | \n- | \n- | \n- | \n- | \n1 | \n11 | \n32.0% | \n\n
\n\n| de Tahaddart | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| PowerCrop | \n8 | \n50.0% | \n(1) | \n- | \n- | \n- | \n- | \n(2) | \n5 | \n50.0% | \n\n
\n\n| Total joint | \n1,312 | \n | \n(32) | \n8 | \n(2) | \n- | \n(197) | \n70 | \n1,159 | \n | \n\n
\n\n| ventures | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n
\n\n
\n\n\n
\n\n\n | \n | \n | \nImpact on | \nChange in the | \n | \nReclassifications | \n | \n | \n | \n | \n\n
\n\n | \nat Dec. 31, | \n | \nprofit or | \nconsolidation | \n | \nfrom/to assets | \n | \nOther | \nat Dec. 31, | \n | \n\n
\n\n| Millions of euro | \n2023 | \n% held | \nloss | \nscope | \nDividends | \nheld for sale | \nImpairment | \nchanges | \n2024 | \n% held | \n\n
\n\n| Associates | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| CESI | \n56 | \n42.7% | \n2 | \n- | \n- | \n- | \n- | \n- | \n58 | \n42.7% | \n\n
\n\n| GNL Chile SA | \n20 | \n33.3% | \n9 | \n- | \n- | \n- | \n- | \n2 | \n31 | \n33.3% | \n\n
\n\n| Energ\u00edas | \n10 | \n50.0% | \n- | \n- | \n(1) | \n- | \n- | \n- | \n9 | \n50.0% | \n\n
\n\n| Especiales del | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Bierzo | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Gorona del Viento | \n7 | \n23.2% | \n(1) | \n- | \n- | \n- | \n- | \n- | \n6 | \n23.2% | \n\n
\n\n| El Hierro SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Compa\u00f1\u00eda E\u00f3lica | \n7 | \n37.5 % | \n3 | \n- | \n(2) | \n- | \n- | \n(1) | \n7 | \n37.5 % | \n\n
\n\n| Tierras Altas | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Sociedad E\u00f3lica El | \n5 | \n50.0% | \n3 | \n- | \n(1) | \n- | \n- | \n(2) | \n5 | \n50.0% | \n\n
\n\n| Puntal | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Renovables | \n5 | \n64.2% | \n- | \n- | \n- | \n- | \n- | \n2 | \n7 | \n64.2% | \n\n
\n\n| Brovales 400 kV | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cogenio Iberia | \n6 | \n20.0% | \n- | \n- | \n- | \n- | \n- | \n(1) | \n5 | \n20.0% | \n\n
\n\n| Cogenio Srl | \n8 | \n20.0% | \n- | \n- | \n- | \n- | \n- | \n8 | \n16 | \n20.0% | \n\n
\n\n| Avikiran Solar | \n27 | \n51.0% | \n(1) | \n- | \n- | \n(26) | \n- | \n- | \n- | \n- | \n\n
\n\n| India | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Avikiran Surya | \n24 | \n51.0% | \n(2) | \n- | \n- | \n(23) | \n- | \n1 | \n- | \n- | \n\n
\n\n| India | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| EGPNA Renewable | \n64 | \n10.0% | \n3 | \n- | \n- | \n- | \n- | \n(2) | \n65 | \n10.0% | \n\n
\n\n| Energy Partners | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Rocky Caney | \n20 | \n10.0% | \n2 | \n- | \n- | \n- | \n- | \n(4) | \n18 | \n10.0% | \n\n
\n\n| Holding | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total associates | \n259 | \n | \n18 | \n- | \n(4) | \n(49) | \n- | \n3 | \n227 | \n | \n\n
\n\n| Other minor | \n79 | \n | \n1 | \n3 | \n(4) | \n(10) | \n- | \n1 | \n70 | \n | \n\n
\n\n| equity-accounted | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| investments | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| TOTAL | \n1,650 | \n | \n(13) | \n11 | \n(10) | \n(59) | \n(197) | \n74 | \n1,456 | \n | \n\n
\n\n\n\n
\n\n
The decrease in equity-accounted investments in
\n2024 mainly reflected:
\n\u2022 the finalization of the agreement between the
\nsubsidiary Enel Produzione and Energetick\u00fd a
\npr\u016fmyslov\u00fd holding (EPH) through which the latter,
\nas foreseen by the early call option, will purchase
\nthe remaining 50% of the share capital of Slovak
\nPower Holding BV (SPH), held by Enel Produzione
\nby the 1st Half of 2025. This entailed the reclassi-
\nfication of the investment to \u201cAssets classified as
\nheld for sale\u201d and its value adjustment to zero as
\nthe total consideration for the investment, equal to
\n\u20ac150 million, has already been paid by EPH to Enel
\nProduzione upon finalization of the first phase of
\nthe transaction;
\n\u2022 the reclassification of equity investments in Avikiran
\nSolar India and Avikiran Surya India respectively for
\n\u20ac26 million and \u20ac23 million under \u201cAssets classified
\nas held for sale\u201d following negotiations on the sale of
\nEnel Green Power India which holds the investments;
\n\u2022 the recognition of the negative OCI share pertaining
\nto the Group, mainly attributable to developments in
\nthe fair value of cash flow hedge derivatives mainly
\nof Enel Green Power Australia and the Matimba pro-
\nject companies.
\nThese negative effects were partly offset by the capital
\nincrease of Mooney (\u20ac50 million) and Enel Green Pow-
\ner Australia (\u20ac33 million).
\nThe following tables provide a summary of financial in-
\nformation for the main joint ventures and associates
\nof the Group not classified as held for sale in accord-
\nance with IFRS 5.
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n
\n\n
\n\n\n
\n\n\n | \nNon-current assets | \nCurrent assets | \nTotal assets | \nNon-current liabilities | \nCurrent liabilities | \nTotal liabilities | \nEquity | \n\n
\n\n| Millions of | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n\n
\n\n| euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n\n
\n\n| Joint | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| ventures | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Gridspertise | \n248 | \n171 | \n141 | \n146 | \n389 | \n317 | \n82 | \n49 | \n155 | \n171 | \n237 | \n220 | \n152 | \n97 | \n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Mooney | \n913 | \n894 | \n388 | \n487 | \n1,301 | \n1,381 | \n1,087 | \n1,134 | \n579 | \n649 | \n1,666 | \n1,783 | \n(365) | \n(402) | \n\n
\n\n| Group SpA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green | \n532 | \n428 | \n79 | \n73 | \n611 | \n501 | \n401 | \n315 | \n39 | \n21 | \n440 | \n336 | \n171 | \n165 | \n\n
\n\n| Power | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Australia | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green | \n656 | \n687 | \n112 | \n109 | \n768 | \n796 | \n640 | \n672 | \n109 | \n166 | \n749 | \n838 | \n19 | \n(42) | \n\n
\n\n| Power Hellas | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Matimba | \n2,209 | \n1,583 | \n388 | \n320 | \n2,597 | \n1,903 | \n2,305 | \n1,599 | \n128 | \n113 | \n2,433 | \n1,712 | \n164 | \n191 | \n\n
\n\n| project | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| companies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Ewiva Srl | \n40 | \n40 | \n32 | \n39 | \n72 | \n79 | \n- | \n- | \n- | \n- | \n- | \n- | \n72 | \n79 | \n\n
\n\n| Associates | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| CESI | \n179 | \n179 | \n95 | \n13 | \n274 | \n192 | \n19 | \n20 | \n154 | \n73 | \n173 | \n93 | \n101 | \n99 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n | \n | \n | \n | \n | \nProfit/(Loss) from continuing | \n\n
\n\n | \nTotal revenue | \nPre-tax profit/(loss) | \noperations | \n\n
\n\n| Millions of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n\n
\n\n| Joint ventures | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Gridspertise Srl | \n410 | \n445 | \n15 | \n25 | \n12 | \n17 | \n\n
\n\n| Mooney Group SpA | \n410 | \n435 | \n(63) | \n(70) | \n(63) | \n(70) | \n\n
\n\n| Enel Green Power Australia | \n70 | \n37 | \n(26) | \n(28) | \n(27) | \n(28) | \n\n
\n\n| Enel Green Power Hellas | \n142 | \n127 | \n55 | \n25 | \n49 | \n17 | \n\n
\n\n| Matimba project companies | \n133 | \n148 | \n(23) | \n(8) | \n(14) | \n(2) | \n\n
\n\n| Ewiva Srl | \n- | \n- | \n(8) | \n(6) | \n(8) | \n(6) | \n\n
\n\n| Associates | \n | \n | \n | \n | \n | \n | \n\n
\n\n| CESI | \n181 | \n164 | \n3 | \n(5) | \n2 | \n(5) | \n\n
\n\n\n\n
\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag996": {
"value": "\n
\n\n14. Share of profit/(loss) of equity-accounted investments \u2013 \u20ac(210) million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n
\n\n| Share of profit of joint ventures and associates | \n89 | \n68 | \n21 | \n | \n30.9% | \n\n
\n\n| Share of loss of joint ventures and associates | \n(299) | \n(109) | \n(190) | \n | \n- | \n\n
\n\n| Total | \n(210) | \n(41) | \n(169) | \n | \n- | \n\n
\n\n\n\n
\n\n
The increase in the share of net loss of equity-ac-
\ncounted investments in 2024 is mainly attributable
\nto Slovak Power Holding BV (\u20ac189 million), due to the
\nvalue adjustment of the investment to zero following
\nthe agreement between Enel Produzione and EPH, by
\nwhich the latter, as foreseen by the early call option,
\nwill purchase 50% of the share capital of Slovak Pow-
\ner Holding BV now held by Enel Produzione; for more
\ninformation, see note 24 \u201cEquity-accounted invest-
\nments\u201d.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n
\n\n24. Equity-accounted investments \u2013 \u20ac1,456 million
\nThe following table shows changes in the main investments in joint ventures and associated companies accounted
\nfor using the equity method.
\n\n
\n\n\n | \n | \n | \nImpact on | \nChange in the | \n | \nReclassifications | \n | \n | \n | \n | \n\n
\n\n | \nat Dec. 31, | \n | \nprofit or | \nconsolidation | \n | \nfrom/to assets | \n | \nOther | \nat Dec. 31, | \n | \n\n
\n\n| Millions of euro | \n2023 | \n% held | \nloss | \nscope | \nDividends | \nheld for sale | \nImpairment | \nchanges | \n2024 | \n% held | \n\n
\n\n| Joint ventures | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Gridspertise Srl | \n306 | \n50.0% | \n6 | \n- | \n- | \n- | \n- | \n1 | \n313 | \n50.0% | \n\n
\n\n| Mooney Group | \n185 | \n50.0% | \n(32) | \n- | \n- | \n- | \n- | \n50 | \n203 | \n50.0% | \n\n
\n\n| SpA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Slovak Power | \n189 | \n50.0% | \n8 | \n- | \n- | \n- | \n(197) | \n- | \n- | \n- | \n\n
\n\n| Holding | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power | \n148 | \n50.0% | \n(16) | \n- | \n- | \n- | \n- | \n10 | \n142 | \n50.0% | \n\n
\n\n| Australia | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power | \n245 | \n50.0% | \n(4) | \n- | \n- | \n- | \n- | \n4 | \n245 | \n50.0% | \n\n
\n\n| Hellas | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Matimba project | \n75 | \n50.0% | \n(2) | \n8 | \n- | \n- | \n- | \n(15) | \n66 | \n50.0% | \n\n
\n\n| companies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Ewiva Srl | \n39 | \n50.0% | \n(4) | \n- | \n- | \n- | \n- | \n1 | \n36 | \n50.0% | \n\n
\n\n| Drift Sand Wind | \n45 | \n50.0% | \n5 | \n- | \n- | \n- | \n- | \n16 | \n66 | \n50.0% | \n\n
\n\n| Project | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Front Mar\u00edtim del | \n30 | \n61.4% | \n- | \n- | \n- | \n- | \n- | \n- | \n30 | \n61.4% | \n\n
\n\n| Bes\u00f2s | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Elecgas SA | \n21 | \n50.0% | \n5 | \n- | \n- | \n- | \n- | \n2 | \n28 | \n50.0% | \n\n
\n\n| Tejo Energia | \n5 | \n43.8% | \n- | \n- | \n- | \n- | \n- | \n1 | \n6 | \n43.8% | \n\n
\n\n| Produ\u00e7\u00e3o e | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Distribui\u00e7\u00e3o de | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Energia El\u00e9ctrica | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Suministradora | \n8 | \n33.5% | \n1 | \n- | \n(2) | \n- | \n- | \n1 | \n8 | \n33.5% | \n\n
\n\n| El\u00e9ctrica de C\u00e1diz | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Energie Electrique | \n8 | \n32.0% | \n2 | \n- | \n- | \n- | \n- | \n1 | \n11 | \n32.0% | \n\n
\n\n| de Tahaddart | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| PowerCrop | \n8 | \n50.0% | \n(1) | \n- | \n- | \n- | \n- | \n(2) | \n5 | \n50.0% | \n\n
\n\n| Total joint | \n1,312 | \n | \n(32) | \n8 | \n(2) | \n- | \n(197) | \n70 | \n1,159 | \n | \n\n
\n\n| ventures | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n
\n\n\n
\n\n\n | \n | \n | \nImpact on | \nChange in the | \n | \nReclassifications | \n | \n | \n | \n | \n\n
\n\n | \nat Dec. 31, | \n | \nprofit or | \nconsolidation | \n | \nfrom/to assets | \n | \nOther | \nat Dec. 31, | \n | \n\n
\n\n| Millions of euro | \n2023 | \n% held | \nloss | \nscope | \nDividends | \nheld for sale | \nImpairment | \nchanges | \n2024 | \n% held | \n\n
\n\n| Associates | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| CESI | \n56 | \n42.7% | \n2 | \n- | \n- | \n- | \n- | \n- | \n58 | \n42.7% | \n\n
\n\n| GNL Chile SA | \n20 | \n33.3% | \n9 | \n- | \n- | \n- | \n- | \n2 | \n31 | \n33.3% | \n\n
\n\n| Energ\u00edas | \n10 | \n50.0% | \n- | \n- | \n(1) | \n- | \n- | \n- | \n9 | \n50.0% | \n\n
\n\n| Especiales del | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Bierzo | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Gorona del Viento | \n7 | \n23.2% | \n(1) | \n- | \n- | \n- | \n- | \n- | \n6 | \n23.2% | \n\n
\n\n| El Hierro SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Compa\u00f1\u00eda E\u00f3lica | \n7 | \n37.5 % | \n3 | \n- | \n(2) | \n- | \n- | \n(1) | \n7 | \n37.5 % | \n\n
\n\n| Tierras Altas | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Sociedad E\u00f3lica El | \n5 | \n50.0% | \n3 | \n- | \n(1) | \n- | \n- | \n(2) | \n5 | \n50.0% | \n\n
\n\n| Puntal | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Renovables | \n5 | \n64.2% | \n- | \n- | \n- | \n- | \n- | \n2 | \n7 | \n64.2% | \n\n
\n\n| Brovales 400 kV | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cogenio Iberia | \n6 | \n20.0% | \n- | \n- | \n- | \n- | \n- | \n(1) | \n5 | \n20.0% | \n\n
\n\n| Cogenio Srl | \n8 | \n20.0% | \n- | \n- | \n- | \n- | \n- | \n8 | \n16 | \n20.0% | \n\n
\n\n| Avikiran Solar | \n27 | \n51.0% | \n(1) | \n- | \n- | \n(26) | \n- | \n- | \n- | \n- | \n\n
\n\n| India | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Avikiran Surya | \n24 | \n51.0% | \n(2) | \n- | \n- | \n(23) | \n- | \n1 | \n- | \n- | \n\n
\n\n| India | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| EGPNA Renewable | \n64 | \n10.0% | \n3 | \n- | \n- | \n- | \n- | \n(2) | \n65 | \n10.0% | \n\n
\n\n| Energy Partners | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Rocky Caney | \n20 | \n10.0% | \n2 | \n- | \n- | \n- | \n- | \n(4) | \n18 | \n10.0% | \n\n
\n\n| Holding | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total associates | \n259 | \n | \n18 | \n- | \n(4) | \n(49) | \n- | \n3 | \n227 | \n | \n\n
\n\n| Other minor | \n79 | \n | \n1 | \n3 | \n(4) | \n(10) | \n- | \n1 | \n70 | \n | \n\n
\n\n| equity-accounted | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| investments | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| TOTAL | \n1,650 | \n | \n(13) | \n11 | \n(10) | \n(59) | \n(197) | \n74 | \n1,456 | \n | \n\n
\n\n\n\n
\n\n
The decrease in equity-accounted investments in
\n2024 mainly reflected:
\n\u2022 the finalization of the agreement between the
\nsubsidiary Enel Produzione and Energetick\u00fd a
\npr\u016fmyslov\u00fd holding (EPH) through which the latter,
\nas foreseen by the early call option, will purchase
\nthe remaining 50% of the share capital of Slovak
\nPower Holding BV (SPH), held by Enel Produzione
\nby the 1st Half of 2025. This entailed the reclassi-
\nfication of the investment to \u201cAssets classified as
\nheld for sale\u201d and its value adjustment to zero as
\nthe total consideration for the investment, equal to
\n\u20ac150 million, has already been paid by EPH to Enel
\nProduzione upon finalization of the first phase of
\nthe transaction;
\n\u2022 the reclassification of equity investments in Avikiran
\nSolar India and Avikiran Surya India respectively for
\n\u20ac26 million and \u20ac23 million under \u201cAssets classified
\nas held for sale\u201d following negotiations on the sale of
\nEnel Green Power India which holds the investments;
\n\u2022 the recognition of the negative OCI share pertaining
\nto the Group, mainly attributable to developments in
\nthe fair value of cash flow hedge derivatives mainly
\nof Enel Green Power Australia and the Matimba pro-
\nject companies.
\nThese negative effects were partly offset by the capital
\nincrease of Mooney (\u20ac50 million) and Enel Green Pow-
\ner Australia (\u20ac33 million).
\nThe following tables provide a summary of financial in-
\nformation for the main joint ventures and associates
\nof the Group not classified as held for sale in accord-
\nance with IFRS 5.
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n
\n\n\n
\n\n\n | \nNon-current assets | \nCurrent assets | \nTotal assets | \nNon-current liabilities | \nCurrent liabilities | \nTotal liabilities | \nEquity | \n\n
\n\n| Millions of | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n\n
\n\n| euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n\n
\n\n| Joint | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| ventures | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Gridspertise | \n248 | \n171 | \n141 | \n146 | \n389 | \n317 | \n82 | \n49 | \n155 | \n171 | \n237 | \n220 | \n152 | \n97 | \n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Mooney | \n913 | \n894 | \n388 | \n487 | \n1,301 | \n1,381 | \n1,087 | \n1,134 | \n579 | \n649 | \n1,666 | \n1,783 | \n(365) | \n(402) | \n\n
\n\n| Group SpA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green | \n532 | \n428 | \n79 | \n73 | \n611 | \n501 | \n401 | \n315 | \n39 | \n21 | \n440 | \n336 | \n171 | \n165 | \n\n
\n\n| Power | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Australia | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green | \n656 | \n687 | \n112 | \n109 | \n768 | \n796 | \n640 | \n672 | \n109 | \n166 | \n749 | \n838 | \n19 | \n(42) | \n\n
\n\n| Power Hellas | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Matimba | \n2,209 | \n1,583 | \n388 | \n320 | \n2,597 | \n1,903 | \n2,305 | \n1,599 | \n128 | \n113 | \n2,433 | \n1,712 | \n164 | \n191 | \n\n
\n\n| project | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| companies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Ewiva Srl | \n40 | \n40 | \n32 | \n39 | \n72 | \n79 | \n- | \n- | \n- | \n- | \n- | \n- | \n72 | \n79 | \n\n
\n\n| Associates | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| CESI | \n179 | \n179 | \n95 | \n13 | \n274 | \n192 | \n19 | \n20 | \n154 | \n73 | \n173 | \n93 | \n101 | \n99 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n | \n | \n | \n | \n | \nProfit/(Loss) from continuing | \n\n
\n\n | \nTotal revenue | \nPre-tax profit/(loss) | \noperations | \n\n
\n\n| Millions of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n\n
\n\n| Joint ventures | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Gridspertise Srl | \n410 | \n445 | \n15 | \n25 | \n12 | \n17 | \n\n
\n\n| Mooney Group SpA | \n410 | \n435 | \n(63) | \n(70) | \n(63) | \n(70) | \n\n
\n\n| Enel Green Power Australia | \n70 | \n37 | \n(26) | \n(28) | \n(27) | \n(28) | \n\n
\n\n| Enel Green Power Hellas | \n142 | \n127 | \n55 | \n25 | \n49 | \n17 | \n\n
\n\n| Matimba project companies | \n133 | \n148 | \n(23) | \n(8) | \n(14) | \n(2) | \n\n
\n\n| Ewiva Srl | \n- | \n- | \n(8) | \n(6) | \n(8) | \n(6) | \n\n
\n\n| Associates | \n | \n | \n | \n | \n | \n | \n\n
\n\n| CESI | \n181 | \n164 | \n3 | \n(5) | \n2 | \n(5) | \n\n
\n\n\n\n
\n\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag997": {
"value": "\n14. Share of profit/(loss) of equity-accounted investments \u2013 \u20ac(210) million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n
\n\n| Share of profit of joint ventures and associates | \n89 | \n68 | \n21 | \n | \n30.9% | \n\n
\n\n| Share of loss of joint ventures and associates | \n(299) | \n(109) | \n(190) | \n | \n- | \n\n
\n\n| Total | \n(210) | \n(41) | \n(169) | \n | \n- | \n\n
\n\n\n\n
\n\n
The increase in the share of net loss of equity-ac-
\ncounted investments in 2024 is mainly attributable
\nto Slovak Power Holding BV (\u20ac189 million), due to the
\nvalue adjustment of the investment to zero following
\nthe agreement between Enel Produzione and EPH, by
\nwhich the latter, as foreseen by the early call option,
\nwill purchase 50% of the share capital of Slovak Pow-
\ner Holding BV now held by Enel Produzione; for more
\ninformation, see note 24 \u201cEquity-accounted invest-
\nments\u201d.
\n
\n\n\n\n\n\n24. Equity-accounted investments \u2013 \u20ac1,456 million
\nThe following table shows changes in the main investments in joint ventures and associated companies accounted
\nfor using the equity method.
\n\n
\n\n\n | \n | \n | \nImpact on | \nChange in the | \n | \nReclassifications | \n | \n | \n | \n | \n\n
\n\n | \nat Dec. 31, | \n | \nprofit or | \nconsolidation | \n | \nfrom/to assets | \n | \nOther | \nat Dec. 31, | \n | \n\n
\n\n| Millions of euro | \n2023 | \n% held | \nloss | \nscope | \nDividends | \nheld for sale | \nImpairment | \nchanges | \n2024 | \n% held | \n\n
\n\n| Joint ventures | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Gridspertise Srl | \n306 | \n50.0% | \n6 | \n- | \n- | \n- | \n- | \n1 | \n313 | \n50.0% | \n\n
\n\n| Mooney Group | \n185 | \n50.0% | \n(32) | \n- | \n- | \n- | \n- | \n50 | \n203 | \n50.0% | \n\n
\n\n| SpA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Slovak Power | \n189 | \n50.0% | \n8 | \n- | \n- | \n- | \n(197) | \n- | \n- | \n- | \n\n
\n\n| Holding | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power | \n148 | \n50.0% | \n(16) | \n- | \n- | \n- | \n- | \n10 | \n142 | \n50.0% | \n\n
\n\n| Australia | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power | \n245 | \n50.0% | \n(4) | \n- | \n- | \n- | \n- | \n4 | \n245 | \n50.0% | \n\n
\n\n| Hellas | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Matimba project | \n75 | \n50.0% | \n(2) | \n8 | \n- | \n- | \n- | \n(15) | \n66 | \n50.0% | \n\n
\n\n| companies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Ewiva Srl | \n39 | \n50.0% | \n(4) | \n- | \n- | \n- | \n- | \n1 | \n36 | \n50.0% | \n\n
\n\n| Drift Sand Wind | \n45 | \n50.0% | \n5 | \n- | \n- | \n- | \n- | \n16 | \n66 | \n50.0% | \n\n
\n\n| Project | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Front Mar\u00edtim del | \n30 | \n61.4% | \n- | \n- | \n- | \n- | \n- | \n- | \n30 | \n61.4% | \n\n
\n\n| Bes\u00f2s | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Elecgas SA | \n21 | \n50.0% | \n5 | \n- | \n- | \n- | \n- | \n2 | \n28 | \n50.0% | \n\n
\n\n| Tejo Energia | \n5 | \n43.8% | \n- | \n- | \n- | \n- | \n- | \n1 | \n6 | \n43.8% | \n\n
\n\n| Produ\u00e7\u00e3o e | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Distribui\u00e7\u00e3o de | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Energia El\u00e9ctrica | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Suministradora | \n8 | \n33.5% | \n1 | \n- | \n(2) | \n- | \n- | \n1 | \n8 | \n33.5% | \n\n
\n\n| El\u00e9ctrica de C\u00e1diz | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Energie Electrique | \n8 | \n32.0% | \n2 | \n- | \n- | \n- | \n- | \n1 | \n11 | \n32.0% | \n\n
\n\n| de Tahaddart | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| PowerCrop | \n8 | \n50.0% | \n(1) | \n- | \n- | \n- | \n- | \n(2) | \n5 | \n50.0% | \n\n
\n\n| Total joint | \n1,312 | \n | \n(32) | \n8 | \n(2) | \n- | \n(197) | \n70 | \n1,159 | \n | \n\n
\n\n| ventures | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n | \n | \n | \nImpact on | \nChange in the | \n | \nReclassifications | \n | \n | \n | \n | \n\n
\n\n | \nat Dec. 31, | \n | \nprofit or | \nconsolidation | \n | \nfrom/to assets | \n | \nOther | \nat Dec. 31, | \n | \n\n
\n\n| Millions of euro | \n2023 | \n% held | \nloss | \nscope | \nDividends | \nheld for sale | \nImpairment | \nchanges | \n2024 | \n% held | \n\n
\n\n| Associates | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| CESI | \n56 | \n42.7% | \n2 | \n- | \n- | \n- | \n- | \n- | \n58 | \n42.7% | \n\n
\n\n| GNL Chile SA | \n20 | \n33.3% | \n9 | \n- | \n- | \n- | \n- | \n2 | \n31 | \n33.3% | \n\n
\n\n| Energ\u00edas | \n10 | \n50.0% | \n- | \n- | \n(1) | \n- | \n- | \n- | \n9 | \n50.0% | \n\n
\n\n| Especiales del | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Bierzo | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Gorona del Viento | \n7 | \n23.2% | \n(1) | \n- | \n- | \n- | \n- | \n- | \n6 | \n23.2% | \n\n
\n\n| El Hierro SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Compa\u00f1\u00eda E\u00f3lica | \n7 | \n37.5 % | \n3 | \n- | \n(2) | \n- | \n- | \n(1) | \n7 | \n37.5 % | \n\n
\n\n| Tierras Altas | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Sociedad E\u00f3lica El | \n5 | \n50.0% | \n3 | \n- | \n(1) | \n- | \n- | \n(2) | \n5 | \n50.0% | \n\n
\n\n| Puntal | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Renovables | \n5 | \n64.2% | \n- | \n- | \n- | \n- | \n- | \n2 | \n7 | \n64.2% | \n\n
\n\n| Brovales 400 kV | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cogenio Iberia | \n6 | \n20.0% | \n- | \n- | \n- | \n- | \n- | \n(1) | \n5 | \n20.0% | \n\n
\n\n| Cogenio Srl | \n8 | \n20.0% | \n- | \n- | \n- | \n- | \n- | \n8 | \n16 | \n20.0% | \n\n
\n\n| Avikiran Solar | \n27 | \n51.0% | \n(1) | \n- | \n- | \n(26) | \n- | \n- | \n- | \n- | \n\n
\n\n| India | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Avikiran Surya | \n24 | \n51.0% | \n(2) | \n- | \n- | \n(23) | \n- | \n1 | \n- | \n- | \n\n
\n\n| India | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| EGPNA Renewable | \n64 | \n10.0% | \n3 | \n- | \n- | \n- | \n- | \n(2) | \n65 | \n10.0% | \n\n
\n\n| Energy Partners | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Rocky Caney | \n20 | \n10.0% | \n2 | \n- | \n- | \n- | \n- | \n(4) | \n18 | \n10.0% | \n\n
\n\n| Holding | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total associates | \n259 | \n | \n18 | \n- | \n(4) | \n(49) | \n- | \n3 | \n227 | \n | \n\n
\n\n| Other minor | \n79 | \n | \n1 | \n3 | \n(4) | \n(10) | \n- | \n1 | \n70 | \n | \n\n
\n\n| equity-accounted | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| investments | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| TOTAL | \n1,650 | \n | \n(13) | \n11 | \n(10) | \n(59) | \n(197) | \n74 | \n1,456 | \n | \n\n
\n\n\n\n
\n\n
The decrease in equity-accounted investments in
\n2024 mainly reflected:
\n\u2022 the finalization of the agreement between the
\nsubsidiary Enel Produzione and Energetick\u00fd a
\npr\u016fmyslov\u00fd holding (EPH) through which the latter,
\nas foreseen by the early call option, will purchase
\nthe remaining 50% of the share capital of Slovak
\nPower Holding BV (SPH), held by Enel Produzione
\nby the 1st Half of 2025. This entailed the reclassi-
\nfication of the investment to \u201cAssets classified as
\nheld for sale\u201d and its value adjustment to zero as
\nthe total consideration for the investment, equal to
\n\u20ac150 million, has already been paid by EPH to Enel
\nProduzione upon finalization of the first phase of
\nthe transaction;
\n\u2022 the reclassification of equity investments in Avikiran
\nSolar India and Avikiran Surya India respectively for
\n\u20ac26 million and \u20ac23 million under \u201cAssets classified
\nas held for sale\u201d following negotiations on the sale of
\nEnel Green Power India which holds the investments;
\n\u2022 the recognition of the negative OCI share pertaining
\nto the Group, mainly attributable to developments in
\nthe fair value of cash flow hedge derivatives mainly
\nof Enel Green Power Australia and the Matimba pro-
\nject companies.
\nThese negative effects were partly offset by the capital
\nincrease of Mooney (\u20ac50 million) and Enel Green Pow-
\ner Australia (\u20ac33 million).
\nThe following tables provide a summary of financial in-
\nformation for the main joint ventures and associates
\nof the Group not classified as held for sale in accord-
\nance with IFRS 5.
\n
\n\n\n\n\n
\n\n\n | \nNon-current assets | \nCurrent assets | \nTotal assets | \nNon-current liabilities | \nCurrent liabilities | \nTotal liabilities | \nEquity | \n\n
\n\n| Millions of | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n\n
\n\n| euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n\n
\n\n| Joint | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| ventures | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Gridspertise | \n248 | \n171 | \n141 | \n146 | \n389 | \n317 | \n82 | \n49 | \n155 | \n171 | \n237 | \n220 | \n152 | \n97 | \n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Mooney | \n913 | \n894 | \n388 | \n487 | \n1,301 | \n1,381 | \n1,087 | \n1,134 | \n579 | \n649 | \n1,666 | \n1,783 | \n(365) | \n(402) | \n\n
\n\n| Group SpA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green | \n532 | \n428 | \n79 | \n73 | \n611 | \n501 | \n401 | \n315 | \n39 | \n21 | \n440 | \n336 | \n171 | \n165 | \n\n
\n\n| Power | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Australia | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green | \n656 | \n687 | \n112 | \n109 | \n768 | \n796 | \n640 | \n672 | \n109 | \n166 | \n749 | \n838 | \n19 | \n(42) | \n\n
\n\n| Power Hellas | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Matimba | \n2,209 | \n1,583 | \n388 | \n320 | \n2,597 | \n1,903 | \n2,305 | \n1,599 | \n128 | \n113 | \n2,433 | \n1,712 | \n164 | \n191 | \n\n
\n\n| project | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| companies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Ewiva Srl | \n40 | \n40 | \n32 | \n39 | \n72 | \n79 | \n- | \n- | \n- | \n- | \n- | \n- | \n72 | \n79 | \n\n
\n\n| Associates | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| CESI | \n179 | \n179 | \n95 | \n13 | \n274 | \n192 | \n19 | \n20 | \n154 | \n73 | \n173 | \n93 | \n101 | \n99 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n | \n | \n | \n | \n | \nProfit/(Loss) from continuing | \n\n
\n\n | \nTotal revenue | \nPre-tax profit/(loss) | \noperations | \n\n
\n\n| Millions of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n\n
\n\n| Joint ventures | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Gridspertise Srl | \n410 | \n445 | \n15 | \n25 | \n12 | \n17 | \n\n
\n\n| Mooney Group SpA | \n410 | \n435 | \n(63) | \n(70) | \n(63) | \n(70) | \n\n
\n\n| Enel Green Power Australia | \n70 | \n37 | \n(26) | \n(28) | \n(27) | \n(28) | \n\n
\n\n| Enel Green Power Hellas | \n142 | \n127 | \n55 | \n25 | \n49 | \n17 | \n\n
\n\n| Matimba project companies | \n133 | \n148 | \n(23) | \n(8) | \n(14) | \n(2) | \n\n
\n\n| Ewiva Srl | \n- | \n- | \n(8) | \n(6) | \n(8) | \n(6) | \n\n
\n\n| Associates | \n | \n | \n | \n | \n | \n | \n\n
\n\n| CESI | \n181 | \n164 | \n3 | \n(5) | \n2 | \n(5) | \n\n
\n\n\n\n
\n\n
\n\n\n",
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"language": "en",
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},
"Tag998": {
"value": "\n15. Income taxes \u2013 \u20ac3,654 million
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n | \n\n
\n\n| Current taxes | \n3,873 | \n2,877 | \n996 | \n | \n34.6% | \n\n
\n\n| Adjustments for income taxes relating to prior years | \n(91) | \n(75) | \n(16) | \n | \n-21.3% | \n\n
\n\n| Total current taxes | \n3,782 | \n2,802 | \n980 | \n | \n35.0% | \n\n
\n\n| Deferred tax liabilities | \n(33) | \n(197) | \n164 | \n | \n83.2% | \n\n
\n\n| Deferred tax assets | \n(95) | \n173 | \n(268) | \n | \n- | \n\n
\n\n| TOTAL | \n3,654 | \n2,778 | \n876 | \n | \n31.5% | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\nIncome taxes for 2024 came to \u20ac3,654 million, an in-
\ncrease of \u20ac876 million on 2023.
\nThe tax rate for 2024 came to 31%, compared with
\n37% in 2023.
\nThe decrease mainly reflects the following factors:
\n\u2022 the recognition of deferred tax assets on previous
\nyears in Brazil relating to non-taxability of proceeds
\nfrom the revaluation of tax credits (\u20ac113 million);
\n\u2022 higher reversal in 2023 of the portion of deferred tax
\nassets no longer considered recoverable in the Unit-
\ned States, Mexico and Peru (\u20ac180 million in 2023 and
\n\u20ac91 million in 2024).
\nThe effective income tax rate for 2024 reflected the sale
\nof generation and distribution assets in Peru and the
\nsale to A2A of electricity distribution assets in a number
\nof municipalities in the provinces of Milan and Brescia.
\nThe effective tax rate for 2023 reflected a charge of no
\ntax relevance on the sale of Enel Generaci\u00f3n Costane-
\nra and Central Dock Sud.
\nFor more information on changes in deferred tax as-
\nsets and liabilities, see note 23.
\nThe following table provides a reconciliation of the
\ntheoretical tax rate and the effective tax rate.
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n
\n\n| Pre-tax profit | \n11,883 | \n | \n7,416 | \n | \n
\n\n| Theoretical taxes | \n2,852 | \n24% | \n1,780 | \n24% | \n
\n\n| Delta of tax effect on impairment adjustments and M&A | \n217 | \n | \n195 | \n | \n
\n\n| transactions | \n | \n | \n | \n | \n
\n\n| Preferential tax treatment of disposals in Australia and Greece | \n- | \n | \n(63) | \n | \n
\n\n| Sundry tax effects of hyperinflation accounting in Argentina | \n(20) | \n | \n(58) | \n | \n
\n\n| Write-off of deferred tax assets in Peru (for Enel Green Power | \n- | \n | \n25 | \n | \n
\n\n| Per\u00fa and Enel Generaci\u00f3n Per\u00fa merger) | \n | \n | \n | \n | \n
\n\n| Recognition of deferred tax assets in Brazil | \n(113) | \n | \n- | \n | \n
\n\n| Write-off of deferred tax assets for the United States, | \n91 | \n | \n155 | \n | \n
\n\n| Mexico and Brazil | \n | \n | \n | \n | \n
\n\n| IRAP | \n383 | \n | \n352 | \n | \n
\n\n| Non-deductibility of extraordinary solidarity levy in Spain | \n33 | \n | \n52 | \n | \n
\n\n| Other differences, effect of different tax rates abroad compared | \n211 | \n | \n340 | \n | \n
\n\n| with the theoretical rate in Italy, and other minor items | \n | \n | \n | \n | \n
\n\n| Total | \n3,654 | \n | \n2,778 | \n | \n
\n\n\n
\n\n
\n\n\n\n\n",
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"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"Tag1001": {
"value": "\n
\n16. Basic and diluted earnings per share
\n\nBoth these indicators are calculated on the basis of the
\naverage number of ordinary shares for the year, equal
\nto 10,166,679,946, adjusted by the average number of
\ntreasury shares held and payments made in the period.
\n
\n\n\n\n\n\nThe number of treasury shares, with a par value of
\n\u20ac1 each, held at December 31, 2024 was equal to
\n12,079,670 (9,262,330 at December 31, 2023).
\n
\n\n\n\n\n\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n
\n\n| Profit for the year attributable to owners of the Parent (basic) | \n7,016 | \n3,438 | \n
\n\n| of which from: | \n | \n | \n
\n\n| - continuing operations | \n7,016 | \n3,813 | \n
\n\n| - discontinued operations | \n- | \n(375) | \n
\n\n| Effect of preference rights on dividends (e.g. preference shares) | \n- | \n- | \n
\n\n| Dividends on equity instruments (e.g. hybrid bonds) | \n(246) | \n(182) | \n
\n\n| Other | \n- | \n- | \n
\n\n| Profit for the year attributable to ordinary owners of the Parent (basic) | \n6,770 | \n3,256 | \n
\n\n| of which from: | \n | \n | \n
\n\n| - continuing operations | \n6,770 | \n3,631 | \n
\n\n| - discontinued operations | \n- | \n(375) | \n
\n\n| Number of shares (units) | \n | \n | \n
\n\n| Number of ordinary shares issued at January 1 | \n10,166,679,946 | \n10,166,679,946 | \n
\n\n| Effect of treasury shares held | \n(10,830,775) | \n(7,696,284) | \n
\n\n| Effect of share options exercised | \n301,812 | \n422,896 | \n
\n\n| Other | \n- | \n- | \n
\n\n| Weighted average number of ordinary shares outstanding (total) | \n10,156,150,983 | \n10,159,406,558 | \n
\n\n| for basic earnings per share | \n | \n | \n
\n\n| Profit for the year attributable to ordinary owners of the Parent (basic) | \n6,770 | \n3,256 | \n
\n\n| Effect of dilution: | \n | \n | \n
\n\n| - interest on convertible bonds | \n- | \n- | \n
\n\n| - other | \n- | \n- | \n
\n\n| Profit for the year attributable to ordinary owners of the Parent (diluted) | \n6,770 | \n3,256 | \n
\n\n| of which: | \n | \n | \n
\n\n| - continuing operations | \n6,770 | \n3,631 | \n
\n\n| - discontinued operations | \n- | \n(375) | \n
\n\n| Number of shares (units) | \n | \n | \n
\n\n| Weighted average number of ordinary shares outstanding (total) | \n10,156,150,983 | \n10,159,406,558 | \n
\n\n| for basic earnings per share | \n | \n | \n
\n\n| Effect of conversion of convertible notes | \n- | \n- | \n
\n\n| Other | \n- | \n- | \n
\n\n| Weighted average number of ordinary shares outstanding (total) | \n10,156,150,983 | \n10,159,406,558 | \n
\n\n| for diluted earnings per share | \n | \n | \n
\n\n| Basic earnings per share | \n | \n | \n
\n\n| Basic earnings per share | \n0.67 | \n0.32 | \n
\n\n| Basic earnings per share from continuing operations | \n0.67 | \n0.36 | \n
\n\n| Basic earnings per share from discontinued operations | \n- | \n(0.04) | \n
\n\n| Diluted earnings per share | \n | \n | \n
\n\n| Diluted earnings per share | \n0.67 | \n0.32 | \n
\n\n| Diluted earnings per share from continuing operations | \n0.67 | \n0.36 | \n
\n\n| Diluted earnings per share from discontinued operations | \n- | \n(0.04) | \n
\n\n
\n
\n\n\n\n\n",
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"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
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},
"Tag1000": {
"value": "\nBoth these indicators are calculated on the basis of the
\naverage number of ordinary shares for the year, equal
\nto 10,166,679,946, adjusted by the average number of
\ntreasury shares held and payments made in the period.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag944": {
"value": "\n17. Property, plant and equipment \u2013 \u20ac94,584 million
\nThe breakdown of and changes in property, plant and equipment for 2024 are given below.
\n\n
\n\n\n | \n | \n | \n | \n | \n | \n | \n | \nAssets | \n | \n
\n\n | \n | \n | \n | \nIndustrial | \n | \n | \n | \nunder | \n | \n
\n\n | \n | \n | \n | \nand | \n | \n | \n | \nconstruction | \n | \n
\n\n | \n | \n | \nPlant and | \ncommercial | \nOther | \nLeased | \nLeasehold | \n and | \n | \n
\n\n| Millions of euro | \nLand | \nBuildings | \nmachinery | \nequipment | \nassets | \nassets | \nimprovements | \nadvances | \nTotal | \n
\n\n| Cost net of accumulated | \n630 | \n12,084 | \n167, 123 | \n592 | \n1,456 | \n4,318 | \n572 | \n14,149 | \n200,924 | \n
\n\n| impairment losses | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Accumulated depreciation | \n- | \n5,787 | \n101,864 | \n423 | \n1,159 | \n1,454 | \n436 | \n- | \n111,123 | \n
\n\n| Balance at Dec. 31, 2023 | \n630 | \n6,297 | \n65,259 | \n169 | \n297 | \n2,864 | \n136 | \n14,149 | \n89,801 | \n
\n\n| Capital expenditure | \n1 | \n64 | \n2,499 | \n23 | \n152 | \n- | \n4 | \n5,991 | \n8,734 | \n
\n\n| Assets entering service | \n52 | \n1,639 | \n8,030 | \n7 | \n46 | \n9 | \n59 | \n(9,842) | \n- | \n
\n\n| Exchange differences | \n(10) | \n(26) | \n(409) | \n1 | \n(17) | \n28 | \n- | \n(87) | \n(520) | \n
\n\n| Disposals | \n- | \n(3) | \n(95) | \n(1) | \n(2) | \n(133) | \n(1) | \n- | \n(235) | \n
\n\n| Depreciation | \n- | \n(237) | \n(4,076) | \n(25) | \n(118) | \n(350) | \n(30) | \n- | \n(4,836) | \n
\n\n| Impairment losses | \n- | \n(15) | \n(94) | \n(1) | \n(4) | \n- | \n(3) | \n(98) | \n(215) | \n
\n\n| Impairment gains | \n- | \n- | \n3 | \n- | \n- | \n- | \n- | \n4 | \n7 | \n
\n\n| Leases | \n- | \n- | \n- | \n- | \n- | \n429 | \n- | \n9 | \n438 | \n
\n\n| Other changes | \n(5) | \n(92) | \n828 | \n(53) | \n24 | \n(1) | \n2 | \n612 | \n1,315 | \n
\n\n| Reclassifications from/to | \n(2) | \n37 | \n(421) | \n(1) | \n7 | \n(18) | \n- | \n493 | \n95 | \n
\n\n| assets held for sale | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Total changes | \n36 | \n1,367 | \n6,265 | \n(50) | \n88 | \n(36) | \n31 | \n(2,918) | \n4,783 | \n
\n\n| Cost net of accumulated | \n666 | \n13,671 | \n175,047 | \n610 | \n1,662 | \n4,578 | \n612 | \n11,231 | \n208,077 | \n
\n\n| impairment losses | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Accumulated depreciation | \n- | \n6,007 | \n103,523 | \n491 | \n1,277 | \n1,750 | \n445 | \n- | \n113,493 | \n
\n\n| Balance at Dec. 31, 2024 | \n666 | \n7,664 | \n71,524 | \n119 | \n385 | \n2,828 | \n167 | \n11,231 | \n94,584 | \n
\n\n
\n
For more information on \u201cleased assets\u201d, please see
\nnote 19 below.
\nCapital expenditure came to \u20ac8,734 million for \u201cprop-
\nerty, plant and equipment\u201d, \u20ac1,235 million for \u201cintangi-
\nble assets\u201d (for more details see note 21) and \u20ac8 million
\nfor \u201cproperty investments\u201d (for more details see note
\n20), for a total \u20ac9,977 million, summarized below by
\nclass of asset.
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \nChange | \n
\n\n| Power plants: | \n | \n | \n | \n | \n
\n\n| - thermal | \n444 | \n550 | \n(106) | \n-19.3% | \n
\n\n| - hydroelectric | \n402 | \n458 | \n(56) | \n-12.2% | \n
\n\n| - geothermal | \n119 | \n136 | \n(17) | \n-12.5% | \n
\n\n| - nuclear | \n167 | \n163 | \n4 | \n2.5% | \n
\n\n| - alternative energy sources | \n1,944 | \n3,444 | \n(1,500) | \n-43.6% | \n
\n\n| Total power plants | \n3,076 | \n4,751 | \n(1,675) | \n-35.3% | \n
\n\n| Electricity distribution grids(1) | \n5,024 | \n4,485 | \n539 | \n12.0% | \n
\n\n| Enel X (e-City, e-Industries, e-Home) | \n231 | \n449 | \n(218) | \n-48.6% | \n
\n\n| Enel X Way (e-Mobility) | \n94 | \n106 | \n(12) | \n-11.3% | \n
\n\n| Retail customers | \n660 | \n617 | \n43 | \n7.0% | \n
\n\n| Other | \n892 | \n1,511 | \n(619) | \n-41.0% | \n
\n\n| TOTAL | \n9,977 | \n11,919 | \n(1,942) | \n-16.3% | \n
\n\n
\n
(1) The figure for 2024 does not include \u20ac844 million in respect of infrastructure investments within the scope of IFRIC 12 (\u20ac795 million in 2023).
\n
\n\n\nThe Group\u2019s investments focus on the modernization
\nof networks and renewables, in line with the Strategic
\nPlan, which aims at improving their risk/return profile,
\nstarting a transformation with the objective to create
\nmore value for customers and achieve net zero emis-
\nsions by 2040.
\nCapital expenditure on the distribution grid were sub-
\nstantial; in particular, investments increased in Italy,
\nArgentina, Brazil, Colombia and Spain for corrective
\nmaintenance and grid reliability, partly offset by lower
\ninvestments in Peru, due to the sale of distribution and
\ngeneration assets.
\nThe decrease in capital expenditure in renewable en-
\nergy mainly regarded Italy, Brazil, Spain, Chile, Colom-
\nbia and North America.
\nCapital expenditure in the End-user Markets Business
\nLine decreased for the Enel X business mainly in Italy,
\nBrazil and North America, partly offset by an increase
\nin investments in the Retail business in Italy and Spain.
\nCapital expenditure in Thermal Generation and Trad-
\ning mainly decreased in Italy.
\n\u201cImpairment losses\u201d in 2024 amounted to \u20ac215 million
\nand are mainly attributable to value adjustments of a
\nnumber of renewable plants in Spain, Italy, the United
\nStates and Chile.
\n\u201cReclassifications from/to assets held for sale\u201d (\u20ac95
\nmillion) mainly refer to the reclassification of 3SUN
\namong continuing operations (\u20ac677 million), partly off-
\nset by the classification under assets held for sale of
\ne-distribuzione SpA assets, now merged into Duereti
\nSrl (\u20ac393 million), regarding a number of municipalities
\nin the provinces of Milan and Brescia, the storage busi-
\nness portfolio in North America (\u20ac134 million) and net
\nassets of renewable generation assets in India (\u20ac72
\nmillion).
\n\u201cOther changes\u201d include the adjustment of plant
\ndecommissioning and site restoration costs in the
\namount of \u20ac303 million mainly referred to assets in
\nItaly, Colombia and Spain, impairment losses on the
\nproperty, plant and equipment of the Argentine com-
\npanies operating in a hyperinflationary economy in
\nthe amount of \u20ac1,289 million, as well as the effect of
\ncapitalizing interest on loans specifically dedicated to
\ncapital expenditure on property, plant and equipment
\nof \u20ac245 million (\u20ac303 million in 2023), breaking down
\nas follows.
\n\n
\n\n\n| Millions of euro | \n2024 | \nRate % | \n2023 | \nRate % | \nChange | \n
\n\n| EGP North America | \n55-21.4% | \n7.9% | \n70 | \n8.5% | \n(15) | \n | \n
\n\n| EGP M\u00e9xico | \n12 | \n9.9% | \n16 | \n9.8% | \n(4) | \n-25.0% | \n
\n\n| Enel Am\u00e9ricas Group | \n32 | \n7.4% | \n55 | \n6.4% | \n(23) | \n-41.8% | \n
\n\n| Enel Chile Group | \n83 | \n6.0% | \n90 | \n6.0% | \n(7) | \n-7.8% | \n
\n\n| Endesa Group | \n11 | \n3.6% | \n12 | \n3.2% | \n(1) | \n-8.3% | \n
\n\n| Enel Italia Group | \n49 | \n5.1% | \n58 | \n2.1% | \n(9) | \n-15.5% | \n
\n\n| Nuove Energie | \n3 | \n3.0% | \n2 | \n3.3% | \n1 | \n50.0% | \n
\n\n| Total | \n245 | \n | \n303 | \n | \n(58) | \n-19.1% | \n
\n\n
\n
\u201cOther changes\u201d also include grants received in Italy
\nin the amount of \u20ac602 million.
\nAt December 31, 2024, contractual commitments
\nto purchase property, plant and equipment came to
\n\u20ac4,123 million.
\n
\n\n\n
\n\n
\n\nThe estimated useful life of the main items of property, plant and equipment is as follows.
\n\n
\n\n\n| Civil buildings | \n10-60 years | \n
\n\n| Buildings and civil works incorporated in plants | \n10-100 years | \n
\n\n| Hydroelectric power plants: | \n | \n
\n\n| - penstocks | \n10-65 years | \n
\n\n| - mechanical and electrical machinery | \n10-65 years | \n
\n\n| - other fixed hydraulic works | \n10-100 years | \n
\n\n| Thermoelectric power plants: | \n | \n
\n\n| - boilers and auxiliary components | \n20-40 years | \n
\n\n| - gas turbine components | \n10-40 years | \n
\n\n| - mechanical and electrical machinery | \n5-40 years | \n
\n\n| - other fixed hydraulic works | \n60 years | \n
\n\n| Nuclear power plants | \n50 years | \n
\n\n| Geothermal power plants: | \n | \n
\n\n| - cooling towers | \n20 years | \n
\n\n| - turbines and generators | \n10-50 years | \n
\n\n| - turbine parts in contact with fluid | \n10 years | \n
\n\n| - mechanical and electrical machinery | \n20-40 years | \n
\n\n| Wind power plants: | \n | \n
\n\n| - towers | \n30-35 years | \n
\n\n| - turbines and generators | \n30-35 years | \n
\n\n| - mechanical and electrical machinery | \n15-30 years | \n
\n\n| Solar power plants: | \n | \n
\n\n| - mechanical and electrical machinery | \n15-40 years | \n
\n\n| Public and artistic lighting systems: | \n | \n
\n\n| - public lighting systems | \n10-35 years | \n
\n\n| - artistic lighting systems | \n20-35 years | \n
\n\n| Transport lines | \n10-60 years | \n
\n\n| Transformer stations | \n20-55 years | \n
\n\n| Distribution systems: | \n | \n
\n\n| - high voltage lines | \n10-60 years | \n
\n\n| - primary transformer stations | \n10-50 years | \n
\n\n| - low- and medium-voltage lines | \n10-50 years | \n
\n\n| Meters: | \n | \n
\n\n| - electromechanical meters | \n5-40 years | \n
\n\n| - energy balance measurement equipment | \n10-15 years | \n
\n\n| - electronic meters | \n15-25 years | \n
\n\n| Charging stations | \n7-15 years | \n
\n\n| Battery Energy Storage Systems (BESS) | \n10-15 years | \n
\n\n
\n
The useful life of leasehold improvements coincides
\nwith the term of the lease or, if shorter, the duration of
\nthe benefits produced by the improvements. Land is
\nnot depreciated as it has an indefinite useful life.
\n
\n\n\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag948": {
"value": "\nThe estimated useful life of the main items of property, plant and equipment is as follows.
\n\n
\n\n\n| Civil buildings | \n10-60 years | \n
\n\n| Buildings and civil works incorporated in plants | \n10-100 years | \n
\n\n| Hydroelectric power plants: | \n | \n
\n\n| - penstocks | \n10-65 years | \n
\n\n| - mechanical and electrical machinery | \n10-65 years | \n
\n\n| - other fixed hydraulic works | \n10-100 years | \n
\n\n| Thermoelectric power plants: | \n | \n
\n\n| - boilers and auxiliary components | \n20-40 years | \n
\n\n| - gas turbine components | \n10-40 years | \n
\n\n| - mechanical and electrical machinery | \n5-40 years | \n
\n\n| - other fixed hydraulic works | \n60 years | \n
\n\n| Nuclear power plants | \n50 years | \n
\n\n| Geothermal power plants: | \n | \n
\n\n| - cooling towers | \n20 years | \n
\n\n| - turbines and generators | \n10-50 years | \n
\n\n| - turbine parts in contact with fluid | \n10 years | \n
\n\n| - mechanical and electrical machinery | \n20-40 years | \n
\n\n| Wind power plants: | \n | \n
\n\n| - towers | \n30-35 years | \n
\n\n| - turbines and generators | \n30-35 years | \n
\n\n| - mechanical and electrical machinery | \n15-30 years | \n
\n\n| Solar power plants: | \n | \n
\n\n| - mechanical and electrical machinery | \n15-40 years | \n
\n\n| Public and artistic lighting systems: | \n | \n
\n\n| - public lighting systems | \n10-35 years | \n
\n\n| - artistic lighting systems | \n20-35 years | \n
\n\n| Transport lines | \n10-60 years | \n
\n\n| Transformer stations | \n20-55 years | \n
\n\n| Distribution systems: | \n | \n
\n\n| - high voltage lines | \n10-60 years | \n
\n\n| - primary transformer stations | \n10-50 years | \n
\n\n| - low- and medium-voltage lines | \n10-50 years | \n
\n\n| Meters: | \n | \n
\n\n| - electromechanical meters | \n5-40 years | \n
\n\n| - energy balance measurement equipment | \n10-15 years | \n
\n\n| - electronic meters | \n15-25 years | \n
\n\n| Charging stations | \n7-15 years | \n
\n\n| Battery Energy Storage Systems (BESS) | \n10-15 years | \n
\n\n
\n
The useful life of leasehold improvements coincides
\nwith the term of the lease or, if shorter, the duration of
\nthe benefits produced by the improvements. Land is
\nnot depreciated as it has an indefinite useful life.
\n
\n\n\n
\n\n22. Goodwill \u2013 \u20ac12,850 million
\n\n
\n\n\n | \n | \nChange in the | \n | \n | \nReclassifications | \n | \n | \n
\n\n | \nat Dec. 31, | \nconsolidation | \nExchange | \nImpairment | \nfrom/to assets | \nOther | \nat Dec. 31, | \n
\n\n| Millions of euro | \n2023 | \nscope | \ndifferences | \nlosses | \nheld for sale | \nchanges | \n2024 | \n
\n\n | \nNet | \n | \n | \n | \n | \n | \nNet | \n
\n\n | \ncarrying | \n | \n | \n | \n | \n | \ncarrying | \n
\n\n | \namount | \n | \n | \n | \n | \n | \namount | \n
\n\n| Iberian Peninsula | \n8,785 | \n- | \n- | \n- | \n- | \n- | \n8,785 | \n
\n\n| Chile | \n1,101 | \n- | \n- | \n- | \n- | \n- | \n1,101 | \n
\n\n| Argentina | \n20 | \n- | \n- | \n- | \n- | \n- | \n20 | \n
\n\n| Colombia | \n526 | \n- | \n(3) | \n- | \n- | \n- | \n523 | \n
\n\n| Brazil | \n1,357 | \n- | \n(150) | \n- | \n- | \n- | \n1,207 | \n
\n\n| Central America | \n26 | \n- | \n1 | \n- | \n- | \n- | \n27 | \n
\n\n| Enel Green Power North | \n68 | \n- | \n- | \n- | \n- | \n- | \n68 | \n
\n\n| America | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel X North America | \n81 | \n- | \n3 | \n- | \n(40) | \n- | \n44 | \n
\n\n| Enel X Asia Pacific | \n84 | \n- | \n- | \n- | \n- | \n- | \n84 | \n
\n\n| Enel X Rest of Europe(1) | \n43 | \n- | \n- | \n(3) | \n- | \n- | \n40 | \n
\n\n| Market Italy(2) | \n581 | \n- | \n- | \n- | \n- | \n- | \n581 | \n
\n\n| Enel Green Power Italy | \n21 | \n- | \n- | \n- | \n- | \n- | \n21 | \n
\n\n| Enel Produzione Italy | \n349 | \n- | \n- | \n- | \n- | \n- | \n349 | \n
\n\n| Total | \n13,042 | \n- | \n(149) | \n(3) | \n(40) | \n- | \n12,850 | \n
\n\n
\n
(1) Includes Viva Labs.
\n(2) Includes Enel Energia.
\nThe following table presents the allocation of goodwill
\nin the matrix of business lines and geographical are-
\nas. Note that the changes in the presentation of op-
\nerating segments, described in note 8 above, did not
\nproduce changes in the allocation of goodwill for the
\npurposes of impairment testing.
\nGoodwill matrix at Dec. 31, 2024
\n\n
\n\n\n | \nThermal Generation | \nEnel Green | \n | \nEnd-user | \nHolding and | \n | \n
\n\n| Millions of euro | \nand Trading | \nPower | \nEnel Grids | \nMarkets | \nServices | \nTotal | \n
\n\n| Enel Green Power Italy | \n- | \n21 | \n- | \n- | \n- | \n21 | \n
\n\n| Market Italy(1) | \n- | \n- | \n- | \n581 | \n- | \n581 | \n
\n\n| Enel Produzione Italy | \n- | \n349 | \n- | \n- | \n- | \n349 | \n
\n\n| Iberian Peninsula | \n- | \n1,190 | \n5,788 | \n1,807 | \n- | \n8,785 | \n
\n\n| Argentina | \n- | \n1 | \n19 | \n- | \n- | \n20 | \n
\n\n| Brazil | \n- | \n417 | \n790 | \n- | \n- | \n1,207 | \n
\n\n| Chile | \n- | \n949 | \n152 | \n- | \n- | \n1,101 | \n
\n\n| Colombia | \n- | \n300 | \n223 | \n- | \n- | \n523 | \n
\n\n| Central America | \n- | \n27 | \n- | \n- | \n- | \n27 | \n
\n\n| Enel Green Power North America | \n- | \n68 | \n- | \n- | \n- | \n68 | \n
\n\n| Enel X North America | \n- | \n- | \n- | \n44 | \n- | \n44 | \n
\n\n| Enel X Asia Pacific | \n- | \n- | \n- | \n84 | \n- | \n84 | \n
\n\n| Enel X Rest of Europe | \n- | \n- | \n- | \n40 | \n- | \n40 | \n
\n\n| Total | \n- | \n3,322 | \n6,972 | \n2,556 | \n- | \n12,850 | \n
\n\n
\n
(1) Includes Enel Energia.
\nGoodwill matrix at Dec. 31, 2023
\n
\n\n\n
\n\n\n
\n\n
\n\n
\n\n\n | \nThermal Generation | \nEnel Green | \n | \nEnd-user | \nHolding and | \n | \n
\n\n| Millions of euro | \nand Trading | \nPower | \nEnel Grids | \nMarkets | \nServices | \nTotal | \n
\n\n| Enel Green Power Italy | \n- | \n21 | \n- | \n- | \n- | \n21 | \n
\n\n| Market Italy(1) | \n- | \n- | \n- | \n581 | \n- | \n581 | \n
\n\n| Enel Produzione Italy | \n- | \n349 | \n- | \n- | \n- | \n349 | \n
\n\n| Iberian Peninsula | \n- | \n1,190 | \n5,788 | \n1,807 | \n- | \n8,785 | \n
\n\n| Argentina | \n- | \n1 | \n19 | \n- | \n- | \n20 | \n
\n\n| Brazil | \n- | \n502 | \n855 | \n- | \n- | \n1,357 | \n
\n\n| Chile | \n- | \n949 | \n152 | \n- | \n- | \n1,101 | \n
\n\n| Colombia | \n- | \n303 | \n223 | \n- | \n- | \n526 | \n
\n\n| Central America | \n- | \n26 | \n- | \n- | \n- | \n26 | \n
\n\n| Enel Green Power North America | \n- | \n68 | \n- | \n- | \n- | \n68 | \n
\n\n| Enel X North America | \n- | \n- | \n- | \n81 | \n- | \n81 | \n
\n\n| Enel X Asia Pacific | \n- | \n- | \n- | \n84 | \n- | \n84 | \n
\n\n| Enel X Rest of Europe(2) | \n- | \n- | \n- | \n43 | \n- | \n43 | \n
\n\n| Total | \n- | \n3,409 | \n7,0 37 | \n2,596 | \n- | \n13,042 | \n
\n\n
\n
(1) Includes Enel Energia.
\n(2) Includes Viva Labs.
\nThe decrease of \u20ac192 million in goodwill was mainly
\nattributable to negative exchange rate adjustments in
\nBrazil and the reclassification to assets held for sale of
\nstorage assets in North America.
\n\nThe recoverable amount of the goodwill recognized
\nwas estimated by calculating the value in use of the
\nCGUs using discounted cash flow models, which in-
\nvolve estimating expected future cash flows and ap-
\nplying an appropriate discount rate, selected on the
\nbasis of market inputs such as risk-free rates, betas
\nand market-risk premiums.
\nCash flows were determined on the basis of the best
\ninformation available at the time of the estimate, tak-
\ning account of the specific risks of each CGU, and
\ndrawn:
\n\u2022 for the explicit period, from the Business Plan ap-
\nproved by the Board of Directors of the Parent on No-
\nvember 18, 2024, containing forecasts for volumes,
\nrevenue, operating costs, capital expenditure, indus-
\ntrial and commercial organization and developments
\nin the main macroeconomic variables (inflation, nom-
\ninal interest rates and exchange rates) and commodi-
\nty prices. The explicit period of cash flows considered
\nin impairment testing was three years;
\n\u2022 for subsequent years, from assumptions concern-
\ning long-term developments in the main variables
\nthat determine cash flows.
\nMore specifically, the terminal value is calculated
\nbased on the specific characteristics of the busi-
\nnesses related to the various CGUs subject to impair-
\nment testing:
\n\u2022 perpetuity, for the businesses of large-hydro (LH)
\npower generation and of distribution, in which the
\nlicenses and public concessions are of a long-term
\nnature and renewal can be forecast with reason-
\nable certainty; as well as for the Enel X and Enel X
\nWay businesses, as they feature the development of
\nspecific know-how that is sustainable over the long
\nterm;
\n\u2022 annuity, for CGUs that are predominantly charac-
\nterized by retail business, for which the residual life
\nis, therefore, essentially correlated with the aver-
\nage duration of the customer relationships; as well
\nas for businesses of conventional thermal power
\ngeneration (Generation and Trading). This method
\nis also used for the renewable energy (Enel Green
\nPower) businesses to take account of: (i) the val-
\nue resulting from the remaining useful lives of the
\nplants; and (ii) the residual value, in the event of
\nplant decommissioning, associated with licensing
\nrights, the competitiveness of the production fa-
\ncilities (in terms of natural resources), and network
\ninterconnectivity.
\nThe nominal growth rate (g-rate) is equal to the long-
\nterm rate of growth in electricity and/or inflation (de-
\npending on the country and business involved).
\nRegarding the assumptions for commodity price de-
\nvelopments, the scenarios adopted are consistent
\nwith current emissions reductions targets.
\nMore specifically, a steady growth in the price of CO
\n
\n
\n\n\n
\n\n\n
\n\n\n
\n\n
\n\nassumed for 2030, reflecting the gradual reduction in
\nthe supply of permits against growing demand, and a
\nstabilization of coal prices, due to decreasing demand.
\nAs for gas, price tensions are expected to ease in the
\ncoming years in light of a realignment between supply
\nand demand at a global level. Finally, a progressive sta-
\nbilization of oil prices is expected, with peak demand
\nestimated around 2030.
\nNote also that the Group has used sensitivity analysis to
\ntake account of the impacts of climate change in the
\nlong term. More specifically:
\n\u2022 we consider a perpetual long-term growth rate for
\ncash flows after the explicit period that is in line with
\nthe change in electricity demand over the 2026-2050
\nperiod, based on the specific features of the business-
\nes concerned, adopting certain assumptions concern-
\ning the increase in temperature due to climate change
\nand trends connected with the energy transition;
\n\u2022 we consider changes in the hydroelectric, wind and
\nphotovoltaic generation levels of our portfolio assets,
\nassociated with each projection of underlying climate
\nvariables (for example, temperature, irradiance, wind
\nspeed and precipitation);
\n\u2022 we assume that the Group will incur the costs provi-
\nsioned for decommissioning fossil fuel generation
\nplants in line with the goal of zero direct (Scope 1) and
\nindirect emissions from retail activities (Scope 3).
\nIn order to verify the robustness of the value in use of
\nthe CGUs, sensitivity analyses were conducted for the
\nmain value drivers, in particular WACC and the long-
\nterm growth rate.
\nEven in these circumstances, results were consistent
\nwith the evidence described previously, without issues
\nin all the CGUs analyzed in respect of the recoverability
\nof their carrying amounts in the consolidated financial
\nstatements of the Enel Group at December 31, 2024.
\nThe table below reports the composition of the main
\ngoodwill values by the country/region to which the
\nCGU belongs, along with the discount rates applied
\nand the time horizon over which the expected cash
\nflows have been discounted.
\n\n
\n\n\n | \nAmount of | \nGrowth | \nPre-tax WACC | \nExplicit period | \nTerminal | \nAmount of | \nGrowth | \nPre-tax WACC | \nExplicit period | \nTerminal | \n
\n\n | \ngoodwill | \nrate(1) | \ndiscount rate(2) | \nof cash flows | \nvalue(3) | \ngoodwill | \nrate(1) | \ndiscount rate(2) | \nof cash flows | \nvalue(3) | \n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n
\n\n| Iberian Peninsula | \n8,785 | \n2.50% | \n7. 27 % | \n3 years | \nPerpetuity/ | \n8,785 | \n2.19% | \n8.23% | \n3 years | \nPerpetuity/ | \n
\n\n | \n | \n | \n | \n | \n23 years EGP/ | \n | \n | \n | \n | \n22 years EGP/ | \n
\n\n | \n | \n | \n | \n | \n11 years G&T/ | \n | \n | \n | \n | \n12 years G&T/ | \n
\n\n | \n | \n | \n | \n | \n15 years MKT | \n | \n | \n | \n | \n15 years MKT | \n
\n\n| Chile | \n1,101 | \n2.30% | \n9.14% | \n3 years | \nPerpetuity/ | \n1,101 | \n2.07% | \n9.57% | \n3 years | \nPerpetuity/ | \n
\n\n | \n | \n | \n | \n | \n27 years EGP/ | \n | \n | \n | \n | \n28 years EGP/ | \n
\n\n | \n | \n | \n | \n | \n4 years G&T | \n | \n | \n | \n | \n5 years G&T | \n
\n\n| Argentina | \n20 | \n20.41% | \n44.88% | \n3 years | \nPerpetuity | \n20 | \n17.57 % | \n41.99% | \n3 years | \nPerpetuity | \n
\n\n| Colombia | \n523 | \n3.37% | \n11.92% | \n3 years | \nPerpetuity/ | \n526 | \n3.50% | \n14.25% | \n3 years | \nPerpetuity/ | \n
\n\n | \n | \n | \n | \n | \n26 years EGP/ | \n | \n | \n | \n | \n25 years EGP/ | \n
\n\n | \n | \n | \n | \n | \n13 years G&T | \n | \n | \n | \n | \n14 years G&T | \n
\n\n| Brazil | \n1,207 | \n3.36% | \n10.87% | \n3 years | \nPerpetuity/ | \n1,357 | \n3.86% | \n12.31% | \n3 years | \nPerpetuity/ | \n
\n\n | \n | \n | \n | \n | \n23 years EGP | \n | \n | \n | \n | \n24 years EGP | \n
\n\n| Central America | \n27 | \n2.30% | \n10.88% | \n3 years | \n16 years | \n26 | \n2.10% | \n10.92% | \n3 years | \n17 years | \n
\n\n| Enel Green Power | \n68 | \n1.89% | \n7.79 % | \n3 years | \n23 years | \n68 | \n2.10% | \n8.27% | \n3 years | \n24 years | \n
\n\n| North America | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel X North America | \n44 | \n2.30% | \n10.95% | \n3 years | \nPerpetuity | \n81 | \n2.10% | \n11.75% | \n3 years | \nPerpetuity | \n
\n\n| Enel X Asia Pacific | \n84 | \n2.30% | \n12.18% | \n3 years | \nPerpetuity | \n84 | \n2.10% | \n13.27% | \n3 years | \nPerpetuity | \n
\n\n| Enel X Rest of Europe | \n40 | \n1.76% | \n10.86% | \n3 years | \nPerpetuity | \n43 | \n2.10% | \n11.45% | \n3 years | \nPerpetuity | \n
\n\n| Enel Green Power Italy | \n21 | \n1.76% | \n7.86% | \n3 years | \nPerpetuity/ | \n21 | \n2.10% | \n8.66% | \n3 years | \nPerpetuity/ | \n
\n\n | \n | \n | \n | \n | \n27 years | \n | \n | \n | \n | \n26 years | \n
\n\n| Market Italy | \n581 | \n0.90% | \n10.54% | \n3 years | \n15 years | \n581 | \n1.93% | \n1 1.31% | \n3 years | \n15 years | \n
\n\n| Enel Produzione Italy | \n349 | \n1.61% | \n7.97% | \n3 years | \nPerpetuity/ | \n349 | \n2.06% | \n9.07% | \n3 years | \nPerpetuity/ | \n
\n\n | \n | \n | \n | \n | \n14 years | \n | \n | \n | \n | \n14 years | \n
\n\n
\n
(1) Growth rate for cash flows after the explicit forecast period in the valuation currency.
\n(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
\nequal to that calculated with post-tax cash flows discounted with the post-tax WACC.
\n(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
\n= Generation & Trading, EGP = Enel Green Power, MKT = End-user Markets).
\n
\n\n\n
\n\n\n
\n\n\n38. Provisions for risks and charges \u2013 \u20ac7,834 million
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n
\n\n| Millions of euro | \nNon-current | \nCurrent | \nTotal | \nNon-current | \nCurrent | \nTotal | \n
\n\n| Provision for litigation, risks and other | \n | \n | \n | \n | \n | \n | \n
\n\n| charges: | \n | \n | \n | \n | \n | \n | \n
\n\n| - nuclear decommissioning | \n688 | \n- | \n688 | \n571 | \n- | \n571 | \n
\n\n| - site retirement, removal and restoration | \n2,447 | \n270 | \n2,717 | \n2,517 | \n160 | \n2,677 | \n
\n\n| - litigation | \n643 | \n53 | \n696 | \n663 | \n39 | \n702 | \n
\n\n| - environmental certificates | \n- | \n200 | \n200 | \n- | \n250 | \n250 | \n
\n\n| - taxes and duties | \n234 | \n18 | \n252 | \n295 | \n19 | \n314 | \n
\n\n| - insurance | \n457 | \n132 | \n589 | \n366 | \n129 | \n495 | \n
\n\n| - other | \n1,134 | \n324 | \n1,458 | \n687 | \n296 | \n983 | \n
\n\n| Total | \n5,603 | \n997 | \n6,600 | \n5,099 | \n893 | \n5,992 | \n
\n\n| Provision for early retirement incentives | \n130 | \n90 | \n220 | \n154 | \n128 | \n282 | \n
\n\n| and other restructuring plans | \n | \n | \n | \n | \n | \n | \n
\n\n| Provision for restructuring programs | \n768 | \n246 | \n1,014 | \n765 | \n273 | \n1,038 | \n
\n\n| connected with the energy transition | \n | \n | \n | \n | \n | \n | \n
\n\n| TOTAL | \n6,501 | \n1,333 | \n7,83 4 | \n6,018 | \n1,294 | \n7,312 | \n
\n\n
\n
\n
\n\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \nReclassifications | \n | \n
\n\n | \n | \n | \n | \n | \n | \nProvisions | \n | \n | \nof liabilities | \n | \n
\n\n | \n | \n | \n | \n | \n | \nfor site | \n | \n | \nincluded in | \n | \n
\n\n | \nat Dec. 31, | \n | \n | \n | \n | \nretirement and | \nExchange | \nOther | \ndisposal groups | \nat Dec. 31, | \n
\n\n| Millions of euro | \n2023 | \nAccrual | \nReversal | \nUtilization | \nDiscounting | \nrestoration | \ndifferences | \nchanges | \nheld for sale | \n2024 | \n
\n\n| Provision for | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| litigation, risks and | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| other charges: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - nuclear | \n571 | \n- | \n- | \n- | \n17 | \n99 | \n- | \n1 | \n- | \n688 | \n
\n\n| decommissioning | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - site retirement, | \n2,677 | \n57 | \n(33) | \n(151) | \n76 | \n100 | \n(4) | \n- | \n(5) | \n2,717 | \n
\n\n| removal and | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| restoration | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - litigation | \n702 | \n236 | \n(100) | \n(123) | \n55 | \n- | \n(62) | \n(12) | \n- | \n696 | \n
\n\n| - environmental | \n250 | \n222 | \n(86) | \n(182) | \n- | \n- | \n- | \n(4) | \n- | \n200 | \n
\n\n| certificates | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - taxes and duties | \n314 | \n21 | \n(21) | \n(6) | \n(8) | \n- | \n(18) | \n(30) | \n- | \n252 | \n
\n\n| - insurance | \n495 | \n108 | \n- | \n(20) | \n- | \n- | \n- | \n7 | \n(1) | \n589 | \n
\n\n| - other | \n983 | \n735 | \n(96) | \n(224) | \n40 | \n104 | \n(24) | \n(65) | \n5 | \n1,458 | \n
\n\n| Total | \n5,992 | \n1,379 | \n(336) | \n(706) | \n180 | \n303 | \n(108) | \n(103) | \n(1) | \n6,600 | \n
\n\n| Provision for | \n282 | \n77 | \n(16) | \n(129) | \n7 | \n- | \n- | \n(1) | \n- | \n220 | \n
\n\n| early retirement | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| incentives and other | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| restructuring plans | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Provision for | \n1,038 | \n261 | \n(85) | \n(225) | \n28 | \n- | \n(1) | \n(2) | \n- | \n1,014 | \n
\n\n| restructuring | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| programs | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| connected with the | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| energy transition | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| TOTAL | \n7,312 | \n1,717 | \n(437) | \n(1,060) | \n215 | \n303 | \n(109) | \n(106) | \n(1) | \n7,83 4 | \n
\n\n
\n
\n\n\n
\nNuclear decommissioning provision
\nAt December 31, 2024 the provision reflected solely the
\ncosts that would be incurred at the time of decommis-
\nsioning of nuclear plants by Enresa, a Spanish public
\nentity responsible for such activities in accordance with
\nRoyal Decree 1349/2003 and Law 24/2005. In general,
\nthe costs are quantified on the basis of a standard con-
\ntract between Enresa and the electricity companies ap-
\nproved by the Ministry for the Economy, which regulates
\nthe retirement and closing of nuclear power plants. The
\ntime horizon envisaged, three years, corresponds to
\nthe period from the termination of power generation to
\nthe transfer of plant management to Enresa (so-called
\npost-operational costs) and takes account, among the
\nvarious assumptions used to estimate the amount, of
\nthe quantity of unused nuclear fuel expected at the date
\nof closure of each of the Spanish nuclear plants on the
\nbasis of the provisions of the concession agreement.
\nSite retirement, removal and restoration
\nprovision
\nThis provision represents the present value of the esti-
\nmated cost for the retirement and removal of non-nu-
\nclear plants where there is a legal or constructive ob-
\nligation to do so. The provision mainly regarded the
\nEndesa Group, subsidiaries owned by the Parent com-
\npany Enel Chile and Enel Produzione.
\nThe retirement, removal and restoration charges in the
\nprovision are quantified using an Activity Based Costing
\n(ABC) process, which identifies and quantifies the costs
\nof each activity necessary for the retirement, removal
\nand restoration of the site.
\nThe following table summarizes the temporal break-
\ndown of payments connected with the site retirement,
\nremoval and restoration provision.
\n\n
\n\n\n | \nPayments by time bracket | \nDiscounted | \n
\n\n| Millions of euro | \n(nominal value) | \namount | \n
\n\n| Within 1 year | \n274 | \n268 | \n
\n\n| In 1-5 years | \n1,184 | \n1,066 | \n
\n\n| More than 5 years | \n1,996 | \n1,383 | \n
\n\n| Total | \n3,454 | \n2 ,717 | \n
\n\n
\n
Litigation provision
\nThe litigation provision covers contingent liabilities in re-
\nspect of pending litigation and other disputes. It includes
\nan estimate of the potential liability relating to disputes
\nthat arose during the year, as well as revised estimates
\nof the potential costs associated with disputes initiated
\nin prior years, based on the indications of internal and
\nexternal consultants. The balance for litigation mainly
\nregards the companies in Latin America (\u20ac398 million),
\nSpain (\u20ac150 million) and Italy (\u20ac116 million).
\nThe amount is virtually unchanged compared with the
\nprevious year, as the decrease associated with higher
\nuses and releases in Brazil was offset by new accruals.
\nProvision for environmental certificates
\nSee note 56 \u201cEnvironmental programs\u201d.
\nProvision for taxes and duties
\nThe provision for taxes and duties covers the estimat-
\ned liability deriving from tax disputes concerning di-
\nrect and indirect taxes.
\nThe balance of the provision also includes the provi-
\nsion for current and potential disputes concerning lo-
\ncal property tax (whether the Imposta Comunale sugli
\nImmobili - ICI or the Imposta Municipale Unica - IMU)
\nin Italy.
\nInsurance claims provision
\nThis fund includes provisions attributable to Enel Rein-
\nsurance for accruals for insurance claims; the change
\nis mainly attributable to new accruals in the year in the
\namount of \u20ac108 million.
\n\nOther provisions
\nOther provisions cover various risks and charges,
\nmainly in connection with regulatory disputes and dis-
\nputes with local authorities regarding various duties
\nand fees or other charges.
\nThe increase in the period is mainly attributable to ac-
\ncruals for regulatory measures, atmospheric events
\nand faults.
\n
\n\n\n
\n\n\nProvision for early retirement incentives
\nand other restructuring plans
\nThe provision for early retirement incentives and oth-
\ner restructuring plans includes the estimated charges
\nrelated to binding agreements for the voluntary termi-
\nnation of employment contracts in response to organ-
\nizational needs. The reduction of \u20ac62 million for the
\nyear mainly reflects uses of provisions for incentives
\nestablished in previous period in Spain and Italy to
\ncover the early termination of employment for certain
\nemployees.
\nProvision for restructuring programs
\nconnected with the energy transition
\nEnel, in its role as a leader of the energy transition,
\nhas placed decarbonization and growth of renewables
\naround the world at the center of its strategy.
\nIn this context, Enel has begun restructuring the
\nactivities associated with the energy transition pro-
\ncess, which involves thermal generation plants in
\nall the geographical areas in which the Group op-
\nerates. The consequent revision of processes and
\noperating models will require changes in the roles
\nand skills of employees, which the Group intends to
\nimplement with highly sustainable plans based on
\nredeployment programs, with major upskilling and
\nreskilling plans and voluntary individual early re-
\ntirement agreements. The energy transition is also
\nbased on the progressive and expansive develop-
\nment of digital tools, as digitization is essential to
\nresponding to multiple external forces and making
\ninformed and well-considered decisions at every
\nlevel within the Group.
\nA provision was therefore established in 2020 for re-
\nstructuring programs, which at December 31, 2024
\namounted to \u20ac1,014 million, which is mainly attribut-
\nable to Spain and Italy, and represents the estimated
\ncosts that the Group will incur following the accelera-
\ntion of the energy transition, for all direct and indirect
\nactivities related to the review of processes and op-
\nerating models and the roles and skills of employees.
\nNew accruals in 2024 mainly regard Italy (\u20ac220 million)
\nfor Article 4 programs, and Spain following the adjust-
\nment of \u20ac38 million to the provision for the Acuerdo
\nVoluntario de Salida plan.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag949": {
"value": "\n18. Service concession arrangements
\nThe following table details service concession agreements that do not fall within the scope of IFRIC 12 and had a
\nbalance as at December 31, 2024.
\n\n
\n\n\n | \n | \n | \n | \nConcession | \nConcession | \nRenewal | \n | \n | \nInitial fair | \n
\n\n| Millions of euro | \nGrantor | \nActivity | \nCountry | \nperiod | \nperiod remaining | \noption | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nvalue | \n
\n\n| Endesa | \n- | \nElectricity | \nSpain | \nIndefinite | \nIndefinite | \n- | \n5,677 | \n5,677 | \n5,673 | \n
\n\n| Distribuci\u00f3n | \n | \ndistribution | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| El\u00e9ctrica | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Colombia | \nRepublic of | \nElectricity | \nColombia | \nIndefinite | \nIndefinite | \n- | \n1,188 | \n1,266 | \n1,839 | \n
\n\n| (formerly | \nColombia | \ndistribution | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Codensa) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel | \nRepublic of | \nElectricity | \nChile | \nIndefinite | \nIndefinite | \n- | \n1,175 | \n1,254 | \n1,667 | \n
\n\n| Distribuci\u00f3n | \nChile | \ndistribution | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Chile (formerly | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Chilectra) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n
\n
Concessions for distribution activities in Spain, Co-
\nlombia and Chile, as shown in the table, were includ-
\ned under intangible assets with an indefinite useful
\nlife since there is no statutory or currently predict-
\nable expiration date. On the basis of the forecasts
\ndeveloped, cash flows for each CGU, with which the
\nvarious concessions are associated, were sufficient
\nto recover the carrying amount. The change during
\nthe year was essentially attributable to changes in
\nexchange rates in Latin America.
\nService concession arrangements, which are recog-
\nnized in accordance with IFRIC 12, regard certain infra-
\nstructure serving concessions for electricity genera-
\ntion in Brazil, electricity distribution in Brazil and Costa
\nRica and public lighting in Brazil.
\n
\n\n\nThe following table summarizes the salient details of those concessions.
\n\n
\n\n\n | \n | \n | \n | \n | \n | \n | \nAmount | \nAmount | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nrecognized | \nrecognized | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \namong | \namong | \nAmount | \nAmount | \n
\n\n | \n | \n | \n | \n | \n | \n | \ncontract | \ncontract | \nrecognized | \nrecognized | \n
\n\n | \n | \n | \n | \n | \n | \n | \nassets at | \nassets at | \namong | \namong | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDecember | \nDecember | \nfinancial | \nintangible | \n
\n\n | \n | \n | \n | \n | \nConcession | \n | \n31, 2024 | \n31, 2024 | \nassets at | \nassets at | \n
\n\n | \n | \n | \n | \nConcession | \nperiod | \nRenewal | \n(intangible | \n(financial | \nDecember | \nDecember | \n
\n\n| Millions of euro | \nGrantor | \nActivity | \nCountry | \nperiod | \nremaining | \noption | \nassets) | \nassets) | \n31, 2024 | \n31, 2024 | \n
\n\n| Enel Distribui\u00e7\u00e3o | \nBrazilian | \nElectricity | \nBrazil | \n1996-2026 | \n2 years | \nYes | \n99 | \n- | \n1,305 | \n336 | \n
\n\n| Rio de Janeiro | \ngovernment | \ndistribution | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Distribui\u00e7\u00e3o | \nBrazilian | \nElectricity | \nBrazil | \n1998-2028 | \n4 years | \nYes | \n155 | \n- | \n1,130 | \n369 | \n
\n\n| Cear\u00e1 | \ngovernment | \ndistribution | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green | \nBrazilian | \nElectricity | \nBrazil | \n2016-2046 | \n22 years | \nNo | \n- | \n- | \n5 | \n- | \n
\n\n| Power Mour\u00e3o | \ngovernment | \ngeneration | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power | \nBrazilian | \nElectricity | \nBrazil | \n2016-2046 | \n22 years | \nNo | \n- | \n- | \n23 | \n- | \n
\n\n| Paranapanema | \ngovernment | \ngeneration | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green | \nBrazilian | \nElectricity | \nBrazil | \n2017-2047 | \n23 years | \nNo | \n- | \n- | \n246 | \n- | \n
\n\n| Power Volta | \ngovernment | \ngeneration | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Grande | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Distribui\u00e7\u00e3o | \nBrazilian | \nElectricity | \nBrazil | \n1998-2028 | \n4 years | \nYes | \n229 | \n- | \n1,457 | \n551 | \n
\n\n| S\u00e3o Paulo | \ngovernment | \ndistribution | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Luz de Angra | \nBrazilian | \nPublic lighting | \nBrazil | \n2021-2036 | \n12 years | \nYes | \n- | \n4 | \n- | \n- | \n
\n\n| Energia | \ngovernment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Luz de Jaboat\u00e3o | \nBrazilian | \nPublic lighting | \nBrazil | \n2023-2045 | \n21 years | \nYes | \n- | \n7 | \n- | \n- | \n
\n\n| Energia | \ngovernment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Luz de Caruaru | \nBrazilian | \nPublic lighting | \nBrazil | \n2023-2043 | \n19 years | \nYes | \n- | \n5 | \n- | \n- | \n
\n\n| Energia | \ngovernment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Luz de | \nBrazilian | \nPublic lighting | \nBrazil | \n2023-2048 | \n24 years | \nYes | \n- | \n1 | \n- | \n- | \n
\n\n| Cataguases | \ngovernment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Luz de Itanha\u00e9m | \nBrazilian | \nPublic lighting | \nBrazil | \n2024-2037 | \n13 years | \nYes | \n- | \n2 | \n- | \n- | \n
\n\n | \ngovernment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Luz de Caxias | \nBrazilian | \nPublic lighting | \nBrazil | \n2024-2048 | \n24 years | \nYes | \n- | \n5 | \n- | \n- | \n
\n\n| do Sul | \ngovernment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Luz de Ponta | \nBrazilian | \nPublic lighting | \nBrazil | \n2024-2037 | \n13 years | \nYes | \n- | \n3 | \n- | \n- | \n
\n\n| Grossa | \ngovernment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Luz de | \nBrazilian | \nPublic lighting | \nBrazil | \n2024-2037 | \n13 years | \nYes | \n- | \n2 | \n- | \n- | \n
\n\n| Alagoinhas | \ngovernment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Luz de Maring\u00e1 | \nBrazilian | \nPublic lighting | \nBrazil | \n2024-2037 | \n13 years | \nYes(1) | \n- | \n3 | \n- | \n- | \n
\n\n | \ngovernment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| PH Chucas | \nCosta Rican | \nHydroelectric | \nCosta | \n2012-2031 | \n7 years | \nNo | \n- | \n- | \n38 | \n35 | \n
\n\n | \nElectricity | \nplant | \nRica | \n | \n | \n | \n | \n | \n | \n | \n
\n\n | \nInstitute | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Total | \n | \n | \n | \n | \n | \n | \n483 | \n32 | \n4,204 | \n1,291 | \n
\n\n
\n
(1) Depending on some performance criteria and acceptance by the granting authority.
\nThe financial assets relating to electricity distribution on
\nthe Brazilian market by the companies Enel Distribui\u00e7\u00e3o
\nRio de Janeiro, Enel Distribui\u00e7\u00e3o Cear\u00e1 and Enel Dis-
\ntribui\u00e7\u00e3o S\u00e3o Paulo are measured at the fair value at the
\nend of the concessions. For more information, see note
\n50 \u201cAssets and liabilities measured at fair value\u201d.
\n
\n\n\n\n
\n\n\n | \nNon-current | \nCurrent | \n\n\n\n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n\n\n
\n\n| Contract assets | \n523 | \n444 | \n193 | \n212 | \n\n\n\n
\n\n| Contract liabilities | \n5,682 | \n5,743 | \n2,448 | \n2,126 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n\n\n\n\n\nNon-current assets deriving from contracts with cus-
\ntomers (contract assets) refer mainly to public-to-pri-
\nvate service concession arrangements recognized in
\naccordance with IFRIC 12 (\u20ac483 million). These cases
\narise when the concession holder has not yet obtained
\nfull right to recognize the asset from the grantor.
\n
\n\n\n\n\n\n
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n
\n\n
\n
\n
\n\n\n| Equity investments in other companies measured | \n595 | \n346 | \n249 | \n72.0% | \n
\n\n| at fair value | \n | \n | \n | \n | \n
\n\n
\n
\n\n\n\n\n\n\n
\n\n\n| Other non-current financial assets included in net | \n2,676 | \n3,837 | \n(1,161) | \n-30.3% | \n
\n\n| financial debt (see note 27.1) | \n | \n | \n | \n | \n
\n\n| Service concession arrangements | \n4,192 | \n4,391 | \n(199) | \n-4.5% | \n
\n\n| Financial assets in respect of joint development | \n107 | \n133 | \n(26) | \n-19.5% | \n
\n\n| agreements (JDA) | \n | \n | \n | \n | \n
\n\n| Non-current financial prepayments | \n37 | \n43 | \n(6) | \n-14.0% | \n
\n\n| Total | \n7,607 | \n8,750 | \n(1,143) | \n-13.1% | \n
\n\n
\n
\n\n\n\n\n\nThe decrease in \u201cother non-current financial assets\u201d
\nmainly reflects:
\n\u2022 the decrease in other non-current financial assets in-
\ncluded in net financial debt, as specified in note 27.1;
\n\u2022 the decrease in financial assets in respect of service
\nconcession arrangements, mainly in Brazilian compa-
\nnies due to negative exchange developments;
\n\u2022 the decrease in financial assets in respect of joint de-
\nvelopment agreements (JDA) in relation to amounts
\npaid by a number of the Group\u2019s Italian renewables
\ncompanies to developers for the development of re-
\nnewable generation projects.
\n
\n
\n\n\n\n\n\n\n
\n\n\n| Financial assets from service | \n27 | \n262 | \n310 | \n28 | \n12 | \n14 | \n\n
\n\n| concession arrangements | \n | \n | \n | \n | \n | \n | \n\n
\n\n| at amortized cost | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\n\n
\n\n
\n\n46.1.3 Financial assets at fair value through
\nprofit or loss
\nThe following table shows financial assets at fair
\nvalue through profit or loss by nature, broken down
\ninto current and non-current financial assets.
\n\n
\n\n\n | \n | \nNon-current | \n | \nCurrent | \n\n\n\n\n\n
\n\n | \n | \nat Dec. 31, | \nat Dec. 31, | \n | \nat Dec. 31, | \nat Dec. 31, | \n\n\n\n\n\n
\n\n| Millions of euro | \nNotes | \n2024 | \n2023 | \nNotes | \n2024 | \n2023 | \n\n\n\n\n\n
\n\n| Derivatives at FVTPL | \n49 | \n126 | \n206 | \n49 | \n2,793 | \n4,443 | \n\n\n\n\n\n
\n\n| Investments in liquid assets | \n | \n- | \n- | \n33 | \n29 | \n29 | \n\n\n\n\n\n
\n\n| Securities and financial investments in funds | \n27. 1 | \n3 | \n- | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| or asset management at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Equity investments in other companies | \n27 | \n8 | \n8 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Financial assets from service concession | \n27 | \n3,930 | \n4,080 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| arrangements at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Financial assets from JDA at FVTPL | \n | \n95 | \n123 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| Other financial assets at FVTPL | \n | \n- | \n130 | \n28, 28.1 | \n171 | \n190 | \n\n\n\n\n\n
\n\n| Total | \n | \n4,162 | \n4,547 | \n | \n2,993 | \n4,662 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \nNon-current assets | \n | \nCurrent assets | \n
\n\n | \n | \nFair value | \nLevel 1 | \nLevel 2 | \nLevel 3 | \nFair value | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n
\n\n | \n | \nat Dec. 31, | \n | \n | \n | \nat Dec. 31, | \n | \n | \n | \n
\n\n| Millions of euro | \nNotes | \n2024 | \n | \n | \n | \n2024 | \n | \n | \n | \n
\n\n| Equity investments in other | \n27 | \n587 | \n3 | \n53 | \n531 | \n- | \n- | \n- | \n- | \n
\n\n| companies at FVOCI | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Securities at FVOCI | \n27.1, 28.1 | \n572 | \n572 | \n- | \n- | \n138 | \n138 | \n- | \n- | \n
\n\n| Securities and financial | \n27. 1 | \n3 | \n3 | \n- | \n- | \n- | \n- | \n- | \n- | \n
\n\n| investments in funds or | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| asset management at | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| FVTPL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Equity investments in other | \n27 | \n8 | \n- | \n- | \n8 | \n- | \n- | \n- | \n- | \n
\n\n| companies at FVTPL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Financial assets from | \n27 | \n3,930 | \n- | \n3,930 | \n- | \n- | \n- | \n- | \n- | \n
\n\n| service concession | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| arrangements at FVTPL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Financial assets from JDA | \n | \n95 | \n- | \n- | \n95 | \n- | \n- | \n- | \n- | \n
\n\n| at FVTPL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Loan assets and other | \n | \n- | \n- | \n- | \n- | \n171 | \n171 | \n- | \n- | \n
\n\n| financial assets at FVTPL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Non-monetary grants in | \n | \n- | \n- | \n- | \n- | \n9 | \n- | \n2 | \n7 | \n
\n\n| respect of environmental | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| certificates | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Inventories measured at | \n49 | \n48 | \n48 | \n- | \n- | \n77 | \n77 | \n- | \n- | \n
\n\n| fair value | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Contingent consideration | \n | \n5 | \n- | \n- | \n5 | \n- | \n- | \n- | \n- | \n
\n\n| Fair value hedge | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - on interest rates | \n49 | \n54 | \n- | \n54 | \n- | \n- | \n- | \n- | \n- | \n
\n\n| - on exchange rates | \n49 | \n49 | \n- | \n49 | \n- | \n18 | \n- | \n18 | \n- | \n
\n\n| Cash flow hedge | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - on interest rates | \n49 | \n107 | \n- | \n107 | \n- | \n3 | \n- | \n3 | \n- | \n
\n\n| - on exchange rates | \n49 | \n1,331 | \n- | \n1,331 | \n- | \n246 | \n- | \n246 | \n- | \n
\n\n| - on commodities | \n49 | \n336 | \n33 | \n91 | \n212 | \n452 | \n376 | \n76 | \n- | \n
\n\n| Trading derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - on interest rates | \n49 | \n- | \n- | \n- | \n- | \n- | \n- | \n- | \n- | \n
\n\n| - on exchange rates | \n49 | \n- | \n- | \n- | \n- | \n- | \n- | \n- | \n- | \n
\n\n| - on commodities | \n49 | \n124 | \n36 | \n87 | \n- | \n2,770 | \n2,099 | \n671 | \n- | \n
\n\n| - other | \n | \n2 | \n- | \n- | \n2 | \n- | \n- | \n- | \n- | \n
\n\n
\n
\n\n\n\n\n\u201cFinancial assets from service concession arrange-
\nments at FVTPL\u201d concern electricity distribution oper-
\nations in Brazil, by Enel Distribui\u00e7\u00e3o Rio de Janeiro, Enel
\nDistribui\u00e7\u00e3o Cear\u00e1 and Enel Distribui\u00e7\u00e3o S\u00e3o Paulo. In
\nparticular, they refer to the value of the assets at the
\nend of the concession measured at fair value.
\nFair value was estimated as the net replacement cost
\nbased on the most recent rate information availa-
\nble and on the general price index for the Brazilian
\nmarket. For more information on these concessions,
\naccounted for in accordance with IFRIC 12, see note
\n18 \u201cService concession arrangements\u201d.
\n
\n
\n\n\n\n",
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"concept": "ifrs-full:DisclosureOfServiceConcessionArrangementsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"Tag1272": {
"value": "\n
\n19. Leases
\nThe table below shows changes in right-of-use assets in 2024.
\n\n
\n\n\n| Millions of euro | \nLeased land | \nLeased buildings | \nLeased plants | \nOther leased assets | \nTotal | \n\n
\n\n| Total at Dec. 31, 2023 | \n1,488 | \n632 | \n278 | \n466 | \n2,864 | \n\n
\n\n| Increases | \n100 | \n131 | \n8 | \n190 | \n429 | \n\n
\n\n| Exchange differences | \n39 | \n(4) | \n- | \n(7) | \n28 | \n\n
\n\n| Depreciation | \n(62) | \n(114) | \n(26) | \n(148) | \n(350) | \n\n
\n\n| Other changes | \n(87) | \n(33) | \n(7) | \n(16) | \n(143) | \n\n
\n\n| Total at Dec. 31, 2024 | \n1 ,478 | \n612 | \n253 | \n485 | \n2,828 | \n\n
\n\n\n\n
\n\n
Lease liabilities and changes during the year are shown in the table below.
\n\n
\n\n\n| Millions of euro | \n | \n\n
\n\n| Total at Dec. 31, 2023 | \n2,905 | \n\n
\n\n| Increases | \n419 | \n\n
\n\n| Payments | \n(422) | \n\n
\n\n| Other changes | \n29 | \n\n
\n\n| Total at Dec. 31, 2024 | \n2,931 | \n\n
\n\n| of which medium to long term | \n2,613 | \n\n
\n\n| of which short term | \n318 | \n\n
\n\n\n\n
\n\n
Note that in 2024 no changes or renegotiations were
\nmade to leases.
\nThe following table shows the impact of leased assets
\non the income statement.
\n\n
\n\n\n| Millions of euro | \n2024 | \n\n
\n\n| Depreciation of right-of-use assets | \n357 | \n\n
\n\n| Interest expense on lease liabilities | \n148 | \n\n
\n\n| Expense relating to short-term leases (included in costs for services and other materials) | \n38 | \n\n
\n\n| Variable lease payments (included in costs for services and other materials) | \n30 | \n\n
\n\n| Total | \n573 | \n\n
\n\n\n\n
\n\n
Right-of-use assets are depreciated on a straight-
\nline basis over the shorter of the lease term and the
\nestimated useful life of the right-of-use assets, as
\nfollows.
\n\n
\n\n\n | \nAverage residual life (years) | \n\n
\n\n| Buildings | \n7 | \n\n
\n\n| Ground rights of plants | \n31 | \n\n
\n\n| Vehicles and other means of transport | \n3 | \n\n
\n\n\n\n
\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1003": {
"value": "\n20. Investment property \u2013 \u20ac30 million
\n\n
\n\n\n| Millions of euro | \n | \n
\n\n| Cost net of accumulated impairment losses | \n114 | \n
\n\n| Accumulated depreciation | \n17 | \n
\n\n| Balance at Dec. 31, 2023 | \n97 | \n
\n\n| Capital expenditure | \n8 | \n
\n\n| Exchange differences | \n(2) | \n
\n\n| Disposals | \n(54) | \n
\n\n| Depreciation | \n(2) | \n
\n\n| Impairment gains | \n17 | \n
\n\n| Reclassification from/to assets held for sale | \n(37) | \n
\n\n| Other changes | \n3 | \n
\n\n| Total change | \n(67) | \n
\n\n| Cost net of accumulated impairment losses | \n45 | \n
\n\n| Accumulated depreciation | \n15 | \n
\n\n| Balance at Dec. 31, 2024 | \n30 | \n
\n\n
\n
Investment property at December 31, 2024 amounted
\nto \u20ac30 million, a decrease of \u20ac67 million from 2023.
\nThe Group\u2019s investment property consists of proper-
\nties in Italy, Spain, Brazil and Chile, which are free of
\nrestrictions on their sale or the remittance of income
\nand proceeds of disposal. In addition, the Group has
\nno contractual obligations to purchase, construct or
\ndevelop investment property or for repairs, mainte-
\nnance or enhancements.
\nThe change in 2024 was mainly due to a number of
\ndisposals of land in Spain.
\nFor more information on the valuation of investment
\nproperty, see notes 50 \u201cAssets and liabilities measured
\nat fair value\u201d and 50.2 \u201cAssets not measured at fair val-
\nue in the statement of financial position\u201d.
\n
\n\n",
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"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"Tag1004": {
"value": "\n
\n\n
\n
\n21. Intangible assets \u2013 \u20ac15,837 million
\nA breakdown of and changes in intangible assets for 2024 are shown below.
\n\n
\n\n\n | \n | \nIndustrial | \nConcessions, | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \npatents & | \nlicenses, | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \nintellectual | \ntrademarks | \nService | \n | \n | \nAssets under | \n | \n | \n
\n\n | \nDevelopment | \nproperty | \nand similar | \nconcession | \n | \nLeasehold | \ndevelopment | \nContract | \n | \n
\n\n| Millions of euro | \nexpenditure | \nrights | \nrights | \narrangements | \nOther | \nimprovements | \nand advances | \ncosts | \nTotal | \n
\n\n| Cost net of accumulated impairment losses | \n55 | \n3,988 | \n12,401 | \n5,822 | \n5,513 | \n- | \n1,641 | \n3,352 | \n32,772 | \n
\n\n| Accumulated amortization | \n29 | \n3,313 | \n2,130 | \n4,157 | \n4,139 | \n- | \n- | \n1,949 | \n15,717 | \n
\n\n| Balance at Dec. 31, 2023 | \n26 | \n675 | \n10,271 | \n1,665 | \n1 ,374 | \n- | \n1,641 | \n1,403 | \n17,055 | \n
\n\n| Capital expenditure | \n3 | \n36 | \n41 | \n- | \n92 | \n- | \n533 | \n530 | \n1,235 | \n
\n\n| Assets entering service | \n4 | \n254 | \n12 | \n- | \n396 | \n- | \n(676) | \n8 | \n(2) | \n
\n\n| Exchange differences | \n- | \n(23) | \n(386) | \n(249) | \n- | \n- | \n(14) | \n5 | \n(667) | \n
\n\n| Change in the consolidation scope | \n- | \n- | \n- | \n- | \n- | \n- | \n(20) | \n- | \n(20) | \n
\n\n| Disposals | \n(2) | \n(1) | \n- | \n(6) | \n(2) | \n- | \n(9) | \n- | \n(20) | \n
\n\n| Amortization | \n(7) | \n(302) | \n(182) | \n(421) | \n(413) | \n- | \n- | \n(474) | \n(1,799) | \n
\n\n| Impairment losses | \n- | \n(1) | \n- | \n- | \n(100) | \n- | \n(169) | \n(1) | \n(271) | \n
\n\n| Impairment gains | \n- | \n- | \n- | \n- | \n1 | \n- | \n- | \n- | \n1 | \n
\n\n| Other changes | \n10 | \n64 | \n6 | \n302 | \n(4) | \n- | \n(54) | \n3 | \n327 | \n
\n\n| Reclassifications from/to assets held for | \n1 | \n- | \n(2) | \n- | \n(2) | \n- | \n4 | \n(3) | \n(2) | \n
\n\n| sale | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Total changes | \n9 | \n27 | \n(511) | \n(374) | \n(32) | \n- | \n(405) | \n68 | \n(1,218) | \n
\n\n| Cost net of accumulated impairment losses | \n74 | \n4,332 | \n11,811 | \n4,962 | \n5,896 | \n- | \n1,236 | \n3,877 | \n32,188 | \n
\n\n| Accumulated amortization | \n39 | \n3,630 | \n2,051 | \n3,671 | \n4,554 | \n- | \n- | \n2,406 | \n16,351 | \n
\n\n| Balance at Dec. 31, 2024 | \n35 | \n702 | \n9,760 | \n1,291 | \n1,342 | \n- | \n1,236 | \n1,471 | \n15,837 | \n
\n\n
\n
For more information on capital expenditure, see note 17.
\nImpairment losses amounted to \u20ac271 million in 2024
\nand mainly regarded:
\n\u2022 renewable projects (pipeline) in Spain, the United
\nStates, Brazil and Italy;
\n\u2022 impairment losses on e-mobility assets in the United
\nStates;
\n\u2022 software and development platforms supporting
\nEnel X business in Italy.
\n\u201cOther changes\u201d mainly include the reclassification
\nfrom contract assets of a portion of investments falling
\nwithin the scope of IFRIC 12 in Brazil and the value ad-
\njustment of intangible assets of Argentine companies
\nas a result of the application of the accounting standard
\nfor financial reporting in hyperinflationary economies.
\n\nThe estimated useful life of the main items of intangible
\nassets with a finite useful life, distinguished between in-
\nternally generated and acquired, is as follows.
\n
\n\n\n\n\n
\n\n\n| Development expenditure: | \n | \n
\n\n| - internally generated | \n5 years | \n
\n\n| - acquired | \n3-26 years | \n
\n\n| Industrial patents and intellectual property rights: | \n | \n
\n\n| - internally generated | \n3-10 years | \n
\n\n| - acquired | \n3-30 years | \n
\n\n| Concessions, licenses, trademarks and similar rights: | \n | \n
\n\n| - internally generated | \n 20 years | \n
\n\n| - acquired | \n10-35 years | \n
\n\n| Other: | \n | \n
\n\n| - internally generated | \n2-28 years | \n
\n\n| - acquired | \n3-15 years | \n
\n\n
\n
\n\n\n
\n\n\n
\n\n\n
\n\n
\n\n22. Goodwill \u2013 \u20ac12,850 million
\n\n
\n\n\n | \n | \nChange in the | \n | \n | \nReclassifications | \n | \n | \n
\n\n | \nat Dec. 31, | \nconsolidation | \nExchange | \nImpairment | \nfrom/to assets | \nOther | \nat Dec. 31, | \n
\n\n| Millions of euro | \n2023 | \nscope | \ndifferences | \nlosses | \nheld for sale | \nchanges | \n2024 | \n
\n\n | \nNet | \n | \n | \n | \n | \n | \nNet | \n
\n\n | \ncarrying | \n | \n | \n | \n | \n | \ncarrying | \n
\n\n | \namount | \n | \n | \n | \n | \n | \namount | \n
\n\n| Iberian Peninsula | \n8,785 | \n- | \n- | \n- | \n- | \n- | \n8,785 | \n
\n\n| Chile | \n1,101 | \n- | \n- | \n- | \n- | \n- | \n1,101 | \n
\n\n| Argentina | \n20 | \n- | \n- | \n- | \n- | \n- | \n20 | \n
\n\n| Colombia | \n526 | \n- | \n(3) | \n- | \n- | \n- | \n523 | \n
\n\n| Brazil | \n1,357 | \n- | \n(150) | \n- | \n- | \n- | \n1,207 | \n
\n\n| Central America | \n26 | \n- | \n1 | \n- | \n- | \n- | \n27 | \n
\n\n| Enel Green Power North | \n68 | \n- | \n- | \n- | \n- | \n- | \n68 | \n
\n\n| America | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel X North America | \n81 | \n- | \n3 | \n- | \n(40) | \n- | \n44 | \n
\n\n| Enel X Asia Pacific | \n84 | \n- | \n- | \n- | \n- | \n- | \n84 | \n
\n\n| Enel X Rest of Europe(1) | \n43 | \n- | \n- | \n(3) | \n- | \n- | \n40 | \n
\n\n| Market Italy(2) | \n581 | \n- | \n- | \n- | \n- | \n- | \n581 | \n
\n\n| Enel Green Power Italy | \n21 | \n- | \n- | \n- | \n- | \n- | \n21 | \n
\n\n| Enel Produzione Italy | \n349 | \n- | \n- | \n- | \n- | \n- | \n349 | \n
\n\n| Total | \n13,042 | \n- | \n(149) | \n(3) | \n(40) | \n- | \n12,850 | \n
\n\n
\n
(1) Includes Viva Labs.
\n(2) Includes Enel Energia.
\nThe following table presents the allocation of goodwill
\nin the matrix of business lines and geographical are-
\nas. Note that the changes in the presentation of op-
\nerating segments, described in note 8 above, did not
\nproduce changes in the allocation of goodwill for the
\npurposes of impairment testing.
\nGoodwill matrix at Dec. 31, 2024
\n\n
\n\n\n | \nThermal Generation | \nEnel Green | \n | \nEnd-user | \nHolding and | \n | \n
\n\n| Millions of euro | \nand Trading | \nPower | \nEnel Grids | \nMarkets | \nServices | \nTotal | \n
\n\n| Enel Green Power Italy | \n- | \n21 | \n- | \n- | \n- | \n21 | \n
\n\n| Market Italy(1) | \n- | \n- | \n- | \n581 | \n- | \n581 | \n
\n\n| Enel Produzione Italy | \n- | \n349 | \n- | \n- | \n- | \n349 | \n
\n\n| Iberian Peninsula | \n- | \n1,190 | \n5,788 | \n1,807 | \n- | \n8,785 | \n
\n\n| Argentina | \n- | \n1 | \n19 | \n- | \n- | \n20 | \n
\n\n| Brazil | \n- | \n417 | \n790 | \n- | \n- | \n1,207 | \n
\n\n| Chile | \n- | \n949 | \n152 | \n- | \n- | \n1,101 | \n
\n\n| Colombia | \n- | \n300 | \n223 | \n- | \n- | \n523 | \n
\n\n| Central America | \n- | \n27 | \n- | \n- | \n- | \n27 | \n
\n\n| Enel Green Power North America | \n- | \n68 | \n- | \n- | \n- | \n68 | \n
\n\n| Enel X North America | \n- | \n- | \n- | \n44 | \n- | \n44 | \n
\n\n| Enel X Asia Pacific | \n- | \n- | \n- | \n84 | \n- | \n84 | \n
\n\n| Enel X Rest of Europe | \n- | \n- | \n- | \n40 | \n- | \n40 | \n
\n\n| Total | \n- | \n3,322 | \n6,972 | \n2,556 | \n- | \n12,850 | \n
\n\n
\n
(1) Includes Enel Energia.
\nGoodwill matrix at Dec. 31, 2023
\n
\n\n\n
\n\n\n
\n\n\n
\n\n
\n\n
\n\n
\n\n\n | \nThermal Generation | \nEnel Green | \n | \nEnd-user | \nHolding and | \n | \n
\n\n| Millions of euro | \nand Trading | \nPower | \nEnel Grids | \nMarkets | \nServices | \nTotal | \n
\n\n| Enel Green Power Italy | \n- | \n21 | \n- | \n- | \n- | \n21 | \n
\n\n| Market Italy(1) | \n- | \n- | \n- | \n581 | \n- | \n581 | \n
\n\n| Enel Produzione Italy | \n- | \n349 | \n- | \n- | \n- | \n349 | \n
\n\n| Iberian Peninsula | \n- | \n1,190 | \n5,788 | \n1,807 | \n- | \n8,785 | \n
\n\n| Argentina | \n- | \n1 | \n19 | \n- | \n- | \n20 | \n
\n\n| Brazil | \n- | \n502 | \n855 | \n- | \n- | \n1,357 | \n
\n\n| Chile | \n- | \n949 | \n152 | \n- | \n- | \n1,101 | \n
\n\n| Colombia | \n- | \n303 | \n223 | \n- | \n- | \n526 | \n
\n\n| Central America | \n- | \n26 | \n- | \n- | \n- | \n26 | \n
\n\n| Enel Green Power North America | \n- | \n68 | \n- | \n- | \n- | \n68 | \n
\n\n| Enel X North America | \n- | \n- | \n- | \n81 | \n- | \n81 | \n
\n\n| Enel X Asia Pacific | \n- | \n- | \n- | \n84 | \n- | \n84 | \n
\n\n| Enel X Rest of Europe(2) | \n- | \n- | \n- | \n43 | \n- | \n43 | \n
\n\n| Total | \n- | \n3,409 | \n7,0 37 | \n2,596 | \n- | \n13,042 | \n
\n\n
\n
(1) Includes Enel Energia.
\n(2) Includes Viva Labs.
\nThe decrease of \u20ac192 million in goodwill was mainly
\nattributable to negative exchange rate adjustments in
\nBrazil and the reclassification to assets held for sale of
\nstorage assets in North America.
\n\nThe recoverable amount of the goodwill recognized
\nwas estimated by calculating the value in use of the
\nCGUs using discounted cash flow models, which in-
\nvolve estimating expected future cash flows and ap-
\nplying an appropriate discount rate, selected on the
\nbasis of market inputs such as risk-free rates, betas
\nand market-risk premiums.
\nCash flows were determined on the basis of the best
\ninformation available at the time of the estimate, tak-
\ning account of the specific risks of each CGU, and
\ndrawn:
\n\u2022 for the explicit period, from the Business Plan ap-
\nproved by the Board of Directors of the Parent on No-
\nvember 18, 2024, containing forecasts for volumes,
\nrevenue, operating costs, capital expenditure, indus-
\ntrial and commercial organization and developments
\nin the main macroeconomic variables (inflation, nom-
\ninal interest rates and exchange rates) and commodi-
\nty prices. The explicit period of cash flows considered
\nin impairment testing was three years;
\n\u2022 for subsequent years, from assumptions concern-
\ning long-term developments in the main variables
\nthat determine cash flows.
\nMore specifically, the terminal value is calculated
\nbased on the specific characteristics of the busi-
\nnesses related to the various CGUs subject to impair-
\nment testing:
\n\u2022 perpetuity, for the businesses of large-hydro (LH)
\npower generation and of distribution, in which the
\nlicenses and public concessions are of a long-term
\nnature and renewal can be forecast with reason-
\nable certainty; as well as for the Enel X and Enel X
\nWay businesses, as they feature the development of
\nspecific know-how that is sustainable over the long
\nterm;
\n\u2022 annuity, for CGUs that are predominantly charac-
\nterized by retail business, for which the residual life
\nis, therefore, essentially correlated with the aver-
\nage duration of the customer relationships; as well
\nas for businesses of conventional thermal power
\ngeneration (Generation and Trading). This method
\nis also used for the renewable energy (Enel Green
\nPower) businesses to take account of: (i) the val-
\nue resulting from the remaining useful lives of the
\nplants; and (ii) the residual value, in the event of
\nplant decommissioning, associated with licensing
\nrights, the competitiveness of the production fa-
\ncilities (in terms of natural resources), and network
\ninterconnectivity.
\nThe nominal growth rate (g-rate) is equal to the long-
\nterm rate of growth in electricity and/or inflation (de-
\npending on the country and business involved).
\nRegarding the assumptions for commodity price de-
\nvelopments, the scenarios adopted are consistent
\nwith current emissions reductions targets.
\nMore specifically, a steady growth in the price of CO
\n
\n
\n\n\n
\n\n\n
\n\n\n
\n\n\n
\n\n
\n\n
\n\nassumed for 2030, reflecting the gradual reduction in
\nthe supply of permits against growing demand, and a
\nstabilization of coal prices, due to decreasing demand.
\nAs for gas, price tensions are expected to ease in the
\ncoming years in light of a realignment between supply
\nand demand at a global level. Finally, a progressive sta-
\nbilization of oil prices is expected, with peak demand
\nestimated around 2030.
\nNote also that the Group has used sensitivity analysis to
\ntake account of the impacts of climate change in the
\nlong term. More specifically:
\n\u2022 we consider a perpetual long-term growth rate for
\ncash flows after the explicit period that is in line with
\nthe change in electricity demand over the 2026-2050
\nperiod, based on the specific features of the business-
\nes concerned, adopting certain assumptions concern-
\ning the increase in temperature due to climate change
\nand trends connected with the energy transition;
\n\u2022 we consider changes in the hydroelectric, wind and
\nphotovoltaic generation levels of our portfolio assets,
\nassociated with each projection of underlying climate
\nvariables (for example, temperature, irradiance, wind
\nspeed and precipitation);
\n\u2022 we assume that the Group will incur the costs provi-
\nsioned for decommissioning fossil fuel generation
\nplants in line with the goal of zero direct (Scope 1) and
\nindirect emissions from retail activities (Scope 3).
\nIn order to verify the robustness of the value in use of
\nthe CGUs, sensitivity analyses were conducted for the
\nmain value drivers, in particular WACC and the long-
\nterm growth rate.
\nEven in these circumstances, results were consistent
\nwith the evidence described previously, without issues
\nin all the CGUs analyzed in respect of the recoverability
\nof their carrying amounts in the consolidated financial
\nstatements of the Enel Group at December 31, 2024.
\nThe table below reports the composition of the main
\ngoodwill values by the country/region to which the
\nCGU belongs, along with the discount rates applied
\nand the time horizon over which the expected cash
\nflows have been discounted.
\n\n
\n\n\n | \nAmount of | \nGrowth | \nPre-tax WACC | \nExplicit period | \nTerminal | \nAmount of | \nGrowth | \nPre-tax WACC | \nExplicit period | \nTerminal | \n
\n\n | \ngoodwill | \nrate(1) | \ndiscount rate(2) | \nof cash flows | \nvalue(3) | \ngoodwill | \nrate(1) | \ndiscount rate(2) | \nof cash flows | \nvalue(3) | \n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n
\n\n| Iberian Peninsula | \n8,785 | \n2.50% | \n7. 27 % | \n3 years | \nPerpetuity/ | \n8,785 | \n2.19% | \n8.23% | \n3 years | \nPerpetuity/ | \n
\n\n | \n | \n | \n | \n | \n23 years EGP/ | \n | \n | \n | \n | \n22 years EGP/ | \n
\n\n | \n | \n | \n | \n | \n11 years G&T/ | \n | \n | \n | \n | \n12 years G&T/ | \n
\n\n | \n | \n | \n | \n | \n15 years MKT | \n | \n | \n | \n | \n15 years MKT | \n
\n\n| Chile | \n1,101 | \n2.30% | \n9.14% | \n3 years | \nPerpetuity/ | \n1,101 | \n2.07% | \n9.57% | \n3 years | \nPerpetuity/ | \n
\n\n | \n | \n | \n | \n | \n27 years EGP/ | \n | \n | \n | \n | \n28 years EGP/ | \n
\n\n | \n | \n | \n | \n | \n4 years G&T | \n | \n | \n | \n | \n5 years G&T | \n
\n\n| Argentina | \n20 | \n20.41% | \n44.88% | \n3 years | \nPerpetuity | \n20 | \n17.57 % | \n41.99% | \n3 years | \nPerpetuity | \n
\n\n| Colombia | \n523 | \n3.37% | \n11.92% | \n3 years | \nPerpetuity/ | \n526 | \n3.50% | \n14.25% | \n3 years | \nPerpetuity/ | \n
\n\n | \n | \n | \n | \n | \n26 years EGP/ | \n | \n | \n | \n | \n25 years EGP/ | \n
\n\n | \n | \n | \n | \n | \n13 years G&T | \n | \n | \n | \n | \n14 years G&T | \n
\n\n| Brazil | \n1,207 | \n3.36% | \n10.87% | \n3 years | \nPerpetuity/ | \n1,357 | \n3.86% | \n12.31% | \n3 years | \nPerpetuity/ | \n
\n\n | \n | \n | \n | \n | \n23 years EGP | \n | \n | \n | \n | \n24 years EGP | \n
\n\n| Central America | \n27 | \n2.30% | \n10.88% | \n3 years | \n16 years | \n26 | \n2.10% | \n10.92% | \n3 years | \n17 years | \n
\n\n| Enel Green Power | \n68 | \n1.89% | \n7.79 % | \n3 years | \n23 years | \n68 | \n2.10% | \n8.27% | \n3 years | \n24 years | \n
\n\n| North America | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel X North America | \n44 | \n2.30% | \n10.95% | \n3 years | \nPerpetuity | \n81 | \n2.10% | \n11.75% | \n3 years | \nPerpetuity | \n
\n\n| Enel X Asia Pacific | \n84 | \n2.30% | \n12.18% | \n3 years | \nPerpetuity | \n84 | \n2.10% | \n13.27% | \n3 years | \nPerpetuity | \n
\n\n| Enel X Rest of Europe | \n40 | \n1.76% | \n10.86% | \n3 years | \nPerpetuity | \n43 | \n2.10% | \n11.45% | \n3 years | \nPerpetuity | \n
\n\n| Enel Green Power Italy | \n21 | \n1.76% | \n7.86% | \n3 years | \nPerpetuity/ | \n21 | \n2.10% | \n8.66% | \n3 years | \nPerpetuity/ | \n
\n\n | \n | \n | \n | \n | \n27 years | \n | \n | \n | \n | \n26 years | \n
\n\n| Market Italy | \n581 | \n0.90% | \n10.54% | \n3 years | \n15 years | \n581 | \n1.93% | \n1 1.31% | \n3 years | \n15 years | \n
\n\n| Enel Produzione Italy | \n349 | \n1.61% | \n7.97% | \n3 years | \nPerpetuity/ | \n349 | \n2.06% | \n9.07% | \n3 years | \nPerpetuity/ | \n
\n\n | \n | \n | \n | \n | \n14 years | \n | \n | \n | \n | \n14 years | \n
\n\n
\n
(1) Growth rate for cash flows after the explicit forecast period in the valuation currency.
\n(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
\nequal to that calculated with post-tax cash flows discounted with the post-tax WACC.
\n(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
\n= Generation & Trading, EGP = Enel Green Power, MKT = End-user Markets).
\n
\n\n\n
\n\n\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1005": {
"value": "\n
\n
\n21. Intangible assets \u2013 \u20ac15,837 million
\nA breakdown of and changes in intangible assets for 2024 are shown below.
\n\n
\n\n\n | \n | \nIndustrial | \nConcessions, | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \npatents & | \nlicenses, | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \nintellectual | \ntrademarks | \nService | \n | \n | \nAssets under | \n | \n | \n
\n\n | \nDevelopment | \nproperty | \nand similar | \nconcession | \n | \nLeasehold | \ndevelopment | \nContract | \n | \n
\n\n| Millions of euro | \nexpenditure | \nrights | \nrights | \narrangements | \nOther | \nimprovements | \nand advances | \ncosts | \nTotal | \n
\n\n| Cost net of accumulated impairment losses | \n55 | \n3,988 | \n12,401 | \n5,822 | \n5,513 | \n- | \n1,641 | \n3,352 | \n32,772 | \n
\n\n| Accumulated amortization | \n29 | \n3,313 | \n2,130 | \n4,157 | \n4,139 | \n- | \n- | \n1,949 | \n15,717 | \n
\n\n| Balance at Dec. 31, 2023 | \n26 | \n675 | \n10,271 | \n1,665 | \n1 ,374 | \n- | \n1,641 | \n1,403 | \n17,055 | \n
\n\n| Capital expenditure | \n3 | \n36 | \n41 | \n- | \n92 | \n- | \n533 | \n530 | \n1,235 | \n
\n\n| Assets entering service | \n4 | \n254 | \n12 | \n- | \n396 | \n- | \n(676) | \n8 | \n(2) | \n
\n\n| Exchange differences | \n- | \n(23) | \n(386) | \n(249) | \n- | \n- | \n(14) | \n5 | \n(667) | \n
\n\n| Change in the consolidation scope | \n- | \n- | \n- | \n- | \n- | \n- | \n(20) | \n- | \n(20) | \n
\n\n| Disposals | \n(2) | \n(1) | \n- | \n(6) | \n(2) | \n- | \n(9) | \n- | \n(20) | \n
\n\n| Amortization | \n(7) | \n(302) | \n(182) | \n(421) | \n(413) | \n- | \n- | \n(474) | \n(1,799) | \n
\n\n| Impairment losses | \n- | \n(1) | \n- | \n- | \n(100) | \n- | \n(169) | \n(1) | \n(271) | \n
\n\n| Impairment gains | \n- | \n- | \n- | \n- | \n1 | \n- | \n- | \n- | \n1 | \n
\n\n| Other changes | \n10 | \n64 | \n6 | \n302 | \n(4) | \n- | \n(54) | \n3 | \n327 | \n
\n\n| Reclassifications from/to assets held for | \n1 | \n- | \n(2) | \n- | \n(2) | \n- | \n4 | \n(3) | \n(2) | \n
\n\n| sale | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Total changes | \n9 | \n27 | \n(511) | \n(374) | \n(32) | \n- | \n(405) | \n68 | \n(1,218) | \n
\n\n| Cost net of accumulated impairment losses | \n74 | \n4,332 | \n11,811 | \n4,962 | \n5,896 | \n- | \n1,236 | \n3,877 | \n32,188 | \n
\n\n| Accumulated amortization | \n39 | \n3,630 | \n2,051 | \n3,671 | \n4,554 | \n- | \n- | \n2,406 | \n16,351 | \n
\n\n| Balance at Dec. 31, 2024 | \n35 | \n702 | \n9,760 | \n1,291 | \n1,342 | \n- | \n1,236 | \n1,471 | \n15,837 | \n
\n\n
\n
For more information on capital expenditure, see note 17.
\nImpairment losses amounted to \u20ac271 million in 2024
\nand mainly regarded:
\n\u2022 renewable projects (pipeline) in Spain, the United
\nStates, Brazil and Italy;
\n\u2022 impairment losses on e-mobility assets in the United
\nStates;
\n\u2022 software and development platforms supporting
\nEnel X business in Italy.
\n\u201cOther changes\u201d mainly include the reclassification
\nfrom contract assets of a portion of investments falling
\nwithin the scope of IFRIC 12 in Brazil and the value ad-
\njustment of intangible assets of Argentine companies
\nas a result of the application of the accounting standard
\nfor financial reporting in hyperinflationary economies.
\n\nThe estimated useful life of the main items of intangible
\nassets with a finite useful life, distinguished between in-
\nternally generated and acquired, is as follows.
\n
\n\n\n\n\n
\n\n\n| Development expenditure: | \n | \n
\n\n| - internally generated | \n5 years | \n
\n\n| - acquired | \n3-26 years | \n
\n\n| Industrial patents and intellectual property rights: | \n | \n
\n\n| - internally generated | \n3-10 years | \n
\n\n| - acquired | \n3-30 years | \n
\n\n| Concessions, licenses, trademarks and similar rights: | \n | \n
\n\n| - internally generated | \n 20 years | \n
\n\n| - acquired | \n10-35 years | \n
\n\n| Other: | \n | \n
\n\n| - internally generated | \n2-28 years | \n
\n\n| - acquired | \n3-15 years | \n
\n\n
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1014": {
"value": "\n22. Goodwill \u2013 \u20ac12,850 million
\n\n
\n\n\n | \n | \nChange in the | \n | \n | \nReclassifications | \n | \n | \n
\n\n | \nat Dec. 31, | \nconsolidation | \nExchange | \nImpairment | \nfrom/to assets | \nOther | \nat Dec. 31, | \n
\n\n| Millions of euro | \n2023 | \nscope | \ndifferences | \nlosses | \nheld for sale | \nchanges | \n2024 | \n
\n\n | \nNet | \n | \n | \n | \n | \n | \nNet | \n
\n\n | \ncarrying | \n | \n | \n | \n | \n | \ncarrying | \n
\n\n | \namount | \n | \n | \n | \n | \n | \namount | \n
\n\n| Iberian Peninsula | \n8,785 | \n- | \n- | \n- | \n- | \n- | \n8,785 | \n
\n\n| Chile | \n1,101 | \n- | \n- | \n- | \n- | \n- | \n1,101 | \n
\n\n| Argentina | \n20 | \n- | \n- | \n- | \n- | \n- | \n20 | \n
\n\n| Colombia | \n526 | \n- | \n(3) | \n- | \n- | \n- | \n523 | \n
\n\n| Brazil | \n1,357 | \n- | \n(150) | \n- | \n- | \n- | \n1,207 | \n
\n\n| Central America | \n26 | \n- | \n1 | \n- | \n- | \n- | \n27 | \n
\n\n| Enel Green Power North | \n68 | \n- | \n- | \n- | \n- | \n- | \n68 | \n
\n\n| America | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel X North America | \n81 | \n- | \n3 | \n- | \n(40) | \n- | \n44 | \n
\n\n| Enel X Asia Pacific | \n84 | \n- | \n- | \n- | \n- | \n- | \n84 | \n
\n\n| Enel X Rest of Europe(1) | \n43 | \n- | \n- | \n(3) | \n- | \n- | \n40 | \n
\n\n| Market Italy(2) | \n581 | \n- | \n- | \n- | \n- | \n- | \n581 | \n
\n\n| Enel Green Power Italy | \n21 | \n- | \n- | \n- | \n- | \n- | \n21 | \n
\n\n| Enel Produzione Italy | \n349 | \n- | \n- | \n- | \n- | \n- | \n349 | \n
\n\n| Total | \n13,042 | \n- | \n(149) | \n(3) | \n(40) | \n- | \n12,850 | \n
\n\n
\n
(1) Includes Viva Labs.
\n(2) Includes Enel Energia.
\nThe following table presents the allocation of goodwill
\nin the matrix of business lines and geographical are-
\nas. Note that the changes in the presentation of op-
\nerating segments, described in note 8 above, did not
\nproduce changes in the allocation of goodwill for the
\npurposes of impairment testing.
\nGoodwill matrix at Dec. 31, 2024
\n\n
\n\n\n | \nThermal Generation | \nEnel Green | \n | \nEnd-user | \nHolding and | \n | \n
\n\n| Millions of euro | \nand Trading | \nPower | \nEnel Grids | \nMarkets | \nServices | \nTotal | \n
\n\n| Enel Green Power Italy | \n- | \n21 | \n- | \n- | \n- | \n21 | \n
\n\n| Market Italy(1) | \n- | \n- | \n- | \n581 | \n- | \n581 | \n
\n\n| Enel Produzione Italy | \n- | \n349 | \n- | \n- | \n- | \n349 | \n
\n\n| Iberian Peninsula | \n- | \n1,190 | \n5,788 | \n1,807 | \n- | \n8,785 | \n
\n\n| Argentina | \n- | \n1 | \n19 | \n- | \n- | \n20 | \n
\n\n| Brazil | \n- | \n417 | \n790 | \n- | \n- | \n1,207 | \n
\n\n| Chile | \n- | \n949 | \n152 | \n- | \n- | \n1,101 | \n
\n\n| Colombia | \n- | \n300 | \n223 | \n- | \n- | \n523 | \n
\n\n| Central America | \n- | \n27 | \n- | \n- | \n- | \n27 | \n
\n\n| Enel Green Power North America | \n- | \n68 | \n- | \n- | \n- | \n68 | \n
\n\n| Enel X North America | \n- | \n- | \n- | \n44 | \n- | \n44 | \n
\n\n| Enel X Asia Pacific | \n- | \n- | \n- | \n84 | \n- | \n84 | \n
\n\n| Enel X Rest of Europe | \n- | \n- | \n- | \n40 | \n- | \n40 | \n
\n\n| Total | \n- | \n3,322 | \n6,972 | \n2,556 | \n- | \n12,850 | \n
\n\n
\n
(1) Includes Enel Energia.
\nGoodwill matrix at Dec. 31, 2023
\n
\n\n\n
\n\n
\n\n\n | \nThermal Generation | \nEnel Green | \n | \nEnd-user | \nHolding and | \n | \n
\n\n| Millions of euro | \nand Trading | \nPower | \nEnel Grids | \nMarkets | \nServices | \nTotal | \n
\n\n| Enel Green Power Italy | \n- | \n21 | \n- | \n- | \n- | \n21 | \n
\n\n| Market Italy(1) | \n- | \n- | \n- | \n581 | \n- | \n581 | \n
\n\n| Enel Produzione Italy | \n- | \n349 | \n- | \n- | \n- | \n349 | \n
\n\n| Iberian Peninsula | \n- | \n1,190 | \n5,788 | \n1,807 | \n- | \n8,785 | \n
\n\n| Argentina | \n- | \n1 | \n19 | \n- | \n- | \n20 | \n
\n\n| Brazil | \n- | \n502 | \n855 | \n- | \n- | \n1,357 | \n
\n\n| Chile | \n- | \n949 | \n152 | \n- | \n- | \n1,101 | \n
\n\n| Colombia | \n- | \n303 | \n223 | \n- | \n- | \n526 | \n
\n\n| Central America | \n- | \n26 | \n- | \n- | \n- | \n26 | \n
\n\n| Enel Green Power North America | \n- | \n68 | \n- | \n- | \n- | \n68 | \n
\n\n| Enel X North America | \n- | \n- | \n- | \n81 | \n- | \n81 | \n
\n\n| Enel X Asia Pacific | \n- | \n- | \n- | \n84 | \n- | \n84 | \n
\n\n| Enel X Rest of Europe(2) | \n- | \n- | \n- | \n43 | \n- | \n43 | \n
\n\n| Total | \n- | \n3,409 | \n7,0 37 | \n2,596 | \n- | \n13,042 | \n
\n\n
\n
(1) Includes Enel Energia.
\n(2) Includes Viva Labs.
\nThe decrease of \u20ac192 million in goodwill was mainly
\nattributable to negative exchange rate adjustments in
\nBrazil and the reclassification to assets held for sale of
\nstorage assets in North America.
\n\nThe recoverable amount of the goodwill recognized
\nwas estimated by calculating the value in use of the
\nCGUs using discounted cash flow models, which in-
\nvolve estimating expected future cash flows and ap-
\nplying an appropriate discount rate, selected on the
\nbasis of market inputs such as risk-free rates, betas
\nand market-risk premiums.
\nCash flows were determined on the basis of the best
\ninformation available at the time of the estimate, tak-
\ning account of the specific risks of each CGU, and
\ndrawn:
\n\u2022 for the explicit period, from the Business Plan ap-
\nproved by the Board of Directors of the Parent on No-
\nvember 18, 2024, containing forecasts for volumes,
\nrevenue, operating costs, capital expenditure, indus-
\ntrial and commercial organization and developments
\nin the main macroeconomic variables (inflation, nom-
\ninal interest rates and exchange rates) and commodi-
\nty prices. The explicit period of cash flows considered
\nin impairment testing was three years;
\n\u2022 for subsequent years, from assumptions concern-
\ning long-term developments in the main variables
\nthat determine cash flows.
\nMore specifically, the terminal value is calculated
\nbased on the specific characteristics of the busi-
\nnesses related to the various CGUs subject to impair-
\nment testing:
\n\u2022 perpetuity, for the businesses of large-hydro (LH)
\npower generation and of distribution, in which the
\nlicenses and public concessions are of a long-term
\nnature and renewal can be forecast with reason-
\nable certainty; as well as for the Enel X and Enel X
\nWay businesses, as they feature the development of
\nspecific know-how that is sustainable over the long
\nterm;
\n\u2022 annuity, for CGUs that are predominantly charac-
\nterized by retail business, for which the residual life
\nis, therefore, essentially correlated with the aver-
\nage duration of the customer relationships; as well
\nas for businesses of conventional thermal power
\ngeneration (Generation and Trading). This method
\nis also used for the renewable energy (Enel Green
\nPower) businesses to take account of: (i) the val-
\nue resulting from the remaining useful lives of the
\nplants; and (ii) the residual value, in the event of
\nplant decommissioning, associated with licensing
\nrights, the competitiveness of the production fa-
\ncilities (in terms of natural resources), and network
\ninterconnectivity.
\nThe nominal growth rate (g-rate) is equal to the long-
\nterm rate of growth in electricity and/or inflation (de-
\npending on the country and business involved).
\nRegarding the assumptions for commodity price de-
\nvelopments, the scenarios adopted are consistent
\nwith current emissions reductions targets.
\nMore specifically, a steady growth in the price of CO
\n
\n
\n\n\n
\n\n\n
\n\nassumed for 2030, reflecting the gradual reduction in
\nthe supply of permits against growing demand, and a
\nstabilization of coal prices, due to decreasing demand.
\nAs for gas, price tensions are expected to ease in the
\ncoming years in light of a realignment between supply
\nand demand at a global level. Finally, a progressive sta-
\nbilization of oil prices is expected, with peak demand
\nestimated around 2030.
\nNote also that the Group has used sensitivity analysis to
\ntake account of the impacts of climate change in the
\nlong term. More specifically:
\n\u2022 we consider a perpetual long-term growth rate for
\ncash flows after the explicit period that is in line with
\nthe change in electricity demand over the 2026-2050
\nperiod, based on the specific features of the business-
\nes concerned, adopting certain assumptions concern-
\ning the increase in temperature due to climate change
\nand trends connected with the energy transition;
\n\u2022 we consider changes in the hydroelectric, wind and
\nphotovoltaic generation levels of our portfolio assets,
\nassociated with each projection of underlying climate
\nvariables (for example, temperature, irradiance, wind
\nspeed and precipitation);
\n\u2022 we assume that the Group will incur the costs provi-
\nsioned for decommissioning fossil fuel generation
\nplants in line with the goal of zero direct (Scope 1) and
\nindirect emissions from retail activities (Scope 3).
\nIn order to verify the robustness of the value in use of
\nthe CGUs, sensitivity analyses were conducted for the
\nmain value drivers, in particular WACC and the long-
\nterm growth rate.
\nEven in these circumstances, results were consistent
\nwith the evidence described previously, without issues
\nin all the CGUs analyzed in respect of the recoverability
\nof their carrying amounts in the consolidated financial
\nstatements of the Enel Group at December 31, 2024.
\nThe table below reports the composition of the main
\ngoodwill values by the country/region to which the
\nCGU belongs, along with the discount rates applied
\nand the time horizon over which the expected cash
\nflows have been discounted.
\n\n
\n\n\n | \nAmount of | \nGrowth | \nPre-tax WACC | \nExplicit period | \nTerminal | \nAmount of | \nGrowth | \nPre-tax WACC | \nExplicit period | \nTerminal | \n
\n\n | \ngoodwill | \nrate(1) | \ndiscount rate(2) | \nof cash flows | \nvalue(3) | \ngoodwill | \nrate(1) | \ndiscount rate(2) | \nof cash flows | \nvalue(3) | \n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n
\n\n| Iberian Peninsula | \n8,785 | \n2.50% | \n7. 27 % | \n3 years | \nPerpetuity/ | \n8,785 | \n2.19% | \n8.23% | \n3 years | \nPerpetuity/ | \n
\n\n | \n | \n | \n | \n | \n23 years EGP/ | \n | \n | \n | \n | \n22 years EGP/ | \n
\n\n | \n | \n | \n | \n | \n11 years G&T/ | \n | \n | \n | \n | \n12 years G&T/ | \n
\n\n | \n | \n | \n | \n | \n15 years MKT | \n | \n | \n | \n | \n15 years MKT | \n
\n\n| Chile | \n1,101 | \n2.30% | \n9.14% | \n3 years | \nPerpetuity/ | \n1,101 | \n2.07% | \n9.57% | \n3 years | \nPerpetuity/ | \n
\n\n | \n | \n | \n | \n | \n27 years EGP/ | \n | \n | \n | \n | \n28 years EGP/ | \n
\n\n | \n | \n | \n | \n | \n4 years G&T | \n | \n | \n | \n | \n5 years G&T | \n
\n\n| Argentina | \n20 | \n20.41% | \n44.88% | \n3 years | \nPerpetuity | \n20 | \n17.57 % | \n41.99% | \n3 years | \nPerpetuity | \n
\n\n| Colombia | \n523 | \n3.37% | \n11.92% | \n3 years | \nPerpetuity/ | \n526 | \n3.50% | \n14.25% | \n3 years | \nPerpetuity/ | \n
\n\n | \n | \n | \n | \n | \n26 years EGP/ | \n | \n | \n | \n | \n25 years EGP/ | \n
\n\n | \n | \n | \n | \n | \n13 years G&T | \n | \n | \n | \n | \n14 years G&T | \n
\n\n| Brazil | \n1,207 | \n3.36% | \n10.87% | \n3 years | \nPerpetuity/ | \n1,357 | \n3.86% | \n12.31% | \n3 years | \nPerpetuity/ | \n
\n\n | \n | \n | \n | \n | \n23 years EGP | \n | \n | \n | \n | \n24 years EGP | \n
\n\n| Central America | \n27 | \n2.30% | \n10.88% | \n3 years | \n16 years | \n26 | \n2.10% | \n10.92% | \n3 years | \n17 years | \n
\n\n| Enel Green Power | \n68 | \n1.89% | \n7.79 % | \n3 years | \n23 years | \n68 | \n2.10% | \n8.27% | \n3 years | \n24 years | \n
\n\n| North America | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel X North America | \n44 | \n2.30% | \n10.95% | \n3 years | \nPerpetuity | \n81 | \n2.10% | \n11.75% | \n3 years | \nPerpetuity | \n
\n\n| Enel X Asia Pacific | \n84 | \n2.30% | \n12.18% | \n3 years | \nPerpetuity | \n84 | \n2.10% | \n13.27% | \n3 years | \nPerpetuity | \n
\n\n| Enel X Rest of Europe | \n40 | \n1.76% | \n10.86% | \n3 years | \nPerpetuity | \n43 | \n2.10% | \n11.45% | \n3 years | \nPerpetuity | \n
\n\n| Enel Green Power Italy | \n21 | \n1.76% | \n7.86% | \n3 years | \nPerpetuity/ | \n21 | \n2.10% | \n8.66% | \n3 years | \nPerpetuity/ | \n
\n\n | \n | \n | \n | \n | \n27 years | \n | \n | \n | \n | \n26 years | \n
\n\n| Market Italy | \n581 | \n0.90% | \n10.54% | \n3 years | \n15 years | \n581 | \n1.93% | \n1 1.31% | \n3 years | \n15 years | \n
\n\n| Enel Produzione Italy | \n349 | \n1.61% | \n7.97% | \n3 years | \nPerpetuity/ | \n349 | \n2.06% | \n9.07% | \n3 years | \nPerpetuity/ | \n
\n\n | \n | \n | \n | \n | \n14 years | \n | \n | \n | \n | \n14 years | \n
\n\n
\n
(1) Growth rate for cash flows after the explicit forecast period in the valuation currency.
\n(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
\nequal to that calculated with post-tax cash flows discounted with the post-tax WACC.
\n(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
\n= Generation & Trading, EGP = Enel Green Power, MKT = End-user Markets).
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1017": {
"value": "\nThe recoverable amount of the goodwill recognized \nwas estimated by calculating the value in use of the \nCGUs using discounted cash flow models, which in-\nvolve estimating expected future cash flows and ap-\nplying an appropriate discount rate, selected on the \nbasis of market inputs such as risk-free rates, betas \nand market-risk premiums. \nCash flows were determined on the basis of the best \ninformation available at the time of the estimate, tak-\ning account of the specific risks of each CGU, and \ndrawn:\n\u2022 for the explicit period, from the Business Plan ap-\nproved by the Board of Directors of the Parent on No-\nvember 18, 2024, containing forecasts for volumes, \nrevenue, operating costs, capital expenditure, indus-\ntrial and commercial organization and developments \nin the main macroeconomic variables (inflation, nom-\ninal interest rates and exchange rates) and commodi-\nty prices. The explicit period of cash flows considered \nin impairment testing was three years;\n\u2022 for subsequent years, from assumptions concern-\ning long-term developments in the main variables \nthat determine cash flows.\nMore specifically, the terminal value is calculated \nbased on the specific characteristics of the busi-\nnesses related to the various CGUs subject to impair-\nment testing:\n\u2022 perpetuity, for the businesses of large-hydro (LH) \npower generation and of distribution, in which the \nlicenses and public concessions are of a long-term \nnature and renewal can be forecast with reason-\nable certainty; as well as for the Enel X and Enel X \nWay businesses, as they feature the development of \nspecific know-how that is sustainable over the long \nterm;\n\u2022 annuity, for CGUs that are predominantly charac-\nterized by retail business, for which the residual life \nis, therefore, essentially correlated with the aver-\nage duration of the customer relationships; as well \nas for businesses of conventional thermal power \ngeneration (Generation and Trading). This method \nis also used for the renewable energy (Enel Green \nPower) businesses to take account of: (i) the val-\nue resulting from the remaining useful lives of the \nplants; and (ii) the residual value, in the event of \nplant decommissioning, associated with licensing \nrights, the competitiveness of the production fa-\ncilities (in terms of natural resources), and network \ninterconnectivity.\nThe nominal growth rate (g-rate) is equal to the long-\nterm rate of growth in electricity and/or inflation (de-\npending on the country and business involved).\nRegarding the assumptions for commodity price de-\nvelopments, the scenarios adopted are consistent \nwith current emissions reductions targets.\nMore specifically, a steady growth in the price of CO\n\n\n\n\nassumed for 2030, reflecting the gradual reduction in \nthe supply of permits against growing demand, and a \nstabilization of coal prices, due to decreasing demand. \nAs for gas, price tensions are expected to ease in the \ncoming years in light of a realignment between supply \nand demand at a global level. Finally, a progressive sta-\nbilization of oil prices is expected, with peak demand \nestimated around 2030.\nNote also that the Group has used sensitivity analysis to \ntake account of the impacts of climate change in the \nlong term. More specifically:\n\u2022 we consider a perpetual long-term growth rate for \ncash flows after the explicit period that is in line with \nthe change in electricity demand over the 2026-2050 \nperiod, based on the specific features of the business-\nes concerned, adopting certain assumptions concern-\ning the increase in temperature due to climate change \nand trends connected with the energy transition; \n\u2022 we consider changes in the hydroelectric, wind and \nphotovoltaic generation levels of our portfolio assets, \nassociated with each projection of underlying climate \nvariables (for example, temperature, irradiance, wind \nspeed and precipitation);\n\u2022 we assume that the Group will incur the costs provi-\nsioned for decommissioning fossil fuel generation \nplants in line with the goal of zero direct (Scope 1) and \nindirect emissions from retail activities (Scope 3).\nIn order to verify the robustness of the value in use of \nthe CGUs, sensitivity analyses were conducted for the \nmain value drivers, in particular WACC and the long-\nterm growth rate.\nEven in these circumstances, results were consistent \nwith the evidence described previously, without issues \nin all the CGUs analyzed in respect of the recoverability \nof their carrying amounts in the consolidated financial \nstatements of the Enel Group at December 31, 2024.\nThe table below reports the composition of the main \ngoodwill values by the country/region to which the \nCGU belongs, along with the discount rates applied \nand the time horizon over which the expected cash \nflows have been discounted.\n\n\n\n\n\nAmount of \nGrowth\nPre-tax WACC \nExplicit period \nTerminal\nAmount of \nGrowth\nPre-tax WACC \nExplicit period \nTerminal\n\n\n\ngoodwill\nrate(1)\ndiscount rate(2)\nof cash flows\nvalue(3)\ngoodwill\nrate(1)\ndiscount rate(2)\nof cash flows\nvalue(3)\n\n\nMillions of euro\nat Dec. 31, 2024\nat Dec. 31, 2023\n\n\nIberian Peninsula\n8,785\n2.50%\n7. 27 %\n3 years\nPerpetuity/\n8,785\n2.19%\n8.23%\n3 years\nPerpetuity/\n\n\n\n\n\n\n\n23 years EGP/\n\n\n\n\n22 years EGP/\n\n\n\n\n\n\n\n11 years G&T/\n\n\n\n\n12 years G&T/\n\n\n\n\n\n\n\n15 years MKT\n\n\n\n\n15 years MKT\n\n\nChile\n1,101\n2.30%\n9.14%\n3 years\nPerpetuity/\n1,101\n2.07%\n9.57%\n3 years\nPerpetuity/\n\n\n\n\n\n\n\n27 years EGP/\n\n\n\n\n28 years EGP/\n\n\n\n\n\n\n\n4 years G&T\n\n\n\n\n5 years G&T\n\n\nArgentina\n20\n20.41%\n44.88%\n3 years\nPerpetuity\n20\n17.57 %\n41.99%\n3 years\nPerpetuity\n\n\nColombia\n523\n3.37%\n11.92%\n3 years\nPerpetuity/\n526\n3.50%\n14.25%\n3 years\nPerpetuity/\n\n\n\n\n\n\n\n26 years EGP/\n\n\n\n\n25 years EGP/\n\n\n\n\n\n\n\n13 years G&T\n\n\n\n\n14 years G&T\n\n\nBrazil\n1,207\n3.36%\n10.87%\n3 years\nPerpetuity/\n1,357\n3.86%\n12.31%\n3 years\nPerpetuity/\n\n\n\n\n\n\n\n23 years EGP\n\n\n\n\n24 years EGP\n\n\nCentral America \n27\n2.30%\n10.88%\n3 years\n16 years\n26\n2.10%\n10.92%\n3 years\n17 years\n\n\nEnel Green Power \n68\n1.89%\n7.79 %\n3 years\n23 years\n68\n2.10%\n8.27%\n3 years\n24 years\n\n\nNorth America\n\n\n\n\n\n\n\n\n\n\n\n\nEnel X North America\n44\n2.30%\n10.95%\n3 years\nPerpetuity\n81\n2.10%\n11.75%\n3 years\nPerpetuity\n\n\nEnel X Asia Pacific\n84\n2.30%\n12.18%\n3 years\nPerpetuity\n84\n2.10%\n13.27%\n3 years\nPerpetuity\n\n\nEnel X Rest of Europe\n40\n1.76%\n10.86%\n3 years\nPerpetuity\n43\n2.10%\n11.45%\n3 years\nPerpetuity\n\n\nEnel Green Power Italy\n21\n1.76%\n7.86%\n3 years\nPerpetuity/\n21\n2.10%\n8.66%\n3 years\nPerpetuity/\n\n\n\n\n\n\n\n27 years\n\n\n\n\n26 years\n\n\nMarket Italy \n581\n0.90%\n10.54%\n3 years\n15 years\n581\n1.93%\n1 1.31%\n3 years\n15 years\n\n\nEnel Produzione Italy\n349\n1.61%\n7.97%\n3 years\nPerpetuity/\n349\n2.06%\n9.07%\n3 years\nPerpetuity/\n\n\n\n\n\n\n\n14 years\n\n\n\n\n14 years\n\n\n\n\n(1) Growth rate for cash flows after the explicit forecast period in the valuation currency.\n(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 \nequal to that calculated with post-tax cash flows discounted with the post-tax WACC.\n(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 \n= Generation & Trading, EGP = Enel Green Power, MKT = End-user Markets).\n\n\n",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"Tag1032": {
"value": "\n23. Deferred tax assets and liabilities \u2013 \u20ac9,025 million and \u20ac7,951 million
\nThe following tables detail changes in deferred tax
\nassets and liabilities by type of timing difference
\nand calculated based on the tax rates established by
\napplicable regulations, as well as the amount of de-
\nferred tax assets offsettable, where permitted, with
\ndeferred tax liabilities.
\n\n
\n\n\n | \n | \nIncrease/ | \nIncrease/ | \n | \n | \n | \n | \n\n
\n\n | \n | \n(Decrease) | \n(Decrease) | \n | \n | \nReclassifications | \n | \n\n
\n\n | \nat Dec. 31, | \ntaken to | \ntaken to | \nExchange | \nOther | \nof assets held | \nat Dec. 31, | \n\n
\n\n| Millions of euro | \n2023 | \nprofit or loss | \nequity | \ndifferences | \nchanges | \nfor sale | \n2024 | \n\n
\n\n| Deferred tax assets: | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - differences in the | \n2,269 | \n(73) | \n- | \n(2) | \n2 | \n27 | \n2,223 | \n\n
\n\n| carrying amount of | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| intangible assets, | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| property, plant and | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| equipment | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - accruals to provisions | \n1,925 | \n172 | \n- | \n(101) | \n(3) | \n2 | \n1,995 | \n\n
\n\n| for risks and charges | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| and impairment | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| losses with deferred | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| deductibility | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - tax loss carried | \n746 | \n256 | \n- | \n(49) | \n(8) | \n- | \n945 | \n\n
\n\n| forward | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - measurement of | \n1,322 | \n(50) | \n(195) | \n2 | \n(12) | \n2 | \n1,069 | \n\n
\n\n| financial instruments | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - employee benefits | \n863 | \n(90) | \n(54) | \n(63) | \n7 | \n- | \n663 | \n\n
\n\n| - other items | \n2,093 | \n(112) | \n(8) | \n(20) | \n177 | \n- | \n2,130 | \n\n
\n\n| Total | \n9,218 | \n103 | \n(257) | \n(233) | \n163 | \n31 | \n9,025 | \n\n
\n\n| Deferred tax liabilities: | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - differences on non- | \n5,038 | \n(210) | \n1 | \n(154) | \n506 | \n(2) | \n5,179 | \n\n
\n\n| current and financial | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| assets | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - measurement of | \n957 | \n32 | \n(505) | \n2 | \n19 | \n- | \n505 | \n\n
\n\n| financial instruments | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - other items | \n2,222 | \n132 | \n6 | \n(80) | \n(13) | \n- | \n2,267 | \n\n
\n\n| Total | \n8,217 | \n(46) | \n(498) | \n(232) | \n512 | \n(2) | \n7, 951 | \n\n
\n\n| Non-offsettable | \n | \n | \n | \n | \n | \n | \n6,477 | \n\n
\n\n| deferred tax assets | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Non-offsettable | \n | \n | \n | \n | \n | \n | \n3,748 | \n\n
\n\n| deferred tax liabilities | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Excess net deferred | \n | \n | \n | \n | \n | \n | \n1,655 | \n\n
\n\n| tax liabilities after any | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| offsetting | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
Deferred tax assets recognized at December 31, 2024, as
\ntheir recovery is considered reasonably certain, totaled
\n\u20ac9,025 million (\u20ac9,218 million at December 31, 2023).
\nDeferred tax assets decreased by \u20ac193 million dur-
\ning the year, essentially due to:
\n\u2022 a decrease in deferred tax assets connected with
\ndevelopments in the fair value of cash flow hedge
\nderivatives;
\n\u2022 the impact of exchange rate differences in Latin
\nAmerica, in particular in Brazil.
\nThese effects were partly offset by hyperinflationary
\nadjustments in Argentina.
\nNote that deferred tax assets have not been as-
\nsessed on tax losses carried forward for the year
\n(\u20ac2,095 million) in the amount of \u20ac616 million,
\nas based on current estimates of future taxa-
\nble income their recoverability is not considered
\nprobable.
\nDeferred tax liabilities amounted to \u20ac7,951 million at
\nDecember 31, 2024 (\u20ac8,217 million at December 31,
\n2023). They essentially include the determination of
\nthe tax effects of the adjustments to assets acquired
\nas part of the final allocation of the cost of acqui-
\nsitions made in the various years and the deferred
\n
\n\n\n\ntaxation in respect of the differences between de-
\npreciation charged for tax purposes, including accel-
\nerated depreciation, and depreciation based on the
\nestimated useful lives of assets.
\nDeferred tax liabilities decreased by a total of \u20ac266
\nmillion, due in particular to:
\n\u2022 the decrease in deferred tax liabilities connected
\nwith developments in the fair value of cash flow
\nhedge derivatives;
\n\u2022 the impact of exchange rate differences in Latin
\nAmerica, in particular in Brazil.
\nThese effects were partly offset by hyperinflationary
\nadjustments in Argentina.
\n
\n\n\n",
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"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1040": {
"value": "\n
\n\n24. Equity-accounted investments \u2013 \u20ac1,456 million
\nThe following table shows changes in the main investments in joint ventures and associated companies accounted
\nfor using the equity method.
\n\n
\n\n\n | \n | \n | \nImpact on | \nChange in the | \n | \nReclassifications | \n | \n | \n | \n | \n\n
\n\n | \nat Dec. 31, | \n | \nprofit or | \nconsolidation | \n | \nfrom/to assets | \n | \nOther | \nat Dec. 31, | \n | \n\n
\n\n| Millions of euro | \n2023 | \n% held | \nloss | \nscope | \nDividends | \nheld for sale | \nImpairment | \nchanges | \n2024 | \n% held | \n\n
\n\n| Joint ventures | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Gridspertise Srl | \n306 | \n50.0% | \n6 | \n- | \n- | \n- | \n- | \n1 | \n313 | \n50.0% | \n\n
\n\n| Mooney Group | \n185 | \n50.0% | \n(32) | \n- | \n- | \n- | \n- | \n50 | \n203 | \n50.0% | \n\n
\n\n| SpA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Slovak Power | \n189 | \n50.0% | \n8 | \n- | \n- | \n- | \n(197) | \n- | \n- | \n- | \n\n
\n\n| Holding | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power | \n148 | \n50.0% | \n(16) | \n- | \n- | \n- | \n- | \n10 | \n142 | \n50.0% | \n\n
\n\n| Australia | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power | \n245 | \n50.0% | \n(4) | \n- | \n- | \n- | \n- | \n4 | \n245 | \n50.0% | \n\n
\n\n| Hellas | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Matimba project | \n75 | \n50.0% | \n(2) | \n8 | \n- | \n- | \n- | \n(15) | \n66 | \n50.0% | \n\n
\n\n| companies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Ewiva Srl | \n39 | \n50.0% | \n(4) | \n- | \n- | \n- | \n- | \n1 | \n36 | \n50.0% | \n\n
\n\n| Drift Sand Wind | \n45 | \n50.0% | \n5 | \n- | \n- | \n- | \n- | \n16 | \n66 | \n50.0% | \n\n
\n\n| Project | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Front Mar\u00edtim del | \n30 | \n61.4% | \n- | \n- | \n- | \n- | \n- | \n- | \n30 | \n61.4% | \n\n
\n\n| Bes\u00f2s | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Elecgas SA | \n21 | \n50.0% | \n5 | \n- | \n- | \n- | \n- | \n2 | \n28 | \n50.0% | \n\n
\n\n| Tejo Energia | \n5 | \n43.8% | \n- | \n- | \n- | \n- | \n- | \n1 | \n6 | \n43.8% | \n\n
\n\n| Produ\u00e7\u00e3o e | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Distribui\u00e7\u00e3o de | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Energia El\u00e9ctrica | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Suministradora | \n8 | \n33.5% | \n1 | \n- | \n(2) | \n- | \n- | \n1 | \n8 | \n33.5% | \n\n
\n\n| El\u00e9ctrica de C\u00e1diz | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Energie Electrique | \n8 | \n32.0% | \n2 | \n- | \n- | \n- | \n- | \n1 | \n11 | \n32.0% | \n\n
\n\n| de Tahaddart | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| PowerCrop | \n8 | \n50.0% | \n(1) | \n- | \n- | \n- | \n- | \n(2) | \n5 | \n50.0% | \n\n
\n\n| Total joint | \n1,312 | \n | \n(32) | \n8 | \n(2) | \n- | \n(197) | \n70 | \n1,159 | \n | \n\n
\n\n| ventures | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n
\n\n\n\n
\n\n\n
\n\n\n | \n | \n | \nImpact on | \nChange in the | \n | \nReclassifications | \n | \n | \n | \n | \n\n
\n\n | \nat Dec. 31, | \n | \nprofit or | \nconsolidation | \n | \nfrom/to assets | \n | \nOther | \nat Dec. 31, | \n | \n\n
\n\n| Millions of euro | \n2023 | \n% held | \nloss | \nscope | \nDividends | \nheld for sale | \nImpairment | \nchanges | \n2024 | \n% held | \n\n
\n\n| Associates | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| CESI | \n56 | \n42.7% | \n2 | \n- | \n- | \n- | \n- | \n- | \n58 | \n42.7% | \n\n
\n\n| GNL Chile SA | \n20 | \n33.3% | \n9 | \n- | \n- | \n- | \n- | \n2 | \n31 | \n33.3% | \n\n
\n\n| Energ\u00edas | \n10 | \n50.0% | \n- | \n- | \n(1) | \n- | \n- | \n- | \n9 | \n50.0% | \n\n
\n\n| Especiales del | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Bierzo | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Gorona del Viento | \n7 | \n23.2% | \n(1) | \n- | \n- | \n- | \n- | \n- | \n6 | \n23.2% | \n\n
\n\n| El Hierro SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Compa\u00f1\u00eda E\u00f3lica | \n7 | \n37.5 % | \n3 | \n- | \n(2) | \n- | \n- | \n(1) | \n7 | \n37.5 % | \n\n
\n\n| Tierras Altas | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Sociedad E\u00f3lica El | \n5 | \n50.0% | \n3 | \n- | \n(1) | \n- | \n- | \n(2) | \n5 | \n50.0% | \n\n
\n\n| Puntal | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Renovables | \n5 | \n64.2% | \n- | \n- | \n- | \n- | \n- | \n2 | \n7 | \n64.2% | \n\n
\n\n| Brovales 400 kV | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cogenio Iberia | \n6 | \n20.0% | \n- | \n- | \n- | \n- | \n- | \n(1) | \n5 | \n20.0% | \n\n
\n\n| Cogenio Srl | \n8 | \n20.0% | \n- | \n- | \n- | \n- | \n- | \n8 | \n16 | \n20.0% | \n\n
\n\n| Avikiran Solar | \n27 | \n51.0% | \n(1) | \n- | \n- | \n(26) | \n- | \n- | \n- | \n- | \n\n
\n\n| India | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Avikiran Surya | \n24 | \n51.0% | \n(2) | \n- | \n- | \n(23) | \n- | \n1 | \n- | \n- | \n\n
\n\n| India | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| EGPNA Renewable | \n64 | \n10.0% | \n3 | \n- | \n- | \n- | \n- | \n(2) | \n65 | \n10.0% | \n\n
\n\n| Energy Partners | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Rocky Caney | \n20 | \n10.0% | \n2 | \n- | \n- | \n- | \n- | \n(4) | \n18 | \n10.0% | \n\n
\n\n| Holding | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total associates | \n259 | \n | \n18 | \n- | \n(4) | \n(49) | \n- | \n3 | \n227 | \n | \n\n
\n\n| Other minor | \n79 | \n | \n1 | \n3 | \n(4) | \n(10) | \n- | \n1 | \n70 | \n | \n\n
\n\n| equity-accounted | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| investments | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| TOTAL | \n1,650 | \n | \n(13) | \n11 | \n(10) | \n(59) | \n(197) | \n74 | \n1,456 | \n | \n\n
\n\n\n\n
\n\n
The decrease in equity-accounted investments in
\n2024 mainly reflected:
\n\u2022 the finalization of the agreement between the
\nsubsidiary Enel Produzione and Energetick\u00fd a
\npr\u016fmyslov\u00fd holding (EPH) through which the latter,
\nas foreseen by the early call option, will purchase
\nthe remaining 50% of the share capital of Slovak
\nPower Holding BV (SPH), held by Enel Produzione
\nby the 1st Half of 2025. This entailed the reclassi-
\nfication of the investment to \u201cAssets classified as
\nheld for sale\u201d and its value adjustment to zero as
\nthe total consideration for the investment, equal to
\n\u20ac150 million, has already been paid by EPH to Enel
\nProduzione upon finalization of the first phase of
\nthe transaction;
\n\u2022 the reclassification of equity investments in Avikiran
\nSolar India and Avikiran Surya India respectively for
\n\u20ac26 million and \u20ac23 million under \u201cAssets classified
\nas held for sale\u201d following negotiations on the sale of
\nEnel Green Power India which holds the investments;
\n\u2022 the recognition of the negative OCI share pertaining
\nto the Group, mainly attributable to developments in
\nthe fair value of cash flow hedge derivatives mainly
\nof Enel Green Power Australia and the Matimba pro-
\nject companies.
\nThese negative effects were partly offset by the capital
\nincrease of Mooney (\u20ac50 million) and Enel Green Pow-
\ner Australia (\u20ac33 million).
\nThe following tables provide a summary of financial in-
\nformation for the main joint ventures and associates
\nof the Group not classified as held for sale in accord-
\nance with IFRS 5.
\n
\n\n\n\n
\n\n\n\n
\n\n\n
\n\n\n | \nNon-current assets | \nCurrent assets | \nTotal assets | \nNon-current liabilities | \nCurrent liabilities | \nTotal liabilities | \nEquity | \n\n
\n\n| Millions of | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n\n
\n\n| euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n\n
\n\n| Joint | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| ventures | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Gridspertise | \n248 | \n171 | \n141 | \n146 | \n389 | \n317 | \n82 | \n49 | \n155 | \n171 | \n237 | \n220 | \n152 | \n97 | \n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Mooney | \n913 | \n894 | \n388 | \n487 | \n1,301 | \n1,381 | \n1,087 | \n1,134 | \n579 | \n649 | \n1,666 | \n1,783 | \n(365) | \n(402) | \n\n
\n\n| Group SpA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green | \n532 | \n428 | \n79 | \n73 | \n611 | \n501 | \n401 | \n315 | \n39 | \n21 | \n440 | \n336 | \n171 | \n165 | \n\n
\n\n| Power | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Australia | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green | \n656 | \n687 | \n112 | \n109 | \n768 | \n796 | \n640 | \n672 | \n109 | \n166 | \n749 | \n838 | \n19 | \n(42) | \n\n
\n\n| Power Hellas | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Matimba | \n2,209 | \n1,583 | \n388 | \n320 | \n2,597 | \n1,903 | \n2,305 | \n1,599 | \n128 | \n113 | \n2,433 | \n1,712 | \n164 | \n191 | \n\n
\n\n| project | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| companies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Ewiva Srl | \n40 | \n40 | \n32 | \n39 | \n72 | \n79 | \n- | \n- | \n- | \n- | \n- | \n- | \n72 | \n79 | \n\n
\n\n| Associates | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| CESI | \n179 | \n179 | \n95 | \n13 | \n274 | \n192 | \n19 | \n20 | \n154 | \n73 | \n173 | \n93 | \n101 | \n99 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n | \n | \n | \n | \n | \nProfit/(Loss) from continuing | \n\n
\n\n | \nTotal revenue | \nPre-tax profit/(loss) | \noperations | \n\n
\n\n| Millions of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n\n
\n\n| Joint ventures | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Gridspertise Srl | \n410 | \n445 | \n15 | \n25 | \n12 | \n17 | \n\n
\n\n| Mooney Group SpA | \n410 | \n435 | \n(63) | \n(70) | \n(63) | \n(70) | \n\n
\n\n| Enel Green Power Australia | \n70 | \n37 | \n(26) | \n(28) | \n(27) | \n(28) | \n\n
\n\n| Enel Green Power Hellas | \n142 | \n127 | \n55 | \n25 | \n49 | \n17 | \n\n
\n\n| Matimba project companies | \n133 | \n148 | \n(23) | \n(8) | \n(14) | \n(2) | \n\n
\n\n| Ewiva Srl | \n- | \n- | \n(8) | \n(6) | \n(8) | \n(6) | \n\n
\n\n| Associates | \n | \n | \n | \n | \n | \n | \n\n
\n\n| CESI | \n181 | \n164 | \n3 | \n(5) | \n2 | \n(5) | \n\n
\n\n\n\n
\n\n
\n\n\n\n
\n\n\n\n
\n\n35.3 Non-controlling interests
\n\u2013 \u20ac15,440 million
\nThe following table presents the composition of non-con-
\ntrolling interests by geographical area.
\n
\n\n\n\n
\n\n\n\n
\n\n\n
\n\n\n | \n | \n | \nProfit for the year attributable | \n
\n\n | \nNon-controlling interests | \nto non-controlling interests | \n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n
\n\n| Italy | \n1,092 | \n- | \n10 | \n- | \n
\n\n| Iberia | \n6,517 | \n5,470 | \n534 | \n192 | \n
\n\n| Latin America | \n7,5 87 | \n7,665 | \n652 | \n666 | \n
\n\n| Europe | \n1 | \n- | \n- | \n3 | \n
\n\n| North America | \n124 | \n151 | \n9 | \n(39) | \n
\n\n| Africa, Asia and Oceania | \n119 | \n68 | \n8 | \n7 | \n
\n\n| Total | \n15,440 | \n13,354 | \n1,213 | \n829 | \n
\n\n
\n
The change in non-controlling interests mainly reflects
\nthe sale to Sosteneo Energy Transition 1 of a 49%
\nstake in Enel Libra Flexsys Srl, the sale to Masdar of a
\n49.99% stake in Enel Green Power Espa\u00f1a Solar 1 SLU.
\nand the result for the period, partly offset by dividend
\ndistribution and the disposal of generation and distri-
\nbution companies in Peru.
\nThe financial disclosure requirements of IFRS 12 for
\nsubsidiaries with significant non-controlling interests
\nare reported below.
\n\n
\n\n\n | \nNon-current assets | \nCurrent assets | \nTotal assets | \n
\n\n | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n
\n\n| Millions of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n
\n\n| Subsidiaries | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Am\u00e9ricas | \n26,771 | \n27,578 | \n5,954 | \n8,459 | \n32,725 | \n36,037 | \n
\n\n| Enel Chile | \n10,858 | \n10,810 | \n1,939 | \n1,722 | \n12,797 | \n12,532 | \n
\n\n| Endesa | \n42,964 | \n43,701 | \n3,930 | \n4,033 | \n46,894 | \n47,7 34 | \n
\n\n
\n
\n
\n\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \nEquity attributable to | \nNon-controlling | \n
\n\n | \nNon-current liabilities | \nCurrent liabilities | \nTotal liabilities | \nEquity | \nowners of the Parent | \ninterests | \n
\n\n| Millions | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n
\n\n| of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n
\n\n| Subsidiaries | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel | \n9,292 | \n10,466 | \n5,654 | \n7,314 | \n14,946 | \n17,7 80 | \n17,7 79 | \n18,257 | \n12,627 | \n12,936 | \n5,152 | \n5,321 | \n
\n\n| Am\u00e9ricas | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Chile | \n3,637 | \n3,706 | \n2,843 | \n2,730 | \n6,480 | \n6,436 | \n6,317 | \n6,096 | \n3,881 | \n3,753 | \n2,436 | \n2,343 | \n
\n\n| Endesa | \n15,818 | \n16,018 | \n7,6 83 | \n10,045 | \n23,501 | \n26,063 | \n23,393 | \n21,671 | \n16,876 | \n16,202 | \n6,517 | \n5,469 | \n
\n\n
\n
\n
\n\n\n | \n | \n | \n | \n | \nProfit | \nProfit attributable | \nProfit attributable | \n
\n\n | \n | \n | \n | \n | \nfrom continuing | \nto owners | \nto non-controlling | \n
\n\n | \nTotal revenue | \nPre-tax profit | \noperations | \nof the Parent | \ninterests | \n
\n\n| Millions of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n
\n\n| Subsidiaries | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Am\u00e9ricas | \n15,202 | \n13,400 | \n3,108 | \n1,639 | \n2,056 | \n877 | \n1,495 | \n504 | \n561 | \n373 | \n
\n\n| Enel Chile | \n3,852 | \n4,678 | \n214 | \n996 | \n182 | \n748 | \n90 | \n456 | \n92 | \n292 | \n
\n\n| Endesa | \n21,315 | \n25,423 | \n2,430 | \n839 | \n1,773 | \n595 | \n1,238 | \n402 | \n535 | \n193 | \n
\n\n
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1046": {
"value": "\n25. Derivatives
\n\n
\n\n\n | \nNon-current | \nCurrent | \n\n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n| Derivative financial assets | \n2,003 | \n2,383 | \n3,512 | \n6,407 | \n\n
\n\n| Derivative financial liabilities | \n2,915 | \n3,373 | \n3,584 | \n6,461 | \n\n
\n\n\n\n
\n\n
For more information on derivatives qualifying as hedging instruments and measured at FVTPL, please see note
\n49 \u201cDerivatives and hedge accounting\u201d.
\n
\n\n\n\n49. Derivatives and hedge accounting
\nThe following tables show the notional amount and
\nthe fair value of derivative financial assets and deriv-
\native financial liabilities eligible for hedge account-
\ning or measured a FVTPL, classified on the basis of
\nthe type of hedge relationship and the hedged risk,
\nbroken down into current and non-current instru-
\nments.
\nThe notional amount of a derivative contract is the
\namount on the basis of which cash flows are ex-
\nchanged. This amount can be expressed as a value or
\na quantity (for example tons, converted into euros by
\nmultiplying the notional amount by the agreed price).
\nAmounts denominated in currencies other than the
\neuro are translated at the official closing exchange
\nrates provided by the World Markets Refinitiv (WMR)
\nCompany.
\n\n
\n\n\n | \nNon-current | \nCurrent | \n\n
\n\n | \nNotional | \nFair value | \nNotional | \nFair value | \n\n
\n\n | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n\n
\n\n| Millions of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n\n
\n\n| DERIVATIVE ASSETS | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Fair value hedge | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - on interest rates | \n468 | \n556 | \n54 | \n101 | \n- | \n- | \n- | \n- | \n\n
\n\n| - on exchange rates | \n374 | \n90 | \n49 | \n12 | \n162 | \n- | \n18 | \n- | \n\n
\n\n| Total | \n842 | \n646 | \n103 | \n113 | \n162 | \n- | \n18 | \n- | \n\n
\n\n| Cash flow hedge | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - on interest rates | \n3,236 | \n4,090 | \n107 | \n174 | \n765 | \n54 | \n3 | \n1 | \n\n
\n\n| - on exchange rates | \n13,903 | \n11,060 | \n1,331 | \n1,007 | \n3,971 | \n4,393 | \n246 | \n145 | \n\n
\n\n| - on commodities | \n1,348 | \n4,094 | \n336 | \n883 | \n3,902 | \n5,560 | \n452 | \n1,818 | \n\n
\n\n| Total | \n18,487 | \n19,244 | \n1 ,774 | \n2,064 | \n8,638 | \n10,007 | \n701 | \n1 ,964 | \n\n
\n\n| Trading derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - on interest rates | \n10 | \n- | \n- | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| - on exchange rates | \n- | \n84 | \n- | \n1 | \n713 | \n1,734 | \n23 | \n24 | \n\n
\n\n| - on commodities | \n817 | \n858 | \n124 | \n205 | \n20,202 | \n17,51 1 | \n2,770 | \n4,419 | \n\n
\n\n| - other | \n137 | \n- | \n2 | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| Total | \n964 | \n942 | \n126 | \n206 | \n20,915 | \n19,245 | \n2,793 | \n4,443 | \n\n
\n\n| TOTAL DERIVATIVE | \n20,293 | \n20,832 | \n2,003 | \n2,383 | \n29,715 | \n29,252 | \n3,512 | \n6,407 | \n\n
\n\n| ASSETS | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n
\n\n\n | \nNon-current | \nCurrent | \n\n
\n\n | \nNotional | \nFair value | \nNotional | \nFair value | \n\n
\n\n | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n\n
\n\n| Millions of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n\n
\n\n| DERIVATIVE LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Fair value hedge | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - on interest rates | \n675 | \n675 | \n16 | \n27 | \n- | \n554 | \n- | \n17 | \n\n
\n\n| - on exchange rates | \n605 | \n929 | \n12 | \n78 | \n- | \n- | \n- | \n- | \n\n
\n\n| Total | \n1,280 | \n1,604 | \n28 | \n105 | \n- | \n554 | \n- | \n17 | \n\n
\n\n| Cash flow hedge | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - on interest rates | \n2,955 | \n1,897 | \n116 | \n91 | \n50 | \n100 | \n- | \n- | \n\n
\n\n| - on exchange rates | \n9,126 | \n11,173 | \n1,607 | \n1,830 | \n1,456 | \n4,785 | \n105 | \n332 | \n\n
\n\n| - on commodities | \n3,738 | \n3,075 | \n1,031 | \n1,143 | \n4,056 | \n4,696 | \n631 | \n1,627 | \n\n
\n\n| Total | \n15,819 | \n16,145 | \n2,754 | \n3,064 | \n5,562 | \n9,581 | \n736 | \n1,959 | \n\n
\n\n| Trading derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - on interest rates | \n- | \n- | \n- | \n- | \n100 | \n100 | \n29 | \n29 | \n\n
\n\n| - on exchange rates | \n4 | \n67 | \n- | \n1 | \n1,311 | \n1,807 | \n36 | \n28 | \n\n
\n\n| - on commodities | \n760 | \n921 | \n133 | \n203 | \n21,273 | \n16,693 | \n2,783 | \n4,428 | \n\n
\n\n| Total | \n764 | \n988 | \n133 | \n204 | \n22,684 | \n18,600 | \n2,848 | \n4,485 | \n\n
\n\n| TOTAL DERIVATIVE | \n17,863 | \n18,737 | \n2,915 | \n3,373 | \n28,246 | \n28,735 | \n3,584 | \n6,461 | \n\n
\n\n| LIABILITIES | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
49.1 Derivatives designated as hedging
\ninstruments
\nDerivatives are initially recognized at fair value, on
\nthe trade date of the contract, and are subsequently
\nre-measured at their fair value. The method of recog-
\nnizing the resulting gain or loss depends on whether
\nthe derivative is designated as a hedging instrument,
\nand if so, the nature of the item being hedged.
\nHedge accounting is applied to derivatives entered
\ninto in order to reduce risks such as interest rate risk,
\ncurrency risk, commodity price risk (including Virtual
\nPPAs) when all the criteria provided by IFRS 9 are met.
\nAt the inception of the transaction, the Group docu-
\nments the relationship between hedging instruments
\nand hedged items, as well as its risk management ob-
\njectives and strategy. The Group also documents its
\nassessment, both at hedge inception and on an ongo-
\ning basis, of whether hedging instruments are highly
\neffective in offsetting changes in fair values or cash
\nflows of hedged items.
\nFor cash flow hedges of forecast transactions desig-
\nnated as hedged items, the Group assesses and doc-
\numents that they are highly probable and present an
\nexposure to changes in cash flows that affect profit or
\nloss.
\nDepending on the nature of the risk exposure, the
\nGroup designates derivatives as either:
\n\u2022 fair value hedges;
\n\u2022 cash flow hedges.
\nFor more details about the nature and the extent of
\nrisks arising from financial instruments to which the
\nGroup is exposed, please see note 47 \u201cRisk manage-
\nment\u201d.
\nTo be effective a hedge relationship shall meet all of
\nthe following criteria:
\n\u2022 existence of an economic relationship between
\nhedging instrument and hedged item;
\n\u2022 the effect of credit risk does not dominate the value
\nchanges resulting from the economic relationship;
\n\u2022 the hedge ratio defined at initial designation shall be
\nequal to the one used for risk management purpos-
\nes (i.e. same quantity of the hedged item that the
\nentity actually hedges and the quantity of the hedg-
\ning instrument that the entity actually uses).
\nThe existence of an economic relationship is evaluat-
\ned by the Group through a qualitative assessment or a
\nquantitative computation, depending on the following
\ncircumstances:
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\u2022 if the underlying risk of the hedging instrument and
\nthe hedged item is the same, the existence of an
\neconomic relationship will be provided through a
\nqualitative analysis;
\n\u2022 on the other hand, if the underling risk of the hedg-
\ning instrument and the hedged item is not the same,
\nthe existence of the economic relationship will be
\ndemonstrated through a quantitative method in ad-
\ndition to a qualitative analysis of the nature of the
\neconomic relationship (i.e. linear regression).
\nFor hedging of commodity price risk, the existence of
\nan economic relationship is deduced from a ranking
\nmatrix that defines, for each possible risk component,
\na set of all standard derivatives available in the market
\nwhose ranking is based on their effectiveness in hedg-
\ning the considered risk.
\nIn order to evaluate the credit risk effects, the Group
\nconsiders the existence of risk mitigating measures
\n(collateral, mutual break-up clauses, netting agree-
\nments, etc.).
\nThe Group has established a hedge ratio of 1:1 for all
\nthe hedge relationships (including commodity price
\nrisk hedging) as the underlying risk of the hedging
\nderivative is identical to the hedged risk, in order to
\nminimize hedging ineffectiveness.
\nThe hedge ineffectiveness will be evaluated through:
\n\u2022 a qualitative assessment, if the critical terms of the
\nhedged item and hedging instrument match and
\nthere are no other sources of ineffectiveness in-
\ncluded the credit risk adjustment on the hedging
\nderivative;
\n\u2022 a quantitative computation (dollar offset), if the crit-
\nical terms of the hedged item and hedging instru-
\nment do not match or there is at least one source of
\nineffectiveness. This method compares changes in
\nfair value of the hedging instrument and the hypo-
\nthetical derivative between the reporting date and
\nthe inception date.
\nThe main causes of hedge ineffectiveness can be the
\nfollowing:
\n\u2022 basis differences (i.e. the fair value or cash flows of
\nthe hedged item depend on a variable that is differ-
\nent from the variable that causes the fair value or
\ncash flows of the hedging instrument to change);
\n\u2022 timing differences (i.e. the hedged item and hedging
\ninstrument occur or are settled at different dates);
\n\u2022 quantity or notional amount differences (i.e. the
\nhedged item and hedging instrument are based on
\ndifferent quantities or notional amounts);
\n\u2022 other risks (i.e. changes in the fair value or cash
\nflows of a derivative hedging instrument or hedged
\nitem relate to risks other than the specific risk being
\nhedged);
\n\u2022 credit risk (i.e. the counterparty credit risk differently
\nimpacts the changes in the fair value of the hedging
\ninstruments and hedged items).
\nFair value hedges
\nFair value hedges are mainly used to protect the Group
\nagainst exposures to changes in the fair value of as-
\nsets, liabilities or firm commitment attributable to a
\nparticular risk that could affect profit or loss.
\nChanges in the fair value of derivatives that qualify and
\nare designated as hedging instruments are recog-
\nnized in the income statement, together with changes
\nin the fair value of the hedged item that are attributa-
\nble to the hedged risk.
\nIf the hedge no longer meets the criteria for hedge
\naccounting, the adjustment to the carrying amount
\nof a hedged item for which the effective interest rate
\nmethod is used is amortized to profit or loss over the
\nperiod to maturity.
\nCash flow hedges
\nCash flow hedges are applied in order to hedge the
\nGroup exposure to changes in future cash flows that
\nare attributable to a recognized asset or liability or a
\nhighly probable transaction that could affect profit or
\nloss.
\nThe effective portion of changes in the fair value of
\nderivatives that are designated as cash flow hedges is
\nrecognized in other comprehensive income.
\nThe gain or loss relating to the ineffective portion is
\nrecognized immediately in the income statement.
\nAmounts accumulated in equity are reclassified to
\nprofit or loss in the periods when the hedged item af-
\nfects profit or loss.
\nIf the hedged item is a non-financial asset or liability,
\nthe amount accumulated in equity is included in the
\ncarrying amount of the asset or the liability hedged (i.e.
\n\u201cbasis adjustment\u201d).
\nWhen a hedging instrument expires or is sold, or when
\na hedge no longer meets the criteria for hedge ac-
\ncounting, any cumulative gain or loss existing in equity
\nat that time remains in equity and is recognized when
\nthe forecast transaction is ultimately recognized in the
\nincome statement. When a forecast transaction is no
\nlonger expected to occur, the cumulative gain or loss
\nis immediately transferred to the income statement.
\nFor hedge relationships using forwards, accounting
\n
\n\n\n\n\n
\n\n\n\n\n
\n\nfor the forward element (profit or loss vs OCI) is de-
\nfined case by case.
\nConversely, for hedge relationships using cross cur-
\nrency interest rate swaps, the Group separates foreign
\ncurrency basis spreads and present them in other
\ncomprehensive income (OCI) as hedging costs.
\nWith specific regard to cash flow hedges of commod-
\nity risk, the Enel Group applies a dynamic hedge ac-
\ncounting approach based on specific liquidity require-
\nments (the so-called liquidity-based approach).
\nThis approach requires the use of the most liquid de-
\nrivatives available on the market.
\nThe liquidity-based approach allows the roll-over of a
\nderivative by replacing it with a new derivative, if and
\nonly if the new derivative meets specific liquidity and
\nproxy effectiveness requirements.
\nSatisfaction of these requirements is verified quarterly.
\nAt the roll-over date, the hedge relationship is not dis-
\ncontinued and the new derivative continues to be rec-
\nognized in OCI, while changes in the fair value of the
\nold derivative are recognized through profit or loss.
\n49.1.1 Hedge relationships by type
\nof risk hedged
\nInterest rate risk
\nThe following table shows the notional amount and the
\naverage interest rate of instruments hedging the in-
\nterest rate risk on the main currencies of transactions
\noutstanding at December 31, 2024 and December 31,
\n2023, broken down by maturity.
\n\n
\n\n\n | \nMaturity | \n\n
\n\n| Millions of euro | \n2025 | \n2026 | \n2027 | \n2028 | \n2029 | \nBeyond | \nTotal | \n\n
\n\n| At Dec. 31, 2024 | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest rate swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total notional amount | \n816 | \n802 | \n1,978 | \n15 | \n212 | \n4,326 | \n8,149 | \n\n
\n\n| Notional amount related to IRSs in euro | \n550 | \n590 | \n1,505 | \n15 | \n212 | \n3,546 | \n6,418 | \n\n
\n\n| Average IRS rate in euro | \n1.93 | \n2.02 | \n3.26 | \n0.86 | \n4.12 | \n2.13 | \n | \n\n
\n\n| Notional amount related to IRSs in US dollars | \n- | \n- | \n473 | \n- | \n- | \n416 | \n889 | \n\n
\n\n| Average IRS rate in US dollars | \n | \n | \n3.28 | \n | \n | \n4.35 | \n | \n\n
\n\n\n\n
\n\n
\n
\n\n\n | \nMaturity | \n\n
\n\n| Millions of euro | \n2024 | \n2025 | \n2026 | \n2027 | \n2028 | \nBeyond | \nTotal | \n\n
\n\n| At Dec. 31, 2023 | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest rate swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total notional amount | \n708 | \n564 | \n879 | \n1,975 | \n19 | \n3,781 | \n7,9 26 | \n\n
\n\n| Notional amount related to IRSs in euro | \n608 | \n564 | \n636 | \n1,532 | \n19 | \n3,141 | \n6,500 | \n\n
\n\n| Average IRS rate in euro | \n4.56 | \n1.92 | \n2.12 | \n3.38 | \n0.86 | \n2.37 | \n | \n\n
\n\n| Notional amount related to IRSs in US dollars | \n46 | \n- | \n- | \n444 | \n- | \n210 | \n700 | \n\n
\n\n| Average IRS rate in US dollars | \n0.70 | \n | \n | \n3.28 | \n | \n5.05 | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\nThe following table shows the notional amount and the
\nfair value of the hedging instruments on the interest
\nrate risk of transactions outstanding as at December
\n31, 2024 and December 31, 2023, broken down by
\ntype of hedged item.
\n\n
\n\n\n | \n | \n | \n | \nNotional | \n | \n | \nNotional | \n\n
\n\n| Millions of euro | \n | \nFair value | \namount | \nFair value | \namount | \n\n
\n\n| Hedging | \n | \nAssets | \nLiabilities | \n | \nAssets | \nLiabilities | \n | \n\n
\n\n| instrument | \nHedged item | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n| Fair value hedges | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest rate | \nFloating-rate borrowings/bonds | \n52 | \n- | \n456 | \n98 | \n- | \n544 | \n\n
\n\n| swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest rate | \nFixed-rate borrowings/bonds | \n2 | \n(16) | \n687 | \n3 | \n(44) | \n1,241 | \n\n
\n\n| swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cash flow hedges | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest rate | \nFloating-rate bonds | \n5 | \n(45) | \n940 | \n12 | \n(49) | \n1,040 | \n\n
\n\n| swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest rate | \nFloating-rate loan assets | \n- | \n(8) | \n141 | \n- | \n(7) | \n145 | \n\n
\n\n| swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest rate | \nFloating-rate borrowings | \n105 | \n(63) | \n5,925 | \n163 | \n(35) | \n4,956 | \n\n
\n\n| swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total | \n | \n164 | \n(132) | \n8,149 | \n276 | \n(135) | \n7, 9 2 6 | \n\n
\n\n\n\n
\n\n
The following table shows the notional amount and the
\nfair value of hedging derivatives on interest rate risk as
\nat December 31, 2024 and December 31, 2023, bro-
\nken down by type of hedge.
\n\n
\n\n\n| Millions of euro | \nNotional amount | \nFair value assets | \nNotional amount | \nFair value liabilities | \n\n
\n\n | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n\n
\n\n| Derivatives | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n\n
\n\n| Fair value hedges | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest rate swaps | \n468 | \n556 | \n54 | \n101 | \n675 | \n1,229 | \n(16) | \n(44) | \n\n
\n\n| Total | \n468 | \n556 | \n54 | \n101 | \n675 | \n1,229 | \n(16) | \n(44) | \n\n
\n\n| Cash flow hedges | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest rate swaps | \n4,001 | \n4,144 | \n110 | \n175 | \n3,005 | \n1,997 | \n(116) | \n(91) | \n\n
\n\n| Total | \n4,001 | \n4,144 | \n110 | \n175 | \n3,005 | \n1,997 | \n(116) | \n(91) | \n\n
\n\n| TOTAL INTEREST | \n4,469 | \n4,700 | \n164 | \n276 | \n3,680 | \n3,226 | \n(132) | \n(135) | \n\n
\n\n| RATE DERIVATIVES | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
The notional amount of derivatives classified as hedg-
\ning instruments at December 31, 2024 came to \u20ac8,149
\nmillion, with a corresponding positive fair value of \u20ac32
\nmillion.
\nCompared with December 31, 2023, the notional
\namount increased by \u20ac223 million, mainly reflecting:
\n\u2022 the expiry of interest rate swaps amounting to \u20ac708
\nmillion;
\n\u2022 early closure of interest rate swaps for an amount of
\n\u20ac65 million, following early redemption of the un-
\nderlying;
\n\u2022 new interest rate swaps amounting to \u20ac1,380 mil-
\nlion;
\n\u2022 the reduction in the notional amount of amortizing
\ninterest rate swaps in the amount of \u20ac370 million.
\nThe deterioration in the fair value of \u20ac109 million
\nmainly reflects developments in the yield curve dur-
\ning 2024. This is largely attributable to the progressive
\neasing, especially in the second half of 2024, of the
\nrestrictive monetary policies that have characterized
\nrecent years.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\nFair value hedge derivatives
\nThe following table reports net gains and losses rec-
\nognized through profit or loss in respect of fair value
\nhedge derivatives and the hedged item that are attrib-
\nutable to interest rate risk both in 2024 and the previ-
\nous year.
\n\n
\n\n\n | \n2024 | \n2023 | \n\n
\n\n| Millions of euro | \nNet gain/(loss) | \nNet gain/(loss) | \n\n
\n\n| Interest rate hedging instruments | \n(5) | \n125 | \n\n
\n\n| Hedged item | \n15 | \n(132) | \n\n
\n\n| Ineffective portion | \n10 | \n(7) | \n\n
\n\n\n\n
\n\n
The following table shows the impact of fair value
\nhedges of interest rate risk in the statement of finan-
\ncial position at December 31, 2024 and at December
\n31, 2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \n | \n | \nFair value used | \n | \n | \nFair value used | \n\n
\n\n | \n | \n | \nto measure | \n | \n | \nto measure | \n\n
\n\n | \nNotional | \nCarrying | \nineffectiveness in | \nNotional | \nCarrying | \nineffectiveness in | \n\n
\n\n| Millions of euro | \namount | \namount | \nthe year | \namount | \namount | \nthe year | \n\n
\n\n| Interest rate swaps | \n1,143 | \n38 | \n38 | \n1,785 | \n57 | \n57 | \n\n
\n\n\n\n
\n\n
The following table shows the impact of the hedged
\nitem of fair value hedges in the statement of finan-
\ncial position at December 31, 2024 and December 31,
\n2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \n | \nof which: | \n | \n | \nof which: | \n | \n\n
\n\n | \n | \nCumulative | \nFair value used | \n | \nCumulative | \nFair value used | \n\n
\n\n | \n | \nadjustment of | \nto measure | \n | \nadjustment of | \nto measure | \n\n
\n\n | \nCarrying | \nfair value of | \nineffectiveness | \nCarrying | \nfair value of | \nineffectiveness | \n\n
\n\n| Millions of euro | \namount | \nhedged item | \nin the year | \namount | \nhedged item | \nin the year | \n\n
\n\n| Fixed-rate borrowings | \n661 | \n(14) | \n14 | \n1,186 | \n(43) | \n44 | \n\n
\n\n| Fixed-rate bonds | \n14 | \n2 | \n(2) | \n14 | \n2 | \n(2) | \n\n
\n\n| Floating-rate bonds | \n522 | \n(31) | \n(53) | \n671 | \n41 | \n(107) | \n\n
\n\n| Total | \n1,197 | \n(43) | \n(41) | \n1,871 | \n- | \n(65) | \n\n
\n\n\n\n
\n\n
Cash flow hedge derivatives
\nThe following table shows the cash flows expected in coming years from cash flow hedge derivatives on interest
\nrate risk.
\n\n
\n\n\n | \nFair value | \nDistribution of expected cash flows | \n\n
\n\n | \nat Dec. 31, | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Millions of euro | \n2024 | \n2025 | \n2026 | \n2027 | \n2028 | \n2029 | \nBeyond | \n\n
\n\n| Cash flow hedge derivatives on interest rates | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Positive fair value | \n110 | \n49 | \n23 | \n18 | \n12 | \n10 | \n18 | \n\n
\n\n| Negative fair value | \n(116) | \n(13) | \n(30) | \n(24) | \n(19) | \n(19) | \n(26) | \n\n
\n\n\n\n
\n\n
The following table shows the impact of cash flow hedges of interest rate risk in the statement of financial position
\nat December 31, 2024 and December 31, 2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \n | \n | \nFair value used | \n | \n | \nFair value used | \n\n
\n\n | \n | \n | \nto measure | \n | \n | \nto measure | \n\n
\n\n | \nNotional | \nCarrying | \nineffectiveness | \nNotional | \nCarrying | \nineffectiveness | \n\n
\n\n| Millions of euro | \namount | \namount | \nin the year | \namount | \namount | \nin the year | \n\n
\n\n| Interest rate swaps | \n7,006 | \n(6) | \n(6) | \n6,141 | \n84 | \n84 | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\nThe following table shows the impact of the hedged item of cash flow hedges in the statement of financial position
\nat December 31, 2024 and December 31, 2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \n | \n | \n | \n | \nIneffective | \nFair value of | \n | \n | \n | \nIneffective | \n\n
\n\n | \nFair value of the | \nFair value | \n | \n | \nportion of | \nthe hedged | \nFair value | \n | \n | \nportion of | \n\n
\n\n | \nhedged item | \nthrough P&L of | \n | \n | \ncarrying | \nitem used | \nthrough P&L of | \n | \n | \ncarrying | \n\n
\n\n | \nused to measure | \nCFH derivatives | \n | \nHedging | \namount | \nto measure | \nCFH derivatives | \n | \nHedging | \namount | \n\n
\n\n| Millions | \nineffectiveness | \ndesignated after | \nHedging | \ncosts | \nof CFH | \nineffectiveness | \ndesignated after | \nHedging | \ncosts | \nof CFH | \n\n
\n\n| of euro | \nin the year | \ninitial recognition | \nreserve | \nreserve | \nderivatives | \nin the year | \ninitial recognition | \nreserve | \nreserve | \nderivatives | \n\n
\n\n| Floating-rate | \n40 | \n- | \n(40) | \n- | \n- | \n37 | \n- | \n(37) | \n- | \n- | \n\n
\n\n| bonds | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Floating-rate | \n8 | \n- | \n(8) | \n- | \n- | \n7 | \n- | \n(7) | \n- | \n- | \n\n
\n\n| loan assets | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Floating-rate | \n(54) | \n(14) | \n54 | \n- | \n2 | \n(149) | \n(20) | \n149 | \n- | \n(1) | \n\n
\n\n| borrowings | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total | \n(6) | \n(14) | \n6 | \n- | \n2 | \n(105) | \n(20) | \n105 | \n- | \n(1) | \n\n
\n\n\n\n
\n\n
Currency risk
\nThe following table reports the maturity profile of
\nthe notional amount and associated average con-
\ntractual exchange rate for the instruments hedging
\ncurrency risk on the main currencies of transactions
\noutstanding at December 31, 2024 and December
\n31, 2023.
\n\n
\n\n\n | \nMaturity | \n\n
\n\n| Millions of euro | \n2025 | \n2026 | \n2027 | \n2028 | \n2029 | \nBeyond | \nTotal | \n\n
\n\n| At Dec. 31, 2024 | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total notional amount of CCIRSs | \n2,699 | \n1,304 | \n3,215 | \n2,173 | \n3,097 | \n13,264 | \n25,752 | \n\n
\n\n| Notional amount for CCIRSs EUR/USD | \n2, 171 | \n1,207 | \n2,421 | \n2, 173 | \n1,984 | \n9,658 | \n19,614 | \n\n
\n\n| Average exchange rate EUR/USD | \n1.07 | \n1.18 | \n1.09 | \n1.18 | \n1.11 | \n1.14 | \n | \n\n
\n\n| Notional amount for CCIRSs EUR/GBP | \n- | \n- | \n605 | \n- | \n907 | \n2,406 | \n3,918 | \n\n
\n\n| Average exchange rate EUR/GBP | \n | \n | \n0.90 | \n | \n0.84 | \n0.81 | \n | \n\n
\n\n| Notional amount for CCIRSs EUR/CHF | \n- | \n- | \n- | \n139 | \n- | \n- | \n139 | \n\n
\n\n| Average exchange rate EUR/CHF | \n | \n | \n | \n1.21 | \n | \n | \n | \n\n
\n\n| Notional amount for CCIRSs USD/BRL | \n246 | \n97 | \n- | \n- | \n- | \n479 | \n822 | \n\n
\n\n| Average exchange rate USD/BRL | \n5.22 | \n5.30 | \n | \n | \n | \n4.27 | \n | \n\n
\n\n| Notional amount for CCIRSs EUR/BRL | \n216 | \n- | \n50 | \n- | \n- | \n- | \n266 | \n\n
\n\n| Average exchange rate EUR/BRL | \n6.05 | \n | \n3.92 | \n | \n | \n | \n | \n\n
\n\n| Currency forwards | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total notional amount of forwards | \n2,890 | \n920 | \n35 | \n- | \n- | \n- | \n3,845 | \n\n
\n\n| Notional amount - currency forwards EUR/USD | \n2,602 | \n920 | \n35 | \n- | \n- | \n- | \n3,557 | \n\n
\n\n| Average currency forward rate - EUR/USD | \n1.10 | \n1.12 | \n1.12 | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards USD/COP | \n200 | \n- | \n- | \n- | \n- | \n- | \n200 | \n\n
\n\n| Average currency forward rate - USD/COP | \n4,243.18 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards USD/MXN | \n47 | \n- | \n- | \n- | \n- | \n- | \n47 | \n\n
\n\n| Average currency forward rate - USD/MXN | \n21.13 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards CLF/USD | \n12 | \n- | \n- | \n- | \n- | \n- | \n12 | \n\n
\n\n| Average currency forward rate - CLF/USD | \n39.59 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards EUR/CNY | \n11 | \n- | \n- | \n- | \n- | \n- | \n11 | \n\n
\n\n| Average currency forward rate - EUR/CNY | \n7.7 0 | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n | \nMaturity | \n\n
\n\n| Millions of euro | \n2024 | \n2025 | \n2026 | \n2027 | \n2028 | \nBeyond | \nTotal | \n\n
\n\n| At Dec. 31, 2023 | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total notional amount of CCIRSs | \n4,562 | \n2,577 | \n1,222 | \n2,337 | \n2,037 | \n13,386 | \n26,121 | \n\n
\n\n| Notional amount for CCIRSs EUR/USD | \n2,213 | \n2,036 | \n1,132 | \n1,560 | \n2,037 | \n9,102 | \n18,080 | \n\n
\n\n| Average exchange rate EUR/USD | \n1.13 | \n1.07 | \n1.07 | \n1.10 | \n1.18 | \n1.15 | \n | \n\n
\n\n| Notional amount for CCIRSs EUR/GBP | \n981 | \n- | \n- | \n577 | \n- | \n3,856 | \n5,414 | \n\n
\n\n| Average exchange rate EUR/GBP | \n0.88 | \n | \n | \n0.90 | \n | \n0.82 | \n | \n\n
\n\n| Notional amount for CCIRSs EUR/CHF | \n242 | \n- | \n- | \n140 | \n- | \n- | \n382 | \n\n
\n\n| Average exchange rate EUR/CHF | \n1.07 | \n | \n | \n1.21 | \n | \n | \n | \n\n
\n\n| Notional amount for CCIRSs USD/BRL | \n279 | \n231 | \n91 | \n- | \n- | \n387 | \n988 | \n\n
\n\n| Average exchange rate USD/BRL | \n5.50 | \n5.22 | \n5.30 | \n | \n | \n4.13 | \n | \n\n
\n\n| Notional amount for CCIRSs EUR/BRL | \n445 | \n231 | \n- | \n60 | \n- | \n- | \n736 | \n\n
\n\n| Average exchange rate EUR/BRL | \n6.25 | \n6.05 | \n | \n3.92 | \n | \n | \n | \n\n
\n\n| Currency forwards | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total notional amount of forwards | \n4,616 | \n1,186 | \n507 | \n- | \n- | \n- | \n6,309 | \n\n
\n\n| Notional amount - currency forwards EUR/USD | \n3,144 | \n1,042 | \n507 | \n- | \n- | \n- | \n4,693 | \n\n
\n\n| Average currency forward rate - EUR/USD | \n1.10 | \n1.11 | \n1.13 | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards USD/BRL | \n938 | \n141 | \n- | \n- | \n- | \n- | \n1,079 | \n\n
\n\n| Average currency forward rate - USD/BRL | \n873.05 | \n885.2239 | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards EUR/CNH | \n175 | \n- | \n- | \n- | \n- | \n- | \n175 | \n\n
\n\n| Average currency forward rate - EUR/CNH | \n7.81 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards USD/CLP | \n130 | \n- | \n- | \n- | \n- | \n- | \n130 | \n\n
\n\n| Average currency forward rate - USD/CLP | \n4.95 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards USD/COP | \n122 | \n2 | \n- | \n- | \n- | \n- | \n124 | \n\n
\n\n| Average currency forward rate - USD/COP | \n4,498.97 | \n4,597.37 | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
The following table shows the notional amount and the
\nfair value of the hedging instruments on the currency
\nrisk of transactions outstanding as at December 31,
\n2024 and December 31, 2023 broken down by type of
\nhedged item.
\n\n
\n\n\n | \n | \n | \n | \nNotional | \n | \n | \nNotional | \n\n
\n\n| Millions of euro | \n | \nFair value | \namount | \nFair value | \namount | \n\n
\n\n| Hedging instrument | \nHedged item | \nAssets | \nLiabilities | \n | \nAssets | \nLiabilities | \n | \n\n
\n\n | \n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n| Fair value hedges | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFixed-rate borrowings/bonds in | \n67 | \n(12) | \n1,141 | \n12 | \n(78) | \n1,019 | \n\n
\n\n| swaps (CCIRSs) | \nforeign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFloating-rate borrowings in foreign | \n- | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| swaps (CCIRSs) | \ncurrencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cash flow hedges | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFloating-rate borrowings/financial | \n115 | \n(4) | \n612 | \n67 | \n(36) | \n754 | \n\n
\n\n| swaps (CCIRSs) | \nassets in foreign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFixed-rate borrowings/financial | \n39 | \n(70) | \n1,455 | \n5 | \n(220) | \n2,104 | \n\n
\n\n| swaps (CCIRSs) | \nassets in foreign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFloating-rate bonds in foreign | \n8 | \n(2) | \n202 | \n56 | \n- | \n250 | \n\n
\n\n| swaps (CCIRSs) | \ncurrencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFixed-rate bonds in foreign | \n1,223 | \n(1,625) | \n22,310 | \n965 | \n(1,724) | \n21,763 | \n\n
\n\n| swaps (CCIRSs) | \ncurrencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFuture cash flows denominated in | \n- | \n(7) | \n32 | \n- | \n(43) | \n231 | \n\n
\n\n| swaps (CCIRSs) | \nforeign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Currency forwards | \nFuture cash flows denominated in | \n1 | \n- | \n39 | \n2 | \n(1) | \n117 | \n\n
\n\n | \nforeign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Currency forwards | \nFuture commodity purchases | \n181 | \n(3) | \n3,527 | \n54 | \n(126) | \n5,666 | \n\n
\n\n | \ndenominated in foreign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Currency forwards | \nPurchases of investment goods and | \n10 | \n(1) | \n279 | \n3 | \n(12) | \n526 | \n\n
\n\n | \nother in foreign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total | \n | \n1,644 | \n(1,724) | \n29,597 | \n1,164 | \n(2,240) | \n32,430 | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n\nCash flow hedges and fair value hedges include:
\n\u2022 CCIRSs with a notional amount of \u20ac24,906 million
\nused to hedge the currency risk on fixed-rate debt
\ndenominated in currencies other than the euro with
\na negative fair value of \u20ac378 million;
\n\u2022 CCIRSs with a notional amount of \u20ac846 million used
\nto hedge the currency risk on floating-rate debt de-
\nnominated in currencies other than the euro, with a
\npositive fair value of \u20ac110 million;
\n\u2022 currency forwards with a notional amount of \u20ac3,566
\nmillion used to hedge the currency risk associated
\nwith purchases of energy and metal commodities
\nand expected cash flows in currencies other than the
\neuro, with a total positive fair value of \u20ac179 million;
\n\u2022 currency forwards with a notional amount of \u20ac279
\nmillion and a positive fair value of \u20ac9 million, in re-
\nspect of OTC transactions to mitigate the currency
\nrisk on expected cash flows in currencies other than
\nthe presentation currency connected with the pur-
\nchase of investment goods in the energy generation
\nsector, on operating costs for the supply of cloud
\nservices and on revenue from the sale of renewable
\nenergy.
\nThe following table reports the notional amount and
\nfair value of foreign exchange derivatives at Decem-
\nber 31, 2024 and December 31, 2023, broken down by
\ntype of hedge.
\n\n
\n\n\n| Millions of euro | \nNotional amount | \nFair value assets | \nNotional amount | \nFair value liabilities | \n\n
\n\n | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n\n
\n\n| Derivatives | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n\n
\n\n| Fair value hedges | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| CCIRSs | \n536 | \n90 | \n67 | \n12 | \n605 | \n929 | \n(12) | \n(78) | \n\n
\n\n| Total | \n536 | \n90 | \n67 | \n12 | \n605 | \n929 | \n(12) | \n(78) | \n\n
\n\n| Cash flow hedges | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Currency forwards | \n3,609 | \n1,979 | \n192 | \n59 | \n236 | \n4,330 | \n(4) | \n(140) | \n\n
\n\n| CCIRSs | \n14,265 | \n13,474 | \n1,385 | \n1,093 | \n10,346 | \n11,628 | \n(1,708) | \n(2,022) | \n\n
\n\n| Total | \n17,874 | \n15,453 | \n1,577 | \n1,152 | \n10,582 | \n15,958 | \n(1,712) | \n(2,162) | \n\n
\n\n| TOTAL EXCHANGE | \n18,410 | \n15,543 | \n1,644 | \n1,164 | \n11,187 | \n16,887 | \n(1,724) | \n(2,240) | \n\n
\n\n| RATE DERIVATIVES | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\nThe notional amount of CCIRSs at December 31, 2024
\namounted to \u20ac25,752 million, a decrease of \u20ac369 million
\nfrom \u20ac26,121 million at December 31, 2023. In particular:
\n\u2022 CCIRSs with a total amount of \u20ac3,707 million expired;
\n\u2022 new derivatives amounted to \u20ac2,188 million;
\n\u2022 the notional amount increased by \u20ac1,150 million, re-
\nflecting developments in the exchange rate of the
\neuro against the main other currencies, slightly off-
\nset by the effect of amortization.
\nThe notional amount of currency forwards at De-
\ncember 31, 2024 amounted to \u20ac3,845 million
\n(\u20ac6,309 million at December 31, 2023), a decrease
\nof \u20ac2,464 million. The exposure to currency risk, es-
\npecially that associated with the US dollar, is mainly
\ndue to purchases of energy and metal commodities
\nand cash flows in respect of investments.
\nThe considerable decrease in the notional amounts
\nof these derivatives in 2024 is mainly due to the de-
\ncrease in currency hedges on the purchase of fos-
\nsil fuel. The improvement of net fair value of \u20ac268
\nmillion reflected positive developments in exchange
\nrates, in particular the euro/US dollar rate.
\n
\n
\n\n\n\n\nFair value hedge derivatives
\nThe following table reports net gains and losses rec-
\nognized through profit or loss, reflecting changes in
\nthe fair value of fair value hedge derivatives and the
\nhedged item that are attributable to currency risk for
\n2024 and the previous year.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n
\n\n\n | \n2024 | \n2023 | \n\n
\n\n| Millions of euro | \nNet gain/(loss) | \nNet gain/(loss) | \n\n
\n\n| Interest rate hedging instruments | \n129 | \n20 | \n\n
\n\n| Hedged item | \n(135) | \n(12) | \n\n
\n\n| Ineffective portion | \n(6) | \n8 | \n\n
\n\n\n\n
\n\n
The following table shows the impact of fair value
\nhedges of currency risk in the statement of financial
\nposition at December 31, 2024 and December 31,
\n2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \n | \n | \nFair value used | \n | \n | \nFair value used | \n\n
\n\n | \n | \n | \nto measure | \n | \n | \nto measure | \n\n
\n\n | \nNotional | \nCarrying | \nineffectiveness | \nNotional | \nCarrying | \nineffectiveness | \n\n
\n\n| Millions of euro | \namount | \namount | \nin the year | \namount | \namount | \nin the year | \n\n
\n\n| Cross currency interest rate | \n1,141 | \n55 | \n53 | \n1,019 | \n(66) | \n(68) | \n\n
\n\n| swaps (CCIRSs) | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
The following table shows the impact of the hedged
\nitem of fair value hedges in the statement of finan-
\ncial position at December 31, 2024 and December 31,
\n2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \n | \nof which: | \n | \n | \nof which: | \n | \n\n
\n\n | \n | \nCumulative | \nFair value used | \n | \nCumulative | \nFair value used | \n\n
\n\n | \n | \nadjustment of | \nto measure | \n | \nadjustment of | \nto measure | \n\n
\n\n | \nCarrying | \nfair value of | \nineffectiveness | \nCarrying | \nfair value of | \nineffectiveness | \n\n
\n\n| Millions of euro | \namount | \nhedged item | \nin the year | \namount | \nhedged item | \nin the year | \n\n
\n\n| Fixed-rate bonds in | \n534 | \n(71) | \n14 | \n500 | \n(77) | \n48 | \n\n
\n\n| foreign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Fixed-rate borrowings | \n515 | \n(22) | \n(72) | \n434 | \n(7) | \n24 | \n\n
\n\n| in foreign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total | \n1,049 | \n(93) | \n(58) | \n934 | \n(84) | \n72 | \n\n
\n\n\n\n
\n\n
Cash flow hedge derivatives
\nThe following table shows the cash flows expected in coming years from cash flow hedge derivatives on currency risk.
\n\n
\n\n\n | \nFair value | \nDistribution of expected cash flows | \n\n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \n2025 | \n2026 | \n2027 | \n2028 | \n2029 | \nBeyond | \n\n
\n\n| Cash flow hedge derivatives on exchange rates | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Positive fair value | \n1,577 | \n484 | \n421 | \n320 | \n427 | \n249 | \n1,921 | \n\n
\n\n| Negative fair value | \n(1,712) | \n(76) | \n24 | \n16 | \n39 | \n53 | \n308 | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\nThe following table shows the impact of cash flow
\nhedges of currency risk in the statement of financial
\nposition at December 31, 2024 and December 31,
\n2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \n | \n | \nFair value used | \n | \n | \nFair value used | \n\n
\n\n | \n | \n | \nto measure | \n | \n | \nto measure | \n\n
\n\n | \nNotional | \nCarrying | \nineffectiveness | \nNotional | \nCarrying | \nineffectiveness | \n\n
\n\n| Millions of euro | \namount | \namount | \nin the year | \namount | \namount | \nin the year | \n\n
\n\n| Cross currency interest | \n24,611 | \n(323) | \n(586) | \n25,102 | \n(930) | \n(919) | \n\n
\n\n| rate swaps (CCIRSs) | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Currency forwards | \n3,845 | \n188 | \n194 | \n6,309 | \n(80) | \n(73) | \n\n
\n\n| Total | \n28,456 | \n(135) | \n(392) | \n31,411 | \n(1,010) | \n(992) | \n\n
\n\n\n\n
\n\n
The following table shows the impact of the hedged
\nitem of cash flow hedges in the statement of finan-
\ncial position at December 31, 2024 and December 31,
\n2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \nFair value of | \n | \n | \nIneffective | \n | \nFair value of | \n | \n | \nIneffective | \n | \n\n
\n\n | \nthe hedged | \n | \n | \nportion of | \n | \nthe hedged | \n | \n | \nportion of | \n | \n\n
\n\n | \nitem used | \n | \n | \ncarrying | \n | \nitem used | \n | \n | \ncarrying | \n | \n\n
\n\n | \nto measure | \n | \nHedging | \namount | \n | \nto measure | \n | \nHedging | \namount | \n | \n\n
\n\n | \nineffectiveness | \nHedging | \ncosts | \nof CFH | \nOther | \nineffectiveness | \nHedging | \ncosts | \nof CFH | \nOther | \n\n
\n\n| Millions of euro | \nin the year | \nreserve | \nreserve | \nderivatives | \neffects(1) | \nin the year | \nreserve | \nreserve | \nderivatives | \neffects(1) | \n\n
\n\n| Floating-rate borrowings | \n(112) | \n112 | \n- | \n(1) | \n- | \n(31) | \n31 | \n- | \n- | \n- | \n\n
\n\n| in foreign currencies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Fixed-rate borrowings | \n31 | \n(31) | \n(1) | \n1 | \n- | \n219 | \n(219) | \n4 | \n- | \n- | \n\n
\n\n| in foreign currencies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Floating-rate bonds | \n(6) | \n6 | \n- | \n- | \n- | \n(56) | \n56 | \n- | \n- | \n- | \n\n
\n\n| in foreign currencies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Fixed-rate bonds | \n797 | \n(797) | \n264 | \n2 | \n128 | \n861 | \n(861) | \n(15) | \n- | \n118 | \n\n
\n\n| in foreign currencies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Future cash flows | \n7 | \n(7) | \n- | \n- | \n- | \n43 | \n(43) | \n- | \n- | \n- | \n\n
\n\n| denominated in foreign | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| currencies (hedged | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| with CCIRSs) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Future cash flows | \n(1) | \n1 | \n- | \n- | \n- | \n(1) | \n1 | \n- | \n- | \n- | \n\n
\n\n| denominated in foreign | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| currencies (hedged | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| with forwards) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Future commodity | \n(179) | \n179 | \n- | \n- | \n- | \n72 | \n(72) | \n(1) | \n- | \n- | \n\n
\n\n| purchases denominated | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| in foreign currencies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Purchases of investment | \n(14) | \n14 | \n(5) | \n- | \n- | \n3 | \n(3) | \n(6) | \n- | \n- | \n\n
\n\n| goods and other in | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| foreign currencies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total | \n523 | \n(523) | \n258 | \n2 | \n128 | \n1,110 | \n(1,110) | \n(18) | \n- | \n118 | \n\n
\n\n\n\n
\n\n
(1) Impact connected with the change in spot exchange rates between the date the CCIRSs to hedge bonds in foreign currencies were obtained
\nand the actual disbursement of the loan.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\nCommodity price risk
\n\n
\n\n\n | \nMaturity | \n\n
\n\n| Millions of euro | \n2025 | \n2026 | \n2027 | \n2028 | \n2029 | \nBeyond | \nTotal | \n\n
\n\n| At Dec. 31, 2024 | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Commodity swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount on power | \n285 | \n207 | \n201 | \n150 | \n148 | \n600 | \n1,591 | \n\n
\n\n| Average commodity swap price on power (\u20ac/MWh) | \n62.7 | \n55.5 | \n53.6 | \n33.5 | \n33.2 | \n32.8 | \n | \n\n
\n\n| Notional amount on gas | \n1,718 | \n453 | \n25 | \n22 | \n21 | \n28 | \n2,267 | \n\n
\n\n| Average commodity swap price on gas (\u20ac/MWh) | \n35.1 | \n39.5 | \n4.3 | \n4.1 | \n3.9 | \n3.4 | \n | \n\n
\n\n| Notional amount on oil | \n555 | \n12 | \n- | \n- | \n- | \n- | \n567 | \n\n
\n\n| Average commodity swap price on oil ($/bbl) | \n37.6 | \n28.2 | \n26.8 | \n- | \n- | \n- | \n | \n\n
\n\n| Commodity forwards/futures | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount on power | \n2,607 | \n431 | \n283 | \n169 | \n162 | \n490 | \n4,142 | \n\n
\n\n| Average commodity forward/future price on power (\u20ac/MWh) | \n79.1 | \n23.9 | \n17.8 | \n16.2 | \n15.6 | \n16.5 | \n | \n\n
\n\n| Notional amount on gas | \n2,538 | \n992 | \n1 | \n- | \n- | \n- | \n3,531 | \n\n
\n\n| Average commodity forward/future price on gas (\u20ac/MWh) | \n36.9 | \n31.0 | \n27.4 | \n- | \n- | \n- | \n | \n\n
\n\n| Notional amount on CO2 | \n495 | \n47 | \n- | \n- | \n- | \n- | \n542 | \n\n
\n\n| Average commodity forward/future price on CO2 (\u20ac/ton) | \n82.5 | \n69.3 | \n- | \n- | \n- | \n- | \n | \n\n
\n\n| Notional amount on oil | \n357 | \n- | \n- | \n- | \n- | \n- | \n357 | \n\n
\n\n| Average commodity forward/future price on oil ($/bbl) | \n71.0 | \n- | \n- | \n- | \n- | \n- | \n | \n\n
\n\n| Commodity options | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount on power | \n6 | \n6 | \n- | \n- | \n- | \n35 | \n47 | \n\n
\n\n| Average commodity options price on power (\u20ac/MWh) | \n3.7 | \n3.7 | \n- | \n- | \n- | \n13.4 | \n | \n\n
\n\n\n\n
\n\n
\n
\n\n\n | \nMaturity | \n\n
\n\n| Millions of euro | \n2024 | \n2025 | \n2026 | \n2027 | \n2028 | \nBeyond | \nTotal | \n\n
\n\n| At Dec. 31, 2023 | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Commodity swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount on power | \n128 | \n106 | \n100 | \n284 | \n91 | \n286 | \n995 | \n\n
\n\n| Average commodity swap price on power (\u20ac/MWh) | \n87.0 | \n44.0 | \n37.0 | \n59.6 | \n32.0 | \n34.0 | \n | \n\n
\n\n| Notional amount on gas | \n1,551 | \n1 ,747 | \n296 | \n- | \n- | \n125 | \n3,719 | \n\n
\n\n| Average commodity swap price on gas (\u20ac/MWh) | \n41.8 | \n40.4 | \n27. 0 | \n- | \n- | \n7. 0 | \n | \n\n
\n\n| Notional amount on oil | \n1,016 | \n106 | \n10 | \n- | \n- | \n- | \n1,132 | \n\n
\n\n| Average commodity swap price on oil ($/bbl) | \n86.0 | \n78.0 | \n69.0 | \n- | \n- | \n- | \n | \n\n
\n\n| Commodity forwards/futures | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount on power | \n2,506 | \n388 | \n297 | \n258 | \n151 | \n606 | \n4,206 | \n\n
\n\n| Average commodity forward/future price on power (\u20ac/MWh) | \n114.9 | \n18.0 | \n18.0 | \n16.0 | \n18.0 | \n16.0 | \n | \n\n
\n\n| Notional amount on coal/shipping | \n38 | \n- | \n- | \n- | \n- | \n- | \n38 | \n\n
\n\n| Average commodity forward/future price on coal/shipping | \n175.0 | \n- | \n- | \n- | \n- | \n- | \n | \n\n
\n\n| ($/ton) | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount on gas | \n4,432 | \n377 | \n626 | \n- | \n- | \n- | \n5,435 | \n\n
\n\n| Average commodity forward/future price on gas (\u20ac/MWh) | \n71.4 | \n48.9 | \n32.0 | \n- | \n- | \n- | \n | \n\n
\n\n| Notional amount on CO2 | \n662 | \n336 | \n21 | \n- | \n- | \n- | \n1,019 | \n\n
\n\n| Average commodity forward/future price on CO2 (\u20ac/ton) | \n91.9 | \n93.0 | \n84.0 | \n- | \n- | \n- | \n | \n\n
\n\n| Notional amount on oil | \n354 | \n- | \n- | \n- | \n- | \n- | \n354 | \n\n
\n\n| Average commodity forward/future price on oil ($/bbl) | \n74.6 | \n- | \n- | \n- | \n- | \n- | \n | \n\n
\n\n| Commodity options | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount on power | \n24 | \n39 | \n44 | \n39 | \n39 | \n342 | \n527 | \n\n
\n\n| Average commodity options price on power (\u20ac/MWh) | \n27.5 | \n30.0 | \n30.5 | \n34.0 | \n34.0 | \n34.0 | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\nThe following table reports the notional amount and
\nfair value of instruments hedging commodity price
\nrisk on transactions outstanding at December 31,
\n2024 and December 31, 2023 broken down by type of
\ncommodity and contract.
\n\n
\n\n\n | \nNotional amount | \nFair value assets | \nNotional amount | \nFair value liabilities | \n\n
\n\n | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n\n
\n\n| Millions of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n\n
\n\n| Derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cash flow hedges | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Derivatives on power: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - swaps | \n477 | \n684 | \n210 | \n357 | \n1,114 | \n311 | \n(166) | \n(233) | \n\n
\n\n| - forwards/futures | \n1,399 | \n1,636 | \n62 | \n162 | \n2 ,743 | \n2,570 | \n(748) | \n(763) | \n\n
\n\n| - options | \n47 | \n527 | \n25 | \n93 | \n- | \n- | \n(5) | \n(62) | \n\n
\n\n| Total derivatives | \n1,923 | \n2,847 | \n297 | \n612 | \n3,857 | \n2,881 | \n(919) | \n(1,058) | \n\n
\n\n| on power | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| on coal/shipping: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - forwards/futures | \n- | \n- | \n- | \n- | \n- | \n38 | \n- | \n(17) | \n\n
\n\n| Total derivatives on | \n- | \n- | \n- | \n- | \n- | \n38 | \n- | \n(17) | \n\n
\n\n| coal/shipping | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| on gas and oil: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - swaps | \n512 | \n2,785 | \n53 | \n623 | \n2,322 | \n2,066 | \n(421) | \n(468) | \n\n
\n\n| - forwards/futures | \n2,395 | \n3,382 | \n361 | \n1,375 | \n1,493 | \n2,407 | \n(299) | \n(1,198) | \n\n
\n\n| Total derivatives | \n2,907 | \n6,167 | \n414 | \n1,998 | \n3,815 | \n4,473 | \n(720) | \n(1,666) | \n\n
\n\n| on gas and oil | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Derivatives on CO2: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - forwards/futures | \n420 | \n640 | \n77 | \n91 | \n122 | \n379 | \n(23) | \n(29) | \n\n
\n\n| Total derivatives | \n420 | \n640 | \n77 | \n91 | \n122 | \n379 | \n(23) | \n(29) | \n\n
\n\n| on CO2 | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| TOTAL COMMODITY | \n5,250 | \n9,654 | \n788 | \n2,701 | \n7,79 4 | \n7,771 | \n(1,662) | \n(2,770) | \n\n
\n\n| DERIVATIVES | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
Hedges mainly cover the price risk of power and gas.
\nThe power category mainly includes long-term hedg-
\ning transactions, especially in Spain and North Amer-
\nica. The gas category primarily includes hedges of
\nfluctuations in the price of natural gas, for both pur-
\nchases and sales, carried out for oil commodities and
\ngas products.
\nTo a smaller extent, the CO
\n2
\n category mainly includes
\nhedging transactions undertaken for Enel Group com-
\npliance purposes.
\nCash flow hedge derivatives
\nThe following table shows the cash flows expected
\nin coming years from cash flow hedge derivatives on
\ncommodity price risk.
\n\n
\n\n\n | \nFair value | \nDistribution of expected cash flows | \n\n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \n2025 | \n2026 | \n2027 | \n2028 | \n2029 | \nBeyond | \n\n
\n\n| Cash flow hedge derivatives on commodities | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Positive fair value | \n788 | \n505 | \n82 | \n42 | \n36 | \n37 | \n86 | \n\n
\n\n| Negative fair value | \n(1,662) | \n(764) | \n(337) | \n(211) | \n(114) | \n(89) | \n(147) | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n\n\n
\n
\n\nThe following table shows the impact of cash flow hedges of commodity price risk in the statement of financial
\nposition at December 31, 2024 and December 31, 2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \n | \n | \nFair value used | \n | \n | \nFair value used | \n\n
\n\n | \n | \n | \nto measure | \n | \n | \nto measure | \n\n
\n\n | \nNotional | \nCarrying | \nineffectiveness | \nNotional | \nCarrying | \nineffectiveness | \n\n
\n\n| Millions of euro | \namount | \namount | \n in the year | \namount | \namount | \nin the year | \n\n
\n\n| Power swaps | \n1,591 | \n44 | \n42 | \n995 | \n124 | \n126 | \n\n
\n\n| Gas and oil swaps | \n2,834 | \n(368) | \n(368) | \n4,850 | \n155 | \n155 | \n\n
\n\n| Power forwards/futures | \n4,142 | \n(686) | \n(724) | \n4,206 | \n(602) | \n(638) | \n\n
\n\n| Coal/shipping forwards/futures | \n- | \n- | \n- | \n38 | \n(17) | \n(17) | \n\n
\n\n| Gas and oil forwards/futures | \n3,888 | \n62 | \n74 | \n5,789 | \n178 | \n92 | \n\n
\n\n| CO2 forwards/futures | \n542 | \n54 | \n54 | \n1,019 | \n62 | \n62 | \n\n
\n\n| Power options | \n47 | \n20 | \n20 | \n528 | \n31 | \n31 | \n\n
\n\n| Total | \n13,044 | \n(874) | \n(902) | \n17,425 | \n(69) | \n(189) | \n\n
\n\n\n\n
\n\n
The following table shows the impact of the hedged
\nitem of cash flow hedges in the statement of finan-
\ncial position at December 31, 2024 and December 31,
\n2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \nFair value of | \n | \n | \nIneffective | \nFair value of | \n | \n | \nIneffective | \n\n
\n\n | \nthe hedged | \n | \n | \nportion of | \nthe hedged | \n | \n | \nportion of | \n\n
\n\n | \nitem used | \n | \n | \ncarrying | \nitem used | \n | \n | \ncarrying | \n\n
\n\n | \nto measure | \n | \nHedging | \namount | \nto measure | \n | \nHedging | \namount | \n\n
\n\n | \nineffectiveness | \nHedging | \ncosts | \nof CFH | \nineffectiveness | \nHedging | \ncosts | \nof CFH | \n\n
\n\n| Millions of euro | \nin the year | \nreserve | \nreserve | \nderivatives | \nin the year | \nreserve | \nreserve | \nderivatives | \n\n
\n\n| Future transactions | \n689 | \n(689) | \n17 | \n50 | \n491 | \n(491) | \n12 | \n(59) | \n\n
\n\n| in power | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Future transactions | \n- | \n- | \n- | \n- | \n17 | \n(17) | \n- | \n- | \n\n
\n\n| in coal/shipping | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Future transactions | \n317 | \n(317) | \n- | \n(17) | \n(422) | \n422 | \n- | \n(118) | \n\n
\n\n| in gas and oil | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Future transactions | \n(54) | \n54 | \n- | \n- | \n(62) | \n62 | \n- | \n- | \n\n
\n\n| in CO2 | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total | \n952 | \n(952) | \n17 | \n33 | \n24 | \n(24) | \n12 | \n(177) | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\nCash flow hedges mainly cover future sales of
\npower and purchase and sale of gas. The power
\ncategory mainly includes long-term hedging trans-
\nactions on the generation of plants in Spain and
\nNorth America. The gas category includes short/
\nmedium-term hedging transactions mainly in Italy
\nand Spain. Due to their time horizon, power trans-
\nactions were less affected by price volatility than
\nthose in gas.
\nThe ineffectiveness recognized in 2024 on future
\ntransactions in gas is mainly related to proxy hedging
\noperations in Spain, while ineffectiveness on future
\ntransactions in power is mainly related to proxy hedg-
\ning operations in North America.
\n
\n
\n\n\n\n\n49.2 Derivatives at fair value through
\nprofit or loss
\nThe following table shows the notional amount and the
\nfair value of derivatives at FVTPL as at December 31,
\n2024 and December 31, 2023.
\n
\n\n\n\n\n\n
\n\n\n | \nNotional amount | \nFair value assets | \nNotional amount | \nFair value liabilities | \n\n
\n\n | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n\n
\n\n| Millions of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n\n
\n\n| Derivatives at FVTPL | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| on interest rates: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - interest rate swaps | \n10 | \n- | \n- | \n- | \n100 | \n100 | \n(29) | \n(29) | \n\n
\n\n| on exchange rates: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - currency forwards | \n713 | \n1,818 | \n23 | \n25 | \n1,315 | \n1 ,874 | \n(36) | \n(29) | \n\n
\n\n| on commodities | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Derivatives on power: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - swaps | \n159 | \n24 3 | \n4 | \n24 | \n36 | \n68 | \n(2) | \n(16) | \n\n
\n\n| - forwards/futures | \n6,904 | \n5,294 | \n679 | \n905 | \n5,888 | \n5,039 | \n(591) | \n(906) | \n\n
\n\n| - options | \n4 | \n46 | \n2 | \n4 | \n84 | \n80 | \n(51) | \n(171) | \n\n
\n\n| Total derivatives on power | \n7,0 67 | \n5,583 | \n685 | \n933 | \n6,008 | \n5,187 | \n(644) | \n(1,093) | \n\n
\n\n| Derivatives on coal: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - forwards/futures | \n168 | \n156 | \n13 | \n23 | \n158 | \n112 | \n(12) | \n(43) | \n\n
\n\n| Total derivatives on coal | \n168 | \n156 | \n13 | \n23 | \n158 | \n112 | \n(12) | \n(43) | \n\n
\n\n| Derivatives on gas and oil: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - swaps | \n746 | \n969 | \n66 | \n295 | \n651 | \n529 | \n(86) | \n(167) | \n\n
\n\n| - forwards/futures | \n11,395 | \n10,687 | \n1,828 | \n2,970 | \n13,604 | \n10,856 | \n(1,827) | \n(2,963) | \n\n
\n\n| - options | \n376 | \n448 | \n172 | \n344 | \n768 | \n278 | \n(271) | \n(232) | \n\n
\n\n| Total derivatives on gas and oil | \n12,517 | \n12,104 | \n2,066 | \n3,609 | \n15,023 | \n11,663 | \n(2,184) | \n(3,362) | \n\n
\n\n| Derivatives on CO2: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - forwards/futures | \n1,066 | \n498 | \n113 | \n41 | \n788 | \n426 | \n(60) | \n(42) | \n\n
\n\n| - options | \n164 | \n12 | \n14 | \n14 | \n20 | \n11 | \n(13) | \n(14) | \n\n
\n\n| Total derivatives on CO2 | \n1,230 | \n510 | \n127 | \n55 | \n808 | \n437 | \n(73) | \n(56) | \n\n
\n\n| Derivatives on other: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - swaps | \n1 | \n- | \n- | \n- | \n6 | \n39 | \n- | \n(6) | \n\n
\n\n| - forwards/futures | \n35 | \n16 | \n3 | \n4 | \n30 | \n171 | \n(3) | \n(71) | \n\n
\n\n| - options | \n1 | \n- | \n- | \n- | \n- | \n5 | \n- | \n- | \n\n
\n\n| Total derivatives on other | \n37 | \n16 | \n3 | \n4 | \n36 | \n215 | \n(3) | \n(77) | \n\n
\n\n| Total derivatives on | \n21,019 | \n18,369 | \n2,894 | \n4,624 | \n22,033 | \n17,614 | \n(2,916) | \n(4,631) | \n\n
\n\n| commodity prices | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Derivatives on other: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - options | \n137 | \n- | \n2 | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| TOTAL | \n21,879 | \n20,187 | \n2,919 | \n4,649 | \n23,448 | \n19,588 | \n(2,981) | \n(4,689) | \n\n
\n\n\n\n
\n\n
At December 31, 2024 the notional amount of trading
\nderivatives on interest rates came to \u20ac110 million. The
\nnegative fair value of \u20ac29 million was unchanged from
\n2023. The interest rate curve, in the section coincid-
\ning with the expiry of the interest rate swap, did not
\nchange significantly, despite a downward trend com-
\npared to 2023.
\nAt December 31, 2024 the notional amount of deriva-
\ntives on exchange rates was \u20ac2,028 million, an overall
\ndecrease of \u20ac1,664 million compared with 2023, in
\nparticular for the purchase of energy commodities.
\nThe deterioration of net fair value of \u20ac9 million reflects
\nnormal exchange rate fluctuations.
\nAt December 31, 2024 the notional amount of deriva-
\ntives on commodities came to \u20ac43,052 million. These
\namounts include transactions managed within the
\ntrading portfolios and transactions that, although es-
\ntablished for hedging purposes, did not meet the re-
\nquirements for hedge accounting.
\nThe net fair value is a negative \u20ac22 million, substan-
\ntially in line with the previous year, despite a significant
\nreabsorption in the fair value amounts of derivative as-
\n
\n\n\n\n\nsets and liabilities. The change is mainly attributable to
\nthe price effect. Despite the macroeconomic context
\nremaining particularly difficult and uncertain, prices
\ndid not reach the critical levels of previous years and
\nvolatility was more contained.
\nDerivatives on other commodities mainly refer to
\nhedges on guarantees of origin, i.e. incentive mecha-
\nnisms for renewable generation. Compared with 2023,
\nit does not include hedges on meteorological events
\n(weather derivatives).
\nDerivatives on other include the fair value of the put/
\ncall option mechanism on the residual 10% stake in
\nDuereti, exercisable one year after the closing date of
\nthe sale of 90% of the share capital in Duereti to A2A.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1178": {
"value": "\n
\n
\n26. Current/Non-current contract assets/(liabilities)
\n\n\n
\n\n\n | \nNon-current | \nCurrent | \n\n\n\n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n\n\n
\n\n| Contract assets | \n523 | \n444 | \n193 | \n212 | \n\n\n\n
\n\n| Contract liabilities | \n5,682 | \n5,743 | \n2,448 | \n2,126 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n\n\n\n\n\n\nNon-current assets deriving from contracts with cus-
\ntomers (contract assets) refer mainly to public-to-pri-
\nvate service concession arrangements recognized in
\naccordance with IFRIC 12 (\u20ac483 million). These cases
\narise when the concession holder has not yet obtained
\nfull right to recognize the asset from the grantor.
\n
\n\n\n\n\n\nCurrent contract assets mainly concern construction
\ncontracts in progress (\u20ac136 million) to be invoiced,
\npayments on which are subject to the fulfillment of a
\nperformance obligation.
\nThe value at December 31, 2024 of non-current con-
\ntract liabilities is mainly attributable to the Grids seg-
\nment, in Spain (\u20ac2,872 million) and in Italy (\u20ac2,810 mil-
\nlion) as a result of revenue from connections of new
\ncustomers.
\nCurrent contract liabilities mainly include the contrac-
\ntual liabilities related to revenue from connections to
\nthe electricity grid expiring within 12 months in the
\namount of \u20ac1,797 million mainly recognized in Italy and
\nSpain, as well as liabilities for construction contracts in
\nprogress (\u20ac520 million).
\nAs required under IFRS 15, the following table reports
\nthe reversal to profit or loss of contract liabilities by
\ntime band.
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n\n
\n\n| Within 1 year | \n2,448 | \n2,126 | \n\n\n
\n\n| Within 2 years | \n769 | \n568 | \n\n\n
\n\n| Within 3 years | \n534 | \n567 | \n\n\n
\n\n| Within 4 years | \n532 | \n565 | \n\n\n
\n\n| Within 5 years | \n530 | \n564 | \n\n\n
\n\n| More than 5 years | \n3,317 | \n3,479 | \n\n\n
\n\n| Total | \n8,130 | \n7,869 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "enel:DisclosureOfContractAssetsLiabilitiesExplanatory",
"language": "en",
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},
"Tag1181": {
"value": "\n
\n
\n
\n
\n27. Other non-current financial assets \u2013 \u20ac7,607 million
\n\n
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n
\n\n
\n
\n
\n\n\n| Equity investments in other companies measured | \n595 | \n346 | \n249 | \n72.0% | \n
\n\n| at fair value | \n | \n | \n | \n | \n
\n\n
\n
\n\n\n\n\n\n\n
\n\n\n| Other non-current financial assets included in net | \n2,676 | \n3,837 | \n(1,161) | \n-30.3% | \n
\n\n| financial debt (see note 27.1) | \n | \n | \n | \n | \n
\n\n| Service concession arrangements | \n4,192 | \n4,391 | \n(199) | \n-4.5% | \n
\n\n| Financial assets in respect of joint development | \n107 | \n133 | \n(26) | \n-19.5% | \n
\n\n| agreements (JDA) | \n | \n | \n | \n | \n
\n\n| Non-current financial prepayments | \n37 | \n43 | \n(6) | \n-14.0% | \n
\n\n| Total | \n7,607 | \n8,750 | \n(1,143) | \n-13.1% | \n
\n\n
\n
\n\n\n\n\n\n\nThe decrease in \u201cother non-current financial assets\u201d
\nmainly reflects:
\n\u2022 the decrease in other non-current financial assets in-
\ncluded in net financial debt, as specified in note 27.1;
\n\u2022 the decrease in financial assets in respect of service
\nconcession arrangements, mainly in Brazilian compa-
\nnies due to negative exchange developments;
\n\u2022 the decrease in financial assets in respect of joint de-
\nvelopment agreements (JDA) in relation to amounts
\npaid by a number of the Group\u2019s Italian renewables
\ncompanies to developers for the development of re-
\nnewable generation projects.
\n
\n
\n\n\n\n\n\n\nThese negative effects were partly offset by the in-
\ncrease in equity investments in other companies
\nmainly due to:
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n
\n\n\u2022 the recognition of a 10% stake in Duereti, for \u20ac137
\nmillion, following the disposal, through the subsid-
\niary e-distribuzione, of 90% of interest in the com-
\npany to A2A;
\n\u2022 the increase in the value of the investment held
\nby Enel X International in Zacapa Topco S\u00e0rl in the
\namount of \u20ac90 million.
\nThe following is a breakdown of equity investments in
\nother companies measured at fair value.
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \n% held | \nat Dec. 31, 2023 | \n% held | \nChange | \n\n
\n\n| Zacapa Topco S\u00e0rl | \n377 | \n19.5% | \n287 | \n19.5% | \n90 | \n\n
\n\n| Duereti | \n137 | \n10.0% | \n- | \n- | \n137 | \n\n
\n\n| European Energy Exchange AG | \n42 | \n2.4% | \n22 | \n2.4% | \n20 | \n\n
\n\n| Hubject GmbH | \n8 | \n12.5% | \n11 | \n12.5% | \n(3) | \n\n
\n\n| Empresa Propietaria de la Red SA | \n9 | \n11.1% | \n8 | \n11.1% | \n1 | \n\n
\n\n| Termoel\u00e9ctrica Jos\u00e9 de San Mart\u00edn SA | \n5 | \n3.0% | \n3 | \n5.6% | \n2 | \n\n
\n\n| Termoel\u00e9ctrica Manuel Belgrano SA | \n5 | \n3.4% | \n2 | \n6.2% | \n3 | \n\n
\n\n| Other | \n12 | \n | \n13 | \n | \n(1) | \n\n
\n\n| Total | \n595 | \n | \n346 | \n | \n249 | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\n27.1 Other non-current financial assets included in net financial debt \u2013 \u20ac2,676 million
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n
\n\n| Securities | \n575 | \n505 | \n70 | \n13.9% | \n
\n\n| Other financial assets | \n2,101 | \n3,332 | \n(1,231) | \n-36.9% | \n
\n\n| Total | \n2,676 | \n3,837 | \n(1,161) | \n-30.3% | \n
\n\n
\n
\u201cSecurities\u201d mainly include financial instruments at
\nFVOCI in which Enel Reinsurance invests a portion of
\nits liquidity.
\nThe decrease in \u201cother financial assets\u201d is mainly at-
\ntributable to a decrease in medium- and long-term
\nfinancial assets (\u20ac1,278 million), in particular due to:
\n\u2022 the reclassification of financial assets held by Enel
\nProduzione in respect of Slovensk\u00e9 elektr\u00e1rne
\n(\u20ac289 million) and Enel Finance International in
\nrespect of SPH (\u20ac769 million) under \u201cCurrent por-
\ntion of long-term financial receivables\u201d following
\nthe agreement between Enel Produzione and EPH
\nwhich regulates the exercise by the latter of the
\nearly call option on the residual stake in SPH, held
\nby Enel Produzione, and provides that the loans
\ngranted by the Group companies to Slovensk\u00e9 ele-
\nktr\u00e1rne and the accrued interest not yet paid at the
\ndate of actual repayment will be repaid, at the lat-
\nest upon the closing of the transaction, expected
\nin the first half of 2025;
\n\u2022 the value adjustment to zero of Enel Produzione\u2019s fi-
\nnancial asset towards EPH relating to the sale of the
\nfirst tranche of SPH\u2019s share capital to EPH in 2016
\n(\u20ac39 million as of December 31, 2023), since the to-
\ntal consideration for the sale of the entire stake, set
\nin the agreement, equal to \u20ac150 million, has already
\nbeen paid.
\nThe effect was partly offset by the increase in financial
\nassets relating to the deficit of the Spanish electricity
\nsystem (\u20ac105 million).
\n
\n\n\n\n\n\n28. Other current financial assets \u2013 \u20ac4,854 million
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n | \nChange | \n | \n\n\n\n
\n\n| Current financial assets included in net financial | \n4,668 | \n4,148 | \n520 | \n | \n12.5% | \n\n\n\n
\n\n| debt (see note 28.1) | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Other | \n186 | \n181 | \n5 | \n | \n2.8% | \n\n\n\n
\n\n| Total | \n4,854 | \n4,329 | \n525 | \n | \n12.1% | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
The increase in \u201cother current financial assets\u201d
\nmainly reflects the increase in current financial as-
\nsets included in net financial debt, as detailed in
\nnote 28.1. \u201cOther\u201d mainly includes financial accrued
\nincome and the current portions of JDA financial as-
\nsets and of concession arrangements.
\n28.1 Other current financial assets included in net financial debt \u2013 \u20ac4,668 million
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n\n\n
\n\n| Current portion of long-term financial assets | \n2, 174 | \n1,007 | \n1,167 | \n- | \n\n\n
\n\n| Securities | \n138 | \n81 | \n57 | \n70.4% | \n\n\n
\n\n| Cash collateral and other financial assets in | \n1,982 | \n2,899 | \n(917) | \n-31.6% | \n\n\n
\n\n| respect of derivatives transactions | \n | \n | \n | \n | \n\n\n
\n\n| Other | \n374 | \n161 | \n213 | \n- | \n\n\n
\n\n| Total | \n4,668 | \n4,148 | \n520 | \n12.5% | \n\n\n
\n\n\n\n\n\n
\n\n\n
The change in the item is mainly attributable to the
\nincrease in the current portion of long-term financial
\nassets (in the amount of \u20ac1,167 million) mainly attrib-
\nutable to the reclassification of financial assets held
\nby Enel Produzione towards Slovensk\u00e9 elektr\u00e1rne
\n(\u20ac289 million) and by Enel Finance International to-
\nwards SPH (\u20ac769 million) following the agreement
\nbetween Enel Produzione and EPH commented ear-
\nlier in note 27.1.
\nThe effect was partly offset by a decrease in cash col-
\nlateral paid to counterparties in respect of derivatives
\ntransactions.
\n
\n\n\n\n\n\n
\n46.1 Financial assets by category
\nThe following table reports the carrying amount for
\neach category of financial asset provided for under
\nIFRS 9, broken down into current and non-current fi-
\nnancial assets, showing hedging derivatives and de-
\nrivatives measured at fair value through profit or loss
\nseparately.
\n\n
\n\n\n | \n | \nNon-current | \nCurrent | \n\n\n\n\n\n
\n\n | \n | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n\n\n\n\n\n
\n\n| Millions of euro | \nNotes | \n2024 | \n2023 | \n2024 | \n2023 | \n\n\n\n\n\n
\n\n| Financial assets at amortized cost | \n46.1.1 | \n5,100 | \n5,709 | \n27, 321 | \n28,495 | \n\n\n\n\n\n
\n\n| Financial assets at FVOCI | \n46.1.2 | \n1,159 | \n882 | \n138 | \n81 | \n\n\n\n\n\n
\n\n| Financial assets at fair value through profit or loss | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Derivative financial assets at FVTPL | \n46.1.3 | \n126 | \n206 | \n2,793 | \n4,443 | \n\n\n\n\n\n
\n\n| Other financial assets at FVTPL | \n46.1.3 | \n4,036 | \n4,341 | \n200 | \n219 | \n\n\n\n\n\n
\n\n| Total financial assets at fair value through profit | \n | \n4,162 | \n4,547 | \n2,993 | \n4,662 | \n\n\n\n\n\n
\n\n| or loss | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Derivative financial assets designated | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| as hedging instruments | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Fair value hedge derivatives | \n46.1.4 | \n103 | \n113 | \n18 | \n- | \n\n\n\n\n\n
\n\n| Cash flow hedge derivatives | \n46.1.4 | \n1,774 | \n2,064 | \n701 | \n1,964 | \n\n\n\n\n\n
\n\n| Total derivative financial assets designated as | \n | \n1,877 | \n2 ,177 | \n719 | \n1,964 | \n\n\n\n\n\n
\n\n| hedging instruments | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| TOTAL | \n | \n12,298 | \n13,315 | \n31,171 | \n35,202 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
For more information on the recognition and classifica-
\ntion of current and non-current derivative assets, please
\nsee note 49 \u201cDerivatives and hedge accounting\u201d.
\nFor more information on fair value measurement, see
\nnote 50 \u201cAssets and liabilities measured at fair value\u201d.
\n\n46.1.1 Financial assets measured at amortized
\ncost
\nThe following table reports financial assets measured
\nat amortized cost by nature, broken down into current
\nand non-current financial assets.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\n\n\n | \n | \nNon-current | \n | \nCurrent | \n | \n\n
\n\n | \n | \nat Dec. 31, | \nat Dec. 31, | \n | \nat Dec. 31, | \nat Dec. 31, | \n\n
\n\n| Millions of euro | \nNotes | \n2024 | \n2023 | \nNotes | \n2024 | \n2023 | \n\n
\n\n| Cash and cash equivalents | \n | \n- | \n- | \n33 | \n8,022 | \n6,772 | \n\n
\n\n| Trade receivables | \n32 | \n2,333 | \n1,726 | \n32 | \n13,608 | \n16,047 | \n\n
\n\n| Current portion of long-term loan | \n | \n- | \n- | \n28.1 | \n2 , 174 | \n1,007 | \n\n
\n\n| assets | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cash collateral | \n | \n- | \n- | \n28.1 | \n1,982 | \n2,899 | \n\n
\n\n| Other financial assets | \n27. 1 | \n2,101 | \n3,332 | \n28.1 | \n203 | \n30 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n| Financial assets from service | \n27 | \n262 | \n310 | \n28 | \n12 | \n14 | \n\n
\n\n| concession arrangements | \n | \n | \n | \n | \n | \n | \n\n
\n\n| at amortized cost | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\n\n\n
\n\n\n| Other financial assets at amortized cost | \n404 | \n341 | \n1,320 | \n1,726 | \n\n
\n\n| Total | \n5,100 | \n5,709 | \n2 7,32 1 | \n28,495 | \n\n
\n\n\n\n
\n\n
Impairment of financial assets measured
\nat amortized cost
\nFinancial assets measured at amortized cost amount-
\ned to \u20ac32,421 million at December 31, 2024 (\u20ac34,204
\nmillion at December 31, 2023) and are recognized
\nnet of allowances for expected credit losses totaling
\n\u20ac4,152 million at December 31, 2024 (\u20ac4,098 million
\nat the end of the previous year).
\nThe Group mainly has the following types of financial
\nassets measured at amortized cost subject to impair-
\nment testing:
\n\u2022 cash and cash equivalents;
\n\u2022 trade receivables and contract assets;
\n\u2022 loan assets;
\n\u2022 other financial assets.
\nWhile cash and cash equivalents are also subject to
\nthe impairment requirements of IFRS 9, the identified
\nimpairment loss was immaterial.
\n\nThe expected credit loss (ECL) \u2013 determined using
\nprobability of default (PD), loss given default (LGD) and
\nexposure at default (EAD) \u2013 is the difference between
\nall contractual cash flows that are due in accordance
\nwith the contract and all cash flows that are expected
\nto be received (i.e. all shortfalls) discounted at the orig-
\ninal effective interest rate (EIR).
\nFor calculating ECL, the Group applies two different
\napproaches:
\n\u2022 the general approach, for financial assets other than
\ntrade receivables, contract assets and lease receiva-
\nbles. This approach, based on an assessment of any
\nsignificant increase in credit risk since initial rec-
\nognition, is performed comparing PD at origination
\nwith PD at the reporting date, at each reporting date.
\nThen, based on the results of the assessment, a loss
\nallowance is recognized based on 12-month ECL or
\nlifetime ECL (i.e. staging):
\n\u2022 12-month ECL, for financial assets for which there
\nhas not been a significant increase in credit risk
\nsince initial recognition;
\n\u2022 lifetime ECL, for financial assets for which there
\nhas been a significant increase in credit risk or
\nwhich are credit impaired (i.e. defaulted based on
\npast due information);
\n\u2022 the simplified approach, for trade receivables, con-
\ntract assets and lease receivables with or without a
\nsignificant financing component, based on lifetime
\nECL without tracking changes in credit risk.
\nA forward-looking adjustment can be applied consid-
\nering qualitative and quantitative information in order
\nto reflect future events and macroeconomic develop-
\nments that could impact the risk associated with the
\nportfolio or financial instrument.
\nDepending on the nature of the financial assets and
\nthe credit risk information available, the assessment of
\nthe increase in credit risk can be performed on:
\n\u2022 an individual basis, if the receivables are individually
\nsignificant and for all receivables which have been
\nindividually identified for impairment based on rea-
\nsonable and supportable information;
\n\u2022 a collective basis, if no reasonable and supportable
\ninformation is available without undue cost or effort
\nto measure expected credit losses on an individual
\ninstrument basis.
\nWhen there is no reasonable expectation of recover-
\ning a financial asset in its entirety or a portion thereof,
\nthe gross carrying amount of the financial asset shall
\nbe reduced.
\nA write-off represents a derecognition event (e.g. the
\nright to cash flows is legally or contractually extin-
\nguished, transferred or expired).
\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\nThe following table reports expected credit losses on financial assets measured at amortized cost on the basis of
\nthe general simplified approach.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n\n\n\n\n
\n\n | \n | \nExpected | \n | \n | \nExpected | \n | \n\n\n\n\n\n
\n\n | \nGross | \ncredit loss | \n | \nGross | \ncredit loss | \n | \n\n\n\n\n\n
\n\n| Millions of euro | \namount | \nallowance | \nTotal | \namount | \nallowance | \nTotal | \n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n8,022 | \n- | \n8,022 | \n6,772 | \n- | \n6,772 | \n\n\n\n\n\n
\n\n| Trade receivables | \n19,704 | \n3,763 | \n15,941 | \n21,548 | \n3,775 | \n17,773 | \n\n\n\n\n\n
\n\n| Loan assets | \n6,776 | \n316 | \n6,460 | \n7,579 | \n311 | \n7, 26 8 | \n\n\n\n\n\n
\n\n| Other financial assets at amortized cost | \n2,071 | \n73 | \n1,998 | \n2,403 | \n12 | \n2,391 | \n\n\n\n\n\n
\n\n| Total | \n36,573 | \n4,152 | \n32,421 | \n38,302 | \n4,098 | \n34,204 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
To measure expected losses, the Group assesses
\ntrade receivables and contract assets with the sim-
\nplified approach, both on an individual basis (e.g.
\ngovernment entities, authorities, financial counter-
\nparties, wholesale sellers, traders and large compa-
\nnies, etc.) and a collective basis (e.g. retail custom-
\ners).
\nIn the case of individual assessments, PD is generally
\nobtained from external providers.
\nOtherwise, in the case of collective assessments,
\ntrade receivables are grouped on the basis of their
\nshared credit risk characteristics and information on
\npast due positions, considering a specific definition
\nof default.
\nBased on each business and local regulatory frame-
\nwork, as well as differences between customer port-
\nfolios, including their default and recovery rates
\n(comprising expectations for recovery beyond 90
\ndays):
\n\u2022 the Group mainly defines a defaulted position as
\none that is 180 days past due. Accordingly, beyond
\nthis time limit, trade receivables are presumed to be
\ncredit impaired); and
\n\u2022 specific clusters are defined on the basis of specific
\nmarkets, business and risk characteristics.
\nContract assets substantially have the same risk char-
\nacteristics as trade receivables for the same types of
\ncontracts.
\nIn order to measure the ECL for trade receivables on
\na collective basis, as well as for contract assets, the
\nGroup uses the following assumptions regarding the
\nECL parameters:
\n\u2022 PD, assumed equal to the average default rate, is
\ncalculated by cluster and considering historical data
\nfrom at least 24 months;
\n\u2022 LGD is a function of the recovery rates for each clus-
\nter, discounted using the effective interest rate; and
\n\u2022 EAD is estimated as equal to the carrying amount
\nat the reporting date net of cash deposits, including
\ninvoices issued but not past due and invoices to be
\nissued.
\nThe following table reports changes in the allowance
\nfor expected credit losses on loan assets in accord-
\nance with the general approach.
\n\n
\n\n\n| Millions of euro | \nECL 12-month allowance | \nECL lifetime allowance | \n\n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2023 | \n29 | \n219 | \n\n\n\n\n\n
\n\n| Accruals | \n- | \n36 | \n\n\n\n\n\n
\n\n| Uses | \n- | \n11 | \n\n\n\n\n\n
\n\n| Reversals to profit or loss | \n(32) | \n(6) | \n\n\n\n\n\n
\n\n| Other changes | \n45 | \n9 | \n\n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2023 | \n42 | \n269 | \n\n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2024 | \n42 | \n269 | \n\n\n\n\n\n
\n\n| Accruals | \n- | \n87 | \n\n\n\n\n\n
\n\n| Uses | \n- | \n(22) | \n\n\n\n\n\n
\n\n| Reversals to profit or loss | \n(9) | \n(6) | \n\n\n\n\n\n
\n\n| Other changes | \n86 | \n(131) | \n\n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2024 | \n119 | \n197 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n\nThe following table reports changes in the allowance for expected credit losses on trade receivables in accordance
\nwith the simplified approach.
\n\n
\n\n\n| Millions of euro | \n | \n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2023 | \n3,783 | \n\n\n\n\n
\n\n| Accruals | \n1,384 | \n\n\n\n\n
\n\n| Uses | \n(1,136) | \n\n\n\n\n
\n\n| Reversals to profit or loss | \n(210) | \n\n\n\n\n
\n\n| Other changes | \n(46) | \n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2023 | \n3,775 | \n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2024 | \n3,775 | \n\n\n\n\n
\n\n| Accruals | \n1,337 | \n\n\n\n\n
\n\n| Uses | \n(937) | \n\n\n\n\n
\n\n| Reversals to profit or loss | \n(244) | \n\n\n\n\n
\n\n| Other changes | \n(168) | \n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2024 | \n3,763 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
The following table reports changes in the allowance for expected credit losses on other financial assets at amor-
\ntized cost in accordance with the simplified approach.
\n\n
\n\n\n| Millions of euro | \nECL lifetime allowance | \n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2023 | \n56 | \n\n\n\n\n
\n\n| Accruals | \n149 | \n\n\n\n\n
\n\n| Uses | \n- | \n\n\n\n\n
\n\n| Reversals to profit or loss | \n(1) | \n\n\n\n\n
\n\n| Other changes | \n(192) | \n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2023 | \n12 | \n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2024 | \n12 | \n\n\n\n\n
\n\n| Accruals | \n227 | \n\n\n\n\n
\n\n| Uses | \n- | \n\n\n\n\n
\n\n| Reversals to profit or loss | \n(4) | \n\n\n\n\n
\n\n| Other changes | \n(162) | \n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2024 | \n73 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\nNote 47 \u201cRisk management\u201d provides additional infor-
\nmation on the exposure to credit risk and expected
\nlosses.
\n
\n\n\n\n\n\n\n\n\n\n\n46.1.2 Financial assets at fair value through
\nother comprehensive income
\nThe following table shows financial assets at fair val-
\nue through other comprehensive income by nature,
\nbroken down into current and non-current financial
\nassets.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \nNon-current | \n | \nCurrent | \n\n\n\n\n
\n\n | \n | \nat Dec. 31, | \nat Dec. 31, | \n | \nat Dec. 31, | \nat Dec. 31, | \n\n\n\n\n
\n\n| Millions of euro | \nNotes | \n2024 | \n2023 | \nNotes | \n2024 | \n2023 | \n\n\n\n\n
\n\n| Investments in other companies at FVOCI | \n27 | \n587 | \n338 | \n | \n- | \n- | \n\n\n\n\n
\n\n| Securities at FVOCI | \n2 7. 1 | \n572 | \n505 | \n28.1 | \n138 | \n81 | \n\n\n\n\n
\n\n| Receivables and other financial assets at | \n | \n- | \n39 | \n | \n- | \n- | \n\n\n\n\n
\n\n| FVOCI | \n | \n | \n | \n | \n | \n | \n\n\n\n\n
\n\n| Total | \n | \n1,159 | \n882 | \n | \n138 | \n81 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\nChanges in financial assets at FVOCI
\nInvestments in other companies
\n\n
\n\n\n| Millions of euro | \nNon-current | \nCurrent | \n\n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2024 | \n338 | \n- | \n\n\n\n\n\n
\n\n| Purchases | \n- | \n- | \n\n\n\n\n\n
\n\n| Sales | \n- | \n- | \n\n\n\n\n\n
\n\n| Changes in fair value through OCI | \n109 | \n- | \n\n\n\n\n\n
\n\n| Other changes | \n140 | \n- | \n\n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2024 | \n587 | \n- | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
Securities and other receivables at FVOCI
\n\n
\n\n\n| Millions of euro | \nNon-current | \nCurrent | \n\n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2024 | \n505 | \n81 | \n\n\n\n\n\n
\n\n| Purchases | \n271 | \n11 | \n\n\n\n\n\n
\n\n| Sales | \n(66) | \n(61) | \n\n\n\n\n\n
\n\n| Changes in fair value through OCI | \n17 | \n1 | \n\n\n\n\n\n
\n\n| Reclassifications | \n(155) | \n155 | \n\n\n\n\n\n
\n\n| Other changes | \n- | \n(49) | \n\n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2024 | \n572 | \n138 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n\n46.1.3 Financial assets at fair value through
\nprofit or loss
\nThe following table shows financial assets at fair
\nvalue through profit or loss by nature, broken down
\ninto current and non-current financial assets.
\n\n
\n\n\n | \n | \nNon-current | \n | \nCurrent | \n\n\n\n\n\n
\n\n | \n | \nat Dec. 31, | \nat Dec. 31, | \n | \nat Dec. 31, | \nat Dec. 31, | \n\n\n\n\n\n
\n\n| Millions of euro | \nNotes | \n2024 | \n2023 | \nNotes | \n2024 | \n2023 | \n\n\n\n\n\n
\n\n| Derivatives at FVTPL | \n49 | \n126 | \n206 | \n49 | \n2,793 | \n4,443 | \n\n\n\n\n\n
\n\n| Investments in liquid assets | \n | \n- | \n- | \n33 | \n29 | \n29 | \n\n\n\n\n\n
\n\n| Securities and financial investments in funds | \n27. 1 | \n3 | \n- | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| or asset management at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Equity investments in other companies | \n27 | \n8 | \n8 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Financial assets from service concession | \n27 | \n3,930 | \n4,080 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| arrangements at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Financial assets from JDA at FVTPL | \n | \n95 | \n123 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| Other financial assets at FVTPL | \n | \n- | \n130 | \n28, 28.1 | \n171 | \n190 | \n\n\n\n\n\n
\n\n| Total | \n | \n4,162 | \n4,547 | \n | \n2,993 | \n4,662 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n46.1.4 Derivative financial assets designated
\nas hedging instruments
\nFor more information on derivative financial assets,
\nsee note 49 \u201cDerivatives and hedge accounting\u201d.
\n
\n\n\n\n\n\n\n\n\n\n\n",
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"Tag1183": {
"value": "\n\n
\n\n\n| Equity investments in other companies measured | \n595 | \n346 | \n249 | \n72.0% | \n
\n\n| at fair value | \n | \n | \n | \n | \n
\n\n
\n
\n\n\n\n\n\nThese negative effects were partly offset by the in-
\ncrease in equity investments in other companies
\nmainly due to:
\n
\n\n\n\n\n\n\u2022 the recognition of a 10% stake in Duereti, for \u20ac137
\nmillion, following the disposal, through the subsid-
\niary e-distribuzione, of 90% of interest in the com-
\npany to A2A;
\n\u2022 the increase in the value of the investment held
\nby Enel X International in Zacapa Topco S\u00e0rl in the
\namount of \u20ac90 million.
\nThe following is a breakdown of equity investments in
\nother companies measured at fair value.
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \n% held | \nat Dec. 31, 2023 | \n% held | \nChange | \n\n
\n\n| Zacapa Topco S\u00e0rl | \n377 | \n19.5% | \n287 | \n19.5% | \n90 | \n\n
\n\n| Duereti | \n137 | \n10.0% | \n- | \n- | \n137 | \n\n
\n\n| European Energy Exchange AG | \n42 | \n2.4% | \n22 | \n2.4% | \n20 | \n\n
\n\n| Hubject GmbH | \n8 | \n12.5% | \n11 | \n12.5% | \n(3) | \n\n
\n\n| Empresa Propietaria de la Red SA | \n9 | \n11.1% | \n8 | \n11.1% | \n1 | \n\n
\n\n| Termoel\u00e9ctrica Jos\u00e9 de San Mart\u00edn SA | \n5 | \n3.0% | \n3 | \n5.6% | \n2 | \n\n
\n\n| Termoel\u00e9ctrica Manuel Belgrano SA | \n5 | \n3.4% | \n2 | \n6.2% | \n3 | \n\n
\n\n| Other | \n12 | \n | \n13 | \n | \n(1) | \n\n
\n\n| Total | \n595 | \n | \n346 | \n | \n249 | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n",
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"value": "\n
\n\n
\n
\n29. Other non-current assets \u2013 \u20ac1,937 million
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n
\n\n| Amounts due from institutional market | \n391 | \n331 | \n60 | \n18.1% | \n
\n\n| operators | \n | \n | \n | \n | \n
\n\n| Net assets of personnel programs | \n72 | \n42 | \n30 | \n71.4% | \n
\n\n
\n
\n\n\n
\n\n\n| Tax assets >12 months | \n1,114 | \n1,487 | \n(373) | \n-25.1% | \n
\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n| Operating security deposits >12 months | \n282 | \n306 | \n(24) | \n-7.8% | \n
\n\n| Other | \n78 | \n83 | \n(5) | \n-6.0% | \n
\n\n| Total | \n1,937 | \n2,249 | \n(312) | \n-13.9% | \n
\n\n
\n
\u201cAmounts due from institutional market operators\u201d in-
\ncreased by \u20ac60 million on 2023, mainly in Spain in re-
\nspect of distribution activities.
\n\n
\n\n\u201cTax assets >12 months\u201d decreased by \u20ac373 million,
\nmainly reflecting exchange rate developments in
\nLatin America (\u20ac158 million), lower tax assets in Ita-
\nly (\u20ac116 million), mainly relating to \u201cEcosismabonus\u201d,
\nand in Chile (\u20ac94 million), essentially reflecting a re-
\nclassification due to the short-term recoverability of
\ntax credits.
\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n",
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"Tag1208": {
"value": "\n
\n
\n29. Other non-current assets \u2013 \u20ac1,937 million
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n
\n\n| Amounts due from institutional market | \n391 | \n331 | \n60 | \n18.1% | \n
\n\n| operators | \n | \n | \n | \n | \n
\n\n| Net assets of personnel programs | \n72 | \n42 | \n30 | \n71.4% | \n
\n\n
\n
\n\n\n
\n\n\n| Tax assets >12 months | \n1,114 | \n1,487 | \n(373) | \n-25.1% | \n
\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n| Operating security deposits >12 months | \n282 | \n306 | \n(24) | \n-7.8% | \n
\n\n| Other | \n78 | \n83 | \n(5) | \n-6.0% | \n
\n\n| Total | \n1,937 | \n2,249 | \n(312) | \n-13.9% | \n
\n\n
\n
\u201cAmounts due from institutional market operators\u201d in-
\ncreased by \u20ac60 million on 2023, mainly in Spain in re-
\nspect of distribution activities.
\n\n
\n\n\u201cTax assets >12 months\u201d decreased by \u20ac373 million,
\nmainly reflecting exchange rate developments in
\nLatin America (\u20ac158 million), lower tax assets in Ita-
\nly (\u20ac116 million), mainly relating to \u201cEcosismabonus\u201d,
\nand in Chile (\u20ac94 million), essentially reflecting a re-
\nclassification due to the short-term recoverability of
\ntax credits.
\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n30. Other current assets \u2013 \u20ac3,891 million
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n\n
\n\n| Amounts due from institutional market | \n904 | \n1,161 | \n(257) | \n-22.1% | \n\n
\n\n| operators | \n | \n | \n | \n | \n\n
\n\n| Advances to suppliers | \n356 | \n311 | \n45 | \n14.5% | \n\n
\n\n| Amounts due from employees | \n22 | \n28 | \n(6) | \n-21.4% | \n\n
\n\n| Non-monetary grants to be received | \n10 | \n24 | \n(14) | \n-58.3% | \n\n
\n\n| for environmental certificates(1) | \n | \n | \n | \n | \n\n
\n\n| Amounts due from others | \n1,056 | \n1,068 | \n(12) | \n-1.1% | \n\n
\n\n\n\n
\n\n
\n
\n\n\n| Sundry tax assets | \n1,272 | \n1,311 | \n(39) | \n-3.0% | \n
\n\n
\n
\n\n\n\n\n\n\n
\n\n\n| Current accrued income and prepayments | \n271 | \n196 | \n75 | \n38.3% | \n
\n\n
\n
\n\n\n\n\n\n
\n\n\n| Total | \n3,891 | \n4,099 | \n(208) | \n-5.1% | \n
\n\n
\n
(1) See note 56 \u201cEnvironmental programs\u201d.
\nOther current assets decreased mainly reflecting the
\ndecrease in amounts due from institutional market
\noperators, mainly reflecting a decrease in amounts re-
\nceivable in Italy in respect of the Energy and Environ-
\nmental Services Fund, mainly held by e-distribuzione
\nand Servizio Elettrico Nazionale.
\n
\n\n\n\n",
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"value": "\n
\n\n\n
\n\n\n| Tax assets >12 months | \n1,114 | \n1,487 | \n(373) | \n-25.1% | \n
\n\n
\n
\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\u201cTax assets >12 months\u201d decreased by \u20ac373 million,
\nmainly reflecting exchange rate developments in
\nLatin America (\u20ac158 million), lower tax assets in Ita-
\nly (\u20ac116 million), mainly relating to \u201cEcosismabonus\u201d,
\nand in Chile (\u20ac94 million), essentially reflecting a re-
\nclassification due to the short-term recoverability of
\ntax credits.
\n
\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n\n\n| Sundry tax assets | \n1,272 | \n1,311 | \n(39) | \n-3.0% | \n
\n\n
\n
\n\n\n\n\n
\n\n\n
\n\n\n| Other tax liabilities | \n1,289 | \n1,034 | \n255 | \n24.7% | \n\n
\n\n\n\n
\n\n
\n\n\n\n
\n\n\n\n
\n\n\u2022 the increase in other tax liabilities mainly attributa-
\nble to Spain reflecting higher liabilities for taxes on
\nelectricity generation as well as liabilities in respect
\nof value added tax of Italy;
\n
\n\n\n\n
\n\n\n",
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"value": "\n\n
\n\n\n| Tax assets >12 months | \n1,114 | \n1,487 | \n(373) | \n-25.1% | \n
\n\n
\n
\n\n\n\n\n\n\u201cTax assets >12 months\u201d decreased by \u20ac373 million,
\nmainly reflecting exchange rate developments in
\nLatin America (\u20ac158 million), lower tax assets in Ita-
\nly (\u20ac116 million), mainly relating to \u201cEcosismabonus\u201d,
\nand in Chile (\u20ac94 million), essentially reflecting a re-
\nclassification due to the short-term recoverability of
\ntax credits.
\n
\n
\n\n\n\n\n\n\n
\n\n\n| Current accrued income and prepayments | \n271 | \n196 | \n75 | \n38.3% | \n
\n\n
\n
\n\n\n\n",
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"value": "\n
\n\n
\n
\n30. Other current assets \u2013 \u20ac3,891 million
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n\n
\n\n| Amounts due from institutional market | \n904 | \n1,161 | \n(257) | \n-22.1% | \n\n
\n\n| operators | \n | \n | \n | \n | \n\n
\n\n| Advances to suppliers | \n356 | \n311 | \n45 | \n14.5% | \n\n
\n\n| Amounts due from employees | \n22 | \n28 | \n(6) | \n-21.4% | \n\n
\n\n| Non-monetary grants to be received | \n10 | \n24 | \n(14) | \n-58.3% | \n\n
\n\n| for environmental certificates(1) | \n | \n | \n | \n | \n\n
\n\n| Amounts due from others | \n1,056 | \n1,068 | \n(12) | \n-1.1% | \n\n
\n\n\n\n
\n\n
\n
\n\n\n| Sundry tax assets | \n1,272 | \n1,311 | \n(39) | \n-3.0% | \n
\n\n
\n
\n\n\n\n\n\n\n
\n\n\n| Current accrued income and prepayments | \n271 | \n196 | \n75 | \n38.3% | \n
\n\n
\n
\n\n\n\n\n\n
\n\n\n| Total | \n3,891 | \n4,099 | \n(208) | \n-5.1% | \n
\n\n
\n
(1) See note 56 \u201cEnvironmental programs\u201d.
\nOther current assets decreased mainly reflecting the
\ndecrease in amounts due from institutional market
\noperators, mainly reflecting a decrease in amounts re-
\nceivable in Italy in respect of the Energy and Environ-
\nmental Services Fund, mainly held by e-distribuzione
\nand Servizio Elettrico Nazionale.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1253": {
"value": "\n31. Inventories \u2013 \u20ac3,643 million
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n
\n\n| Raw and ancillary materials, and consumables: | \n | \n | \n | \n | \n
\n\n| - fuels | \n1,335 | \n1,598 | \n(263) | \n-16.5% | \n
\n\n| - materials, equipment and other inventories | \n2,013 | \n2,000 | \n13 | \n0.7% | \n
\n\n| Total | \n3,348 | \n3,598 | \n(250) | \n-6.9% | \n
\n\n| Environmental certificates: | \n | \n | \n | \n | \n
\n\n| - CO2 emissions allowances | \n57 | \n514 | \n(457) | \n-88.9% | \n
\n\n| - guarantees of origin | \n72 | \n39 | \n33 | \n84.6% | \n
\n\n| - energy efficiency certificates | \n4 | \n- | \n4 | \n- | \n
\n\n| - other environmental certificates | \n6 | \n6 | \n- | \n- | \n
\n\n| Total | \n139 | \n559 | \n(420) | \n-75.1% | \n
\n\n| Buildings held for sale | \n43 | \n45 | \n(2) | \n-4.4% | \n
\n\n| Payments on account | \n113 | \n88 | \n25 | \n28.4% | \n
\n\n| TOTAL | \n3,643 | \n4,290 | \n(647) | \n-15.1% | \n
\n\n
\n
Raw and ancillary materials, and consumables consist
\nof materials and equipment used to operate, maintain,
\nand construct power plants and distribution networks,
\nas well as fuel inventories to cover the Company\u2019s re-
\nquirements for generation and trading activities.
\nThe overall decrease in inventories in 2024 (\u20ac647 mil-
\nlion) is mainly attributable to a decrease in inventories
\nof fuel in Italy and the decrease in CO
\n2
\n emissions al-
\nlowances in Italy mainly used for compliance obliga-
\ntions pertaining to the period.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1030": {
"value": "\n32. Trade receivables \u2013 \u20ac15,941 million
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n | \nChange | \n | \n
\n\n| Customers: | \n | \n | \n | \n | \n | \n
\n\n| - electricity sales and transport | \n10,263 | \n11,133 | \n(870) | \n | \n-7.8 % | \n
\n\n| - distribution and sale of gas | \n1,491 | \n2,811 | \n(1,320) | \n | \n-47.0% | \n
\n\n| - other assets | \n4,008 | \n3,646 | \n362 | \n | \n9.9% | \n
\n\n| Total trade receivables due from customers | \n15,762 | \n17,590 | \n(1,828) | \n | \n-10.4% | \n
\n\n| Trade receivables due from associates | \n179 | \n183 | \n(4) | \n | \n-2.2% | \n
\n\n| and joint ventures | \n | \n | \n | \n | \n | \n
\n\n| TOTAL | \n15,941 | \n17,773 | \n(1,832) | \n | \n-10.3% | \n
\n\n
\n
Trade receivables due from customers are recognized
\nnet of loss allowances, which totaled \u20ac3,763 million
\nat the end of the year, compared with a balance of
\n\u20ac3,775 million at the end of 2023.
\nSpecifically, the decrease in 2024, totaling \u20ac1,832
\nmillion, is attributable to a decrease in receivables for
\nboth electricity and gas sale and transport recognized
\nin the year.
\nThe change was mainly recognized in Italy (\u20ac1,424
\nmillion), Spain (\u20ac576 million) and Brazil (\u20ac348 million),
\npartly offset by increases in Chile (\u20ac204 million) and Ar-
\ngentina (\u20ac169 million).
\nFor more information on trade receivables, see note
\n46 \u201cFinancial instruments by category\u201d.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1031": {
"value": "\n33. Cash and cash equivalents \u2013 \u20ac8,051 million
\nCash and cash equivalents, detailed in the following table, increased by \u20ac1,250 million mainly in Chile and Italy,
\npartially offset by a decrease in Spain.
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n | \nChange | \n | \n
\n\n| Bank and postal deposits | \n4,762 | \n4,664 | \n98 | \n | \n2.1% | \n
\n\n| Cash and cash equivalents on hand | \n33 | \n23 | \n10 | \n | \n43.5% | \n
\n\n| Other investments of liquidity | \n3,256 | \n2 ,114 | \n1,142 | \n | \n54.0% | \n
\n\n| Total | \n8,051 | \n6,801 | \n1,250 | \n | \n18.4% | \n
\n\n
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1276": {
"value": "\n34. Assets and liabilities included in disposal groups classified as held for sale
\n\u2013 \u20ac415 million and \u20ac150 million
\nChanges in assets held for sale in 2024 break down as follows.
\n\n
\n\n\n | \n | \nReclassification | \nReclassification | \nDisposals and | \n | \n | \n | \n | \n | \n\n
\n\n | \n | \nto current and | \nfrom current | \nchange in the | \n | \n | \n | \n | \n | \n\n
\n\n | \nat Dec. | \nnon-current | \nand non- | \nconsolidation | \n(Impairment)/ | \nExchange | \n | \nOther | \nat Dec. | \n\n
\n\n| Millions of euro | \n31, 2023 | \nassets | \ncurrent assets | \nscope | \nReversal | \ndifferences | \nInvestments | \nchanges | \n31, 2024 | \n\n
\n\n| Property, plant and | \n3,708 | \n(694) | \n599 | \n(3,462) | \n(60) | \n- | \n189 | \n(50) | \n230 | \n\n
\n\n| equipment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Investment property | \n- | \n- | \n37 | \n- | \n- | \n- | \n- | \n- | \n37 | \n\n
\n\n| Intangible assets | \n715 | \n(6) | \n8 | \n(695) | \n- | \n(7) | \n- | \n(8) | \n7 | \n\n
\n\n| Goodwill | \n572 | \n- | \n40 | \n(543) | \n(40) | \n(4) | \n- | \n- | \n25 | \n\n
\n\n| Deferred tax assets | \n196 | \n(44) | \n13 | \n(158) | \n- | \n- | \n- | \n(7) | \n- | \n\n
\n\n| Equity-accounted | \n1 | \n- | \n59 | \n(11) | \n- | \n1 | \n- | \n- | \n50 | \n\n
\n\n| investments | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Non-current financial | \n- | \n- | \n8 | \n(7) | \n- | \n- | \n- | \n- | \n1 | \n\n
\n\n| assets and securities | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Other non-current | \n35 | \n- | \n1 | \n(31) | \n- | \n1 | \n- | \n1 | \n7 | \n\n
\n\n| assets | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Inventories | \n127 | \n(47) | \n10 | \n(121) | \n(1) | \n- | \n- | \n47 | \n15 | \n\n
\n\n| Trade receivables | \n210 | \n(2) | \n7 | \n(255) | \n(1) | \n(1) | \n- | \n50 | \n8 | \n\n
\n\n| Tax receivables | \n39 | \n(8) | \n1 | \n(66) | \n- | \n1 | \n- | \n42 | \n9 | \n\n
\n\n| Current financial assets | \n1 | \n(1) | \n7 | \n(1) | \n- | \n- | \n- | \n1 | \n7 | \n\n
\n\n| and securities | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Other current assets | \n54 | \n(10) | \n2 | \n(25) | \n- | \n- | \n- | \n(8) | \n13 | \n\n
\n\n| Cash and cash | \n261 | \n(38) | \n7 | \n(119) | \n- | \n2 | \n- | \n(107) | \n6 | \n\n
\n\n| equivalents | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total | \n5,919 | \n(850) | \n799 | \n(5,494) | \n(102) | \n(7) | \n189 | \n(39) | \n415 | \n\n
\n\n\n\n
\n\n
Developments in liabilities break down as follows.
\n\n
\n\n\n | \n | \nReclassification | \nReclassification | \nDisposals and | \n | \n | \n | \n\n
\n\n | \n | \nto current and | \nfrom current | \nchange in the | \n | \n | \n | \n\n
\n\n | \nat Dec. 31, | \nnon-current | \nand non-current | \nconsolidation | \nExchange | \nOther | \nat Dec. 31, | \n\n
\n\n| Millions of euro | \n2023 | \nliabilities | \nliabilities | \nscope | \ndifferences | \nchanges | \n2024 | \n\n
\n\n| Long-term borrowings | \n730 | \n(215) | \n19 | \n(469) | \n2 | \n(58) | \n9 | \n\n
\n\n| Post-employment and other employee | \n5 | \n- | \n1 | \n(6) | \n- | \n- | \n- | \n\n
\n\n| benefits | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Provisions for risks and charges, | \n36 | \n(10) | \n7 | \n(31) | \n1 | \n4 | \n7 | \n\n
\n\n| non-current portion | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Deferred tax liabilities | \n505 | \n- | \n2 | \n(492) | \n- | \n13 | \n28 | \n\n
\n\n| Non-current contract liabilities | \n- | \n- | \n2 | \n(2) | \n- | \n- | \n- | \n\n
\n\n| Other non-current financial liabilities | \n10 | \n(6) | \n- | \n- | \n- | \n(4) | \n- | \n\n
\n\n| Other non-current liabilities | \n54 | \n(34) | \n4 | \n(20) | \n- | \n(4) | \n- | \n\n
\n\n| Short-term borrowings | \n276 | \n- | \n- | \n(349) | \n2 | \n134 | \n63 | \n\n
\n\n| Long-term borrowings, current portion | \n145 | \n- | \n4 | \n(143) | \n(2) | \n(1) | \n3 | \n\n
\n\n| Provisions for risks and charges, | \n9 | \n- | \n4 | \n(14) | \n(1) | \n2 | \n- | \n\n
\n\n| current portion | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Trade payables | \n337 | \n(57) | \n8 | \n(171) | \n(1) | \n(104) | \n12 | \n\n
\n\n| Income tax liabilities | \n56 | \n- | \n- | \n(72) | \n1 | \n22 | \n7 | \n\n
\n\n| Other current financial liabilities | \n9 | \n(1) | \n- | \n(10) | \n- | \n2 | \n- | \n\n
\n\n| Other current liabilities | \n144 | \n(9) | \n50 | \n(162) | \n(1) | \n(1) | \n21 | \n\n
\n\n| Total | \n2,316 | \n(332) | \n101 | \n(1,941) | \n1 | \n5 | \n150 | \n\n
\n\n\n\n
\n\n
\n\n\n\nThe item essentially includes assets measured at
\nthe lower of cost, understood as their net carrying
\namount, and the estimated realizable value, which, due
\nto management decisions, meet the requirements of
\n\u201cIFRS 5 - Non-current assets held for sale and discon-
\ntinued operations\u201d for their classification in this item.
\nThe balances of assets held for sale and associated li-
\nabilities at December 31, 2024 came to, respectively,
\n\u20ac415 million and \u20ac150 million and mainly refer to:
\n\u2022 in India: agreement signed to sell Enel Green Power
\nIndia, with a net installed capacity of about 640 MW
\nincluding solar and wind projects, for a project pipe-
\nline of about 2.5 GW in a number of Indian states;
\n\u2022 in Spain: land adjacent to the former headquarters of
\nGas y Electricidad Generaci\u00f3n SAU located in Palma
\nde Mallorca, on which Edistribuci\u00f3n Redes Digitales
\nSLU signed a sale agreement on December 30, 2024;
\n\u2022 in Colombia: the Windpeshi wind farm under con-
\nstruction, which based on negotiations under way
\nsatisfies the requirements of IFRS 5;
\n\u2022 in Peru: Enel Generaci\u00f3n Piura.
\nNote that, based on the agreement signed between
\nEnel Produzione SpA and EPH relating to the exercise
\nof the early call option by EPH, Slovensk\u00e9 elektr\u00e1rne
\nwas classified under assets held for sale as it meets
\nthe requirements of IFRS 5. Following the reclassifica-
\ntion, the investment was completely written down.
\nA number of companies previously classified as held
\nfor sale were sold in 2024. In particular:
\n\u2022 the sale of assets relating to a portfolio of renewable
\nassets in the United States for 150 MW of operating
\ngeothermal and solar plants was finalized in the 1st
\nHalf of 2024;
\n\u2022 the sale of all the equity investments held in Enel
\nGeneraci\u00f3n Per\u00fa SAA and Compa\u00f1\u00eda Energ\u00e9tica Ve-
\nracruz SAC (owner of electricity generation assets)
\nwas finalized in the 1st Half of 2024, together with
\nthe sale of all the equity investments held in Enel
\nDistribuci\u00f3n Per\u00fa SAA and Enel X Per\u00fa SAC, oper-
\nating electricity distribution and supply as well as
\nadvanced energy services.
\nFor more information on the financial effects of the
\nabove transactions, please refer to the section \u201cMain
\nacquisitions and disposals during the year\u201d.
\nAlso note that, as from June 2024 net assets relating
\nto 3SUN are no longer classified as held for sale and
\nwere reclassified under assets and liabilities \u201cheld-for-
\nuse\u201d. Since they no longer met the requirements for
\nthe previous classification under IFRS 5, their sale is no
\nlonger considered highly probable by management.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1278": {
"value": "\n35. Equity \u2013 \u20ac49,171 million
\n35.1 Equity attributable to owners of the Parent \u2013 \u20ac33,731 million
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n\n
\n\n| Share capital | \n10,167 | \n10,167 | \n- | \n\n
\n\n| Treasury share reserve | \n(78) | \n(59) | \n(19) | \n\n
\n\n| Other reserves | \n5,651 | \n6,551 | \n(900) | \n\n
\n\n| Share premium reserve | \n7,4 9 6 | \n7,4 9 6 | \n- | \n\n
\n\n| Reserve for equity instruments - perpetual hybrid bonds | \n7, 14 5 | \n6,553 | \n592 | \n\n
\n\n| Legal reserve | \n2,034 | \n2,034 | \n- | \n\n
\n\n| Other reserves | \n2,363 | \n2,341 | \n22 | \n\n
\n\n| Translation reserve | \n(6,352) | \n(5,289) | \n(1,063) | \n\n
\n\n| Hedging reserve | \n(2,228) | \n(1,393) | \n(835) | \n\n
\n\n| Hedging costs reserve | \n182 | \n(38) | \n220 | \n\n
\n\n| Reserve from measurement of financial instruments at FVOCI | \n132 | \n10 | \n122 | \n\n
\n\n| Reserve from equity-accounted investments | \n(404) | \n(375) | \n(29) | \n\n
\n\n| Actuarial reserve | \n(1,092) | \n(1,185) | \n93 | \n\n
\n\n| Reserve from disposal of equity interests without loss of control | \n(2,405) | \n(2,390) | \n(15) | \n\n
\n\n| Reserve from acquisitions of non-controlling interests | \n(1,220) | \n(1,213) | \n(7) | \n\n
\n\n| Retained earnings | \n17,991 | \n15,096 | \n2,895 | \n\n
\n\n| Equity attributable to owners of the Parent | \n33,731 | \n31,755 | \n1,976 | \n\n
\n\n\n\n
\n\n
\n\n\n\n
\n
\n
\n\nShare capital \u2013 \u20ac10,167 million
\nAt December 31, 2024 the fully subscribed and paid-
\nup share capital of Enel SpA totaled \u20ac10,166,679,946,
\nrepresented by the same number of ordinary shares
\nwith a par value of \u20ac1.00 each. Enel SpA\u2019s share cap-
\nital was unchanged compared with the amount re-
\nported at December 31, 2023.
\nAt December 31, 2024, based on the shareholders
\nregister and the notices submitted to CONSOB and
\nreceived by the Parent pursuant to Article 120 of Leg-
\nislative Decree 58 of February 24, 1998, as well as
\nother available information, shareholders with inter-
\nests of greater than 3% in the Parent\u2019s share capital
\nwere the Ministry for the Economy and Finance (with
\na 23.585% stake) and BlackRock Inc. (with a 5.023%
\nstake held for asset management purposes).
\n
\n\n\n\n\nTreasury share reserve \u2013 \u20ac(78) million
\nAt December 31, 2024, treasury shares are represent-
\ned by 12,079,670 ordinary shares of Enel SpA with a
\npar value of \u20ac1.00 each (9,262,330 at December 31,
\n2023), purchased through an authorized intermedi-
\nary for a total of \u20ac78 million.
\n
\n\n\n\n\nOther reserves \u2013 \u20ac5,651 million
\nShare premium reserve \u2013 \u20ac7,496 million
\nPursuant to Article 2431 of the Italian Civil Code, the
\nshare premium reserve contains, in the case of the issue
\nof shares at a price above par, the difference between
\nthe issue price of the shares and their par value, includ-
\ning those resulting from conversion from bonds. The
\nreserve, which is a capital reserve, may not be distrib-
\nuted until the legal reserve has reached the threshold
\nestablished under Article 2430 of the Italian Civil Code.
\nReserve for equity instruments - perpetual hybrid
\nbonds \u2013 \u20ac7,145 million
\nThis reserve reports the nominal value, net of transac-
\ntion costs, of the non-convertible subordinated per-
\npetual hybrid bonds denominated in euros for inter-
\nnational investors.
\nThe change of \u20ac592 million in the reserve reflects the
\nissue of new bonds in the amount of \u20ac889 million, net
\nof transaction costs, partly offset by the repurchase
\nand subsequent cancellation of previous bonds in the
\namount of \u20ac297 million, including transaction costs.
\nIn 2024, coupons of \u20ac246 million were paid to holders
\nof perpetual hybrid bonds.
\nLegal reserve \u2013 \u20ac2,034 million
\nThe legal reserve is formed as allocation of part of
\nthe net income that, pursuant to Article 2430 of
\nthe Italian Civil Code, cannot be distributed as div-
\nidends.
\nOther reserves \u2013 \u20ac2,363 million
\nThese include \u20ac2,215 million related to the remaining
\nportion of the value adjustments carried out when
\nEnel was transformed from a public entity to a joint-
\nstock company.
\nPursuant to Article 47 of the Uniform Income Tax Code,
\nthis amount does not constitute taxable income when
\ndistributed.
\nTranslation reserve \u2013 \u20ac(6,352) million
\nThe decrease of \u20ac1,063 million in the period is main-
\nly due to the net depreciation of the functional cur-
\nrencies used by foreign subsidiaries, mainly in Latin
\nAmerica, against the euro (presentation currency of
\nthe Parent) and changes in the consolidation scope
\nfollowing the disposal of generation and distribution
\ncompanies in Peru.
\nHedging reserve \u2013 \u20ac(2,228) million
\nThis includes the net expense recognized in equity
\nfrom the measurement of hedging derivatives. The
\nchange in the year is mainly attributable to the release
\nby Enel Finance International of reserves in order to
\nmitigate the impact on the income statement of the
\nadjustment to the end-of-period exchange rate of
\nloans in foreign currency.
\nHedging costs reserve \u2013 \u20ac182 million
\nIn application of IFRS 9, this reserve includes the fair
\nvalue gains and losses on currency basis points and
\nforward points. The change in 2024 is mainly attrib-
\nutable to the increase in the fair value of exchange
\nrate hedging derivatives of Enel Finance Interna-
\ntional.
\nReserve from measurement of financial instruments
\nat FVOCI \u2013 \u20ac132 million
\nThis includes net unrealized fair value losses on finan-
\ncial assets. The change in 2024 is mainly attributable
\nto the value adjustment of the equity interest held by
\nEnel X International in Zacapa Topco S\u00e0rl.
\nReserve from equity-accounted investments
\n\u2013 \u20ac(404) million
\nThe reserve reports the share of comprehensive in-
\ncome to be recognized directly in equity of equi-
\nty-accounted investees. The change in 2024 is mainly
\nattributable to the change in the hedging reserve in
\nAustralia.
\n
\n
\n\n\n\n
\n\n\n\n
\n
\n\nActuarial reserve \u2013 \u20ac(1,092) million
\nThis reserve includes actuarial gains and losses in re-
\nspect of employee benefit liabilities, net of tax effects.
\nReserve from disposal of equity interests without
\nloss of control \u2013 \u20ac(2,405) million
\nThis item mainly reports:
\n\u2022 the gain posted on the public offering of Enel Green
\nPower shares, net of expenses associated with the
\ndisposal and the related taxation;
\n\u2022 the sale of non-controlling interests recognized as
\na result of the Enersis (now Enel Am\u00e9ricas and Enel
\nChile) capital increase;
\n\u2022 the capital loss, net of expenses associated with the
\ndisposal and the related taxation, from the public of-
\nfering of 21.92% of Endesa;
\n\u2022 the disposal to third parties of the non-controlling
\ninterest in Enel Green Power North America Renew-
\nable Energy Partners;
\n\u2022 the effects of the merger into Enel Am\u00e9ricas of
\nEndesa Am\u00e9ricas and Chilectra Am\u00e9ricas;
\n\u2022 the effects of the disposal of a 49% stake held by
\nEnel Green Power Canada in Pincher Creek LP and
\nRiverview LP;
\n\u2022 the effects of the disposal of a 49% stake in Enel Li-
\nbra Flexsys Srl, a company operating in Battery Ener-
\ngy Storage Systems (BESS) and owner of a number
\nof Open Cycle Gas Turbines plants (OCGT);
\n\u2022 the effects of the disposal of a 49.99% stake held
\nby Endesa in Enel Green Power Espa\u00f1a Solar 1 SLU.
\nReserve from acquisitions of non-controlling
\ninterests \u2013 \u20ac(1,220) million
\nThis reserve mainly includes the surplus of acquisi-
\ntion prices with respect to the carrying amount of the
\nequity acquired following the acquisition from third
\nparties of further interests in companies already con-
\ntrolled in Latin America.
\n
\n
\n\n\n\nRetained earnings \u2013 \u20ac17,991 million
\nThis reserve reports earnings from previous years that
\nhave not been distributed or allocated to other re-
\nserves.
\nThe table below shows the changes in gains and losses
\nrecognized directly in other comprehensive income,
\nincluding non-controlling interests, with specific re-
\nporting of the related tax effects.
\n\n
\n\n\n | \nat Dec. 31, 2023 | \nChange | \n | \nat Dec. 31, 2024 | \n
\n\n | \n | \n | \n | \nGains/ | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \nOf | \n | \n(Losses) | \n | \n | \n | \nOf | \n | \n | \nOf | \n | \n
\n\n | \n | \nwhich | \nOf which | \nrecognized | \n | \n | \n | \nwhich | \nOf which | \n | \nwhich | \nOf which | \n
\n\n | \n | \nowners | \nnon- | \nin equity | \nReleased | \n | \n | \nowners | \nnon- | \n | \nowners | \nnon- | \n
\n\n | \n | \nof the | \ncontrolling | \nduring the | \nto profit | \n | \n | \nof the | \ncontrolling | \n | \nof the | \ncontrolling | \n
\n\n| Millions of euro | \nTotal | \nParent | \ninterests | \nyear | \nor loss | \nTaxes | \nTotal | \nParent | \ninterests | \nTotal | \nParent | \ninterests | \n
\n\n| Translation | \n(11,404) | \n(5,839) | \n(5,565) | \n(1,853) | \n- | \n- | \n(1,853) | \n(1,297) | \n(556) | \n(13,257) | \n(7,136) | \n(6,121) | \n
\n\n| reserve | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Hedging reserve | \n(1,945) | \n(1,462) | \n(483) | \n(804) | \n(33) | \n209 | \n(628) | \n(850) | \n222 | \n(2,573) | \n(2,312) | \n(261) | \n
\n\n| Hedging costs | \n(62) | \n(48) | \n(14) | \n296 | \n(1) | \n(70) | \n225 | \n226 | \n(1) | \n163 | \n178 | \n(15) | \n
\n\n| reserve | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Reserve from | \n(22) | \n(17) | \n(5) | \n18 | \n(2) | \n(2) | \n14 | \n14 | \n- | \n(8) | \n(3) | \n(5) | \n
\n\n| measurement | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| of financial | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| instruments at | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| FVOCI | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Share of OCI | \n(488) | \n(504) | \n16 | \n(41) | \n- | \n6 | \n(35) | \n(35) | \n- | \n(523) | \n(539) | \n16 | \n
\n\n| of equity- | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| accounted | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| associates | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Reserve from | \n(16) | \n(16) | \n- | \n109 | \n- | \n- | \n109 | \n108 | \n1 | \n93 | \n92 | \n1 | \n
\n\n| measurement | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| of equity | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| investments | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| in other | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| companies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Actuarial | \n(1,625) | \n(1,136) | \n(489) | \n177 | \n- | \n(50) | \n127 | \n93 | \n34 | \n(1,498) | \n(1,043) | \n(455) | \n
\n\n| reserve | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Total gains/ | \n(15,562) | \n(9,022) | \n(6,540) | \n(2,098) | \n(36) | \n93 | \n(2,041) | \n(1 ,741) | \n(300) | \n(17,603) | \n(10,763) | \n(6,840) | \n
\n\n| (losses) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| recognized in | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| equity | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n
\n
\n\n\n\n
\n\n
\n
\n35.2 Dividends
\n\n
\n\n\n | \nAmount | \nDividend | \n
\n\n | \ndistributed | \nper share | \n
\n\n | \n(millions of euro) | \n(euro) | \n
\n\n| Dividends distributed in 2023 | \n | \n | \n
\n\n| Dividends for 2022 | \n4,064 | \n0.40 | \n
\n\n| Interim dividends for 2023(1) | \n- | \n- | \n
\n\n| Special dividends | \n- | \n- | \n
\n\n| Total dividends distributed in 2023 | \n4,064 | \n0.40 | \n
\n\n| Dividends distributed in 2024 | \n | \n | \n
\n\n| Dividends for 2023 | \n4,367 | \n0.43 | \n
\n\n| Interim dividends for 2024(2) | \n- | \n- | \n
\n\n| Special dividends | \n- | \n- | \n
\n\n| Total dividends distributed in 2024 | \n4,367 | \n0.43 | \n
\n\n
\n
(1) Approved by the Board of Directors on November 7, 2023 and paid as from January 24, 2024 (interim dividend of \u20ac0.215 per share for a total
\nof \u20ac2,186 million).
\n(2) Approved by the Board of Directors on November 6, 2024 and paid as from January 22, 2025 (interim dividend of \u20ac0.215 per share for a total
\nof \u20ac2,186 million).
\nDividends distributed are shown net of amounts due
\nto treasury shares at the respective \u201crecord dates\u201d.
\nThese shares were waived for collection and allocated
\nto \u201cretained earnings\u201d.
\nThe dividend for 2024 is equal to \u20ac0.47 per share, for a
\ntotal of \u20ac4,778 million (of which \u20ac0.215 per share for a
\ntotal of \u20ac2,186 million already paid as an interim divi-
\ndend). It will be proposed to the Shareholders\u2019 Meeting
\nof May 22, 2025 at single call.
\nThese consolidated financial statements do not take
\naccount of the effects of the distribution to share-
\nholders of the dividend for 2024, except for the liabil-
\nity in respect of shareholders for the interim dividend
\nfor 2024, which was approved by the Board of Direc-
\ntors on November 6, 2024 for a potential maximum of
\n\u20ac2,186 million, and paid as from January 22, 2025 net
\nof the portion pertaining to the 12,079,670 treasury
\nshares held as at the record date of January 21, 2025.
\nIn 2024 the Group also paid \u20ac246 million in coupons to
\nholders of perpetual hybrid bonds.
\n\nCapital management
\nThe Group\u2019s objectives for managing capital com-
\nprise safeguarding the business as a going concern,
\ncreating value for stakeholders and supporting the
\ndevelopment of the Group. In particular, the Group
\nseeks to maintain an adequate capitalization that en-
\nables it to achieve a satisfactory return for sharehold-
\ners and ensure access to external sources of financ-
\ning, in part by maintaining an adequate rating.
\nIn this context, the Group manages its capital struc-
\nture and adjusts that structure when changes in eco-
\nnomic conditions so require. There were no substan-
\ntive changes in objectives, policies or processes in
\n2024.
\nTo this end, the Group constantly monitors develop-
\nments in the level of its debt in relation to equity. The
\nsituation at December 31, 2024 and 2023 is summa-
\nrized in the following table.
\n
\n\n\n\n\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n
\n\n| Non-current financial debt | \n60,064 | \n61,093 | \n(1,029) | \n
\n\n| Net current financial position | \n(1,621) | \n2,907 | \n(4,528) | \n
\n\n| Non-current financial assets and long-term securities | \n(2,676) | \n(3,837) | \n1,161 | \n
\n\n| Net financial debt | \n55,767 | \n60,163 | \n(4,396) | \n
\n\n| Equity attributable to owners of the Parent | \n33,731 | \n31,755 | \n1,976 | \n
\n\n| Non-controlling interests | \n15,440 | \n13,354 | \n2,086 | \n
\n\n| Equity | \n49,171 | \n45,109 | \n4,062 | \n
\n\n| Debt/Equity ratio | \n1.13 | \n1.33 | \n(0.20) | \n
\n\n
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n
\n
\n
\n
\n\n
\n\nThe decrease in the debt/equity ratio, which meas-
\nures financial leverage, is essentially attributable to
\nthe increase in equity as a result of profit for the year
\nand in non-controlling interests following dispos-
\nals without loss of control, partly offset by dividend
\ndistributions, and the reduction in net financial debt
\nmainly reflecting the sale of equity interests during
\nthe year.
\n
\n\n\n\n
\n\n\n\n\n
\n\nSee note 45 for a breakdown of the individual items
\nin the table.
\n
\n\n\n\n
\n\n\n\n\n
\n
\n
\n\n
\n\n35.3 Non-controlling interests
\n\u2013 \u20ac15,440 million
\nThe following table presents the composition of non-con-
\ntrolling interests by geographical area.
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n\n\n
\n\n\n | \n | \n | \nProfit for the year attributable | \n
\n\n | \nNon-controlling interests | \nto non-controlling interests | \n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n
\n\n| Italy | \n1,092 | \n- | \n10 | \n- | \n
\n\n| Iberia | \n6,517 | \n5,470 | \n534 | \n192 | \n
\n\n| Latin America | \n7,5 87 | \n7,665 | \n652 | \n666 | \n
\n\n| Europe | \n1 | \n- | \n- | \n3 | \n
\n\n| North America | \n124 | \n151 | \n9 | \n(39) | \n
\n\n| Africa, Asia and Oceania | \n119 | \n68 | \n8 | \n7 | \n
\n\n| Total | \n15,440 | \n13,354 | \n1,213 | \n829 | \n
\n\n
\n
The change in non-controlling interests mainly reflects
\nthe sale to Sosteneo Energy Transition 1 of a 49%
\nstake in Enel Libra Flexsys Srl, the sale to Masdar of a
\n49.99% stake in Enel Green Power Espa\u00f1a Solar 1 SLU.
\nand the result for the period, partly offset by dividend
\ndistribution and the disposal of generation and distri-
\nbution companies in Peru.
\nThe financial disclosure requirements of IFRS 12 for
\nsubsidiaries with significant non-controlling interests
\nare reported below.
\n\n
\n\n\n | \nNon-current assets | \nCurrent assets | \nTotal assets | \n
\n\n | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n
\n\n| Millions of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n
\n\n| Subsidiaries | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Am\u00e9ricas | \n26,771 | \n27,578 | \n5,954 | \n8,459 | \n32,725 | \n36,037 | \n
\n\n| Enel Chile | \n10,858 | \n10,810 | \n1,939 | \n1,722 | \n12,797 | \n12,532 | \n
\n\n| Endesa | \n42,964 | \n43,701 | \n3,930 | \n4,033 | \n46,894 | \n47,7 34 | \n
\n\n
\n
\n
\n\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \nEquity attributable to | \nNon-controlling | \n
\n\n | \nNon-current liabilities | \nCurrent liabilities | \nTotal liabilities | \nEquity | \nowners of the Parent | \ninterests | \n
\n\n| Millions | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n
\n\n| of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n
\n\n| Subsidiaries | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel | \n9,292 | \n10,466 | \n5,654 | \n7,314 | \n14,946 | \n17,7 80 | \n17,7 79 | \n18,257 | \n12,627 | \n12,936 | \n5,152 | \n5,321 | \n
\n\n| Am\u00e9ricas | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Chile | \n3,637 | \n3,706 | \n2,843 | \n2,730 | \n6,480 | \n6,436 | \n6,317 | \n6,096 | \n3,881 | \n3,753 | \n2,436 | \n2,343 | \n
\n\n| Endesa | \n15,818 | \n16,018 | \n7,6 83 | \n10,045 | \n23,501 | \n26,063 | \n23,393 | \n21,671 | \n16,876 | \n16,202 | \n6,517 | \n5,469 | \n
\n\n
\n
\n
\n\n\n | \n | \n | \n | \n | \nProfit | \nProfit attributable | \nProfit attributable | \n
\n\n | \n | \n | \n | \n | \nfrom continuing | \nto owners | \nto non-controlling | \n
\n\n | \nTotal revenue | \nPre-tax profit | \noperations | \nof the Parent | \ninterests | \n
\n\n| Millions of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n
\n\n| Subsidiaries | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Am\u00e9ricas | \n15,202 | \n13,400 | \n3,108 | \n1,639 | \n2,056 | \n877 | \n1,495 | \n504 | \n561 | \n373 | \n
\n\n| Enel Chile | \n3,852 | \n4,678 | \n214 | \n996 | \n182 | \n748 | \n90 | \n456 | \n92 | \n292 | \n
\n\n| Endesa | \n21,315 | \n25,423 | \n2,430 | \n839 | \n1,773 | \n595 | \n1,238 | \n402 | \n535 | \n193 | \n
\n\n
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1283": {
"value": "\nShare capital \u2013 \u20ac10,167 million
\nAt December 31, 2024 the fully subscribed and paid-
\nup share capital of Enel SpA totaled \u20ac10,166,679,946,
\nrepresented by the same number of ordinary shares
\nwith a par value of \u20ac1.00 each. Enel SpA\u2019s share cap-
\nital was unchanged compared with the amount re-
\nported at December 31, 2023.
\nAt December 31, 2024, based on the shareholders
\nregister and the notices submitted to CONSOB and
\nreceived by the Parent pursuant to Article 120 of Leg-
\nislative Decree 58 of February 24, 1998, as well as
\nother available information, shareholders with inter-
\nests of greater than 3% in the Parent\u2019s share capital
\nwere the Ministry for the Economy and Finance (with
\na 23.585% stake) and BlackRock Inc. (with a 5.023%
\nstake held for asset management purposes).
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1284": {
"value": "\nTreasury share reserve \u2013 \u20ac(78) million
\nAt December 31, 2024, treasury shares are represent-
\ned by 12,079,670 ordinary shares of Enel SpA with a
\npar value of \u20ac1.00 each (9,262,330 at December 31,
\n2023), purchased through an authorized intermedi-
\nary for a total of \u20ac78 million.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1285": {
"value": "\nOther reserves \u2013 \u20ac5,651 million
\nShare premium reserve \u2013 \u20ac7,496 million
\nPursuant to Article 2431 of the Italian Civil Code, the
\nshare premium reserve contains, in the case of the issue
\nof shares at a price above par, the difference between
\nthe issue price of the shares and their par value, includ-
\ning those resulting from conversion from bonds. The
\nreserve, which is a capital reserve, may not be distrib-
\nuted until the legal reserve has reached the threshold
\nestablished under Article 2430 of the Italian Civil Code.
\nReserve for equity instruments - perpetual hybrid
\nbonds \u2013 \u20ac7,145 million
\nThis reserve reports the nominal value, net of transac-
\ntion costs, of the non-convertible subordinated per-
\npetual hybrid bonds denominated in euros for inter-
\nnational investors.
\nThe change of \u20ac592 million in the reserve reflects the
\nissue of new bonds in the amount of \u20ac889 million, net
\nof transaction costs, partly offset by the repurchase
\nand subsequent cancellation of previous bonds in the
\namount of \u20ac297 million, including transaction costs.
\nIn 2024, coupons of \u20ac246 million were paid to holders
\nof perpetual hybrid bonds.
\nLegal reserve \u2013 \u20ac2,034 million
\nThe legal reserve is formed as allocation of part of
\nthe net income that, pursuant to Article 2430 of
\nthe Italian Civil Code, cannot be distributed as div-
\nidends.
\nOther reserves \u2013 \u20ac2,363 million
\nThese include \u20ac2,215 million related to the remaining
\nportion of the value adjustments carried out when
\nEnel was transformed from a public entity to a joint-
\nstock company.
\nPursuant to Article 47 of the Uniform Income Tax Code,
\nthis amount does not constitute taxable income when
\ndistributed.
\nTranslation reserve \u2013 \u20ac(6,352) million
\nThe decrease of \u20ac1,063 million in the period is main-
\nly due to the net depreciation of the functional cur-
\nrencies used by foreign subsidiaries, mainly in Latin
\nAmerica, against the euro (presentation currency of
\nthe Parent) and changes in the consolidation scope
\nfollowing the disposal of generation and distribution
\ncompanies in Peru.
\nHedging reserve \u2013 \u20ac(2,228) million
\nThis includes the net expense recognized in equity
\nfrom the measurement of hedging derivatives. The
\nchange in the year is mainly attributable to the release
\nby Enel Finance International of reserves in order to
\nmitigate the impact on the income statement of the
\nadjustment to the end-of-period exchange rate of
\nloans in foreign currency.
\nHedging costs reserve \u2013 \u20ac182 million
\nIn application of IFRS 9, this reserve includes the fair
\nvalue gains and losses on currency basis points and
\nforward points. The change in 2024 is mainly attrib-
\nutable to the increase in the fair value of exchange
\nrate hedging derivatives of Enel Finance Interna-
\ntional.
\nReserve from measurement of financial instruments
\nat FVOCI \u2013 \u20ac132 million
\nThis includes net unrealized fair value losses on finan-
\ncial assets. The change in 2024 is mainly attributable
\nto the value adjustment of the equity interest held by
\nEnel X International in Zacapa Topco S\u00e0rl.
\nReserve from equity-accounted investments
\n\u2013 \u20ac(404) million
\nThe reserve reports the share of comprehensive in-
\ncome to be recognized directly in equity of equi-
\nty-accounted investees. The change in 2024 is mainly
\nattributable to the change in the hedging reserve in
\nAustralia.
\n
\n
\n\n\n\nActuarial reserve \u2013 \u20ac(1,092) million
\nThis reserve includes actuarial gains and losses in re-
\nspect of employee benefit liabilities, net of tax effects.
\nReserve from disposal of equity interests without
\nloss of control \u2013 \u20ac(2,405) million
\nThis item mainly reports:
\n\u2022 the gain posted on the public offering of Enel Green
\nPower shares, net of expenses associated with the
\ndisposal and the related taxation;
\n\u2022 the sale of non-controlling interests recognized as
\na result of the Enersis (now Enel Am\u00e9ricas and Enel
\nChile) capital increase;
\n\u2022 the capital loss, net of expenses associated with the
\ndisposal and the related taxation, from the public of-
\nfering of 21.92% of Endesa;
\n\u2022 the disposal to third parties of the non-controlling
\ninterest in Enel Green Power North America Renew-
\nable Energy Partners;
\n\u2022 the effects of the merger into Enel Am\u00e9ricas of
\nEndesa Am\u00e9ricas and Chilectra Am\u00e9ricas;
\n\u2022 the effects of the disposal of a 49% stake held by
\nEnel Green Power Canada in Pincher Creek LP and
\nRiverview LP;
\n\u2022 the effects of the disposal of a 49% stake in Enel Li-
\nbra Flexsys Srl, a company operating in Battery Ener-
\ngy Storage Systems (BESS) and owner of a number
\nof Open Cycle Gas Turbines plants (OCGT);
\n\u2022 the effects of the disposal of a 49.99% stake held
\nby Endesa in Enel Green Power Espa\u00f1a Solar 1 SLU.
\nReserve from acquisitions of non-controlling
\ninterests \u2013 \u20ac(1,220) million
\nThis reserve mainly includes the surplus of acquisi-
\ntion prices with respect to the carrying amount of the
\nequity acquired following the acquisition from third
\nparties of further interests in companies already con-
\ntrolled in Latin America.
\n
\n
\n\n\n",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1287": {
"value": "\n
\n
\n35.2 Dividends
\n\n
\n\n\n | \nAmount | \nDividend | \n
\n\n | \ndistributed | \nper share | \n
\n\n | \n(millions of euro) | \n(euro) | \n
\n\n| Dividends distributed in 2023 | \n | \n | \n
\n\n| Dividends for 2022 | \n4,064 | \n0.40 | \n
\n\n| Interim dividends for 2023(1) | \n- | \n- | \n
\n\n| Special dividends | \n- | \n- | \n
\n\n| Total dividends distributed in 2023 | \n4,064 | \n0.40 | \n
\n\n| Dividends distributed in 2024 | \n | \n | \n
\n\n| Dividends for 2023 | \n4,367 | \n0.43 | \n
\n\n| Interim dividends for 2024(2) | \n- | \n- | \n
\n\n| Special dividends | \n- | \n- | \n
\n\n| Total dividends distributed in 2024 | \n4,367 | \n0.43 | \n
\n\n
\n
(1) Approved by the Board of Directors on November 7, 2023 and paid as from January 24, 2024 (interim dividend of \u20ac0.215 per share for a total
\nof \u20ac2,186 million).
\n(2) Approved by the Board of Directors on November 6, 2024 and paid as from January 22, 2025 (interim dividend of \u20ac0.215 per share for a total
\nof \u20ac2,186 million).
\nDividends distributed are shown net of amounts due
\nto treasury shares at the respective \u201crecord dates\u201d.
\nThese shares were waived for collection and allocated
\nto \u201cretained earnings\u201d.
\nThe dividend for 2024 is equal to \u20ac0.47 per share, for a
\ntotal of \u20ac4,778 million (of which \u20ac0.215 per share for a
\ntotal of \u20ac2,186 million already paid as an interim divi-
\ndend). It will be proposed to the Shareholders\u2019 Meeting
\nof May 22, 2025 at single call.
\nThese consolidated financial statements do not take
\naccount of the effects of the distribution to share-
\nholders of the dividend for 2024, except for the liabil-
\nity in respect of shareholders for the interim dividend
\nfor 2024, which was approved by the Board of Direc-
\ntors on November 6, 2024 for a potential maximum of
\n\u20ac2,186 million, and paid as from January 22, 2025 net
\nof the portion pertaining to the 12,079,670 treasury
\nshares held as at the record date of January 21, 2025.
\nIn 2024 the Group also paid \u20ac246 million in coupons to
\nholders of perpetual hybrid bonds.
\n\nCapital management
\nThe Group\u2019s objectives for managing capital com-
\nprise safeguarding the business as a going concern,
\ncreating value for stakeholders and supporting the
\ndevelopment of the Group. In particular, the Group
\nseeks to maintain an adequate capitalization that en-
\nables it to achieve a satisfactory return for sharehold-
\ners and ensure access to external sources of financ-
\ning, in part by maintaining an adequate rating.
\nIn this context, the Group manages its capital struc-
\nture and adjusts that structure when changes in eco-
\nnomic conditions so require. There were no substan-
\ntive changes in objectives, policies or processes in
\n2024.
\nTo this end, the Group constantly monitors develop-
\nments in the level of its debt in relation to equity. The
\nsituation at December 31, 2024 and 2023 is summa-
\nrized in the following table.
\n
\n\n\n\n\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n
\n\n| Non-current financial debt | \n60,064 | \n61,093 | \n(1,029) | \n
\n\n| Net current financial position | \n(1,621) | \n2,907 | \n(4,528) | \n
\n\n| Non-current financial assets and long-term securities | \n(2,676) | \n(3,837) | \n1,161 | \n
\n\n| Net financial debt | \n55,767 | \n60,163 | \n(4,396) | \n
\n\n| Equity attributable to owners of the Parent | \n33,731 | \n31,755 | \n1,976 | \n
\n\n| Non-controlling interests | \n15,440 | \n13,354 | \n2,086 | \n
\n\n| Equity | \n49,171 | \n45,109 | \n4,062 | \n
\n\n| Debt/Equity ratio | \n1.13 | \n1.33 | \n(0.20) | \n
\n\n
\n
\n\n\n\n
\n\n\n\n
\n\nThe decrease in the debt/equity ratio, which meas-
\nures financial leverage, is essentially attributable to
\nthe increase in equity as a result of profit for the year
\nand in non-controlling interests following dispos-
\nals without loss of control, partly offset by dividend
\ndistributions, and the reduction in net financial debt
\nmainly reflecting the sale of equity interests during
\nthe year.
\n
\n\n\n\n
\n\n\n\n
\n\nSee note 45 for a breakdown of the individual items
\nin the table.
\n
\n\n\n\n
\n\n\n",
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}
},
"Tag1292": {
"value": "0.43",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"Tag1291": {
"value": "0.47",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"Tag1290": {
"value": "4778.0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"Tag1293": {
"value": "\nCapital management
\nThe Group\u2019s objectives for managing capital com-
\nprise safeguarding the business as a going concern,
\ncreating value for stakeholders and supporting the
\ndevelopment of the Group. In particular, the Group
\nseeks to maintain an adequate capitalization that en-
\nables it to achieve a satisfactory return for sharehold-
\ners and ensure access to external sources of financ-
\ning, in part by maintaining an adequate rating.
\nIn this context, the Group manages its capital struc-
\nture and adjusts that structure when changes in eco-
\nnomic conditions so require. There were no substan-
\ntive changes in objectives, policies or processes in
\n2024.
\nTo this end, the Group constantly monitors develop-
\nments in the level of its debt in relation to equity. The
\nsituation at December 31, 2024 and 2023 is summa-
\nrized in the following table.
\n
\n\n\n\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n
\n\n| Non-current financial debt | \n60,064 | \n61,093 | \n(1,029) | \n
\n\n| Net current financial position | \n(1,621) | \n2,907 | \n(4,528) | \n
\n\n| Non-current financial assets and long-term securities | \n(2,676) | \n(3,837) | \n1,161 | \n
\n\n| Net financial debt | \n55,767 | \n60,163 | \n(4,396) | \n
\n\n| Equity attributable to owners of the Parent | \n33,731 | \n31,755 | \n1,976 | \n
\n\n| Non-controlling interests | \n15,440 | \n13,354 | \n2,086 | \n
\n\n| Equity | \n49,171 | \n45,109 | \n4,062 | \n
\n\n| Debt/Equity ratio | \n1.13 | \n1.33 | \n(0.20) | \n
\n\n
\n
\n\n\n\nThe decrease in the debt/equity ratio, which meas-
\nures financial leverage, is essentially attributable to
\nthe increase in equity as a result of profit for the year
\nand in non-controlling interests following dispos-
\nals without loss of control, partly offset by dividend
\ndistributions, and the reduction in net financial debt
\nmainly reflecting the sale of equity interests during
\nthe year.
\n
\n\n\n\nSee note 45 for a breakdown of the individual items
\nin the table.
\n
\n\n\n",
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"Tag1297": {
"value": "\n
\n
\n
\n\n
\n\n35.3 Non-controlling interests
\n\u2013 \u20ac15,440 million
\nThe following table presents the composition of non-con-
\ntrolling interests by geographical area.
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n
\n\n\n
\n\n\n | \n | \n | \nProfit for the year attributable | \n
\n\n | \nNon-controlling interests | \nto non-controlling interests | \n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n
\n\n| Italy | \n1,092 | \n- | \n10 | \n- | \n
\n\n| Iberia | \n6,517 | \n5,470 | \n534 | \n192 | \n
\n\n| Latin America | \n7,5 87 | \n7,665 | \n652 | \n666 | \n
\n\n| Europe | \n1 | \n- | \n- | \n3 | \n
\n\n| North America | \n124 | \n151 | \n9 | \n(39) | \n
\n\n| Africa, Asia and Oceania | \n119 | \n68 | \n8 | \n7 | \n
\n\n| Total | \n15,440 | \n13,354 | \n1,213 | \n829 | \n
\n\n
\n
The change in non-controlling interests mainly reflects
\nthe sale to Sosteneo Energy Transition 1 of a 49%
\nstake in Enel Libra Flexsys Srl, the sale to Masdar of a
\n49.99% stake in Enel Green Power Espa\u00f1a Solar 1 SLU.
\nand the result for the period, partly offset by dividend
\ndistribution and the disposal of generation and distri-
\nbution companies in Peru.
\nThe financial disclosure requirements of IFRS 12 for
\nsubsidiaries with significant non-controlling interests
\nare reported below.
\n\n
\n\n\n | \nNon-current assets | \nCurrent assets | \nTotal assets | \n
\n\n | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n
\n\n| Millions of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n
\n\n| Subsidiaries | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Am\u00e9ricas | \n26,771 | \n27,578 | \n5,954 | \n8,459 | \n32,725 | \n36,037 | \n
\n\n| Enel Chile | \n10,858 | \n10,810 | \n1,939 | \n1,722 | \n12,797 | \n12,532 | \n
\n\n| Endesa | \n42,964 | \n43,701 | \n3,930 | \n4,033 | \n46,894 | \n47,7 34 | \n
\n\n
\n
\n
\n\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \nEquity attributable to | \nNon-controlling | \n
\n\n | \nNon-current liabilities | \nCurrent liabilities | \nTotal liabilities | \nEquity | \nowners of the Parent | \ninterests | \n
\n\n| Millions | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n
\n\n| of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n
\n\n| Subsidiaries | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel | \n9,292 | \n10,466 | \n5,654 | \n7,314 | \n14,946 | \n17,7 80 | \n17,7 79 | \n18,257 | \n12,627 | \n12,936 | \n5,152 | \n5,321 | \n
\n\n| Am\u00e9ricas | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Chile | \n3,637 | \n3,706 | \n2,843 | \n2,730 | \n6,480 | \n6,436 | \n6,317 | \n6,096 | \n3,881 | \n3,753 | \n2,436 | \n2,343 | \n
\n\n| Endesa | \n15,818 | \n16,018 | \n7,6 83 | \n10,045 | \n23,501 | \n26,063 | \n23,393 | \n21,671 | \n16,876 | \n16,202 | \n6,517 | \n5,469 | \n
\n\n
\n
\n
\n\n\n | \n | \n | \n | \n | \nProfit | \nProfit attributable | \nProfit attributable | \n
\n\n | \n | \n | \n | \n | \nfrom continuing | \nto owners | \nto non-controlling | \n
\n\n | \nTotal revenue | \nPre-tax profit | \noperations | \nof the Parent | \ninterests | \n
\n\n| Millions of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n
\n\n| Subsidiaries | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Am\u00e9ricas | \n15,202 | \n13,400 | \n3,108 | \n1,639 | \n2,056 | \n877 | \n1,495 | \n504 | \n561 | \n373 | \n
\n\n| Enel Chile | \n3,852 | \n4,678 | \n214 | \n996 | \n182 | \n748 | \n90 | \n456 | \n92 | \n292 | \n
\n\n| Endesa | \n21,315 | \n25,423 | \n2,430 | \n839 | \n1,773 | \n595 | \n1,238 | \n402 | \n535 | \n193 | \n
\n\n
\n
\n\n\n\n
\n\n\n\n
\n\n\n",
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"Tag1301": {
"value": "\n35.3 Non-controlling interests
\n\u2013 \u20ac15,440 million
\nThe following table presents the composition of non-con-
\ntrolling interests by geographical area.
\n
\n\n\n\n\n
\n\n\n | \n | \n | \nProfit for the year attributable | \n
\n\n | \nNon-controlling interests | \nto non-controlling interests | \n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n
\n\n| Italy | \n1,092 | \n- | \n10 | \n- | \n
\n\n| Iberia | \n6,517 | \n5,470 | \n534 | \n192 | \n
\n\n| Latin America | \n7,5 87 | \n7,665 | \n652 | \n666 | \n
\n\n| Europe | \n1 | \n- | \n- | \n3 | \n
\n\n| North America | \n124 | \n151 | \n9 | \n(39) | \n
\n\n| Africa, Asia and Oceania | \n119 | \n68 | \n8 | \n7 | \n
\n\n| Total | \n15,440 | \n13,354 | \n1,213 | \n829 | \n
\n\n
\n
The change in non-controlling interests mainly reflects
\nthe sale to Sosteneo Energy Transition 1 of a 49%
\nstake in Enel Libra Flexsys Srl, the sale to Masdar of a
\n49.99% stake in Enel Green Power Espa\u00f1a Solar 1 SLU.
\nand the result for the period, partly offset by dividend
\ndistribution and the disposal of generation and distri-
\nbution companies in Peru.
\nThe financial disclosure requirements of IFRS 12 for
\nsubsidiaries with significant non-controlling interests
\nare reported below.
\n\n
\n\n\n | \nNon-current assets | \nCurrent assets | \nTotal assets | \n
\n\n | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n
\n\n| Millions of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n
\n\n| Subsidiaries | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Am\u00e9ricas | \n26,771 | \n27,578 | \n5,954 | \n8,459 | \n32,725 | \n36,037 | \n
\n\n| Enel Chile | \n10,858 | \n10,810 | \n1,939 | \n1,722 | \n12,797 | \n12,532 | \n
\n\n| Endesa | \n42,964 | \n43,701 | \n3,930 | \n4,033 | \n46,894 | \n47,7 34 | \n
\n\n
\n
\n
\n\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \nEquity attributable to | \nNon-controlling | \n
\n\n | \nNon-current liabilities | \nCurrent liabilities | \nTotal liabilities | \nEquity | \nowners of the Parent | \ninterests | \n
\n\n| Millions | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n
\n\n| of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n
\n\n| Subsidiaries | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel | \n9,292 | \n10,466 | \n5,654 | \n7,314 | \n14,946 | \n17,7 80 | \n17,7 79 | \n18,257 | \n12,627 | \n12,936 | \n5,152 | \n5,321 | \n
\n\n| Am\u00e9ricas | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Chile | \n3,637 | \n3,706 | \n2,843 | \n2,730 | \n6,480 | \n6,436 | \n6,317 | \n6,096 | \n3,881 | \n3,753 | \n2,436 | \n2,343 | \n
\n\n| Endesa | \n15,818 | \n16,018 | \n7,6 83 | \n10,045 | \n23,501 | \n26,063 | \n23,393 | \n21,671 | \n16,876 | \n16,202 | \n6,517 | \n5,469 | \n
\n\n
\n
\n
\n\n\n | \n | \n | \n | \n | \nProfit | \nProfit attributable | \nProfit attributable | \n
\n\n | \n | \n | \n | \n | \nfrom continuing | \nto owners | \nto non-controlling | \n
\n\n | \nTotal revenue | \nPre-tax profit | \noperations | \nof the Parent | \ninterests | \n
\n\n| Millions of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n
\n\n| Subsidiaries | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Am\u00e9ricas | \n15,202 | \n13,400 | \n3,108 | \n1,639 | \n2,056 | \n877 | \n1,495 | \n504 | \n561 | \n373 | \n
\n\n| Enel Chile | \n3,852 | \n4,678 | \n214 | \n996 | \n182 | \n748 | \n90 | \n456 | \n92 | \n292 | \n
\n\n| Endesa | \n21,315 | \n25,423 | \n2,430 | \n839 | \n1,773 | \n595 | \n1,238 | \n402 | \n535 | \n193 | \n
\n\n
\n
\n\n\n",
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"Tag1064": {
"value": "\n36. Borrowings
\n\n
\n\n\n | \nNon-current | \nCurrent | \n\n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n| Long-term borrowings | \n60,000 | \n61,085 | \n7,4 39 | \n9,086 | \n\n
\n\n| Short-term borrowings | \n- | \n- | \n3,645 | \n4,769 | \n\n
\n\n| Total | \n60,000 | \n61,085 | \n11,084 | \n13,855 | \n\n
\n\n\n\n
\n\n
\n\n\n\nFor more information on the nature of borrowings, see
\nnote 46.2 \u201cFinancial liabilities by category\u201d.
\n
\n\n\n\n\n46.3 Borrowings
\n46.3.1 Long-term borrowings
\n(including the portion falling due within
\n12 months) \u2013 \u20ac67,439 million
\nThe following table reports the nominal value, carrying
\namount and fair value of long-term borrowing includ-
\ning the portion falling due within 12 months.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\nLong-term borrowings by category and type of interest rate
\n\n
\n\n\n | \n | \n | \n | \nPortion | \n | \n | \n | \n | \nPortion | \n | \n | \n\n\n
\n\n | \n | \n | \n | \ndue in | \n | \n | \n | \n | \ndue in | \n | \nChanges | \n\n\n
\n\n | \n Nominal | \n Carrying | \nCurrent | \nmore than | \nFair | \n Nominal | \n Carrying | \nCurrent | \nmore than | \nFair | \nin carrying | \n\n\n
\n\n| Millions of euro | \nvalue | \namount | \nportion | \n12 months | \nvalue | \nvalue | \namount | \nportion | \n12 months | \nvalue | \namount | \n\n\n
\n\n | \n | \nat Dec. 31, 2024 | \n | \n | \n | \nat Dec. 31, 2023 | \n | \n | \n\n\n
\n\n| Bonds: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| - listed, fixed rate | \n26,885 | \n26,632 | \n3,458 | \n2 3,174 | \n25,670 | \n29,539 | \n29,163 | \n4,686 | \n24,477 | \n27,885 | \n(2,531) | \n\n\n
\n\n| - listed, floating rate | \n1,770 | \n1,756 | \n315 | \n1,441 | \n1,758 | \n2,643 | \n2,622 | \n623 | \n1,999 | \n2,641 | \n(866) | \n\n\n
\n\n| - unlisted, fixed rate | \n19,077 | \n18,881 | \n1,448 | \n17,433 | \n18,451 | \n18,336 | \n18,129 | \n1,357 | \n16,772 | \n17,842 | \n752 | \n\n\n
\n\n| - unlisted, floating rate | \n331 | \n331 | \n97 | \n234 | \n339 | \n428 | \n428 | \n97 | \n331 | \n456 | \n(97) | \n\n\n
\n\n| Total bonds | \n48,063 | \n47,600 | \n5,318 | \n42,282 | \n46,218 | \n50,946 | \n50,342 | \n6,763 | \n43,579 | \n48,824 | \n(2,742) | \n\n\n
\n\n| Bank borrowings: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| - fixed rate | \n3,485 | \n3,465 | \n234 | \n3,231 | \n3,444 | \n3,874 | \n3,822 | \n853 | \n2,969 | \n3,746 | \n(357) | \n\n\n
\n\n| - floating rate | \n13,058 | \n13,014 | \n1,508 | \n11,506 | \n13,142 | \n12,664 | \n12,629 | \n1,139 | \n11,490 | \n12,892 | \n385 | \n\n\n
\n\n| - use of revolving credit lines | \n18 | \n18 | \n- | \n18 | \n22 | \n41 | \n41 | \n- | \n41 | \n41 | \n(23) | \n\n\n
\n\n| Total bank borrowings | \n16,561 | \n16,497 | \n1,742 | \n14,755 | \n16,608 | \n16,579 | \n16,492 | \n1,992 | \n14,500 | \n16,679 | \n5 | \n\n\n
\n\n| Leases: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| - fixed rate | \n2,892 | \n2,892 | \n306 | \n2,586 | \n2,892 | \n2,852 | \n2,852 | \n256 | \n2,596 | \n2,852 | \n40 | \n\n\n
\n\n| - floating rate | \n39 | \n39 | \n12 | \n27 | \n39 | \n53 | \n53 | \n12 | \n41 | \n53 | \n(14) | \n\n\n
\n\n| Total leases | \n2,931 | \n2,931 | \n318 | \n2,613 | \n2,931 | \n2,905 | \n2,905 | \n268 | \n2,637 | \n2,905 | \n26 | \n\n\n
\n\n| Other non-bank borrowings: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| - fixed rate | \n411 | \n411 | \n61 | \n350 | \n411 | \n426 | \n426 | \n63 | \n363 | \n426 | \n(15) | \n\n\n
\n\n| - floating rate | \n- | \n- | \n- | \n- | \n- | \n6 | \n6 | \n- | \n6 | \n6 | \n(6) | \n\n\n
\n\n| Total other non-bank | \n411 | \n411 | \n61 | \n350 | \n411 | \n432 | \n432 | \n63 | \n369 | \n432 | \n(21) | \n\n\n
\n\n| borrowings | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Total fixed-rate borrowings | \n52,750 | \n52,281 | \n5,507 | \n46,774 | \n50,868 | \n55,027 | \n54,392 | \n7, 215 | \n47, 177 | \n52,751 | \n(2,111) | \n\n\n
\n\n| Total floating-rate | \n15,216 | \n15,158 | \n1,932 | \n13,226 | \n15,300 | \n15,835 | \n15,779 | \n1,871 | \n13,908 | \n16,089 | \n(621) | \n\n\n
\n\n| borrowings | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| TOTAL | \n67,966 | \n67,439 | \n7,439 | \n60,000 | \n66,168 | \n70,862 | \n70, 171 | \n9,086 | \n61,085 | \n68,840 | \n(2,732) | \n\n\n
\n\n\n\n\n\n
\n\n\n
The table below reports long-term financial debt by currency and interest rate.
\nLong-term borrowings (including the portion falling due within 12 months) by currency and interest rate
\n\n
\n\n\n | \n | \n | \n | \n | \nCurrent | \n | \nCurrent | \n | \n\n\n
\n\n | \n | \n | \n | \n | \naverage | \nCurrent | \naverage | \nCurrent | \n\n\n
\n\n | \n | \n | \n | \n | \nnominal | \neffective | \nnominal | \neffective | \n\n\n
\n\n | \nCarrying | \nNominal | \nCarrying | \nNominal | \ninterest | \ninterest | \ninterest | \ninterest | \n\n\n
\n\n| Millions of euro | \namount | \nvalue | \namount | \nvalue | \nrate | \nrate | \nrate | \nrate | \n\n\n
\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n\n
\n\n| Euro | \n34,349 | \n34,512 | \n35,865 | \n36,166 | \n2.6% | \n2.8% | \n2.5% | \n2.8% | \n\n\n
\n\n| US dollar | \n25,103 | \n25,343 | \n24,601 | \n24,847 | \n5.0% | \n5.1% | \n4.9% | \n5.2% | \n\n\n
\n\n| Pound sterling | \n3,819 | \n3,919 | \n4,612 | \n4,720 | \n4.3% | \n4.5% | \n4.6% | \n4.8% | \n\n\n
\n\n| Colombian peso | \n2,005 | \n2,009 | \n1,884 | \n1,888 | \n11.8% | \n11.8% | \n13.5% | \n13.5% | \n\n\n
\n\n| Brazilian real | \n1,465 | \n1,482 | \n2,229 | \n2,255 | \n9.8% | \n9.9% | \n10.5% | \n10.6% | \n\n\n
\n\n| Swiss franc | \n138 | \n138 | \n382 | \n382 | \n4.0% | \n4.0% | \n1.8% | \n1.8% | \n\n\n
\n\n| Chilean peso/UF | \n465 | \n467 | \n510 | \n514 | \n5.2% | \n5.2% | \n5.1% | \n5.2% | \n\n\n
\n\n| Other currencies | \n95 | \n96 | \n88 | \n90 | \n | \n | \n | \n | \n\n\n
\n\n| Total non-euro | \n33,090 | \n33,454 | \n34,306 | \n34,696 | \n | \n | \n | \n | \n\n\n
\n\n| currencies | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| TOTAL | \n67,439 | \n67,966 | \n70,171 | \n70,862 | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\nLong-term financial debt denominated in currencies
\nother than the euro decreased by \u20ac1,216 million, large-
\nly attributable to the changes in debt denominated in
\nPound sterling and Brazilian real.
\nChange in the nominal value of long-term borrowings (including the portion falling due within 12 months)
\n\n
\n\n\n | \n | \n | \nChange in the | \n | \n | \n | \n\n\n
\n\n | \n | \n | \nconsolidation | \nNew | \nExchange | \n | \n\n\n
\n\n| Millions of euro | \nNominal value | \nRepayments | \nscope | \nborrowings | \ndifferences | \nNominal value | \n\n\n
\n\n | \nat Dec. 31, 2023 | \n | \n | \n | \n | \nat Dec. 31, 2024 | \n\n\n
\n\n| Bonds | \n50,946 | \n(7,779) | \n- | \n3,635 | \n1,261 | \n48,063 | \n\n\n
\n\n| Borrowings | \n19,916 | \n(2,651) | \n205 | \n2,382 | \n51 | \n19,903 | \n\n\n
\n\n| - of which leases | \n2,905 | \n(422) | \n(7) | \n419 | \n36 | \n2,931 | \n\n\n
\n\n| Total long-term financial debt | \n70,862 | \n(10,430) | \n205 | \n6,017 | \n1,312 | \n67,966 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The nominal value of long-term debt amounted to
\n\u20ac67,966 million at December 31, 2024, a decrease of
\n\u20ac2,896 million on December 31, 2023. The decrease
\nreflected repayments in the amount of \u20ac10,430 million
\nagainst new borrowings of \u20ac6,017 million, negative ex-
\nchange differences of \u20ac1,312 million and the reclassi-
\nfication from \u201cAssets classified as held for sale\u201d (in the
\ntotal amount of \u20ac205 million). The latter includes \u20ac192
\nmillion related to a loan to 3SUN repaid during 2024.
\nRepayments in 2024 involved bonds in the amount of
\n\u20ac7,779 million and loans in the amount of \u20ac2,651 mil-
\nlion.
\nSpecifically, repayments in 2024 included:
\n\u2022 \u20ac100 million in respect of a floating-rate bond is-
\nsued by Enel Finance International, maturing in Feb-
\nruary 2024;
\n\u2022 R$398 million (equivalent to \u20ac62 million at Decem-
\nber 31, 2024), in respect of a floating-rate bond is-
\nsued by Enel Distribui\u00e7\u00e3o Cear\u00e1, maturing in March
\n2024;
\n\u2022 $400 million (equal to \u20ac386 million at December 31,
\n2024) in respect of a fixed-rate bond issued by Enel
\nGeneraci\u00f3n Chile, maturing in April 2024;
\n\u2022 \u20ac51 million in respect of a floating-rate bond issued
\nby Enel, maturing in May 2024;
\n\u2022 \u20ac750 million in respect of a fixed-rate bond issued
\nby Enel, maturing in May 2024;
\n\u2022 \u20ac1,000 million in respect of a fixed-rate bond issued
\nby Enel Finance International, maturing in June 2024;
\n\u2022 R$500 million (equivalent to \u20ac78 million at Decem-
\nber 31, 2024), in respect of a floating-rate bond
\nissued by Enel Distribui\u00e7\u00e3o Cear\u00e1, maturing in May
\n2024;
\n\u2022 R$350 million (equivalent to \u20ac55 million at Decem-
\nber 31, 2024), in respect of a floating-rate bond is-
\nsued by Enel Distribui\u00e7\u00e3o S\u00e3o Paulo, maturing in May
\n2024;
\n\u2022 R$370 million (equivalent to \u20ac58 million at December
\n31, 2024), in respect of a floating-rate bond issued
\nby Enel Distribui\u00e7\u00e3o Cear\u00e1, maturing in June 2024;
\n\u2022 \u00a3850 million (equivalent to \u20ac1,028 million at Decem-
\nber 31, 2024) in respect of a fixed-rate bond issued
\nby Enel Finance International, maturing in August
\n2024;
\n\u2022 250,000 million Colombian pesos (equivalent to \u20ac55
\nmillion at December 31, 2024) in respect of a fixed-
\nrate bond issued by Enel Colombia, maturing in Au-
\ngust 2024;
\n\u2022 225 million Swiss francs (equivalent to \u20ac240 million
\nat December 31, 2024) in respect of a fixed-rate
\nbond issued by Enel Finance International, maturing
\nin September 2024;
\n\u2022 $1,500 million (equivalent to \u20ac1,449 million at De-
\ncember 31, 2024) in respect of a fixed-rate bond
\nissued by Enel Finance International, maturing in
\nSeptember 2024;
\n\u2022 \u20ac1,250 million in respect of a fixed-rate bond issued
\nby Enel Finance International and guaranteed by
\nEnel, maturing in September 2024;
\n\u2022 $1,000 million (equivalent to \u20ac966 million at Decem-
\nber 31, 2024) in respect of a fixed-rate bond issued
\nby Enel Finance America in October 2022 maturing in
\nOctober 2027, repaid in advance in December 2024.
\nThe main repayments of loans made during the year
\nincluded:
\n\u2022 \u20ac200 million in respect of sustainable floating-rate
\nrevolving credit lines of Enel SpA;
\n\u2022 \u20ac625 million in respect of loans, of which \u20ac391 mil-
\nlion in respect of sustainable loans, of Enel Group\u2019s
\nItalian companies;
\n\u2022 \u20ac871 million in respect of Endesa loans, of which
\n\u20ac679 million in sustainable loans;
\n\u2022 the equivalent of \u20ac572 million in respect of bank
\nloans to South American companies, of which \u20ac93
\nmillion in respect of sustainable loans.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\nIssues in 2024 regard bonds for \u20ac3,635 million and
\nloans for \u20ac2,382 million.
\nThe table below shows the main characteristics of fi-
\nnancial transactions carried out in 2024 and translat-
\ned into euros at the exchange rate prevailing at De-
\ncember 31, 2024.
\n\n
\n\n\n | \n | \n | \nAmount | \n | \n | \n | \n | \n\n\n
\n\n | \nIssuer/ | \nIssue/ | \nin millions | \n | \n | \nInterest | \n | \n\n\n
\n\n | \nBorrower | \nGrant date | \nof euro | \nCurrency | \nInterest rate | \nrate type | \nMaturity | \n\n\n
\n\n| Bonds | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEnel Finance | \n23/01/2024 | \n750 | \nEUR | \n3.38% | \nFixed rate | \n23/07/2028 | \n\n\n
\n\n | \nInternational | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEnel Finance | \n23/01/2024 | \n1,000 | \nEUR | \n3.88% | \nFixed rate | \n23/01/2035 | \n\n\n
\n\n | \nInternational | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEnel Finance | \n26/06/2024 | \n1,207 | \nUSD | \n5.13% | \nFixed rate | \n26/06/2029 | \n\n\n
\n\n | \nInternational | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEnel Finance | \n26/06/2024 | \n724 | \nUSD | \n5.50% | \nFixed rate | \n26/06/2034 | \n\n\n
\n\n | \nInternational | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Total bonds | \n | \n | \n3,681 | \n | \n | \n | \n | \n\n\n
\n\n| Bank borrowings | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEnel Italia | \n26/04/2024 | \n100 | \nEUR | \n3.36% | \nFixed rate | \n26/04/2039 | \n\n\n
\n\n | \ne-distribuzione | \n19/12/2024 | \n250 | \nEUR | \n2.92% | \nFixed rate | \n19/12/2039 | \n\n\n
\n\n | \nEndesa | \n29/10/2024 | \n125 | \nEUR | \nEuribor 6M + 0.4% | \nFloating rate | \n17/12/2027 | \n\n\n
\n\n | \nEndesa | \n29/10/2024 | \n250 | \nEUR | \nEuribor 6M + 0.52% | \nFloating rate | \n31/10/2039 | \n\n\n
\n\n | \nEndesa | \n29/10/2024 | \n200 | \nEUR | \nEuribor 6M + 0.506% | \nFloating rate | \n31/10/2039 | \n\n\n
\n\n | \nEndesa | \n17/12/2024 | \n225 | \nEUR | \nEuribor 6M + 0.4% | \nFloating rate | \n17/12/2027 | \n\n\n
\n\n | \nEnel Chile | \n31/05/2024 | \n277 | \nUSD | \nSOFR 3M + 0.75% | \nFloating rate | \n04/12/2037 | \n\n\n
\n\n | \nEnel | \n13/05/2024 | \n70 | \nUSD | \n5.28% | \nFixed rate | \n13/05/2039 | \n\n\n
\n\n | \nDistribui\u00e7\u00e3o | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nS\u00e3o Paulo | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEnel Colombia | \n19/02/2024 | \n88 | \nCOP | \nIBR 1M + 2.96% | \nFloating rate | \n19/02/2031 | \n\n\n
\n\n | \nEnel Colombia | \n27/11/2024 | \n102 | \nCOP | \nIBR O/N + 1.79% | \nFloating rate | \n28/11/2033 | \n\n\n
\n\n | \nEnel Colombia | \n27/11/2024 | \n130 | \nCOP | \nIBR O/N + 1.79% | \nFloating rate | \n28/11/2033 | \n\n\n
\n\n| Total bank | \n | \n | \n1,817 | \n | \n | \n | \n | \n\n\n
\n\n| borrowings | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
Long-term debt structure after hedging
\nThe following table reports the impact on gross long-term debt of hedges to mitigate currency risk.
\n\n
\n\n\n | \n | \n | \nat Dec. 31, 2024 | \n | \n | \n | \n | \nat Dec. 31, 2023 | \n | \n | \n\n\n
\n\n | \nCarrying | \nNominal value | \nImpact of | \nNominal value | \nCarrying | \nNominal value | \nImpact of | \nNominal value | \n\n\n
\n\n| Millions of euro | \namount | \npre-hedge | \nhedge | \npost-hedge | \namount | \npre-hedge | \nhedge | \npost-hedge | \n\n\n
\n\n| Euro | \n34,349 | \n34,512 | \n50.8% | \n22,443 | \n56,955 | \n83.8% | \n35,865 | \n36,166 | \n51.0% | \n21,862 | \n58,028 | \n81.9% | \n\n\n
\n\n| US dollar | \n25,103 | \n25,343 | \n37. 3% | \n(19,122) | \n6,221 | \n9.2% | \n24,601 | \n24,847 | \n35.1% | \n(17,850) | \n6,997 | \n9.9% | \n\n\n
\n\n| Pound sterling | \n3,819 | \n3,919 | \n5.8% | \n(3,919) | \n- | \n- | \n4,612 | \n4,720 | \n6.7% | \n(4,720) | \n- | \n- | \n\n\n
\n\n| Colombian peso | \n2,005 | \n2,009 | \n3.0% | \n- | \n2,009 | \n3.0% | \n1,884 | \n1,888 | \n2.7% | \n- | \n1,888 | \n2.7% | \n\n\n
\n\n| Brazilian real | \n1,465 | \n1,482 | \n2.2% | \n870 | \n2,352 | \n3.5% | \n2,229 | \n2,255 | \n3.2% | \n1,047 | \n3,302 | \n4.7% | \n\n\n
\n\n| Swiss franc | \n138 | \n138 | \n0.1% | \n(138) | \n- | \n- | \n382 | \n382 | \n0.5% | \n(382) | \n- | \n- | \n\n\n
\n\n| Chilean peso/UF | \n465 | \n467 | \n0.7% | \n(170) | \n297 | \n0.4% | \n510 | \n514 | \n0.7% | \n- | \n514 | \n0.7% | \n\n\n
\n\n| Other currencies | \n95 | \n96 | \n0.1% | \n36 | \n132 | \n0.1% | \n88 | \n90 | \n0.1% | \n43 | \n133 | \n0.2% | \n\n\n
\n\n| Total non-euro | \n33,090 | \n33,454 | \n49.2% | \n(22,443) | \n1 1,011 | \n16.2% | \n34,306 | \n34,696 | \n49.0% | \n(21,862) | \n12,834 | \n18.1% | \n\n\n
\n\n| currencies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| TOTAL | \n67,439 | \n67,966 | \n100.0% | \n- | \n67,966 | \n100.0% | \n70,171 | \n70,862 | \n100.0% | \n- | \n70,862 | \n100.0% | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\nThe amount of floating-rate debt that is not hedged
\nagainst interest rate risk is the main risk factor that
\ncould adversely impact profit or loss (raising borrow-
\ning costs), in the event of an increase in market inter-
\nest rates.
\nThe following table shows the impact on the nomi-
\nnal value structure of long-term loans after hedges
\nagainst interest rate risk.
\n\n
\n\n\n | \n | \n2024 | \n | \n | \n2023 | \n | \n\n\n
\n\n | \nNominal | \n | \nNominal | \n | \nNominal | \n | \nNominal | \n | \n\n\n
\n\n | \nvalue | \n | \nvalue | \n | \nvalue | \n | \nvalue | \n | \n\n\n
\n\n| Millions of euro | \npre-hedge | \n% | \npost-hedge | \n% | \npre-hedge | \n% | \npost-hedge | \n% | \n\n\n
\n\n| Floating rate | \n15,216 | \n22.4% | \n10,732 | \n15.8% | \n15,835 | \n22.3% | \n12,472 | \n17.6 % | \n\n\n
\n\n| Fixed rate | \n52,750 | \n77.6% | \n57, 23 4 | \n84.2% | \n55,027 | \n77.7% | \n58,390 | \n82.4% | \n\n\n
\n\n| Total | \n67,966 | \n | \n67,966 | \n | \n70,862 | \n | \n70,862 | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
At December 31, 2024, 22.4% of the nominal value of
\nlong-term loans was floating rate (22.3 % at December
\n31, 2023). Taking account of hedges of interest rates
\nconsidered effective pursuant to the IFRS, 15.8% of the
\nnominal value of long-term financial debt was exposed
\nto interest rate risk at December 31, 2024 (17.6% at De-
\ncember 31, 2023).
\nThe exposure of nominal value of long-term loans to
\nexchange rate risk and interest rate risk after hedge is
\nin line with the limits established in the risk manage-
\nment policy.
\nLong-term debt \u2013 Main covenants
\nThe Group\u2019s main long-term financial liabilities are
\ngoverned by covenants that are commonly adopt-
\ned in international business practice. They include in
\nparticular bond issues carried out within the frame-
\nwork of the Global/Euro Medium-Term Notes pro-
\ngram, issues of subordinated unconvertible hybrid
\nbonds (so-called \u201chybrid bonds\u201d) and loans granted
\nby banks and other financial institutions (including
\nthe European Investment Bank and Cassa Depositi e
\nPrestiti SpA).
\nThe main covenants regarding bond issues carried out
\nwithin the framework of the Global/Euro Medium-Term
\nNotes program of Enel and Enel Finance International
\nNV (including the Green Bonds of Enel Finance Inter-
\nnational NV guaranteed by Enel SpA, which are used to
\nfinance the Group\u2019s so-called eligible green projects)
\nand those regarding bonds issued by Enel Finance In-
\nternational NV on the US market guaranteed by Enel
\nSpA can be summarized as follows:
\n\u2022 negative pledge clauses under which the issuer and
\nthe guarantor may not establish or maintain mort-
\ngages, liens or other encumbrances on all or part of
\nits assets or revenue to secure certain financial lia-
\nbilities, unless the same encumbrances are extend-
\ned equally or pro rata to the bonds in question;
\n\u2022 pari passu clauses, under which the bonds and the
\nassociated security constitute a direct, uncondition-
\nal and unsecured obligation of the issuer and the
\nguarantor and are issued without preferential rights
\namong them and have at least the same seniority as
\nother present and future unsubordinated and unse-
\ncured bonds of the issuer and the guarantor;
\n\u2022 cross-default clauses, under which the occurrence
\nof a default event in respect of a specified financial
\nliability (above a threshold level) of the issuer, the
\nguarantor or, in some cases, \u201csignificant\u201d subsidiar-
\nies, constitutes a default in respect of the liabilities
\nin question, which become immediately repayable.
\nSince 2019, Enel Finance International NV has issued a
\nnumber of \u201csustainable\u201d bonds on the European mar-
\nket (as part of the Euro Medium-Term Notes - EMTN
\nbond issue program) and on the American market,
\nboth guaranteed by Enel SpA, linked to the achieve-
\nment of a number of the Sustainable Development
\nGoals (SDGs) of the United Nations that contain the
\nsame covenants as other bonds of the same type.
\nEnel Finance America LLC holds a \u201csustainable\u201d bond
\nof the same type, guaranteed by Enel SpA, on the US
\nmarket.
\nThe main covenants covering Enel\u2019s hybrid bonds,
\nincluding the perpetual hybrid bond issues, which
\nwill only be repaid in the event of the dissolution or
\nliquidation of the Company, can be summarized as
\nfollows:
\n\u2022 subordination clauses, under which each hybrid
\nbond is subordinate to all other bonds issued by the
\ncompany and has the same seniority with all other
\nhybrid financial instruments issued, being senior
\nonly to equity instruments;
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\u2022 prohibition on mergers with other companies, the
\nsale or leasing of all or a substantial part of the com-
\npany\u2019s assets to another company, unless the latter
\nsucceeds in all obligations of the issuer.
\nThe main covenants envisaged in the loan contracts
\nof Enel SpA and Enel Finance International NV and
\nthe other Group companies, including the sustaina-
\nbility-linked loan facility agreements obtained by Enel
\nSpA, can be summarized as follows:
\n113
\n\u2022 negative pledge clauses, under which the borrower
\nand, in some cases, the guarantor are subject to lim-
\nitations on the establishment of mortgages, liens or
\nother encumbrances on all or part of their respec-
\ntive assets, with the exception of expressly permit-
\nted encumbrances;
\n\u2022 disposals clauses, under which the borrower and, in
\nsome cases, the guarantor may not dispose of their
\nassets or operations, with the exception of expressly
\npermitted disposals;
\n\u2022 pari passu clauses, under which the payment under-
\ntakings of the borrower have the same seniority as
\nits other unsecured and unsubordinated payment
\nobligations;
\n\u2022 change of control clauses, under which the borrow-
\ner and, in some cases, the guarantor could be re-
\nquired to renegotiate the terms and conditions of
\nthe financing or make compulsory early repayment
\nof the loans granted;
\n\u2022 rating clauses, which provide for the borrower or the
\nguarantor to maintain their rating above a certain
\nspecified level;
\n\u2022 cross-default clauses, under which the occurrence
\nof a default event in respect of a specified financial
\nliability (above a threshold level) of the issuer or, in
\nsome cases, the guarantor constitutes a default in
\nrespect of the liabilities in question, which become
\nimmediately repayable.
\nIn some cases, the covenants are also binding for the
\nsignificant companies or subsidiaries of the obligated
\nparties. All the borrowings considered specify \u201cevents
\nof default\u201d typical of international business practice,
\nsuch as, for example, insolvency, bankruptcy proceed-
\nings or the entity ceases trading.
\nIn addition, the guarantees issued by Enel in the inter-
\nest of e-distribuzione SpA for certain loans to e-dis-
\ntribuzione SpA from Cassa Depositi e Prestiti SpA re-
\nquire that at the end of each six-month measurement
\nperiod Enel\u2019s net consolidated financial debt shall not
\nexceed 4.5 times annual consolidated EBITDA.
\nFinally, the debt of Endesa SA, Enel Am\u00e9ricas SA, Enel
\nChile SA and the other Spanish and Latin American
\nsubsidiaries (notably Enel Generaci\u00f3n Chile SA) con-
\ntains covenants and events of default typical of inter-
\nnational business practice.
\n46.3.2 Short-term borrowings \u2013 \u20ac3,645 million
\nAt December 31, 2024, short-term borrowings totaled \u20ac3,645 million, a decrease of \u20ac1,124 million compared with
\nDecember 31, 2023, and break down as follows:
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n\n\n
\n\n| Short-term bank borrowings | \n344 | \n393 | \n(49) | \n\n\n
\n\n| Commercial paper | \n2,406 | \n2,499 | \n(93) | \n\n\n
\n\n| Cash collateral and other financing on derivatives | \n732 | \n1,383 | \n(651) | \n\n\n
\n\n| Other short-term borrowings | \n163 | \n494 | \n(331) | \n\n\n
\n\n| Short-term borrowings | \n3,645 | \n4,769 | \n(1,124) | \n\n\n
\n\n\n\n\n\n
\n\n\n
Commercial paper liabilities totaling \u20ac2,406 million concerned issues by Enel Finance International and Enel Finance
\nAmerica.
\n113. The sustainability-linked loan entered into on September 30, 2022 by Enel Finance America LLC as borrower and Enel SpA (as guarantor) with
\nEKF Denmark\u2019s Export Credit Agency (then merged into Export and Investment Fund of Denmark, \u201cEIFO\u201d) and Citi provides for a number of
\nadditional covenants, such as:
\n\u2022 a \u201creputational damage\u201d clause, under which the lending bank can request the cancellation of its financial commitment undertaken by it
\nand 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
\nsubstantial breach of certain regulations;
\n\u2022 the commitment, also of the guarantor, to ensure compliance with certain environmental and social regulations and standards.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\nThe main commercial paper programs include:
\n\u2022 \u20ac8,000 million of Enel Finance International;
\n\u2022 \u20ac5,000 million of Endesa;
\n\u2022 $5,000 million, equivalent to \u20ac4,829 million at De-
\ncember 31, 2024, of Enel Finance America.
\nAt December 31, 2024, the whole amount of commer-
\ncial paper issues was linked to sustainability objectives.
\nFinance with development banks and export
\ncredit agencies (ECAs)
\nSustainable finance is characterized by the synergy
\nbetween public and private capital. The integration of
\nthese two sources of financing allows for the devel-
\nopment of scalable solutions capable of generating
\nsignificant economic value, especially in developing
\ncountries and emerging markets.
\nEnel has secured new forms of financing with develop-
\nment banks and export credit agencies (ECAs) through
\ntransactions intended to mobilize private capital for
\nsustainable development, for a total value of about
\n\u20ac10,000 million, of which about 50% in the sustaina-
\nbility-linked form. More specifically, during 2024 the
\nGroup entered into loans of this nature for a total of
\napproximately \u20ac1,000 million. The main transactions
\ninclude the General Corporate Purpose and Sustaina-
\nbility-Linked financing for a total of $286 million, by an
\nexport credit agency to Enel Chile.
\nGreen Bonds
\nIn the 2017-2019 period, the Enel Group issued Green
\nBonds for a total notional value of \u20ac3,500 million, of
\nwhich \u20ac2,249 million outstanding at December 31,
\n2024.
\n
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1066": {
"value": "\n37. Employee benefits
\n\u2013 \u20ac1,614 million
\nThe Group provides its employees with a variety of
\nbenefits, including deferred compensation benefits,
\nadditional months\u2019 pay for having reached age limits
\nor eligibility for old-age pension, loyalty bonuses for
\nachievement of seniority milestones, supplemental
\nretirement and healthcare plans, residential electricity
\ndiscounts and similar benefits. More specifically:
\n\u2022 for Italy, the item \u201cpension benefits\u201d regards esti-
\nmated accruals made to cover benefits due under
\nthe supplemental retirement schemes of retired
\nexecutives and the benefits due to personnel under
\nlaw or contract at the time the employment rela-
\ntionship is terminated. For the foreign companies,
\nthe item refers to post-employment benefits, of
\nwhich the most material regard the pension bene-
\nfit schemes of Endesa in Spain, which break down
\ninto three types that differ on the basis of employee
\nseniority and company. In general, under the frame-
\nwork agreement of October 25, 2000, employ-
\nees participate in a specific defined contribution
\npension plan and, in cases of disability or death of
\nemployees in service, a defined-benefit plan which
\nis covered by appropriate insurance policies. In ad-
\ndition, the group has two other limited-enrollment
\nplans (i) for current and retired Endesa employees
\ncovered by the electricity industry collective bar-
\ngaining agreement prior to the changes introduced
\nwith the framework agreement noted earlier and (ii)
\nfor employees of the Catalan companies merged
\nin the past (Fecsa/Enher/HidroEmpord\u00e0). Both are
\ndefined-benefit plans and benefits are fully insured,
\nwith the exception of the former plan for benefits
\nin the event of the death of a retired employee. Fi-
\nnally, the Brazilian companies have also established
\ndefined-benefit plans;
\n\u2022 the item \u201celectricity discount\u201d comprises benefits
\nregarding electricity supply associated in particular
\nwith foreign companies;
\n\u2022 the item \u201chealth insurance\u201d refers to benefits for
\ncurrent or retired employees covering medical ex-
\npenses;
\n\u2022 \u201cother benefits\u201d mainly regard the loyalty bonus,
\nwhich is adopted in various countries and for Italy is
\nrepresented by the estimated liability for the benefit
\nentitling employees covered by the electricity work-
\ners national collective bargaining agreement to a
\nbonus for achievement of seniority milestones (25th
\nand 35th year of service). It also includes other in-
\ncentive plans, which provide for the award to certain
\nCompany managers of a monetary bonus subject to
\nspecified conditions.
\nThe following table reports changes in the defined-ben-
\nefit obligation for post-employment and other long-term
\nemployee benefits at December 31, 2024, and December
\n31, 2023, respectively, as well as a reconciliation of that
\nobligation with the actuarial liability.
\n
\n
\n\n\n\n\n
\n\n\n | \n2024 | \n2023 | \n\n
\n\n | \nPension | \nElectricity | \nHealth | \nOther | \n | \nPension | \nElectricity | \nHealth | \nOther | \n | \n\n
\n\n| Millions of euro | \nbenefits | \ndiscount | \ninsurance | \nbenefits | \nTotal | \nbenefits | \ndiscount | \ninsurance | \nbenefits | \nTotal | \n\n
\n\n| CHANGES IN ACTUARIAL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| OBLIGATION | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Change in actuarial | \n6 | \n1 | \n(2) | \n(3) | \n2 | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| obligation previous year | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Actuarial obligation | \n4,085 | \n216 | \n176 | \n102 | \n4,579 | \n3,765 | \n224 | \n162 | \n118 | \n4,269 | \n\n
\n\n| at the start of the year | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Current service cost | \n9 | \n1 | \n4 | \n4 | \n18 | \n9 | \n1 | \n3 | \n(1) | \n12 | \n\n
\n\n| Interest expense | \n318 | \n7 | \n9 | \n6 | \n340 | \n336 | \n8 | \n9 | \n4 | \n357 | \n\n
\n\n| Actuarial (gains)/losses | \n(3) | \n- | \n- | \n- | \n(3) | \n- | \n- | \n- | \n2 | \n2 | \n\n
\n\n| arising from changes in | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| demographic | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| assumptions | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Actuarial (gains)/losses | \n(481) | \n(15) | \n(8) | \n(1) | \n(505) | \n224 | \n8 | \n6 | \n3 | \n241 | \n\n
\n\n| arising from changes in | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| financial assumptions | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Experience adjustments | \n283 | \n17 | \n(6) | \n(6) | \n288 | \n(43) | \n(12) | \n6 | \n1 | \n(48) | \n\n
\n\n| Past service cost | \n4 | \n- | \n- | \n- | \n4 | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| (Gains)/Losses arising | \n(114) | \n- | \n- | \n- | \n(114) | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| from settlements | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Exchange differences | \n(497) | \n(1) | \n(8) | \n(1) | \n(507) | \n145 | \n1 | \n4 | \n(4) | \n146 | \n\n
\n\n| Benefits paid | \n(451) | \n(13) | \n(14) | \n(13) | \n(491) | \n(393) | \n(14) | \n(14) | \n(17) | \n(438) | \n\n
\n\n| Other changes | \n- | \n- | \n- | \n(2) | \n(2) | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| Reclassification | \n30 | \n- | \n- | \n- | \n30 | \n41 | \n- | \n- | \n- | \n41 | \n\n
\n\n| to balance sheet assets | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Changes in the | \n2 | \n- | \n- | \n- | \n2 | \n1 | \n- | \n- | \n(4) | \n(3) | \n\n
\n\n| consolidation scope/ | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| liabilities classified | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| as held for sale | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Actuarial obligation | \n3,191 | \n213 | \n151 | \n86 | \n3,641 | \n4,085 | \n216 | \n176 | \n102 | \n4,579 | \n\n
\n\n| at year-end (A) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| CHANGES IN PLAN ASSETS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Fair value of plan assets | \n2,299 | \n- | \n- | \n- | \n2,299 | \n2,124 | \n- | \n- | \n- | \n2,124 | \n\n
\n\n| at the start of the year | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest income | \n204 | \n- | \n- | \n- | \n204 | \n200 | \n- | \n- | \n- | \n200 | \n\n
\n\n| Expected return on plan | \n66 | \n- | \n- | \n- | \n66 | \n(52) | \n- | \n- | \n- | \n(52) | \n\n
\n\n| assets excluding amounts | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| included in interest | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| income | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Exchange differences | \n(332) | \n- | \n- | \n- | \n(332) | \n89 | \n- | \n- | \n- | \n89 | \n\n
\n\n| Employer contributions | \n483 | \n13 | \n14 | \n11 | \n521 | \n331 | \n14 | \n14 | \n11 | \n370 | \n\n
\n\n| Benefits paid | \n(451) | \n(13) | \n(14) | \n(11) | \n(489) | \n(393) | \n(14) | \n(14) | \n(11) | \n(432) | \n\n
\n\n| Other payments | \n(114) | \n- | \n- | \n- | \n(114) | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| Fair value of plan assets | \n2,155 | \n- | \n- | \n- | \n2,155 | \n2,299 | \n- | \n- | \n- | \n2,299 | \n\n
\n\n| at year-end (B) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| EFFECT OF ASSET CEILING | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Asset ceiling at the start | \n40 | \n- | \n- | \n- | \n40 | \n57 | \n- | \n- | \n- | \n57 | \n\n
\n\n| of the year | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest income | \n4 | \n- | \n- | \n- | \n4 | \n6 | \n- | \n- | \n- | \n6 | \n\n
\n\n| Changes in asset ceiling | \n99 | \n- | \n- | \n- | \n99 | \n(26) | \n- | \n- | \n- | \n(26) | \n\n
\n\n| Exchange differences | \n(15) | \n- | \n- | \n- | \n(15) | \n3 | \n- | \n- | \n- | \n3 | \n\n
\n\n| Asset ceiling | \n128 | \n- | \n- | \n- | \n128 | \n40 | \n- | \n- | \n- | \n40 | \n\n
\n\n| at year-end (C) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Net liability in statement | \n1,164 | \n213 | \n151 | \n86 | \n1,614 | \n1,826 | \n216 | \n176 | \n102 | \n2,320 | \n\n
\n\n| of financial position | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| (A-B+C) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n
\n
\n
\n
\n\n\n\nThe liability recognized came to \u20ac1,614 million, a de-
\ncrease of \u20ac706 million on 2023 mainly reflecting im-
\npairment losses recognized in reflection of a change in
\nthe financial assumptions and adverse developments in
\nrates. In addition to normal annual changes, the actuar-
\nial measurement of a plan of companies of the Endesa
\nGroup in Spain showed a surplus with respect to the
\nobligation assumed by the company, and was thus re-
\nclassified in a specific asset item of the balance sheet.
\nThe liability recognized at the end of the period is net
\nof the fair value of assets serving the plans (\u20ac2,155
\nmillion at December 31, 2024).
\nThe following table shows main changes in profit or
\nloss in the year.
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n\n
\n\n| (Gains)/Losses taken to profit or loss | \n | \n | \n\n
\n\n| Service cost and past service cost | \n22 | \n17 | \n\n
\n\n| Net interest expense | \n140 | \n163 | \n\n
\n\n| (Gains)/Losses arising from settlements | \n2 | \n- | \n\n
\n\n| Actuarial (gains)/losses on other long-term benefits | \n- | \n(5) | \n\n
\n\n| Other changes | \n(7) | \n5 | \n\n
\n\n| Total | \n157 | \n180 | \n\n
\n\n\n\n
\n\n
The change in the cost recognized in profit or loss was
\nequal to \u20ac23 million, mainly reflecting the decrease in
\nnet interest expense.
\nThe following table shows changes recognized in the
\nperiod in OCI.
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n\n
\n\n| Change in (gains)/losses in OCI | \n | \n | \n\n
\n\n| Expected return on plan assets excluding amounts included in interest income | \n(66) | \n52 | \n\n
\n\n| Actuarial (gains)/losses on defined-benefit plans | \n(213) | \n190 | \n\n
\n\n| Changes in asset ceiling excluding amounts included in interest income | \n99 | \n(26) | \n\n
\n\n| Other changes | \n3 | \n1 | \n\n
\n\n| Total | \n(177) | \n217 | \n\n
\n\n\n\n
\n\n
\u201cActuarial (gains)/losses on defined-benefit plans\u201d de-
\ncreased compared with 2023, due to the change in
\nfinancial assumptions commented earlier.
\nThose assets, which are entirely in Spain and Brazil,
\nbreak down as follows.
\n\n
\n\n\n| % | \n2024 | \n2023 | \n\n
\n\n| Investments quoted in active markets | \n | \n | \n\n
\n\n| Equity instruments | \n4 | \n4 | \n\n
\n\n| Fixed-income securities | \n76 | \n73 | \n\n
\n\n| Investment property | \n2 | \n3 | \n\n
\n\n| Other | \n14 | \n20 | \n\n
\n\n| Unquoted investments | \n | \n | \n\n
\n\n| Assets held by insurance undertakings | \n- | \n- | \n\n
\n\n| Other | \n4 | \n- | \n\n
\n\n| Total | \n100 | \n100 | \n\n
\n\n\n\n
\n\n
\n\n\n\nThe main actuarial assumptions used to calculate
\nthe liabilities in respect of employee benefits and the
\nplan assets, which are consistent with those used the
\nprevious year, are set out in the following table.
\n\n
\n\n\n | \n | \n | \nLatin | \nOther | \n | \n | \nLatin | \nOther | \n\n
\n\n | \nItaly | \nIberia | \nAmerica | \ncountries | \nItaly | \nIberia | \nAmerica | \ncountries | \n\n
\n\n | \n2024 | \n2023 | \n\n
\n\n| Discount rate | \n2.75%- | \n3.04%- | \n5.10%- | \n6.75%- | \n3.30%- | \n3.14%- | \n5.31%- | \n0.072 | \n\n
\n\n | \n3.20% | \n3.50% | \n12.95% | \n6.80% | \n3.40% | \n3.47% | \n10.09% | \n | \n\n
\n\n| Inflation rate | \n2.00% | \n2.09% | \n3.00%- | \n | \n2.30% | \n2.57% | \n3.00%- | \n | \n\n
\n\n | \n | \n | \n5. 17% | \n | \n | \n | \n7.58% | \n | \n\n
\n\n| Rate of wage increases | \n2.00%- | \n1.59% | \n3.80%- | \n13%-10% | \n2.30%- | \n2.57% | \n4.55%- | \n0.1 | \n\n
\n\n | \n4.00% | \n | \n5.55% | \n | \n4.30% | \n | \n10.00% | \n | \n\n
\n\n| Rate of increase in healthcare | \n3.00% | \n4.18% | \n7.63%- | \n | \n3.30% | \n4.77% | \n7.63%- | \n | \n\n
\n\n| costs | \n | \n | \n10.00% | \n | \n | \n | \n10.00% | \n | \n\n
\n\n| Expected rate of return | \n- | \n3.30%- | \n5.10%- | \n | \n- | \n3.22%- | \n9.99%- | \n | \n\n
\n\n| on plan assets | \n | \n3.47% | \n12.95% | \n | \n | \n3.31% | \n10.09% | \n | \n\n
\n\n\n\n
\n\n
The following table reports the outcome of a sensitiv-
\nity analysis that demonstrates the effects on the de-
\nfined-benefit obligation of changes reasonably possi-
\nble at the end of the year in the actuarial assumptions
\nused in estimating the obligation.
\n\n
\n\n\n | \nPension | \nElectricity | \nHealth | \nOther | \nPension | \nElectricity | \nHealth | \nOther | \n\n
\n\n | \nbenefits | \ndiscount | \ninsurance | \nbenefits | \nbenefits | \ndiscount | \ninsurance | \nbenefits | \n\n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n| Decrease of 0.5% in discount rate | \n(5) | \n11 | \n8 | \n(3) | \n147 | \n8 | \n5 | \n(6) | \n\n
\n\n| Increase of 0.5% in discount rate | \n(88) | \n(13) | \n(8) | \n(9) | \n(188) | \n(14) | \n(9) | \n(12) | \n\n
\n\n| Increase of 0.5% in inflation rate | \n(56) | \n(2) | \n(9) | \n(8) | \n(49) | \n(4) | \n(9) | \n(12) | \n\n
\n\n| Decrease of 0.5% in inflation rate | \n(36) | \n(2) | \n5 | \n(3) | \n(30) | \n(4) | \n5 | \n(6) | \n\n
\n\n| Increase of 0.5% in remuneration | \n(137) | \n(2) | \n(2) | \n(3) | \n(28) | \n(4) | \n(19) | \n18 | \n\n
\n\n| Increase of 0.5% in pensions | \n(56) | \n(2) | \n(2) | \n(6) | \n(28) | \n(4) | \n(19) | \n11 | \n\n
\n\n| currently being paid | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Increase of 1% in healthcare costs | \n- | \n- | \n17 | \n- | \n- | \n- | \n(164) | \n- | \n\n
\n\n| Increase of 1 year in life expectancy | \n(297) | \n3 | \n(1) | \n(6) | \n16 | \n2 | \n(15) | \n12 | \n\n
\n\n| of active and retired employees | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
The sensitivity analysis used an approach that ex-
\ntrapolates the effect on the defined-benefit obli-
\ngation of reasonable changes in an individual ac-
\ntuarial assumption, leaving the other assumptions
\nunchanged.
\nThe contributions expected to be paid into de-
\nfined-benefit plans in the subsequent year amount to
\n\u20ac203 million.
\nThe following table reports expected benefit payments
\nin the coming years for defined-benefit plans.
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n| Within 1 year | \n351 | \n447 | \n\n
\n\n| In 1-2 years | \n308 | \n407 | \n\n
\n\n| In 2-5 years | \n921 | \n1,120 | \n\n
\n\n| More than 5 years | \n1,716 | \n1,739 | \n\n
\n\n\n\n
\n\n
\n\n\n",
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}
},
"Tag1091": {
"value": "\n
\n\n38. Provisions for risks and charges \u2013 \u20ac7,834 million
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n
\n\n| Millions of euro | \nNon-current | \nCurrent | \nTotal | \nNon-current | \nCurrent | \nTotal | \n
\n\n| Provision for litigation, risks and other | \n | \n | \n | \n | \n | \n | \n
\n\n| charges: | \n | \n | \n | \n | \n | \n | \n
\n\n| - nuclear decommissioning | \n688 | \n- | \n688 | \n571 | \n- | \n571 | \n
\n\n| - site retirement, removal and restoration | \n2,447 | \n270 | \n2,717 | \n2,517 | \n160 | \n2,677 | \n
\n\n| - litigation | \n643 | \n53 | \n696 | \n663 | \n39 | \n702 | \n
\n\n| - environmental certificates | \n- | \n200 | \n200 | \n- | \n250 | \n250 | \n
\n\n| - taxes and duties | \n234 | \n18 | \n252 | \n295 | \n19 | \n314 | \n
\n\n| - insurance | \n457 | \n132 | \n589 | \n366 | \n129 | \n495 | \n
\n\n| - other | \n1,134 | \n324 | \n1,458 | \n687 | \n296 | \n983 | \n
\n\n| Total | \n5,603 | \n997 | \n6,600 | \n5,099 | \n893 | \n5,992 | \n
\n\n| Provision for early retirement incentives | \n130 | \n90 | \n220 | \n154 | \n128 | \n282 | \n
\n\n| and other restructuring plans | \n | \n | \n | \n | \n | \n | \n
\n\n| Provision for restructuring programs | \n768 | \n246 | \n1,014 | \n765 | \n273 | \n1,038 | \n
\n\n| connected with the energy transition | \n | \n | \n | \n | \n | \n | \n
\n\n| TOTAL | \n6,501 | \n1,333 | \n7,83 4 | \n6,018 | \n1,294 | \n7,312 | \n
\n\n
\n
\n
\n\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \nReclassifications | \n | \n
\n\n | \n | \n | \n | \n | \n | \nProvisions | \n | \n | \nof liabilities | \n | \n
\n\n | \n | \n | \n | \n | \n | \nfor site | \n | \n | \nincluded in | \n | \n
\n\n | \nat Dec. 31, | \n | \n | \n | \n | \nretirement and | \nExchange | \nOther | \ndisposal groups | \nat Dec. 31, | \n
\n\n| Millions of euro | \n2023 | \nAccrual | \nReversal | \nUtilization | \nDiscounting | \nrestoration | \ndifferences | \nchanges | \nheld for sale | \n2024 | \n
\n\n| Provision for | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| litigation, risks and | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| other charges: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - nuclear | \n571 | \n- | \n- | \n- | \n17 | \n99 | \n- | \n1 | \n- | \n688 | \n
\n\n| decommissioning | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - site retirement, | \n2,677 | \n57 | \n(33) | \n(151) | \n76 | \n100 | \n(4) | \n- | \n(5) | \n2,717 | \n
\n\n| removal and | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| restoration | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - litigation | \n702 | \n236 | \n(100) | \n(123) | \n55 | \n- | \n(62) | \n(12) | \n- | \n696 | \n
\n\n| - environmental | \n250 | \n222 | \n(86) | \n(182) | \n- | \n- | \n- | \n(4) | \n- | \n200 | \n
\n\n| certificates | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - taxes and duties | \n314 | \n21 | \n(21) | \n(6) | \n(8) | \n- | \n(18) | \n(30) | \n- | \n252 | \n
\n\n| - insurance | \n495 | \n108 | \n- | \n(20) | \n- | \n- | \n- | \n7 | \n(1) | \n589 | \n
\n\n| - other | \n983 | \n735 | \n(96) | \n(224) | \n40 | \n104 | \n(24) | \n(65) | \n5 | \n1,458 | \n
\n\n| Total | \n5,992 | \n1,379 | \n(336) | \n(706) | \n180 | \n303 | \n(108) | \n(103) | \n(1) | \n6,600 | \n
\n\n| Provision for | \n282 | \n77 | \n(16) | \n(129) | \n7 | \n- | \n- | \n(1) | \n- | \n220 | \n
\n\n| early retirement | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| incentives and other | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| restructuring plans | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Provision for | \n1,038 | \n261 | \n(85) | \n(225) | \n28 | \n- | \n(1) | \n(2) | \n- | \n1,014 | \n
\n\n| restructuring | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| programs | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| connected with the | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| energy transition | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| TOTAL | \n7,312 | \n1,717 | \n(437) | \n(1,060) | \n215 | \n303 | \n(109) | \n(106) | \n(1) | \n7,83 4 | \n
\n\n
\n
\n\n\n
\n\n\n
\n\n
\nNuclear decommissioning provision
\nAt December 31, 2024 the provision reflected solely the
\ncosts that would be incurred at the time of decommis-
\nsioning of nuclear plants by Enresa, a Spanish public
\nentity responsible for such activities in accordance with
\nRoyal Decree 1349/2003 and Law 24/2005. In general,
\nthe costs are quantified on the basis of a standard con-
\ntract between Enresa and the electricity companies ap-
\nproved by the Ministry for the Economy, which regulates
\nthe retirement and closing of nuclear power plants. The
\ntime horizon envisaged, three years, corresponds to
\nthe period from the termination of power generation to
\nthe transfer of plant management to Enresa (so-called
\npost-operational costs) and takes account, among the
\nvarious assumptions used to estimate the amount, of
\nthe quantity of unused nuclear fuel expected at the date
\nof closure of each of the Spanish nuclear plants on the
\nbasis of the provisions of the concession agreement.
\nSite retirement, removal and restoration
\nprovision
\nThis provision represents the present value of the esti-
\nmated cost for the retirement and removal of non-nu-
\nclear plants where there is a legal or constructive ob-
\nligation to do so. The provision mainly regarded the
\nEndesa Group, subsidiaries owned by the Parent com-
\npany Enel Chile and Enel Produzione.
\nThe retirement, removal and restoration charges in the
\nprovision are quantified using an Activity Based Costing
\n(ABC) process, which identifies and quantifies the costs
\nof each activity necessary for the retirement, removal
\nand restoration of the site.
\nThe following table summarizes the temporal break-
\ndown of payments connected with the site retirement,
\nremoval and restoration provision.
\n\n
\n\n\n | \nPayments by time bracket | \nDiscounted | \n
\n\n| Millions of euro | \n(nominal value) | \namount | \n
\n\n| Within 1 year | \n274 | \n268 | \n
\n\n| In 1-5 years | \n1,184 | \n1,066 | \n
\n\n| More than 5 years | \n1,996 | \n1,383 | \n
\n\n| Total | \n3,454 | \n2 ,717 | \n
\n\n
\n
Litigation provision
\nThe litigation provision covers contingent liabilities in re-
\nspect of pending litigation and other disputes. It includes
\nan estimate of the potential liability relating to disputes
\nthat arose during the year, as well as revised estimates
\nof the potential costs associated with disputes initiated
\nin prior years, based on the indications of internal and
\nexternal consultants. The balance for litigation mainly
\nregards the companies in Latin America (\u20ac398 million),
\nSpain (\u20ac150 million) and Italy (\u20ac116 million).
\nThe amount is virtually unchanged compared with the
\nprevious year, as the decrease associated with higher
\nuses and releases in Brazil was offset by new accruals.
\nProvision for environmental certificates
\nSee note 56 \u201cEnvironmental programs\u201d.
\nProvision for taxes and duties
\nThe provision for taxes and duties covers the estimat-
\ned liability deriving from tax disputes concerning di-
\nrect and indirect taxes.
\nThe balance of the provision also includes the provi-
\nsion for current and potential disputes concerning lo-
\ncal property tax (whether the Imposta Comunale sugli
\nImmobili - ICI or the Imposta Municipale Unica - IMU)
\nin Italy.
\nInsurance claims provision
\nThis fund includes provisions attributable to Enel Rein-
\nsurance for accruals for insurance claims; the change
\nis mainly attributable to new accruals in the year in the
\namount of \u20ac108 million.
\n\nOther provisions
\nOther provisions cover various risks and charges,
\nmainly in connection with regulatory disputes and dis-
\nputes with local authorities regarding various duties
\nand fees or other charges.
\nThe increase in the period is mainly attributable to ac-
\ncruals for regulatory measures, atmospheric events
\nand faults.
\n
\n\n\n
\n\n\n
\n\n\n
\n\nProvision for early retirement incentives
\nand other restructuring plans
\nThe provision for early retirement incentives and oth-
\ner restructuring plans includes the estimated charges
\nrelated to binding agreements for the voluntary termi-
\nnation of employment contracts in response to organ-
\nizational needs. The reduction of \u20ac62 million for the
\nyear mainly reflects uses of provisions for incentives
\nestablished in previous period in Spain and Italy to
\ncover the early termination of employment for certain
\nemployees.
\nProvision for restructuring programs
\nconnected with the energy transition
\nEnel, in its role as a leader of the energy transition,
\nhas placed decarbonization and growth of renewables
\naround the world at the center of its strategy.
\nIn this context, Enel has begun restructuring the
\nactivities associated with the energy transition pro-
\ncess, which involves thermal generation plants in
\nall the geographical areas in which the Group op-
\nerates. The consequent revision of processes and
\noperating models will require changes in the roles
\nand skills of employees, which the Group intends to
\nimplement with highly sustainable plans based on
\nredeployment programs, with major upskilling and
\nreskilling plans and voluntary individual early re-
\ntirement agreements. The energy transition is also
\nbased on the progressive and expansive develop-
\nment of digital tools, as digitization is essential to
\nresponding to multiple external forces and making
\ninformed and well-considered decisions at every
\nlevel within the Group.
\nA provision was therefore established in 2020 for re-
\nstructuring programs, which at December 31, 2024
\namounted to \u20ac1,014 million, which is mainly attribut-
\nable to Spain and Italy, and represents the estimated
\ncosts that the Group will incur following the accelera-
\ntion of the energy transition, for all direct and indirect
\nactivities related to the review of processes and op-
\nerating models and the roles and skills of employees.
\nNew accruals in 2024 mainly regard Italy (\u20ac220 million)
\nfor Article 4 programs, and Spain following the adjust-
\nment of \u20ac38 million to the provision for the Acuerdo
\nVoluntario de Salida plan.
\n
\n\n\n
\n\n",
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},
"Tag1097": {
"value": "\nOther provisions
\nOther provisions cover various risks and charges,
\nmainly in connection with regulatory disputes and dis-
\nputes with local authorities regarding various duties
\nand fees or other charges.
\nThe increase in the period is mainly attributable to ac-
\ncruals for regulatory measures, atmospheric events
\nand faults.
\n
\n\n",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"Tag1098": {
"value": "\n39. Trade payables \u2013 \u20ac13,693 million
\nThe item amounted to \u20ac13,693 million (\u20ac15,821 mil-
\nlion at December 31, 2023) and includes payables in
\nrespect of electricity supplies, fuel, materials, equip-
\nment associated with tenders, and other services.
\nMore specifically, trade payables falling due in less than
\n12 months amounted to \u20ac12,721 million (\u20ac15,487 mil-
\nlion at December 31, 2023) while those falling due in
\nmore than 12 months amounted to \u20ac972 million (\u20ac334
\nmillion at December 31, 2023).
\n39.1 Supplier finance arrangements
\nThe Group has entered into supplier finance agree-
\nments with the primary purpose of optimizing the
\nprocessing of invoice payments to suppliers, who par-
\nticipate in the agreements on a voluntary basis.
\nThe agreements entered into by the Group provides
\nfor the following main terms and conditions:
\n\u2022 suppliers may choose to receive advance payment
\nof their invoices from banks, which agree to pay the
\namounts due by the Group before the original in-
\nvoice due date;
\n\u2022 banks agree to pay the amounts due to participating
\nsuppliers in relation to invoices owed by the Group
\nbefore the invoice due date and the Group pays the
\nbank providing the payment service.
\nThe agreements do not significantly extend payment
\nterms beyond the normal terms agreed with other sup-
\npliers choosing to not participate in the agreement.
\nFurthermore, the Group does not incur any additional
\ninterest from the bank on amounts owed to suppliers as
\nthe banks only provide payment services to Enel.
\nGiven that entering these agreements does not im-
\nply any legal release nor any material modification of
\nthe original liabilities, the trade payables relating to the
\nagreements have not been written off or otherwise re-
\nclassified by the Group. Therefore, the Group recognizes
\nthe amounts under the agreements among trade pay-
\nables because the nature and function of these debts
\nremain the same as those of other trade payables.
\nThe table below provides more information on suppli-
\ner finance agreements of the Group.
\n
\n\n\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n| Value of trade payables under SFA | \n | \n | \n\n
\n\n| Presented within trade payables: | \n341 | \n344 | \n\n
\n\n| - of which suppliers have received payment by financial institutions | \n309 | \n344 | \n\n
\n\n| - of which buyers received payment extension | \n32 | \n- | \n\n
\n\n| Presented within finance payables: | \n- | \n- | \n\n
\n\n| - of which suppliers have received payment by financial institutions | \n- | \n- | \n\n
\n\n| - of which buyers received payment extension | \n- | \n- | \n\n
\n\n\n\n
\n\n
\n\n\n",
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},
"Tag1255": {
"value": "\n40. Other non-current financial liabilities \u2013 \u20ac205 million
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n\n
\n\n| Other non-current financial liabilities included | \n64 | \n8 | \n56 | \n- | \n\n
\n\n| in net financial debt | \n | \n | \n | \n | \n\n
\n\n| Non-current financial accrued expenses | \n141 | \n133 | \n8 | \n6.0% | \n\n
\n\n| Total | \n205 | \n141 | \n64 | \n45.4% | \n\n
\n\n\n\n
\n\n
The change in \u201cother non-current financial liabilities\u201d
\nis mainly attributable to the increase in other non-cur-
\nrent financial liabilities in respect of the Spanish elec-
\ntrical system deficit, included in net financial debt.
\n
\n\n\n\n41. Other current financial liabilities \u2013 \u20ac845 million
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n\n
\n\n| Accrued financial expense and deferred financial | \n678 | \n734 | \n(56) | \n-7.6 % | \n\n
\n\n| income | \n | \n | \n | \n | \n\n
\n\n| Other current financial liabilities included in net | \n14 | \n1 | \n13 | \n- | \n\n
\n\n| financial debt | \n | \n | \n | \n | \n\n
\n\n| Other liabilities | \n153 | \n174 | \n(21) | \n-12.1% | \n\n
\n\n| Total | \n845 | \n909 | \n(64) | \n-7. 0 % | \n\n
\n\n\n\n
\n\n
The decrease in \u201cother current financial liabilities\u201d is
\nattributable to the decrease in accrued financial ex-
\npense and liabilities for accrued interest not yet paid
\nunder \u201cother liabilities\u201d.
\nThe effect is partly offset by the increase in other
\nnon-current financial liabilities in respect of the Span-
\nish electrical system deficit, included in net financial
\ndebt.
\n
\n\n\n\n46.2 Financial liabilities by category
\nThe following table shows the carrying amount for
\neach category of financial liability provided for under
\nIFRS 9, broken down into current and non-current fi-
\nnancial liabilities, showing hedging derivatives and de-
\nrivatives measured at fair value through profit or loss
\nseparately.
\n\n
\n\n\n | \n | \nNon-current | \nCurrent | \n\n\n\n\n\n
\n\n | \n | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n\n\n\n\n\n
\n\n| Millions of euro | \nNotes | \n2024 | \n2023 | \n2024 | \n2023 | \n\n\n\n\n\n
\n\n| Financial liabilities measured at amortized cost | \n46.2.1 | \n61,333 | \n61,734 | \n33,702 | \n39,784 | \n\n\n\n\n\n
\n\n| Financial liabilities at fair value through profit or loss | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Derivative financial liabilities at FVTPL | \n46.4 | \n133 | \n204 | \n2,848 | \n4,485 | \n\n\n\n\n\n
\n\n| Total financial liabilities at fair value through profit | \n | \n133 | \n204 | \n2,848 | \n4,485 | \n\n\n\n\n\n
\n\n| or loss | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Derivative financial liabilities designated as hedging | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| instruments | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Fair value hedge derivatives | \n46.4 | \n28 | \n105 | \n- | \n17 | \n\n\n\n\n\n
\n\n| Cash flow hedge derivatives | \n46.4 | \n2,754 | \n3,064 | \n736 | \n1,959 | \n\n\n\n\n\n
\n\n| Total derivative financial liabilities designated | \n | \n2,782 | \n3,169 | \n736 | \n1,976 | \n\n\n\n\n\n
\n\n| as hedging instruments | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| TOTAL | \n | \n64,248 | \n65,107 | \n37, 28 6 | \n46,245 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
For more information on recognition and classification
\nof current and non-current derivative financial assets,
\nplease see note 49 \u201cDerivatives and hedge accounting\u201d.
\nFor more information on fair value measurement,
\nplease see note 50 \u201cAssets and liabilities measured at
\nfair value\u201d.
\n46.2.1 Financial liabilities measured
\nat amortized cost
\nThe following table shows financial liabilities at am-
\nortized cost by nature, broken down into current and
\nnon-current financial liabilities.
\n\n
\n\n\n | \n | \nNon-current | \n | \nCurrent | \n\n\n\n\n\n
\n\n | \n | \nat Dec. 31, | \nat Dec. 31, | \n | \nat Dec. 31, | \nat Dec. 31, | \n\n\n\n\n\n
\n\n| Millions of euro | \nNotes | \n2024 | \n2023 | \nNotes | \n2024 | \n2023 | \n\n\n\n\n\n
\n\n| Long-term borrowings | \n46.3 | \n60,000 | \n61,085 | \n46.3 | \n7,4 39 | \n9,086 | \n\n\n\n\n\n
\n\n| Short-term borrowings | \n | \n- | \n- | \n46.3 | \n3,645 | \n4,769 | \n\n\n\n\n\n
\n\n| Trade payables | \n39 | \n972 | \n334 | \n39 | \n12,721 | \n15,487 | \n\n\n\n\n\n
\n\n| Other financial liabilities | \n | \n361 | \n315 | \n | \n9,897 | \n10,442 | \n\n\n\n\n\n
\n\n| Total | \n | \n61,333 | \n61,734 | \n | \n33,702 | \n39,784 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
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"value": "\n
\n\n
\n42. Other non-current liabilities \u2013 \u20ac3,287 million
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n\n
\n\n\n\n
\n\n
\n\n\n
\n\n\n| Accrued operating expenses and deferred | \n401 | \n464 | \n(63) | \n-13.6% | \n\n
\n\n| income | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n
\n\n\n\n\n
\n\n\n| Liabilities with equalization funds/market and | \n297 | \n307 | \n(10) | \n-3.3% | \n\n
\n\n| energy services operators | \n | \n | \n | \n | \n\n
\n\n| Liabilities for tax partnerships >12 months | \n1,001 | \n1,262 | \n(261) | \n-20.7% | \n\n
\n\n| Sundry non-current payments on account | \n424 | \n348 | \n76 | \n21.8% | \n\n
\n\n| Other items | \n1,164 | \n1,722 | \n(558) | \n-32.4% | \n\n
\n\n| Total | \n3,287 | \n4,103 | \n(816) | \n-19.9% | \n\n
\n\n\n\n
\n\n
\n\n\n\n
\n\n\n\n
\n\nOther non-current liabilities decreased by \u20ac816 mil-
\nlion, mainly reflecting the decrease in liabilities for tax
\npartnership (\u20ac261 million) in the United States and the
\nchange in other items (\u20ac558 million), mainly due to the
\nchange of the liability related to the PIS/COFINS litiga-
\ntion in Brazil and the impact of exchange differences
\nin Latin America.
\n
\n\n\n\n
\n\n\n",
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"value": "\n
\n42. Other non-current liabilities \u2013 \u20ac3,287 million
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n\n
\n\n\n\n
\n\n
\n\n\n
\n\n\n| Accrued operating expenses and deferred | \n401 | \n464 | \n(63) | \n-13.6% | \n\n
\n\n| income | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n
\n\n\n\n\n
\n\n\n| Liabilities with equalization funds/market and | \n297 | \n307 | \n(10) | \n-3.3% | \n\n
\n\n| energy services operators | \n | \n | \n | \n | \n\n
\n\n| Liabilities for tax partnerships >12 months | \n1,001 | \n1,262 | \n(261) | \n-20.7% | \n\n
\n\n| Sundry non-current payments on account | \n424 | \n348 | \n76 | \n21.8% | \n\n
\n\n| Other items | \n1,164 | \n1,722 | \n(558) | \n-32.4% | \n\n
\n\n| Total | \n3,287 | \n4,103 | \n(816) | \n-19.9% | \n\n
\n\n\n\n
\n\n
\n\n\n\nOther non-current liabilities decreased by \u20ac816 mil-
\nlion, mainly reflecting the decrease in liabilities for tax
\npartnership (\u20ac261 million) in the United States and the
\nchange in other items (\u20ac558 million), mainly due to the
\nchange of the liability related to the PIS/COFINS litiga-
\ntion in Brazil and the impact of exchange differences
\nin Latin America.
\n
\n\n\n\n
\n
\n
\n
\n
\n43. Other current liabilities \u2013 \u20ac15,087 million
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n\n
\n\n\n\n
\n\n
\n
\n\n\n| Amounts due to customers | \n1,679 | \n1,882 | \n(203) | \n-10.8% | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n| Amounts due to institutional market operators | \n5,281 | \n5,479 | \n(198) | \n-3.6% | \n\n
\n\n| Amounts due to employees | \n514 | \n503 | \n11 | \n2.2% | \n\n
\n\n\n\n
\n\n
\n\n\n
\n\n\n| Other tax liabilities | \n1,289 | \n1,034 | \n255 | \n24.7% | \n\n
\n\n\n\n
\n\n
\n\n\n\n
\n\n\n\n\n
\n\n\n| Amounts due to social security institutions | \n244 | \n235 | \n9 | \n3.8% | \n\n
\n\n\n\n
\n\n
\n
\n\n\n| Current accrued expenses and deferred income | \n537 | \n314 | \n223 | \n71.0% | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n| Liabilities for closed energy commodity | \n246 | \n437 | \n(191) | \n-43.7% | \n\n
\n\n| derivatives <12 months | \n | \n | \n | \n | \n\n
\n\n| Dividends | \n2,523 | \n2,470 | \n53 | \n2.1% | \n\n
\n\n| Liabilities for tax partnerships <12 months | \n362 | \n271 | \n91 | \n33.6% | \n\n
\n\n| Sundry current payments on account | \n635 | \n144 | \n491 | \n- | \n\n
\n\n| Other liabilities | \n1,777 | \n1,991 | \n(214) | \n-10.7% | \n\n
\n\n| Total | \n15,087 | \n14,760 | \n327 | \n2.2% | \n\n
\n\n\n\n
\n\n
The change in \u201cother current liabilities\u201d mainly reflects:
\n\u2022 the increase in sundry current payments on account
\nregarding e-distribuzione relating to payments of
\ncapital grants from public entities received in 2024;
\n\n
\n\n\u2022 the increase in other tax liabilities mainly attributa-
\nble to Spain reflecting higher liabilities for taxes on
\nelectricity generation as well as liabilities in respect
\nof value added tax of Italy;
\n
\n\n\n\n
\n\n\n\n\u2022 the increase in current accrued expenses and de-
\nferred income mainly regarding Enel Reinsurance.
\n\nThese effects were partly offset by:
\n\u2022 the decrease in amounts due to customers, which
\nmainly reports the change in security deposits from
\ncustomers in Italy in line with the decrease in the
\nnumber of customers served by market companies,
\noffset by the increase in trade receivables following
\nthe restoration of distribution system costs;
\n
\n
\n\n\n\n\u2022 the decrease in amounts due to institutional mar-
\nket operators mainly attributable to Italy, and in
\nparticular the Servizio Elettrico Nazionale for the
\ndecrease in amounts due to the Energy and En-
\nvironmental Services Fund compared with the
\nprevious year, and Spain, in particular Endesa Dis-
\ntribuci\u00f3n, partly offset in e-distribuzione by the in-
\ncrease in amounts due for components and system
\ncharges following the rate increase of the Asos and
\nArim components pursuant to ARERA Regulations
\nno. 633/2023, no. 113/2024, no. 263/2024 and no.
\n384/2024;
\n\u2022 the decrease in liabilities for closed energy com-
\nmodity derivatives <12 months.
\n
\n\n\n",
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"Tag1261": {
"value": "\n
\n\n\n
\n\n\n| Accrued operating expenses and deferred | \n401 | \n464 | \n(63) | \n-13.6% | \n\n
\n\n| income | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n
\n\n\n\n\n
\n\n\n| Current accrued expenses and deferred income | \n537 | \n314 | \n223 | \n71.0% | \n\n
\n\n\n\n
\n\n
\n\n\n",
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"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
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},
"Tag1262": {
"value": "\n\n
\n\n\n| Accrued operating expenses and deferred | \n401 | \n464 | \n(63) | \n-13.6% | \n\n
\n\n| income | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n| Other tax liabilities | \n1,289 | \n1,034 | \n255 | \n24.7% | \n\n
\n\n\n\n
\n\n
\n\n\n\n\u2022 the increase in other tax liabilities mainly attributa-
\nble to Spain reflecting higher liabilities for taxes on
\nelectricity generation as well as liabilities in respect
\nof value added tax of Italy;
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
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"Tag1263": {
"value": "\n
\n\n
\n
\n
\n
\n
\n43. Other current liabilities \u2013 \u20ac15,087 million
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n\n
\n\n\n\n
\n\n
\n
\n\n\n| Amounts due to customers | \n1,679 | \n1,882 | \n(203) | \n-10.8% | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n| Amounts due to institutional market operators | \n5,281 | \n5,479 | \n(198) | \n-3.6% | \n\n
\n\n| Amounts due to employees | \n514 | \n503 | \n11 | \n2.2% | \n\n
\n\n\n\n
\n\n
\n\n\n
\n\n\n| Other tax liabilities | \n1,289 | \n1,034 | \n255 | \n24.7% | \n\n
\n\n\n\n
\n\n
\n\n\n\n
\n\n\n\n\n
\n\n\n| Amounts due to social security institutions | \n244 | \n235 | \n9 | \n3.8% | \n\n
\n\n\n\n
\n\n
\n
\n\n\n| Current accrued expenses and deferred income | \n537 | \n314 | \n223 | \n71.0% | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n| Liabilities for closed energy commodity | \n246 | \n437 | \n(191) | \n-43.7% | \n\n
\n\n| derivatives <12 months | \n | \n | \n | \n | \n\n
\n\n| Dividends | \n2,523 | \n2,470 | \n53 | \n2.1% | \n\n
\n\n| Liabilities for tax partnerships <12 months | \n362 | \n271 | \n91 | \n33.6% | \n\n
\n\n| Sundry current payments on account | \n635 | \n144 | \n491 | \n- | \n\n
\n\n| Other liabilities | \n1,777 | \n1,991 | \n(214) | \n-10.7% | \n\n
\n\n| Total | \n15,087 | \n14,760 | \n327 | \n2.2% | \n\n
\n\n\n\n
\n\n
The change in \u201cother current liabilities\u201d mainly reflects:
\n\u2022 the increase in sundry current payments on account
\nregarding e-distribuzione relating to payments of
\ncapital grants from public entities received in 2024;
\n\n
\n\n\u2022 the increase in other tax liabilities mainly attributa-
\nble to Spain reflecting higher liabilities for taxes on
\nelectricity generation as well as liabilities in respect
\nof value added tax of Italy;
\n
\n\n\n\n
\n\n\n\n\u2022 the increase in current accrued expenses and de-
\nferred income mainly regarding Enel Reinsurance.
\n\nThese effects were partly offset by:
\n\u2022 the decrease in amounts due to customers, which
\nmainly reports the change in security deposits from
\ncustomers in Italy in line with the decrease in the
\nnumber of customers served by market companies,
\noffset by the increase in trade receivables following
\nthe restoration of distribution system costs;
\n
\n
\n\n\n\n\u2022 the decrease in amounts due to institutional mar-
\nket operators mainly attributable to Italy, and in
\nparticular the Servizio Elettrico Nazionale for the
\ndecrease in amounts due to the Energy and En-
\nvironmental Services Fund compared with the
\nprevious year, and Spain, in particular Endesa Dis-
\ntribuci\u00f3n, partly offset in e-distribuzione by the in-
\ncrease in amounts due for components and system
\ncharges following the rate increase of the Asos and
\nArim components pursuant to ARERA Regulations
\nno. 633/2023, no. 113/2024, no. 263/2024 and no.
\n384/2024;
\n\u2022 the decrease in liabilities for closed energy com-
\nmodity derivatives <12 months.
\n
\n\n\n\n
\n\n\n",
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"value": "\n\n
\n\n\n| Amounts due to customers | \n1,679 | \n1,882 | \n(203) | \n-10.8% | \n\n
\n\n\n\n
\n\n
\n\n\n\nThese effects were partly offset by:
\n\u2022 the decrease in amounts due to customers, which
\nmainly reports the change in security deposits from
\ncustomers in Italy in line with the decrease in the
\nnumber of customers served by market companies,
\noffset by the increase in trade receivables following
\nthe restoration of distribution system costs;
\n
\n
\n\n\n",
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},
"Tag1120": {
"value": "\n44. Cash flows
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \nChange | \n\n
\n\n| Cash and cash equivalents at the beginning of the year(1) | \n7,143 | \n11,543 | \n(4,400) | \n\n
\n\n| Cash flows from operating activities | \n13,223 | \n14,620 | \n(1,397) | \n\n
\n\n| of which discontinued operations | \n- | \n132 | \n | \n\n
\n\n| Cash flows from/(used in) investing activities | \n(4,108) | \n(10,610) | \n6,502 | \n\n
\n\n| of which discontinued operations | \n- | \n(442) | \n | \n\n
\n\n| Cash flows from financing activities | \n(7,989) | \n(8,361) | \n372 | \n\n
\n\n| of which discontinued operations | \n- | \n(16) | \n | \n\n
\n\n| Impact of exchange rate fluctuations on cash and cash equivalents | \n(74) | \n(49) | \n(25) | \n\n
\n\n| Cash and cash equivalents at the end of the year(2) | \n8,195 | \n7, 143 | \n1,052 | \n\n
\n\n\n\n
\n\n
(1) Of which cash and cash equivalents equal to \u20ac6,801 million at January 1, 2024 (\u20ac11,041 million at January 1, 2023), short-term securities equal
\nto \u20ac81 million at January 1, 2024 (\u20ac78 million at January 1, 2023), cash and cash equivalents pertaining to \u201cAssets classified as held for sale\u201d
\nin the amount of \u20ac261 million at January 1, 2024 (\u20ac98 million at January 1, 2023) and cash and cash equivalents pertaining to \u201cDiscontinued
\noperations\u201d equal to \u20ac326 million at January 1, 2023.
\n(2) Of which cash and cash equivalents equal to \u20ac8,051 million at December 31, 2024 (\u20ac6,801 million at December 31, 2023), short-term securities
\nequal to \u20ac138 million at December 31, 2024 (\u20ac81 million at December 31, 2023) and cash and cash equivalents pertaining to \u201cAssets classified
\nas held for sale\u201d in the amount of \u20ac6 million at December 31, 2024 (\u20ac261 million at December 31, 2023).
\nCash flows from operating activities in 2024 was a
\npositive \u20ac13,223 million, a decrease of \u20ac1,397 million
\nfrom 2023, mainly attributable to higher cash require-
\nments connected with changes in net working capital.
\nCash flows used in investing activities in 2024 came
\nto \u20ac4,108 million, from \u20ac10,610 million in 2023.
\nInvestments in property, plant and equipment, intan-
\ngibles and contract assets came to \u20ac11,010 million
\n(\u20ac13,563 million in 2023), of which \u20ac189 million re-
\ngarding assets classified as held for sale, and include
\ngrants received (\u20ac1,135 million in 2024, \u20ac413 million in
\n2023).
\nDisposals of businesses or business units, net of cash
\nand cash equivalents sold, amounted to \u20ac5,622 million
\nand mainly referred to:
\n\u2022 the sale by Enel Green Power North America (EGPNA)
\nof the entire stake held in a number of renewable
\ncompanies for \u20ac249 million net of cash and cash
\nequivalents sold of \u20ac4 million;
\n\u2022 the sale of all interest held by Enel Per\u00fa SAC in elec-
\ntricity generation companies Enel Generaci\u00f3n Per\u00fa
\nSAA and Compa\u00f1\u00eda Energ\u00e9tica Veracruz SAC to
\nNiagara Energy SAC for a total \u20ac1,100 million net of
\ncash and cash equivalents sold of \u20ac98 million;
\n\u2022 the sale by Enel Per\u00fa SAC of equity held in Enel Dis-
\ntribuci\u00f3n Per\u00fa SAA and Enel X Per\u00fa SAC to North
\nLima Power Grid Holding SAC, for \u20ac2,865 million net
\nof cash and cash equivalents sold of \u20ac15 million;
\n\u2022 the sale of equity held in a number of US and Ca-
\nnadian companies in Enel X Business Line for \u20ac159
\nmillion net of cash and cash equivalents sold of \u20ac1
\nmillion;
\n\u2022 the sale by the subsidiary e-distribuzione SpA
\n(e-distribuzione) to A2A SpA (A2A), of 90% of the
\nshare capital of Duereti Srl (Duereti), for about
\n\u20ac1,229 million.
\nIn 2023 disposals of businesses or business units,
\nnet of cash and cash equivalents sold, amounted to
\n\u20ac2,083 million and mainly referred to:
\n\u2022 the sale by Enel Argentina of the entire stake held
\nin Enel Generaci\u00f3n Costanera for \u20ac28 million net of
\ncash and cash equivalents sold of \u20ac14 million;
\n\u2022 the sale by Enel Green Power India Private Limited
\nof the entire stake held in Khidrat Renewable Energy
\nPrivate Limited for \u20ac4 million;
\n\u2022 the sale to YPF and Pan American Sur SA of the
\nstakes held in Inversora Dock Sud SA and Central
\nDock Sud SA, for a total amount of about \u20ac29 million
\nnet of cash and cash equivalents sold of \u20ac19 million;
\n\u2022 the sale of 80% of the stake held in the Colombian
\nbus company Colombia ZE SAS for about \u20ac6 million;
\n\u2022 the sale of 50% of the two companies holding all the
\nGroup assets dedicated to renewables in Australia,
\n
\n\n\n\nmore specifically Enel Green Power Australia (Pty)
\nLtd and Enel Green Power Australia Trust, to INPEX
\nCorporation, for a total amount of \u20ac121 million net
\nof cash and cash equivalents sold of \u20ac21 million;
\n\u2022 the sale of the stakes held in Romania for a to-
\ntal amount of \u20ac1,013 million, net of cash and cash
\nequivalents sold of \u20ac228 million;
\n\u2022 the sale of the interest held in Transmisora de En-
\nerg\u00eda Renovable, in Guatemala, for a total \u20ac22 million
\nnet of cash and cash equivalents sold of \u20ac11 million;
\n\u2022 the sale to Sonnedix of the interest held by Enel
\nChile in Arcadia Generaci\u00f3n Solar SA, for a total
\n\u20ac533 million net of cash and cash equivalents sold
\nof \u20ac2 million;
\n\u2022 the sale of 50% of Enel Green Power Hellas, Enel
\nGreen Power wholly-owned subsidiary dedicated to
\nrenewables in Greece, to Macquarie Asset Manage-
\nment, for a total \u20ac322 million net of cash and cash
\nequivalents sold of \u20ac29 million.
\nCash flows from/(used in) other investing activities in
\n2024 came to \u20ac145 million and include minor dispos-
\nals in Italy, Iberia, the United States, Chile and Brazil. In
\n2023 it came to \u20ac474 million and mainly reflected:
\n\u2022 the sale of the entire stake held in Tecnatom SA for
\na total \u20ac26 million. The transaction had no impact on
\nprofit or loss;
\n\u2022 the sale of the stake held in Rusenergosbyt LLC for
\n\u20ac83 million;
\n\u2022 minor disposals mainly in Italy, Iberia, North America
\nand Latin America.
\nCash flows from financing activities came to a nega-
\ntive \u20ac7,989 million (compared with a negative \u20ac8,361
\nmillion in 2023) and mainly reflected:
\n\u2022 the change in net financial debt (as the balance
\nbetween repayments, new borrowings and other
\nchanges) of \u20ac5,104 million;
\n\u2022 distribution of dividends in the amount of \u20ac5,126
\nmillion, plus \u20ac246 million paid to holders of perpet-
\nual hybrid bonds;
\n\u2022 the issue of hybrid bonds in the amount of \u20ac889
\nmillion with repayment of \u20ac297 million;
\n\u2022 the sale by Enel Italia to Sosteneo Energy Transition
\n1 of a non-controlling interest of 49% of the share
\ncapital held in Enel Libra Flexsys Srl for a total \u20ac1,095
\nmillion;
\n\u2022 the sale to Masdar of a stake of 49.99% in Enel
\nGreen Power Espa\u00f1a Solar 1, owner of photovoltaic
\nplants in Endesa for a total \u20ac849 million.
\nIn 2024, cash flow used in investing activities of \u20ac4,108
\nmillion and financing activities of \u20ac7,989 million partly
\nabsorbed the cash flows from operating activities in
\nthe amount of \u20ac13,223 million. The difference is re-
\nflected in a \u20ac1,052 million increase in cash and cash
\nequivalents, at December 31, 2024 (net of \u20ac74 million
\nassociated with negative developments in the ex-
\nchange rates of local currencies against the euro).
\n
\n\n\n",
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"Tag1274": {
"value": "\n45. Net financial position and long-term financial assets and securities
\n\u2013 \u20ac55,767 million
\nThe following table shows the net financial position
\nand long-term financial assets and securities on the
\nbasis of the items on the statement of consolidated
\nfinancial position.
\n\n
\n\n\n| Millions of euro | \nNotes | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n | \nChange | \n | \n\n
\n\n| Long-term borrowings | \n36 | \n60,000 | \n61,085 | \n(1,085) | \n | \n-1.8% | \n\n
\n\n| Other non-current financial borrowings | \n40 | \n64 | \n8 | \n56 | \n | \n- | \n\n
\n\n| included in net financial debt(1) | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Short-term borrowings | \n36 | \n3,645 | \n4,769 | \n(1,124) | \n | \n-23.6% | \n\n
\n\n| Other current financial borrowings | \n41 | \n14 | \n1 | \n13 | \n | \n- | \n\n
\n\n| included in net financial debt(2) | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Current portion of long-term | \n36 | \n7,4 3 9 | \n9,086 | \n(1,647) | \n | \n-18.1% | \n\n
\n\n| borrowings | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Other non-current financial assets | \n27. 1 | \n(2,676) | \n(3,837) | \n1,161 | \n | \n30.3% | \n\n
\n\n| included in net financial debt | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Other current financial assets included | \n28.1 | \n(4,668) | \n(4,148) | \n(520) | \n | \n-12.5% | \n\n
\n\n| in net financial debt | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cash and cash equivalents | \n33 | \n(8,051) | \n(6,801) | \n(1,250) | \n | \n-18.4% | \n\n
\n\n| Total | \n | \n55,767 | \n60,163 | \n(4,396) | \n | \n-7. 3 % | \n\n
\n\n\n\n
\n\n
(1) The item \u201cOther non-current financial borrowings included in net financial debt\u201d is represented by \u201cOther non-current financial liabilities\u201d in
\nthe statement of financial position.
\n(2) The item \u201cOther current financial borrowings included in net financial debt\u201d is included under \u201cOther current financial liabilities\u201d in the state-
\nment of financial position.
\nThe financial position is reported in compliance
\nwith Guideline 39, issued on March 4, 2021 by
\nESMA and applicable as from May 5, 2021, and with
\nwarning notice no. 5/2021 issued by CONSOB on
\nApril 29, 2021, which replaced the references to
\nthe CESR Recommendations and the references in
\nCommunication no. DEM/6064293 of July 28, 2006
\nregarding the net financial position.
\nThe net financial debt of the Enel Group at Decem-
\nber 31, 2024 and December 31, 2023, is reconciled
\nwith net financial debt as provided for in the pres-
\nentation methods of the Enel Group.
\n
\n\n\n\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n | \nChange | \n | \n\n
\n\n| Liquidity | \n | \n | \n | \n | \n | \n\n
\n\n| Cash and cash equivalents on hand | \n33 | \n23 | \n10 | \n | \n43.5% | \n\n
\n\n| Bank and post office deposits | \n4,762 | \n4,664 | \n98 | \n | \n2.1% | \n\n
\n\n| Liquid assets | \n4,795 | \n4,687 | \n108 | \n | \n2.3% | \n\n
\n\n| Cash equivalents | \n3,256 | \n2,114 | \n1,142 | \n | \n54.0% | \n\n
\n\n| Securities | \n138 | \n81 | \n57 | \n | \n70.4% | \n\n
\n\n| Short-term loan assets | \n2,356 | \n3,060 | \n(704) | \n | \n-23.0% | \n\n
\n\n| Current portion of long-term loan assets | \n2 , 174 | \n1,007 | \n1,167 | \n | \n- | \n\n
\n\n| Other current financial assets | \n4,668 | \n4,148 | \n520 | \n | \n12.5% | \n\n
\n\n| Liquidity | \n12,719 | \n10,949 | \n1,770 | \n | \n16.2% | \n\n
\n\n| Current financial debt | \n | \n | \n | \n | \n | \n\n
\n\n| Bank debt | \n(344) | \n(393) | \n49 | \n | \n12.5% | \n\n
\n\n| Commercial paper | \n(2,406) | \n(2,499) | \n93 | \n | \n3.7% | \n\n
\n\n| Other current financial borrowings(1) | \n(909) | \n(1,878) | \n969 | \n | \n51.6% | \n\n
\n\n| Current financial debt | \n(3,659) | \n(4,770) | \n1,111 | \n | \n23.3% | \n\n
\n\n| (including debt instruments) | \n | \n | \n | \n | \n | \n\n
\n\n| Current portion of long-term bank borrowings | \n(1,742) | \n(1,992) | \n250 | \n | \n12.6% | \n\n
\n\n| Bonds issued (current portion) | \n(5,318) | \n(6,763) | \n1,445 | \n | \n21.4% | \n\n
\n\n| Other borrowings (current portion) | \n(379) | \n(331) | \n(48) | \n | \n-14.5% | \n\n
\n\n| Non-current financial debt (current portion) | \n(7,439) | \n(9,086) | \n1,647 | \n | \n18.1% | \n\n
\n\n| Current financial debt | \n(11,098) | \n(13,856) | \n2,758 | \n | \n19.9% | \n\n
\n\n| Net current financial debt | \n1,621 | \n(2,907) | \n4,528 | \n | \n- | \n\n
\n\n| Non-current financial debt | \n | \n | \n | \n | \n | \n\n
\n\n| Bank borrowings | \n(14,755) | \n(14,500) | \n(255) | \n | \n-1.8% | \n\n
\n\n| Other borrowings(2) | \n(3,027) | \n(3,014) | \n(13) | \n | \n-0.4% | \n\n
\n\n| Non-current financial debt (excluding | \n(17,782) | \n(17,514) | \n(268) | \n | \n-1.5% | \n\n
\n\n| current portion and debt instruments) | \n | \n | \n | \n | \n | \n\n
\n\n| Bonds | \n(42,282) | \n(43,579) | \n1,297 | \n | \n3.0% | \n\n
\n\n| Trade payables and other non-interest-bearing | \n- | \n- | \n- | \n | \n- | \n\n
\n\n| non-current liabilities with a significant | \n | \n | \n | \n | \n | \n\n
\n\n| financing component | \n | \n | \n | \n | \n | \n\n
\n\n| Non-current financial position | \n(60,064) | \n(61,093) | \n1,029 | \n | \n1.7% | \n\n
\n\n| Financial assets in respect | \n14 | \n262 | \n(248) | \n | \n-94.7% | \n\n
\n\n| of \u201cAssets classified as held for sale\u201d | \n | \n | \n | \n | \n | \n\n
\n\n| Financial liabilities in respect | \n(75) | \n(1,150) | \n1,075 | \n | \n93.5% | \n\n
\n\n| of \u201cLiabilities included in disposal groups | \n | \n | \n | \n | \n | \n\n
\n\n| classified as held for sale\u201c | \n | \n | \n | \n | \n | \n\n
\n\n| Net financial position as per CONSOB | \n(58,504) | \n(64,888) | \n6,384 | \n | \n9.8% | \n\n
\n\n| instructions | \n | \n | \n | \n | \n | \n\n
\n\n| Long-term financial receivables and securities | \n2,676 | \n3,837 | \n(1,161) | \n | \n-30.3% | \n\n
\n\n| ( - ) Financial assets in respect | \n(14) | \n(262) | \n248 | \n | \n94.7% | \n\n
\n\n| of \u201cAssets classified as held for sale\u201d | \n | \n | \n | \n | \n | \n\n
\n\n| ( - ) Financial liabilities in respect | \n75 | \n1,150 | \n(1,075) | \n | \n-93.5% | \n\n
\n\n| of \u201cLiabilities included in disposal groups | \n | \n | \n | \n | \n | \n\n
\n\n| classified as held for sale\u201d | \n | \n | \n | \n | \n | \n\n
\n\n| NET FINANCIAL DEBT | \n(55,767) | \n(60,163) | \n4,396 | \n | \n7.3% | \n\n
\n\n\n\n
\n\n
(1) Includes \u201cOther current financial liabilities included in net financial debt\u201d presented under \u201cOther current financial liabilities\u201d in the statement
\nof financial position.
\n(2) Includes \u201cOther non-current financial liabilities included in net financial debt\u201d presented under \u201cOther non-current financial liabilities\u201d in the
\nstatement of financial position.
\n
\n\n\n\nThe net position as per CONSOB instructions does not
\ninclude derivatives designated as qualifying for hedge
\naccounting or trading derivatives held for hedging
\npurposes.
\nAt December 31, 2024, those financial assets and li-
\nabilities are reported separately in the statement of
\nfinancial position under the following items: \u201cNon-cur-
\nrent financial derivative assets\u201d in the amount of
\n\u20ac2,003 million (\u20ac2,383 million at December 31, 2023),
\n\u201cCurrent financial derivative assets\u201d in the amount of
\n\u20ac3,512 million (\u20ac6,407 million at December 31, 2023),
\n\u201cNon-current financial derivative liabilities\u201d in the
\namount of \u20ac2,915 million (\u20ac3,373 million at December
\n31, 2023), and \u201cCurrent financial derivative liabilities\u201d
\nin the amount of \u20ac3,584 million (\u20ac6,461 million at De-
\ncember 31, 2023).
\n
\n\n\n\n\n\n\n\n46.1.2 Financial assets at fair value through
\nother comprehensive income
\nThe following table shows financial assets at fair val-
\nue through other comprehensive income by nature,
\nbroken down into current and non-current financial
\nassets.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \nNon-current | \n | \nCurrent | \n\n\n\n\n
\n\n | \n | \nat Dec. 31, | \nat Dec. 31, | \n | \nat Dec. 31, | \nat Dec. 31, | \n\n\n\n\n
\n\n| Millions of euro | \nNotes | \n2024 | \n2023 | \nNotes | \n2024 | \n2023 | \n\n\n\n\n
\n\n| Investments in other companies at FVOCI | \n27 | \n587 | \n338 | \n | \n- | \n- | \n\n\n\n\n
\n\n| Securities at FVOCI | \n2 7. 1 | \n572 | \n505 | \n28.1 | \n138 | \n81 | \n\n\n\n\n
\n\n| Receivables and other financial assets at | \n | \n- | \n39 | \n | \n- | \n- | \n\n\n\n\n
\n\n| FVOCI | \n | \n | \n | \n | \n | \n | \n\n\n\n\n
\n\n| Total | \n | \n1,159 | \n882 | \n | \n138 | \n81 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n\n\n\n\nChanges in financial assets at FVOCI
\nInvestments in other companies
\n\n
\n\n\n| Millions of euro | \nNon-current | \nCurrent | \n\n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2024 | \n338 | \n- | \n\n\n\n\n\n
\n\n| Purchases | \n- | \n- | \n\n\n\n\n\n
\n\n| Sales | \n- | \n- | \n\n\n\n\n\n
\n\n| Changes in fair value through OCI | \n109 | \n- | \n\n\n\n\n\n
\n\n| Other changes | \n140 | \n- | \n\n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2024 | \n587 | \n- | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
Securities and other receivables at FVOCI
\n\n
\n\n\n| Millions of euro | \nNon-current | \nCurrent | \n\n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2024 | \n505 | \n81 | \n\n\n\n\n\n
\n\n| Purchases | \n271 | \n11 | \n\n\n\n\n\n
\n\n| Sales | \n(66) | \n(61) | \n\n\n\n\n\n
\n\n| Changes in fair value through OCI | \n17 | \n1 | \n\n\n\n\n\n
\n\n| Reclassifications | \n(155) | \n155 | \n\n\n\n\n\n
\n\n| Other changes | \n- | \n(49) | \n\n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2024 | \n572 | \n138 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
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"value": "\n
\n46. Financial instruments by category
\nThis note provides disclosures necessary for users to assess the significance of financial instruments for the
\nGroup\u2019s financial position and performance.
\n\n
\n46.1 Financial assets by category
\nThe following table reports the carrying amount for
\neach category of financial asset provided for under
\nIFRS 9, broken down into current and non-current fi-
\nnancial assets, showing hedging derivatives and de-
\nrivatives measured at fair value through profit or loss
\nseparately.
\n\n
\n\n\n | \n | \nNon-current | \nCurrent | \n\n\n\n\n\n
\n\n | \n | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n\n\n\n\n\n
\n\n| Millions of euro | \nNotes | \n2024 | \n2023 | \n2024 | \n2023 | \n\n\n\n\n\n
\n\n| Financial assets at amortized cost | \n46.1.1 | \n5,100 | \n5,709 | \n27, 321 | \n28,495 | \n\n\n\n\n\n
\n\n| Financial assets at FVOCI | \n46.1.2 | \n1,159 | \n882 | \n138 | \n81 | \n\n\n\n\n\n
\n\n| Financial assets at fair value through profit or loss | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Derivative financial assets at FVTPL | \n46.1.3 | \n126 | \n206 | \n2,793 | \n4,443 | \n\n\n\n\n\n
\n\n| Other financial assets at FVTPL | \n46.1.3 | \n4,036 | \n4,341 | \n200 | \n219 | \n\n\n\n\n\n
\n\n| Total financial assets at fair value through profit | \n | \n4,162 | \n4,547 | \n2,993 | \n4,662 | \n\n\n\n\n\n
\n\n| or loss | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Derivative financial assets designated | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| as hedging instruments | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Fair value hedge derivatives | \n46.1.4 | \n103 | \n113 | \n18 | \n- | \n\n\n\n\n\n
\n\n| Cash flow hedge derivatives | \n46.1.4 | \n1,774 | \n2,064 | \n701 | \n1,964 | \n\n\n\n\n\n
\n\n| Total derivative financial assets designated as | \n | \n1,877 | \n2 ,177 | \n719 | \n1,964 | \n\n\n\n\n\n
\n\n| hedging instruments | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| TOTAL | \n | \n12,298 | \n13,315 | \n31,171 | \n35,202 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
For more information on the recognition and classifica-
\ntion of current and non-current derivative assets, please
\nsee note 49 \u201cDerivatives and hedge accounting\u201d.
\nFor more information on fair value measurement, see
\nnote 50 \u201cAssets and liabilities measured at fair value\u201d.
\n\n46.1.1 Financial assets measured at amortized
\ncost
\nThe following table reports financial assets measured
\nat amortized cost by nature, broken down into current
\nand non-current financial assets.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n521
\n\n\n
\n
\n\n
\n\n\n | \n | \nNon-current | \n | \nCurrent | \n | \n\n
\n\n | \n | \nat Dec. 31, | \nat Dec. 31, | \n | \nat Dec. 31, | \nat Dec. 31, | \n\n
\n\n| Millions of euro | \nNotes | \n2024 | \n2023 | \nNotes | \n2024 | \n2023 | \n\n
\n\n| Cash and cash equivalents | \n | \n- | \n- | \n33 | \n8,022 | \n6,772 | \n\n
\n\n| Trade receivables | \n32 | \n2,333 | \n1,726 | \n32 | \n13,608 | \n16,047 | \n\n
\n\n| Current portion of long-term loan | \n | \n- | \n- | \n28.1 | \n2 , 174 | \n1,007 | \n\n
\n\n| assets | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cash collateral | \n | \n- | \n- | \n28.1 | \n1,982 | \n2,899 | \n\n
\n\n| Other financial assets | \n27. 1 | \n2,101 | \n3,332 | \n28.1 | \n203 | \n30 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n| Financial assets from service | \n27 | \n262 | \n310 | \n28 | \n12 | \n14 | \n\n
\n\n| concession arrangements | \n | \n | \n | \n | \n | \n | \n\n
\n\n| at amortized cost | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\n\n\n
\n\n\n| Other financial assets at amortized cost | \n404 | \n341 | \n1,320 | \n1,726 | \n\n
\n\n| Total | \n5,100 | \n5,709 | \n2 7,32 1 | \n28,495 | \n\n
\n\n\n\n
\n\n
Impairment of financial assets measured
\nat amortized cost
\nFinancial assets measured at amortized cost amount-
\ned to \u20ac32,421 million at December 31, 2024 (\u20ac34,204
\nmillion at December 31, 2023) and are recognized
\nnet of allowances for expected credit losses totaling
\n\u20ac4,152 million at December 31, 2024 (\u20ac4,098 million
\nat the end of the previous year).
\nThe Group mainly has the following types of financial
\nassets measured at amortized cost subject to impair-
\nment testing:
\n\u2022 cash and cash equivalents;
\n\u2022 trade receivables and contract assets;
\n\u2022 loan assets;
\n\u2022 other financial assets.
\nWhile cash and cash equivalents are also subject to
\nthe impairment requirements of IFRS 9, the identified
\nimpairment loss was immaterial.
\n\nThe expected credit loss (ECL) \u2013 determined using
\nprobability of default (PD), loss given default (LGD) and
\nexposure at default (EAD) \u2013 is the difference between
\nall contractual cash flows that are due in accordance
\nwith the contract and all cash flows that are expected
\nto be received (i.e. all shortfalls) discounted at the orig-
\ninal effective interest rate (EIR).
\nFor calculating ECL, the Group applies two different
\napproaches:
\n\u2022 the general approach, for financial assets other than
\ntrade receivables, contract assets and lease receiva-
\nbles. This approach, based on an assessment of any
\nsignificant increase in credit risk since initial rec-
\nognition, is performed comparing PD at origination
\nwith PD at the reporting date, at each reporting date.
\nThen, based on the results of the assessment, a loss
\nallowance is recognized based on 12-month ECL or
\nlifetime ECL (i.e. staging):
\n\u2022 12-month ECL, for financial assets for which there
\nhas not been a significant increase in credit risk
\nsince initial recognition;
\n\u2022 lifetime ECL, for financial assets for which there
\nhas been a significant increase in credit risk or
\nwhich are credit impaired (i.e. defaulted based on
\npast due information);
\n\u2022 the simplified approach, for trade receivables, con-
\ntract assets and lease receivables with or without a
\nsignificant financing component, based on lifetime
\nECL without tracking changes in credit risk.
\nA forward-looking adjustment can be applied consid-
\nering qualitative and quantitative information in order
\nto reflect future events and macroeconomic develop-
\nments that could impact the risk associated with the
\nportfolio or financial instrument.
\nDepending on the nature of the financial assets and
\nthe credit risk information available, the assessment of
\nthe increase in credit risk can be performed on:
\n\u2022 an individual basis, if the receivables are individually
\nsignificant and for all receivables which have been
\nindividually identified for impairment based on rea-
\nsonable and supportable information;
\n\u2022 a collective basis, if no reasonable and supportable
\ninformation is available without undue cost or effort
\nto measure expected credit losses on an individual
\ninstrument basis.
\nWhen there is no reasonable expectation of recover-
\ning a financial asset in its entirety or a portion thereof,
\nthe gross carrying amount of the financial asset shall
\nbe reduced.
\nA write-off represents a derecognition event (e.g. the
\nright to cash flows is legally or contractually extin-
\nguished, transferred or expired).
\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\nThe following table reports expected credit losses on financial assets measured at amortized cost on the basis of
\nthe general simplified approach.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n\n\n\n\n
\n\n | \n | \nExpected | \n | \n | \nExpected | \n | \n\n\n\n\n\n
\n\n | \nGross | \ncredit loss | \n | \nGross | \ncredit loss | \n | \n\n\n\n\n\n
\n\n| Millions of euro | \namount | \nallowance | \nTotal | \namount | \nallowance | \nTotal | \n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n8,022 | \n- | \n8,022 | \n6,772 | \n- | \n6,772 | \n\n\n\n\n\n
\n\n| Trade receivables | \n19,704 | \n3,763 | \n15,941 | \n21,548 | \n3,775 | \n17,773 | \n\n\n\n\n\n
\n\n| Loan assets | \n6,776 | \n316 | \n6,460 | \n7,579 | \n311 | \n7, 26 8 | \n\n\n\n\n\n
\n\n| Other financial assets at amortized cost | \n2,071 | \n73 | \n1,998 | \n2,403 | \n12 | \n2,391 | \n\n\n\n\n\n
\n\n| Total | \n36,573 | \n4,152 | \n32,421 | \n38,302 | \n4,098 | \n34,204 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
To measure expected losses, the Group assesses
\ntrade receivables and contract assets with the sim-
\nplified approach, both on an individual basis (e.g.
\ngovernment entities, authorities, financial counter-
\nparties, wholesale sellers, traders and large compa-
\nnies, etc.) and a collective basis (e.g. retail custom-
\ners).
\nIn the case of individual assessments, PD is generally
\nobtained from external providers.
\nOtherwise, in the case of collective assessments,
\ntrade receivables are grouped on the basis of their
\nshared credit risk characteristics and information on
\npast due positions, considering a specific definition
\nof default.
\nBased on each business and local regulatory frame-
\nwork, as well as differences between customer port-
\nfolios, including their default and recovery rates
\n(comprising expectations for recovery beyond 90
\ndays):
\n\u2022 the Group mainly defines a defaulted position as
\none that is 180 days past due. Accordingly, beyond
\nthis time limit, trade receivables are presumed to be
\ncredit impaired); and
\n\u2022 specific clusters are defined on the basis of specific
\nmarkets, business and risk characteristics.
\nContract assets substantially have the same risk char-
\nacteristics as trade receivables for the same types of
\ncontracts.
\nIn order to measure the ECL for trade receivables on
\na collective basis, as well as for contract assets, the
\nGroup uses the following assumptions regarding the
\nECL parameters:
\n\u2022 PD, assumed equal to the average default rate, is
\ncalculated by cluster and considering historical data
\nfrom at least 24 months;
\n\u2022 LGD is a function of the recovery rates for each clus-
\nter, discounted using the effective interest rate; and
\n\u2022 EAD is estimated as equal to the carrying amount
\nat the reporting date net of cash deposits, including
\ninvoices issued but not past due and invoices to be
\nissued.
\nThe following table reports changes in the allowance
\nfor expected credit losses on loan assets in accord-
\nance with the general approach.
\n\n
\n\n\n| Millions of euro | \nECL 12-month allowance | \nECL lifetime allowance | \n\n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2023 | \n29 | \n219 | \n\n\n\n\n\n
\n\n| Accruals | \n- | \n36 | \n\n\n\n\n\n
\n\n| Uses | \n- | \n11 | \n\n\n\n\n\n
\n\n| Reversals to profit or loss | \n(32) | \n(6) | \n\n\n\n\n\n
\n\n| Other changes | \n45 | \n9 | \n\n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2023 | \n42 | \n269 | \n\n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2024 | \n42 | \n269 | \n\n\n\n\n\n
\n\n| Accruals | \n- | \n87 | \n\n\n\n\n\n
\n\n| Uses | \n- | \n(22) | \n\n\n\n\n\n
\n\n| Reversals to profit or loss | \n(9) | \n(6) | \n\n\n\n\n\n
\n\n| Other changes | \n86 | \n(131) | \n\n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2024 | \n119 | \n197 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n\nThe following table reports changes in the allowance for expected credit losses on trade receivables in accordance
\nwith the simplified approach.
\n\n
\n\n\n| Millions of euro | \n | \n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2023 | \n3,783 | \n\n\n\n\n
\n\n| Accruals | \n1,384 | \n\n\n\n\n
\n\n| Uses | \n(1,136) | \n\n\n\n\n
\n\n| Reversals to profit or loss | \n(210) | \n\n\n\n\n
\n\n| Other changes | \n(46) | \n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2023 | \n3,775 | \n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2024 | \n3,775 | \n\n\n\n\n
\n\n| Accruals | \n1,337 | \n\n\n\n\n
\n\n| Uses | \n(937) | \n\n\n\n\n
\n\n| Reversals to profit or loss | \n(244) | \n\n\n\n\n
\n\n| Other changes | \n(168) | \n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2024 | \n3,763 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
The following table reports changes in the allowance for expected credit losses on other financial assets at amor-
\ntized cost in accordance with the simplified approach.
\n\n
\n\n\n| Millions of euro | \nECL lifetime allowance | \n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2023 | \n56 | \n\n\n\n\n
\n\n| Accruals | \n149 | \n\n\n\n\n
\n\n| Uses | \n- | \n\n\n\n\n
\n\n| Reversals to profit or loss | \n(1) | \n\n\n\n\n
\n\n| Other changes | \n(192) | \n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2023 | \n12 | \n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2024 | \n12 | \n\n\n\n\n
\n\n| Accruals | \n227 | \n\n\n\n\n
\n\n| Uses | \n- | \n\n\n\n\n
\n\n| Reversals to profit or loss | \n(4) | \n\n\n\n\n
\n\n| Other changes | \n(162) | \n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2024 | \n73 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\nNote 47 \u201cRisk management\u201d provides additional infor-
\nmation on the exposure to credit risk and expected
\nlosses.
\n
\n\n\n\n\n\n\n\n\n\n\n46.1.2 Financial assets at fair value through
\nother comprehensive income
\nThe following table shows financial assets at fair val-
\nue through other comprehensive income by nature,
\nbroken down into current and non-current financial
\nassets.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \nNon-current | \n | \nCurrent | \n\n\n\n\n
\n\n | \n | \nat Dec. 31, | \nat Dec. 31, | \n | \nat Dec. 31, | \nat Dec. 31, | \n\n\n\n\n
\n\n| Millions of euro | \nNotes | \n2024 | \n2023 | \nNotes | \n2024 | \n2023 | \n\n\n\n\n
\n\n| Investments in other companies at FVOCI | \n27 | \n587 | \n338 | \n | \n- | \n- | \n\n\n\n\n
\n\n| Securities at FVOCI | \n2 7. 1 | \n572 | \n505 | \n28.1 | \n138 | \n81 | \n\n\n\n\n
\n\n| Receivables and other financial assets at | \n | \n- | \n39 | \n | \n- | \n- | \n\n\n\n\n
\n\n| FVOCI | \n | \n | \n | \n | \n | \n | \n\n\n\n\n
\n\n| Total | \n | \n1,159 | \n882 | \n | \n138 | \n81 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\nChanges in financial assets at FVOCI
\nInvestments in other companies
\n\n
\n\n\n| Millions of euro | \nNon-current | \nCurrent | \n\n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2024 | \n338 | \n- | \n\n\n\n\n\n
\n\n| Purchases | \n- | \n- | \n\n\n\n\n\n
\n\n| Sales | \n- | \n- | \n\n\n\n\n\n
\n\n| Changes in fair value through OCI | \n109 | \n- | \n\n\n\n\n\n
\n\n| Other changes | \n140 | \n- | \n\n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2024 | \n587 | \n- | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
Securities and other receivables at FVOCI
\n\n
\n\n\n| Millions of euro | \nNon-current | \nCurrent | \n\n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2024 | \n505 | \n81 | \n\n\n\n\n\n
\n\n| Purchases | \n271 | \n11 | \n\n\n\n\n\n
\n\n| Sales | \n(66) | \n(61) | \n\n\n\n\n\n
\n\n| Changes in fair value through OCI | \n17 | \n1 | \n\n\n\n\n\n
\n\n| Reclassifications | \n(155) | \n155 | \n\n\n\n\n\n
\n\n| Other changes | \n- | \n(49) | \n\n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2024 | \n572 | \n138 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\n
\n\n46.1.3 Financial assets at fair value through
\nprofit or loss
\nThe following table shows financial assets at fair
\nvalue through profit or loss by nature, broken down
\ninto current and non-current financial assets.
\n\n
\n\n\n | \n | \nNon-current | \n | \nCurrent | \n\n\n\n\n\n
\n\n | \n | \nat Dec. 31, | \nat Dec. 31, | \n | \nat Dec. 31, | \nat Dec. 31, | \n\n\n\n\n\n
\n\n| Millions of euro | \nNotes | \n2024 | \n2023 | \nNotes | \n2024 | \n2023 | \n\n\n\n\n\n
\n\n| Derivatives at FVTPL | \n49 | \n126 | \n206 | \n49 | \n2,793 | \n4,443 | \n\n\n\n\n\n
\n\n| Investments in liquid assets | \n | \n- | \n- | \n33 | \n29 | \n29 | \n\n\n\n\n\n
\n\n| Securities and financial investments in funds | \n27. 1 | \n3 | \n- | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| or asset management at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Equity investments in other companies | \n27 | \n8 | \n8 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Financial assets from service concession | \n27 | \n3,930 | \n4,080 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| arrangements at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Financial assets from JDA at FVTPL | \n | \n95 | \n123 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| Other financial assets at FVTPL | \n | \n- | \n130 | \n28, 28.1 | \n171 | \n190 | \n\n\n\n\n\n
\n\n| Total | \n | \n4,162 | \n4,547 | \n | \n2,993 | \n4,662 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n46.1.4 Derivative financial assets designated
\nas hedging instruments
\nFor more information on derivative financial assets,
\nsee note 49 \u201cDerivatives and hedge accounting\u201d.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n46.2 Financial liabilities by category
\nThe following table shows the carrying amount for
\neach category of financial liability provided for under
\nIFRS 9, broken down into current and non-current fi-
\nnancial liabilities, showing hedging derivatives and de-
\nrivatives measured at fair value through profit or loss
\nseparately.
\n\n
\n\n\n | \n | \nNon-current | \nCurrent | \n\n\n\n\n\n
\n\n | \n | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n\n\n\n\n\n
\n\n| Millions of euro | \nNotes | \n2024 | \n2023 | \n2024 | \n2023 | \n\n\n\n\n\n
\n\n| Financial liabilities measured at amortized cost | \n46.2.1 | \n61,333 | \n61,734 | \n33,702 | \n39,784 | \n\n\n\n\n\n
\n\n| Financial liabilities at fair value through profit or loss | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Derivative financial liabilities at FVTPL | \n46.4 | \n133 | \n204 | \n2,848 | \n4,485 | \n\n\n\n\n\n
\n\n| Total financial liabilities at fair value through profit | \n | \n133 | \n204 | \n2,848 | \n4,485 | \n\n\n\n\n\n
\n\n| or loss | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Derivative financial liabilities designated as hedging | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| instruments | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Fair value hedge derivatives | \n46.4 | \n28 | \n105 | \n- | \n17 | \n\n\n\n\n\n
\n\n| Cash flow hedge derivatives | \n46.4 | \n2,754 | \n3,064 | \n736 | \n1,959 | \n\n\n\n\n\n
\n\n| Total derivative financial liabilities designated | \n | \n2,782 | \n3,169 | \n736 | \n1,976 | \n\n\n\n\n\n
\n\n| as hedging instruments | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| TOTAL | \n | \n64,248 | \n65,107 | \n37, 28 6 | \n46,245 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
For more information on recognition and classification
\nof current and non-current derivative financial assets,
\nplease see note 49 \u201cDerivatives and hedge accounting\u201d.
\nFor more information on fair value measurement,
\nplease see note 50 \u201cAssets and liabilities measured at
\nfair value\u201d.
\n46.2.1 Financial liabilities measured
\nat amortized cost
\nThe following table shows financial liabilities at am-
\nortized cost by nature, broken down into current and
\nnon-current financial liabilities.
\n\n
\n\n\n | \n | \nNon-current | \n | \nCurrent | \n\n\n\n\n\n
\n\n | \n | \nat Dec. 31, | \nat Dec. 31, | \n | \nat Dec. 31, | \nat Dec. 31, | \n\n\n\n\n\n
\n\n| Millions of euro | \nNotes | \n2024 | \n2023 | \nNotes | \n2024 | \n2023 | \n\n\n\n\n\n
\n\n| Long-term borrowings | \n46.3 | \n60,000 | \n61,085 | \n46.3 | \n7,4 39 | \n9,086 | \n\n\n\n\n\n
\n\n| Short-term borrowings | \n | \n- | \n- | \n46.3 | \n3,645 | \n4,769 | \n\n\n\n\n\n
\n\n| Trade payables | \n39 | \n972 | \n334 | \n39 | \n12,721 | \n15,487 | \n\n\n\n\n\n
\n\n| Other financial liabilities | \n | \n361 | \n315 | \n | \n9,897 | \n10,442 | \n\n\n\n\n\n
\n\n| Total | \n | \n61,333 | \n61,734 | \n | \n33,702 | \n39,784 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n46.3 Borrowings
\n46.3.1 Long-term borrowings
\n(including the portion falling due within
\n12 months) \u2013 \u20ac67,439 million
\nThe following table reports the nominal value, carrying
\namount and fair value of long-term borrowing includ-
\ning the portion falling due within 12 months.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nLong-term borrowings by category and type of interest rate
\n\n
\n\n\n | \n | \n | \n | \nPortion | \n | \n | \n | \n | \nPortion | \n | \n | \n\n\n
\n\n | \n | \n | \n | \ndue in | \n | \n | \n | \n | \ndue in | \n | \nChanges | \n\n\n
\n\n | \n Nominal | \n Carrying | \nCurrent | \nmore than | \nFair | \n Nominal | \n Carrying | \nCurrent | \nmore than | \nFair | \nin carrying | \n\n\n
\n\n| Millions of euro | \nvalue | \namount | \nportion | \n12 months | \nvalue | \nvalue | \namount | \nportion | \n12 months | \nvalue | \namount | \n\n\n
\n\n | \n | \nat Dec. 31, 2024 | \n | \n | \n | \nat Dec. 31, 2023 | \n | \n | \n\n\n
\n\n| Bonds: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| - listed, fixed rate | \n26,885 | \n26,632 | \n3,458 | \n2 3,174 | \n25,670 | \n29,539 | \n29,163 | \n4,686 | \n24,477 | \n27,885 | \n(2,531) | \n\n\n
\n\n| - listed, floating rate | \n1,770 | \n1,756 | \n315 | \n1,441 | \n1,758 | \n2,643 | \n2,622 | \n623 | \n1,999 | \n2,641 | \n(866) | \n\n\n
\n\n| - unlisted, fixed rate | \n19,077 | \n18,881 | \n1,448 | \n17,433 | \n18,451 | \n18,336 | \n18,129 | \n1,357 | \n16,772 | \n17,842 | \n752 | \n\n\n
\n\n| - unlisted, floating rate | \n331 | \n331 | \n97 | \n234 | \n339 | \n428 | \n428 | \n97 | \n331 | \n456 | \n(97) | \n\n\n
\n\n| Total bonds | \n48,063 | \n47,600 | \n5,318 | \n42,282 | \n46,218 | \n50,946 | \n50,342 | \n6,763 | \n43,579 | \n48,824 | \n(2,742) | \n\n\n
\n\n| Bank borrowings: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| - fixed rate | \n3,485 | \n3,465 | \n234 | \n3,231 | \n3,444 | \n3,874 | \n3,822 | \n853 | \n2,969 | \n3,746 | \n(357) | \n\n\n
\n\n| - floating rate | \n13,058 | \n13,014 | \n1,508 | \n11,506 | \n13,142 | \n12,664 | \n12,629 | \n1,139 | \n11,490 | \n12,892 | \n385 | \n\n\n
\n\n| - use of revolving credit lines | \n18 | \n18 | \n- | \n18 | \n22 | \n41 | \n41 | \n- | \n41 | \n41 | \n(23) | \n\n\n
\n\n| Total bank borrowings | \n16,561 | \n16,497 | \n1,742 | \n14,755 | \n16,608 | \n16,579 | \n16,492 | \n1,992 | \n14,500 | \n16,679 | \n5 | \n\n\n
\n\n| Leases: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| - fixed rate | \n2,892 | \n2,892 | \n306 | \n2,586 | \n2,892 | \n2,852 | \n2,852 | \n256 | \n2,596 | \n2,852 | \n40 | \n\n\n
\n\n| - floating rate | \n39 | \n39 | \n12 | \n27 | \n39 | \n53 | \n53 | \n12 | \n41 | \n53 | \n(14) | \n\n\n
\n\n| Total leases | \n2,931 | \n2,931 | \n318 | \n2,613 | \n2,931 | \n2,905 | \n2,905 | \n268 | \n2,637 | \n2,905 | \n26 | \n\n\n
\n\n| Other non-bank borrowings: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| - fixed rate | \n411 | \n411 | \n61 | \n350 | \n411 | \n426 | \n426 | \n63 | \n363 | \n426 | \n(15) | \n\n\n
\n\n| - floating rate | \n- | \n- | \n- | \n- | \n- | \n6 | \n6 | \n- | \n6 | \n6 | \n(6) | \n\n\n
\n\n| Total other non-bank | \n411 | \n411 | \n61 | \n350 | \n411 | \n432 | \n432 | \n63 | \n369 | \n432 | \n(21) | \n\n\n
\n\n| borrowings | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Total fixed-rate borrowings | \n52,750 | \n52,281 | \n5,507 | \n46,774 | \n50,868 | \n55,027 | \n54,392 | \n7, 215 | \n47, 177 | \n52,751 | \n(2,111) | \n\n\n
\n\n| Total floating-rate | \n15,216 | \n15,158 | \n1,932 | \n13,226 | \n15,300 | \n15,835 | \n15,779 | \n1,871 | \n13,908 | \n16,089 | \n(621) | \n\n\n
\n\n| borrowings | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| TOTAL | \n67,966 | \n67,439 | \n7,439 | \n60,000 | \n66,168 | \n70,862 | \n70, 171 | \n9,086 | \n61,085 | \n68,840 | \n(2,732) | \n\n\n
\n\n\n\n\n\n
\n\n\n
The table below reports long-term financial debt by currency and interest rate.
\nLong-term borrowings (including the portion falling due within 12 months) by currency and interest rate
\n\n
\n\n\n | \n | \n | \n | \n | \nCurrent | \n | \nCurrent | \n | \n\n\n
\n\n | \n | \n | \n | \n | \naverage | \nCurrent | \naverage | \nCurrent | \n\n\n
\n\n | \n | \n | \n | \n | \nnominal | \neffective | \nnominal | \neffective | \n\n\n
\n\n | \nCarrying | \nNominal | \nCarrying | \nNominal | \ninterest | \ninterest | \ninterest | \ninterest | \n\n\n
\n\n| Millions of euro | \namount | \nvalue | \namount | \nvalue | \nrate | \nrate | \nrate | \nrate | \n\n\n
\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n\n
\n\n| Euro | \n34,349 | \n34,512 | \n35,865 | \n36,166 | \n2.6% | \n2.8% | \n2.5% | \n2.8% | \n\n\n
\n\n| US dollar | \n25,103 | \n25,343 | \n24,601 | \n24,847 | \n5.0% | \n5.1% | \n4.9% | \n5.2% | \n\n\n
\n\n| Pound sterling | \n3,819 | \n3,919 | \n4,612 | \n4,720 | \n4.3% | \n4.5% | \n4.6% | \n4.8% | \n\n\n
\n\n| Colombian peso | \n2,005 | \n2,009 | \n1,884 | \n1,888 | \n11.8% | \n11.8% | \n13.5% | \n13.5% | \n\n\n
\n\n| Brazilian real | \n1,465 | \n1,482 | \n2,229 | \n2,255 | \n9.8% | \n9.9% | \n10.5% | \n10.6% | \n\n\n
\n\n| Swiss franc | \n138 | \n138 | \n382 | \n382 | \n4.0% | \n4.0% | \n1.8% | \n1.8% | \n\n\n
\n\n| Chilean peso/UF | \n465 | \n467 | \n510 | \n514 | \n5.2% | \n5.2% | \n5.1% | \n5.2% | \n\n\n
\n\n| Other currencies | \n95 | \n96 | \n88 | \n90 | \n | \n | \n | \n | \n\n\n
\n\n| Total non-euro | \n33,090 | \n33,454 | \n34,306 | \n34,696 | \n | \n | \n | \n | \n\n\n
\n\n| currencies | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| TOTAL | \n67,439 | \n67,966 | \n70,171 | \n70,862 | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\nLong-term financial debt denominated in currencies
\nother than the euro decreased by \u20ac1,216 million, large-
\nly attributable to the changes in debt denominated in
\nPound sterling and Brazilian real.
\nChange in the nominal value of long-term borrowings (including the portion falling due within 12 months)
\n\n
\n\n\n | \n | \n | \nChange in the | \n | \n | \n | \n\n\n
\n\n | \n | \n | \nconsolidation | \nNew | \nExchange | \n | \n\n\n
\n\n| Millions of euro | \nNominal value | \nRepayments | \nscope | \nborrowings | \ndifferences | \nNominal value | \n\n\n
\n\n | \nat Dec. 31, 2023 | \n | \n | \n | \n | \nat Dec. 31, 2024 | \n\n\n
\n\n| Bonds | \n50,946 | \n(7,779) | \n- | \n3,635 | \n1,261 | \n48,063 | \n\n\n
\n\n| Borrowings | \n19,916 | \n(2,651) | \n205 | \n2,382 | \n51 | \n19,903 | \n\n\n
\n\n| - of which leases | \n2,905 | \n(422) | \n(7) | \n419 | \n36 | \n2,931 | \n\n\n
\n\n| Total long-term financial debt | \n70,862 | \n(10,430) | \n205 | \n6,017 | \n1,312 | \n67,966 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The nominal value of long-term debt amounted to
\n\u20ac67,966 million at December 31, 2024, a decrease of
\n\u20ac2,896 million on December 31, 2023. The decrease
\nreflected repayments in the amount of \u20ac10,430 million
\nagainst new borrowings of \u20ac6,017 million, negative ex-
\nchange differences of \u20ac1,312 million and the reclassi-
\nfication from \u201cAssets classified as held for sale\u201d (in the
\ntotal amount of \u20ac205 million). The latter includes \u20ac192
\nmillion related to a loan to 3SUN repaid during 2024.
\nRepayments in 2024 involved bonds in the amount of
\n\u20ac7,779 million and loans in the amount of \u20ac2,651 mil-
\nlion.
\nSpecifically, repayments in 2024 included:
\n\u2022 \u20ac100 million in respect of a floating-rate bond is-
\nsued by Enel Finance International, maturing in Feb-
\nruary 2024;
\n\u2022 R$398 million (equivalent to \u20ac62 million at Decem-
\nber 31, 2024), in respect of a floating-rate bond is-
\nsued by Enel Distribui\u00e7\u00e3o Cear\u00e1, maturing in March
\n2024;
\n\u2022 $400 million (equal to \u20ac386 million at December 31,
\n2024) in respect of a fixed-rate bond issued by Enel
\nGeneraci\u00f3n Chile, maturing in April 2024;
\n\u2022 \u20ac51 million in respect of a floating-rate bond issued
\nby Enel, maturing in May 2024;
\n\u2022 \u20ac750 million in respect of a fixed-rate bond issued
\nby Enel, maturing in May 2024;
\n\u2022 \u20ac1,000 million in respect of a fixed-rate bond issued
\nby Enel Finance International, maturing in June 2024;
\n\u2022 R$500 million (equivalent to \u20ac78 million at Decem-
\nber 31, 2024), in respect of a floating-rate bond
\nissued by Enel Distribui\u00e7\u00e3o Cear\u00e1, maturing in May
\n2024;
\n\u2022 R$350 million (equivalent to \u20ac55 million at Decem-
\nber 31, 2024), in respect of a floating-rate bond is-
\nsued by Enel Distribui\u00e7\u00e3o S\u00e3o Paulo, maturing in May
\n2024;
\n\u2022 R$370 million (equivalent to \u20ac58 million at December
\n31, 2024), in respect of a floating-rate bond issued
\nby Enel Distribui\u00e7\u00e3o Cear\u00e1, maturing in June 2024;
\n\u2022 \u00a3850 million (equivalent to \u20ac1,028 million at Decem-
\nber 31, 2024) in respect of a fixed-rate bond issued
\nby Enel Finance International, maturing in August
\n2024;
\n\u2022 250,000 million Colombian pesos (equivalent to \u20ac55
\nmillion at December 31, 2024) in respect of a fixed-
\nrate bond issued by Enel Colombia, maturing in Au-
\ngust 2024;
\n\u2022 225 million Swiss francs (equivalent to \u20ac240 million
\nat December 31, 2024) in respect of a fixed-rate
\nbond issued by Enel Finance International, maturing
\nin September 2024;
\n\u2022 $1,500 million (equivalent to \u20ac1,449 million at De-
\ncember 31, 2024) in respect of a fixed-rate bond
\nissued by Enel Finance International, maturing in
\nSeptember 2024;
\n\u2022 \u20ac1,250 million in respect of a fixed-rate bond issued
\nby Enel Finance International and guaranteed by
\nEnel, maturing in September 2024;
\n\u2022 $1,000 million (equivalent to \u20ac966 million at Decem-
\nber 31, 2024) in respect of a fixed-rate bond issued
\nby Enel Finance America in October 2022 maturing in
\nOctober 2027, repaid in advance in December 2024.
\nThe main repayments of loans made during the year
\nincluded:
\n\u2022 \u20ac200 million in respect of sustainable floating-rate
\nrevolving credit lines of Enel SpA;
\n\u2022 \u20ac625 million in respect of loans, of which \u20ac391 mil-
\nlion in respect of sustainable loans, of Enel Group\u2019s
\nItalian companies;
\n\u2022 \u20ac871 million in respect of Endesa loans, of which
\n\u20ac679 million in sustainable loans;
\n\u2022 the equivalent of \u20ac572 million in respect of bank
\nloans to South American companies, of which \u20ac93
\nmillion in respect of sustainable loans.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\nIssues in 2024 regard bonds for \u20ac3,635 million and
\nloans for \u20ac2,382 million.
\nThe table below shows the main characteristics of fi-
\nnancial transactions carried out in 2024 and translat-
\ned into euros at the exchange rate prevailing at De-
\ncember 31, 2024.
\n\n
\n\n\n | \n | \n | \nAmount | \n | \n | \n | \n | \n\n\n
\n\n | \nIssuer/ | \nIssue/ | \nin millions | \n | \n | \nInterest | \n | \n\n\n
\n\n | \nBorrower | \nGrant date | \nof euro | \nCurrency | \nInterest rate | \nrate type | \nMaturity | \n\n\n
\n\n| Bonds | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEnel Finance | \n23/01/2024 | \n750 | \nEUR | \n3.38% | \nFixed rate | \n23/07/2028 | \n\n\n
\n\n | \nInternational | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEnel Finance | \n23/01/2024 | \n1,000 | \nEUR | \n3.88% | \nFixed rate | \n23/01/2035 | \n\n\n
\n\n | \nInternational | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEnel Finance | \n26/06/2024 | \n1,207 | \nUSD | \n5.13% | \nFixed rate | \n26/06/2029 | \n\n\n
\n\n | \nInternational | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEnel Finance | \n26/06/2024 | \n724 | \nUSD | \n5.50% | \nFixed rate | \n26/06/2034 | \n\n\n
\n\n | \nInternational | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Total bonds | \n | \n | \n3,681 | \n | \n | \n | \n | \n\n\n
\n\n| Bank borrowings | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEnel Italia | \n26/04/2024 | \n100 | \nEUR | \n3.36% | \nFixed rate | \n26/04/2039 | \n\n\n
\n\n | \ne-distribuzione | \n19/12/2024 | \n250 | \nEUR | \n2.92% | \nFixed rate | \n19/12/2039 | \n\n\n
\n\n | \nEndesa | \n29/10/2024 | \n125 | \nEUR | \nEuribor 6M + 0.4% | \nFloating rate | \n17/12/2027 | \n\n\n
\n\n | \nEndesa | \n29/10/2024 | \n250 | \nEUR | \nEuribor 6M + 0.52% | \nFloating rate | \n31/10/2039 | \n\n\n
\n\n | \nEndesa | \n29/10/2024 | \n200 | \nEUR | \nEuribor 6M + 0.506% | \nFloating rate | \n31/10/2039 | \n\n\n
\n\n | \nEndesa | \n17/12/2024 | \n225 | \nEUR | \nEuribor 6M + 0.4% | \nFloating rate | \n17/12/2027 | \n\n\n
\n\n | \nEnel Chile | \n31/05/2024 | \n277 | \nUSD | \nSOFR 3M + 0.75% | \nFloating rate | \n04/12/2037 | \n\n\n
\n\n | \nEnel | \n13/05/2024 | \n70 | \nUSD | \n5.28% | \nFixed rate | \n13/05/2039 | \n\n\n
\n\n | \nDistribui\u00e7\u00e3o | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nS\u00e3o Paulo | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEnel Colombia | \n19/02/2024 | \n88 | \nCOP | \nIBR 1M + 2.96% | \nFloating rate | \n19/02/2031 | \n\n\n
\n\n | \nEnel Colombia | \n27/11/2024 | \n102 | \nCOP | \nIBR O/N + 1.79% | \nFloating rate | \n28/11/2033 | \n\n\n
\n\n | \nEnel Colombia | \n27/11/2024 | \n130 | \nCOP | \nIBR O/N + 1.79% | \nFloating rate | \n28/11/2033 | \n\n\n
\n\n| Total bank | \n | \n | \n1,817 | \n | \n | \n | \n | \n\n\n
\n\n| borrowings | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
Long-term debt structure after hedging
\nThe following table reports the impact on gross long-term debt of hedges to mitigate currency risk.
\n\n
\n\n\n | \n | \n | \nat Dec. 31, 2024 | \n | \n | \n | \n | \nat Dec. 31, 2023 | \n | \n | \n\n\n
\n\n | \nCarrying | \nNominal value | \nImpact of | \nNominal value | \nCarrying | \nNominal value | \nImpact of | \nNominal value | \n\n\n
\n\n| Millions of euro | \namount | \npre-hedge | \nhedge | \npost-hedge | \namount | \npre-hedge | \nhedge | \npost-hedge | \n\n\n
\n\n| Euro | \n34,349 | \n34,512 | \n50.8% | \n22,443 | \n56,955 | \n83.8% | \n35,865 | \n36,166 | \n51.0% | \n21,862 | \n58,028 | \n81.9% | \n\n\n
\n\n| US dollar | \n25,103 | \n25,343 | \n37. 3% | \n(19,122) | \n6,221 | \n9.2% | \n24,601 | \n24,847 | \n35.1% | \n(17,850) | \n6,997 | \n9.9% | \n\n\n
\n\n| Pound sterling | \n3,819 | \n3,919 | \n5.8% | \n(3,919) | \n- | \n- | \n4,612 | \n4,720 | \n6.7% | \n(4,720) | \n- | \n- | \n\n\n
\n\n| Colombian peso | \n2,005 | \n2,009 | \n3.0% | \n- | \n2,009 | \n3.0% | \n1,884 | \n1,888 | \n2.7% | \n- | \n1,888 | \n2.7% | \n\n\n
\n\n| Brazilian real | \n1,465 | \n1,482 | \n2.2% | \n870 | \n2,352 | \n3.5% | \n2,229 | \n2,255 | \n3.2% | \n1,047 | \n3,302 | \n4.7% | \n\n\n
\n\n| Swiss franc | \n138 | \n138 | \n0.1% | \n(138) | \n- | \n- | \n382 | \n382 | \n0.5% | \n(382) | \n- | \n- | \n\n\n
\n\n| Chilean peso/UF | \n465 | \n467 | \n0.7% | \n(170) | \n297 | \n0.4% | \n510 | \n514 | \n0.7% | \n- | \n514 | \n0.7% | \n\n\n
\n\n| Other currencies | \n95 | \n96 | \n0.1% | \n36 | \n132 | \n0.1% | \n88 | \n90 | \n0.1% | \n43 | \n133 | \n0.2% | \n\n\n
\n\n| Total non-euro | \n33,090 | \n33,454 | \n49.2% | \n(22,443) | \n1 1,011 | \n16.2% | \n34,306 | \n34,696 | \n49.0% | \n(21,862) | \n12,834 | \n18.1% | \n\n\n
\n\n| currencies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| TOTAL | \n67,439 | \n67,966 | \n100.0% | \n- | \n67,966 | \n100.0% | \n70,171 | \n70,862 | \n100.0% | \n- | \n70,862 | \n100.0% | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\nThe amount of floating-rate debt that is not hedged
\nagainst interest rate risk is the main risk factor that
\ncould adversely impact profit or loss (raising borrow-
\ning costs), in the event of an increase in market inter-
\nest rates.
\nThe following table shows the impact on the nomi-
\nnal value structure of long-term loans after hedges
\nagainst interest rate risk.
\n\n
\n\n\n | \n | \n2024 | \n | \n | \n2023 | \n | \n\n\n
\n\n | \nNominal | \n | \nNominal | \n | \nNominal | \n | \nNominal | \n | \n\n\n
\n\n | \nvalue | \n | \nvalue | \n | \nvalue | \n | \nvalue | \n | \n\n\n
\n\n| Millions of euro | \npre-hedge | \n% | \npost-hedge | \n% | \npre-hedge | \n% | \npost-hedge | \n% | \n\n\n
\n\n| Floating rate | \n15,216 | \n22.4% | \n10,732 | \n15.8% | \n15,835 | \n22.3% | \n12,472 | \n17.6 % | \n\n\n
\n\n| Fixed rate | \n52,750 | \n77.6% | \n57, 23 4 | \n84.2% | \n55,027 | \n77.7% | \n58,390 | \n82.4% | \n\n\n
\n\n| Total | \n67,966 | \n | \n67,966 | \n | \n70,862 | \n | \n70,862 | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
At December 31, 2024, 22.4% of the nominal value of
\nlong-term loans was floating rate (22.3 % at December
\n31, 2023). Taking account of hedges of interest rates
\nconsidered effective pursuant to the IFRS, 15.8% of the
\nnominal value of long-term financial debt was exposed
\nto interest rate risk at December 31, 2024 (17.6% at De-
\ncember 31, 2023).
\nThe exposure of nominal value of long-term loans to
\nexchange rate risk and interest rate risk after hedge is
\nin line with the limits established in the risk manage-
\nment policy.
\nLong-term debt \u2013 Main covenants
\nThe Group\u2019s main long-term financial liabilities are
\ngoverned by covenants that are commonly adopt-
\ned in international business practice. They include in
\nparticular bond issues carried out within the frame-
\nwork of the Global/Euro Medium-Term Notes pro-
\ngram, issues of subordinated unconvertible hybrid
\nbonds (so-called \u201chybrid bonds\u201d) and loans granted
\nby banks and other financial institutions (including
\nthe European Investment Bank and Cassa Depositi e
\nPrestiti SpA).
\nThe main covenants regarding bond issues carried out
\nwithin the framework of the Global/Euro Medium-Term
\nNotes program of Enel and Enel Finance International
\nNV (including the Green Bonds of Enel Finance Inter-
\nnational NV guaranteed by Enel SpA, which are used to
\nfinance the Group\u2019s so-called eligible green projects)
\nand those regarding bonds issued by Enel Finance In-
\nternational NV on the US market guaranteed by Enel
\nSpA can be summarized as follows:
\n\u2022 negative pledge clauses under which the issuer and
\nthe guarantor may not establish or maintain mort-
\ngages, liens or other encumbrances on all or part of
\nits assets or revenue to secure certain financial lia-
\nbilities, unless the same encumbrances are extend-
\ned equally or pro rata to the bonds in question;
\n\u2022 pari passu clauses, under which the bonds and the
\nassociated security constitute a direct, uncondition-
\nal and unsecured obligation of the issuer and the
\nguarantor and are issued without preferential rights
\namong them and have at least the same seniority as
\nother present and future unsubordinated and unse-
\ncured bonds of the issuer and the guarantor;
\n\u2022 cross-default clauses, under which the occurrence
\nof a default event in respect of a specified financial
\nliability (above a threshold level) of the issuer, the
\nguarantor or, in some cases, \u201csignificant\u201d subsidiar-
\nies, constitutes a default in respect of the liabilities
\nin question, which become immediately repayable.
\nSince 2019, Enel Finance International NV has issued a
\nnumber of \u201csustainable\u201d bonds on the European mar-
\nket (as part of the Euro Medium-Term Notes - EMTN
\nbond issue program) and on the American market,
\nboth guaranteed by Enel SpA, linked to the achieve-
\nment of a number of the Sustainable Development
\nGoals (SDGs) of the United Nations that contain the
\nsame covenants as other bonds of the same type.
\nEnel Finance America LLC holds a \u201csustainable\u201d bond
\nof the same type, guaranteed by Enel SpA, on the US
\nmarket.
\nThe main covenants covering Enel\u2019s hybrid bonds,
\nincluding the perpetual hybrid bond issues, which
\nwill only be repaid in the event of the dissolution or
\nliquidation of the Company, can be summarized as
\nfollows:
\n\u2022 subordination clauses, under which each hybrid
\nbond is subordinate to all other bonds issued by the
\ncompany and has the same seniority with all other
\nhybrid financial instruments issued, being senior
\nonly to equity instruments;
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\u2022 prohibition on mergers with other companies, the
\nsale or leasing of all or a substantial part of the com-
\npany\u2019s assets to another company, unless the latter
\nsucceeds in all obligations of the issuer.
\nThe main covenants envisaged in the loan contracts
\nof Enel SpA and Enel Finance International NV and
\nthe other Group companies, including the sustaina-
\nbility-linked loan facility agreements obtained by Enel
\nSpA, can be summarized as follows:
\n113
\n\u2022 negative pledge clauses, under which the borrower
\nand, in some cases, the guarantor are subject to lim-
\nitations on the establishment of mortgages, liens or
\nother encumbrances on all or part of their respec-
\ntive assets, with the exception of expressly permit-
\nted encumbrances;
\n\u2022 disposals clauses, under which the borrower and, in
\nsome cases, the guarantor may not dispose of their
\nassets or operations, with the exception of expressly
\npermitted disposals;
\n\u2022 pari passu clauses, under which the payment under-
\ntakings of the borrower have the same seniority as
\nits other unsecured and unsubordinated payment
\nobligations;
\n\u2022 change of control clauses, under which the borrow-
\ner and, in some cases, the guarantor could be re-
\nquired to renegotiate the terms and conditions of
\nthe financing or make compulsory early repayment
\nof the loans granted;
\n\u2022 rating clauses, which provide for the borrower or the
\nguarantor to maintain their rating above a certain
\nspecified level;
\n\u2022 cross-default clauses, under which the occurrence
\nof a default event in respect of a specified financial
\nliability (above a threshold level) of the issuer or, in
\nsome cases, the guarantor constitutes a default in
\nrespect of the liabilities in question, which become
\nimmediately repayable.
\nIn some cases, the covenants are also binding for the
\nsignificant companies or subsidiaries of the obligated
\nparties. All the borrowings considered specify \u201cevents
\nof default\u201d typical of international business practice,
\nsuch as, for example, insolvency, bankruptcy proceed-
\nings or the entity ceases trading.
\nIn addition, the guarantees issued by Enel in the inter-
\nest of e-distribuzione SpA for certain loans to e-dis-
\ntribuzione SpA from Cassa Depositi e Prestiti SpA re-
\nquire that at the end of each six-month measurement
\nperiod Enel\u2019s net consolidated financial debt shall not
\nexceed 4.5 times annual consolidated EBITDA.
\nFinally, the debt of Endesa SA, Enel Am\u00e9ricas SA, Enel
\nChile SA and the other Spanish and Latin American
\nsubsidiaries (notably Enel Generaci\u00f3n Chile SA) con-
\ntains covenants and events of default typical of inter-
\nnational business practice.
\n46.3.2 Short-term borrowings \u2013 \u20ac3,645 million
\nAt December 31, 2024, short-term borrowings totaled \u20ac3,645 million, a decrease of \u20ac1,124 million compared with
\nDecember 31, 2023, and break down as follows:
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n\n\n
\n\n| Short-term bank borrowings | \n344 | \n393 | \n(49) | \n\n\n
\n\n| Commercial paper | \n2,406 | \n2,499 | \n(93) | \n\n\n
\n\n| Cash collateral and other financing on derivatives | \n732 | \n1,383 | \n(651) | \n\n\n
\n\n| Other short-term borrowings | \n163 | \n494 | \n(331) | \n\n\n
\n\n| Short-term borrowings | \n3,645 | \n4,769 | \n(1,124) | \n\n\n
\n\n\n\n\n\n
\n\n\n
Commercial paper liabilities totaling \u20ac2,406 million concerned issues by Enel Finance International and Enel Finance
\nAmerica.
\n113. The sustainability-linked loan entered into on September 30, 2022 by Enel Finance America LLC as borrower and Enel SpA (as guarantor) with
\nEKF Denmark\u2019s Export Credit Agency (then merged into Export and Investment Fund of Denmark, \u201cEIFO\u201d) and Citi provides for a number of
\nadditional covenants, such as:
\n\u2022 a \u201creputational damage\u201d clause, under which the lending bank can request the cancellation of its financial commitment undertaken by it
\nand 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
\nsubstantial breach of certain regulations;
\n\u2022 the commitment, also of the guarantor, to ensure compliance with certain environmental and social regulations and standards.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n
\n\n
\n\nThe main commercial paper programs include:
\n\u2022 \u20ac8,000 million of Enel Finance International;
\n\u2022 \u20ac5,000 million of Endesa;
\n\u2022 $5,000 million, equivalent to \u20ac4,829 million at De-
\ncember 31, 2024, of Enel Finance America.
\nAt December 31, 2024, the whole amount of commer-
\ncial paper issues was linked to sustainability objectives.
\nFinance with development banks and export
\ncredit agencies (ECAs)
\nSustainable finance is characterized by the synergy
\nbetween public and private capital. The integration of
\nthese two sources of financing allows for the devel-
\nopment of scalable solutions capable of generating
\nsignificant economic value, especially in developing
\ncountries and emerging markets.
\nEnel has secured new forms of financing with develop-
\nment banks and export credit agencies (ECAs) through
\ntransactions intended to mobilize private capital for
\nsustainable development, for a total value of about
\n\u20ac10,000 million, of which about 50% in the sustaina-
\nbility-linked form. More specifically, during 2024 the
\nGroup entered into loans of this nature for a total of
\napproximately \u20ac1,000 million. The main transactions
\ninclude the General Corporate Purpose and Sustaina-
\nbility-Linked financing for a total of $286 million, by an
\nexport credit agency to Enel Chile.
\nGreen Bonds
\nIn the 2017-2019 period, the Enel Group issued Green
\nBonds for a total notional value of \u20ac3,500 million, of
\nwhich \u20ac2,249 million outstanding at December 31,
\n2024.
\n
\n
\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n46.4 Derivative financial liabilities
\nFor more information on derivative financial liabili-
\nties, please see note 49 \u201cDerivatives and hedge ac-
\ncounting\u201d.
\n46.5 Net gain/(loss)
\nThe following table shows net gains and losses by cat-
\negory of financial instruments, excluding derivatives.
\n\n
\n\n\n | \n2024 | \n2023 | \n\n\n
\n\n | \n | \nOf which: | \n | \nOf which: | \n\n\n
\n\n | \n | \nImpairment | \n | \nImpairment | \n\n\n
\n\n| Millions of euro | \nNet gain/(loss) | \n(loss)/gain | \nNet gain/(loss) | \n(loss)/gain | \n\n\n
\n\n| Financial assets at amortized cost | \n(1,128) | \n(1,388) | \n(1,112) | \n(1,320) | \n\n\n
\n\n| Financial assets at FVOCI | \n | \n | \n | \n | \n\n\n
\n\n| Equity investments at FVOCI | \n- | \n- | \n- | \n- | \n\n\n
\n\n| Other financial assets at FVOCI | \n19 | \n- | \n15 | \n- | \n\n\n
\n\n| Total financial assets at FVOCI | \n19 | \n- | \n15 | \n- | \n\n\n
\n\n| Financial assets at FVTPL | \n | \n | \n | \n | \n\n\n
\n\n| Financial assets at FVTPL | \n(23) | \n- | \n6 | \n- | \n\n\n
\n\n| Financial assets designated upon initial recognition (fair | \n- | \n- | \n- | \n- | \n\n\n
\n\n| value option) | \n | \n | \n | \n | \n\n\n
\n\n| Total financial assets at FVTPL | \n(23) | \n- | \n6 | \n- | \n\n\n
\n\n| Financial liabilities measured at amortized cost | \n(4,891) | \n- | \n(2,759) | \n- | \n\n\n
\n\n| Financial liabilities at FVTPL | \n | \n | \n | \n | \n\n\n
\n\n| Financial liabilities held for trading | \n- | \n- | \n- | \n- | \n\n\n
\n\n| Financial liabilities designated upon initial recognition (fair | \n- | \n- | \n- | \n- | \n\n\n
\n\n| value option) | \n | \n | \n | \n | \n\n\n
\n\n| Total financial liabilities at FVTPL | \n- | \n- | \n- | \n- | \n\n\n
\n\n\n\n\n\n
\n\n\n
For more details on net gains and losses on derivatives, please see note 12 \u201cNet financial income/(expense) from
\nderivatives\u201d.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1324": {
"value": "\n46.1.1 Financial assets measured at amortized
\ncost
\nThe following table reports financial assets measured
\nat amortized cost by nature, broken down into current
\nand non-current financial assets.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\n\n\n | \n | \nNon-current | \n | \nCurrent | \n | \n\n
\n\n | \n | \nat Dec. 31, | \nat Dec. 31, | \n | \nat Dec. 31, | \nat Dec. 31, | \n\n
\n\n| Millions of euro | \nNotes | \n2024 | \n2023 | \nNotes | \n2024 | \n2023 | \n\n
\n\n| Cash and cash equivalents | \n | \n- | \n- | \n33 | \n8,022 | \n6,772 | \n\n
\n\n| Trade receivables | \n32 | \n2,333 | \n1,726 | \n32 | \n13,608 | \n16,047 | \n\n
\n\n| Current portion of long-term loan | \n | \n- | \n- | \n28.1 | \n2 , 174 | \n1,007 | \n\n
\n\n| assets | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cash collateral | \n | \n- | \n- | \n28.1 | \n1,982 | \n2,899 | \n\n
\n\n| Other financial assets | \n27. 1 | \n2,101 | \n3,332 | \n28.1 | \n203 | \n30 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n| Financial assets from service | \n27 | \n262 | \n310 | \n28 | \n12 | \n14 | \n\n
\n\n| concession arrangements | \n | \n | \n | \n | \n | \n | \n\n
\n\n| at amortized cost | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\n\n\n
\n\n\n| Other financial assets at amortized cost | \n404 | \n341 | \n1,320 | \n1,726 | \n\n
\n\n| Total | \n5,100 | \n5,709 | \n2 7,32 1 | \n28,495 | \n\n
\n\n\n\n
\n\n
Impairment of financial assets measured
\nat amortized cost
\nFinancial assets measured at amortized cost amount-
\ned to \u20ac32,421 million at December 31, 2024 (\u20ac34,204
\nmillion at December 31, 2023) and are recognized
\nnet of allowances for expected credit losses totaling
\n\u20ac4,152 million at December 31, 2024 (\u20ac4,098 million
\nat the end of the previous year).
\nThe Group mainly has the following types of financial
\nassets measured at amortized cost subject to impair-
\nment testing:
\n\u2022 cash and cash equivalents;
\n\u2022 trade receivables and contract assets;
\n\u2022 loan assets;
\n\u2022 other financial assets.
\nWhile cash and cash equivalents are also subject to
\nthe impairment requirements of IFRS 9, the identified
\nimpairment loss was immaterial.
\n\nThe expected credit loss (ECL) \u2013 determined using
\nprobability of default (PD), loss given default (LGD) and
\nexposure at default (EAD) \u2013 is the difference between
\nall contractual cash flows that are due in accordance
\nwith the contract and all cash flows that are expected
\nto be received (i.e. all shortfalls) discounted at the orig-
\ninal effective interest rate (EIR).
\nFor calculating ECL, the Group applies two different
\napproaches:
\n\u2022 the general approach, for financial assets other than
\ntrade receivables, contract assets and lease receiva-
\nbles. This approach, based on an assessment of any
\nsignificant increase in credit risk since initial rec-
\nognition, is performed comparing PD at origination
\nwith PD at the reporting date, at each reporting date.
\nThen, based on the results of the assessment, a loss
\nallowance is recognized based on 12-month ECL or
\nlifetime ECL (i.e. staging):
\n\u2022 12-month ECL, for financial assets for which there
\nhas not been a significant increase in credit risk
\nsince initial recognition;
\n\u2022 lifetime ECL, for financial assets for which there
\nhas been a significant increase in credit risk or
\nwhich are credit impaired (i.e. defaulted based on
\npast due information);
\n\u2022 the simplified approach, for trade receivables, con-
\ntract assets and lease receivables with or without a
\nsignificant financing component, based on lifetime
\nECL without tracking changes in credit risk.
\nA forward-looking adjustment can be applied consid-
\nering qualitative and quantitative information in order
\nto reflect future events and macroeconomic develop-
\nments that could impact the risk associated with the
\nportfolio or financial instrument.
\nDepending on the nature of the financial assets and
\nthe credit risk information available, the assessment of
\nthe increase in credit risk can be performed on:
\n\u2022 an individual basis, if the receivables are individually
\nsignificant and for all receivables which have been
\nindividually identified for impairment based on rea-
\nsonable and supportable information;
\n\u2022 a collective basis, if no reasonable and supportable
\ninformation is available without undue cost or effort
\nto measure expected credit losses on an individual
\ninstrument basis.
\nWhen there is no reasonable expectation of recover-
\ning a financial asset in its entirety or a portion thereof,
\nthe gross carrying amount of the financial asset shall
\nbe reduced.
\nA write-off represents a derecognition event (e.g. the
\nright to cash flows is legally or contractually extin-
\nguished, transferred or expired).
\n
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\nThe following table reports expected credit losses on financial assets measured at amortized cost on the basis of
\nthe general simplified approach.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n\n\n\n\n
\n\n | \n | \nExpected | \n | \n | \nExpected | \n | \n\n\n\n\n\n
\n\n | \nGross | \ncredit loss | \n | \nGross | \ncredit loss | \n | \n\n\n\n\n\n
\n\n| Millions of euro | \namount | \nallowance | \nTotal | \namount | \nallowance | \nTotal | \n\n\n\n\n\n
\n\n| Cash and cash equivalents | \n8,022 | \n- | \n8,022 | \n6,772 | \n- | \n6,772 | \n\n\n\n\n\n
\n\n| Trade receivables | \n19,704 | \n3,763 | \n15,941 | \n21,548 | \n3,775 | \n17,773 | \n\n\n\n\n\n
\n\n| Loan assets | \n6,776 | \n316 | \n6,460 | \n7,579 | \n311 | \n7, 26 8 | \n\n\n\n\n\n
\n\n| Other financial assets at amortized cost | \n2,071 | \n73 | \n1,998 | \n2,403 | \n12 | \n2,391 | \n\n\n\n\n\n
\n\n| Total | \n36,573 | \n4,152 | \n32,421 | \n38,302 | \n4,098 | \n34,204 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
To measure expected losses, the Group assesses
\ntrade receivables and contract assets with the sim-
\nplified approach, both on an individual basis (e.g.
\ngovernment entities, authorities, financial counter-
\nparties, wholesale sellers, traders and large compa-
\nnies, etc.) and a collective basis (e.g. retail custom-
\ners).
\nIn the case of individual assessments, PD is generally
\nobtained from external providers.
\nOtherwise, in the case of collective assessments,
\ntrade receivables are grouped on the basis of their
\nshared credit risk characteristics and information on
\npast due positions, considering a specific definition
\nof default.
\nBased on each business and local regulatory frame-
\nwork, as well as differences between customer port-
\nfolios, including their default and recovery rates
\n(comprising expectations for recovery beyond 90
\ndays):
\n\u2022 the Group mainly defines a defaulted position as
\none that is 180 days past due. Accordingly, beyond
\nthis time limit, trade receivables are presumed to be
\ncredit impaired); and
\n\u2022 specific clusters are defined on the basis of specific
\nmarkets, business and risk characteristics.
\nContract assets substantially have the same risk char-
\nacteristics as trade receivables for the same types of
\ncontracts.
\nIn order to measure the ECL for trade receivables on
\na collective basis, as well as for contract assets, the
\nGroup uses the following assumptions regarding the
\nECL parameters:
\n\u2022 PD, assumed equal to the average default rate, is
\ncalculated by cluster and considering historical data
\nfrom at least 24 months;
\n\u2022 LGD is a function of the recovery rates for each clus-
\nter, discounted using the effective interest rate; and
\n\u2022 EAD is estimated as equal to the carrying amount
\nat the reporting date net of cash deposits, including
\ninvoices issued but not past due and invoices to be
\nissued.
\nThe following table reports changes in the allowance
\nfor expected credit losses on loan assets in accord-
\nance with the general approach.
\n\n
\n\n\n| Millions of euro | \nECL 12-month allowance | \nECL lifetime allowance | \n\n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2023 | \n29 | \n219 | \n\n\n\n\n\n
\n\n| Accruals | \n- | \n36 | \n\n\n\n\n\n
\n\n| Uses | \n- | \n11 | \n\n\n\n\n\n
\n\n| Reversals to profit or loss | \n(32) | \n(6) | \n\n\n\n\n\n
\n\n| Other changes | \n45 | \n9 | \n\n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2023 | \n42 | \n269 | \n\n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2024 | \n42 | \n269 | \n\n\n\n\n\n
\n\n| Accruals | \n- | \n87 | \n\n\n\n\n\n
\n\n| Uses | \n- | \n(22) | \n\n\n\n\n\n
\n\n| Reversals to profit or loss | \n(9) | \n(6) | \n\n\n\n\n\n
\n\n| Other changes | \n86 | \n(131) | \n\n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2024 | \n119 | \n197 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\nThe following table reports changes in the allowance for expected credit losses on trade receivables in accordance
\nwith the simplified approach.
\n\n
\n\n\n| Millions of euro | \n | \n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2023 | \n3,783 | \n\n\n\n\n
\n\n| Accruals | \n1,384 | \n\n\n\n\n
\n\n| Uses | \n(1,136) | \n\n\n\n\n
\n\n| Reversals to profit or loss | \n(210) | \n\n\n\n\n
\n\n| Other changes | \n(46) | \n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2023 | \n3,775 | \n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2024 | \n3,775 | \n\n\n\n\n
\n\n| Accruals | \n1,337 | \n\n\n\n\n
\n\n| Uses | \n(937) | \n\n\n\n\n
\n\n| Reversals to profit or loss | \n(244) | \n\n\n\n\n
\n\n| Other changes | \n(168) | \n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2024 | \n3,763 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
The following table reports changes in the allowance for expected credit losses on other financial assets at amor-
\ntized cost in accordance with the simplified approach.
\n\n
\n\n\n| Millions of euro | \nECL lifetime allowance | \n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2023 | \n56 | \n\n\n\n\n
\n\n| Accruals | \n149 | \n\n\n\n\n
\n\n| Uses | \n- | \n\n\n\n\n
\n\n| Reversals to profit or loss | \n(1) | \n\n\n\n\n
\n\n| Other changes | \n(192) | \n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2023 | \n12 | \n\n\n\n\n
\n\n| Opening balance at Jan. 1, 2024 | \n12 | \n\n\n\n\n
\n\n| Accruals | \n227 | \n\n\n\n\n
\n\n| Uses | \n- | \n\n\n\n\n
\n\n| Reversals to profit or loss | \n(4) | \n\n\n\n\n
\n\n| Other changes | \n(162) | \n\n\n\n\n
\n\n| Closing balance at Dec. 31, 2024 | \n73 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\nNote 47 \u201cRisk management\u201d provides additional infor-
\nmation on the exposure to credit risk and expected
\nlosses.
\n
\n\n\n\n\n\n\n\n\n",
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"Tag1334": {
"value": "\n
\n\n
\n\n
\n\n
\n\n46.1.3 Financial assets at fair value through
\nprofit or loss
\nThe following table shows financial assets at fair
\nvalue through profit or loss by nature, broken down
\ninto current and non-current financial assets.
\n\n
\n\n\n | \n | \nNon-current | \n | \nCurrent | \n\n\n\n\n\n
\n\n | \n | \nat Dec. 31, | \nat Dec. 31, | \n | \nat Dec. 31, | \nat Dec. 31, | \n\n\n\n\n\n
\n\n| Millions of euro | \nNotes | \n2024 | \n2023 | \nNotes | \n2024 | \n2023 | \n\n\n\n\n\n
\n\n| Derivatives at FVTPL | \n49 | \n126 | \n206 | \n49 | \n2,793 | \n4,443 | \n\n\n\n\n\n
\n\n| Investments in liquid assets | \n | \n- | \n- | \n33 | \n29 | \n29 | \n\n\n\n\n\n
\n\n| Securities and financial investments in funds | \n27. 1 | \n3 | \n- | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| or asset management at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Equity investments in other companies | \n27 | \n8 | \n8 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Financial assets from service concession | \n27 | \n3,930 | \n4,080 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| arrangements at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Financial assets from JDA at FVTPL | \n | \n95 | \n123 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| Other financial assets at FVTPL | \n | \n- | \n130 | \n28, 28.1 | \n171 | \n190 | \n\n\n\n\n\n
\n\n| Total | \n | \n4,162 | \n4,547 | \n | \n2,993 | \n4,662 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
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},
"Tag1335": {
"value": "\n
\n\n
\n\n
\n\n46.1.3 Financial assets at fair value through
\nprofit or loss
\nThe following table shows financial assets at fair
\nvalue through profit or loss by nature, broken down
\ninto current and non-current financial assets.
\n\n
\n\n\n | \n | \nNon-current | \n | \nCurrent | \n\n\n\n\n\n
\n\n | \n | \nat Dec. 31, | \nat Dec. 31, | \n | \nat Dec. 31, | \nat Dec. 31, | \n\n\n\n\n\n
\n\n| Millions of euro | \nNotes | \n2024 | \n2023 | \nNotes | \n2024 | \n2023 | \n\n\n\n\n\n
\n\n| Derivatives at FVTPL | \n49 | \n126 | \n206 | \n49 | \n2,793 | \n4,443 | \n\n\n\n\n\n
\n\n| Investments in liquid assets | \n | \n- | \n- | \n33 | \n29 | \n29 | \n\n\n\n\n\n
\n\n| Securities and financial investments in funds | \n27. 1 | \n3 | \n- | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| or asset management at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Equity investments in other companies | \n27 | \n8 | \n8 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Financial assets from service concession | \n27 | \n3,930 | \n4,080 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| arrangements at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Financial assets from JDA at FVTPL | \n | \n95 | \n123 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| Other financial assets at FVTPL | \n | \n- | \n130 | \n28, 28.1 | \n171 | \n190 | \n\n\n\n\n\n
\n\n| Total | \n | \n4,162 | \n4,547 | \n | \n2,993 | \n4,662 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
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},
"Tag1337": {
"value": "\n
\n\n46.1.3 Financial assets at fair value through
\nprofit or loss
\nThe following table shows financial assets at fair
\nvalue through profit or loss by nature, broken down
\ninto current and non-current financial assets.
\n\n
\n\n\n | \n | \nNon-current | \n | \nCurrent | \n\n\n\n\n\n
\n\n | \n | \nat Dec. 31, | \nat Dec. 31, | \n | \nat Dec. 31, | \nat Dec. 31, | \n\n\n\n\n\n
\n\n| Millions of euro | \nNotes | \n2024 | \n2023 | \nNotes | \n2024 | \n2023 | \n\n\n\n\n\n
\n\n| Derivatives at FVTPL | \n49 | \n126 | \n206 | \n49 | \n2,793 | \n4,443 | \n\n\n\n\n\n
\n\n| Investments in liquid assets | \n | \n- | \n- | \n33 | \n29 | \n29 | \n\n\n\n\n\n
\n\n| Securities and financial investments in funds | \n27. 1 | \n3 | \n- | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| or asset management at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Equity investments in other companies | \n27 | \n8 | \n8 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Financial assets from service concession | \n27 | \n3,930 | \n4,080 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| arrangements at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Financial assets from JDA at FVTPL | \n | \n95 | \n123 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| Other financial assets at FVTPL | \n | \n- | \n130 | \n28, 28.1 | \n171 | \n190 | \n\n\n\n\n\n
\n\n| Total | \n | \n4,162 | \n4,547 | \n | \n2,993 | \n4,662 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
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},
"Tag1338": {
"value": "\n46.1.3 Financial assets at fair value through
\nprofit or loss
\nThe following table shows financial assets at fair
\nvalue through profit or loss by nature, broken down
\ninto current and non-current financial assets.
\n\n
\n\n\n | \n | \nNon-current | \n | \nCurrent | \n\n\n\n\n\n
\n\n | \n | \nat Dec. 31, | \nat Dec. 31, | \n | \nat Dec. 31, | \nat Dec. 31, | \n\n\n\n\n\n
\n\n| Millions of euro | \nNotes | \n2024 | \n2023 | \nNotes | \n2024 | \n2023 | \n\n\n\n\n\n
\n\n| Derivatives at FVTPL | \n49 | \n126 | \n206 | \n49 | \n2,793 | \n4,443 | \n\n\n\n\n\n
\n\n| Investments in liquid assets | \n | \n- | \n- | \n33 | \n29 | \n29 | \n\n\n\n\n\n
\n\n| Securities and financial investments in funds | \n27. 1 | \n3 | \n- | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| or asset management at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Equity investments in other companies | \n27 | \n8 | \n8 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Financial assets from service concession | \n27 | \n3,930 | \n4,080 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| arrangements at FVTPL | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Financial assets from JDA at FVTPL | \n | \n95 | \n123 | \n | \n- | \n- | \n\n\n\n\n\n
\n\n| Other financial assets at FVTPL | \n | \n- | \n130 | \n28, 28.1 | \n171 | \n190 | \n\n\n\n\n\n
\n\n| Total | \n | \n4,162 | \n4,547 | \n | \n2,993 | \n4,662 | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
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},
"Tag1340": {
"value": "\n46.3 Borrowings
\n46.3.1 Long-term borrowings
\n(including the portion falling due within
\n12 months) \u2013 \u20ac67,439 million
\nThe following table reports the nominal value, carrying
\namount and fair value of long-term borrowing includ-
\ning the portion falling due within 12 months.
\n
\n\n\n\n\n\n\n\n\n\nLong-term borrowings by category and type of interest rate
\n\n
\n\n\n | \n | \n | \n | \nPortion | \n | \n | \n | \n | \nPortion | \n | \n | \n\n\n
\n\n | \n | \n | \n | \ndue in | \n | \n | \n | \n | \ndue in | \n | \nChanges | \n\n\n
\n\n | \n Nominal | \n Carrying | \nCurrent | \nmore than | \nFair | \n Nominal | \n Carrying | \nCurrent | \nmore than | \nFair | \nin carrying | \n\n\n
\n\n| Millions of euro | \nvalue | \namount | \nportion | \n12 months | \nvalue | \nvalue | \namount | \nportion | \n12 months | \nvalue | \namount | \n\n\n
\n\n | \n | \nat Dec. 31, 2024 | \n | \n | \n | \nat Dec. 31, 2023 | \n | \n | \n\n\n
\n\n| Bonds: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| - listed, fixed rate | \n26,885 | \n26,632 | \n3,458 | \n2 3,174 | \n25,670 | \n29,539 | \n29,163 | \n4,686 | \n24,477 | \n27,885 | \n(2,531) | \n\n\n
\n\n| - listed, floating rate | \n1,770 | \n1,756 | \n315 | \n1,441 | \n1,758 | \n2,643 | \n2,622 | \n623 | \n1,999 | \n2,641 | \n(866) | \n\n\n
\n\n| - unlisted, fixed rate | \n19,077 | \n18,881 | \n1,448 | \n17,433 | \n18,451 | \n18,336 | \n18,129 | \n1,357 | \n16,772 | \n17,842 | \n752 | \n\n\n
\n\n| - unlisted, floating rate | \n331 | \n331 | \n97 | \n234 | \n339 | \n428 | \n428 | \n97 | \n331 | \n456 | \n(97) | \n\n\n
\n\n| Total bonds | \n48,063 | \n47,600 | \n5,318 | \n42,282 | \n46,218 | \n50,946 | \n50,342 | \n6,763 | \n43,579 | \n48,824 | \n(2,742) | \n\n\n
\n\n| Bank borrowings: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| - fixed rate | \n3,485 | \n3,465 | \n234 | \n3,231 | \n3,444 | \n3,874 | \n3,822 | \n853 | \n2,969 | \n3,746 | \n(357) | \n\n\n
\n\n| - floating rate | \n13,058 | \n13,014 | \n1,508 | \n11,506 | \n13,142 | \n12,664 | \n12,629 | \n1,139 | \n11,490 | \n12,892 | \n385 | \n\n\n
\n\n| - use of revolving credit lines | \n18 | \n18 | \n- | \n18 | \n22 | \n41 | \n41 | \n- | \n41 | \n41 | \n(23) | \n\n\n
\n\n| Total bank borrowings | \n16,561 | \n16,497 | \n1,742 | \n14,755 | \n16,608 | \n16,579 | \n16,492 | \n1,992 | \n14,500 | \n16,679 | \n5 | \n\n\n
\n\n| Leases: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| - fixed rate | \n2,892 | \n2,892 | \n306 | \n2,586 | \n2,892 | \n2,852 | \n2,852 | \n256 | \n2,596 | \n2,852 | \n40 | \n\n\n
\n\n| - floating rate | \n39 | \n39 | \n12 | \n27 | \n39 | \n53 | \n53 | \n12 | \n41 | \n53 | \n(14) | \n\n\n
\n\n| Total leases | \n2,931 | \n2,931 | \n318 | \n2,613 | \n2,931 | \n2,905 | \n2,905 | \n268 | \n2,637 | \n2,905 | \n26 | \n\n\n
\n\n| Other non-bank borrowings: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| - fixed rate | \n411 | \n411 | \n61 | \n350 | \n411 | \n426 | \n426 | \n63 | \n363 | \n426 | \n(15) | \n\n\n
\n\n| - floating rate | \n- | \n- | \n- | \n- | \n- | \n6 | \n6 | \n- | \n6 | \n6 | \n(6) | \n\n\n
\n\n| Total other non-bank | \n411 | \n411 | \n61 | \n350 | \n411 | \n432 | \n432 | \n63 | \n369 | \n432 | \n(21) | \n\n\n
\n\n| borrowings | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Total fixed-rate borrowings | \n52,750 | \n52,281 | \n5,507 | \n46,774 | \n50,868 | \n55,027 | \n54,392 | \n7, 215 | \n47, 177 | \n52,751 | \n(2,111) | \n\n\n
\n\n| Total floating-rate | \n15,216 | \n15,158 | \n1,932 | \n13,226 | \n15,300 | \n15,835 | \n15,779 | \n1,871 | \n13,908 | \n16,089 | \n(621) | \n\n\n
\n\n| borrowings | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| TOTAL | \n67,966 | \n67,439 | \n7,439 | \n60,000 | \n66,168 | \n70,862 | \n70, 171 | \n9,086 | \n61,085 | \n68,840 | \n(2,732) | \n\n\n
\n\n\n\n\n\n
\n\n\n
The table below reports long-term financial debt by currency and interest rate.
\nLong-term borrowings (including the portion falling due within 12 months) by currency and interest rate
\n\n
\n\n\n | \n | \n | \n | \n | \nCurrent | \n | \nCurrent | \n | \n\n\n
\n\n | \n | \n | \n | \n | \naverage | \nCurrent | \naverage | \nCurrent | \n\n\n
\n\n | \n | \n | \n | \n | \nnominal | \neffective | \nnominal | \neffective | \n\n\n
\n\n | \nCarrying | \nNominal | \nCarrying | \nNominal | \ninterest | \ninterest | \ninterest | \ninterest | \n\n\n
\n\n| Millions of euro | \namount | \nvalue | \namount | \nvalue | \nrate | \nrate | \nrate | \nrate | \n\n\n
\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n\n
\n\n| Euro | \n34,349 | \n34,512 | \n35,865 | \n36,166 | \n2.6% | \n2.8% | \n2.5% | \n2.8% | \n\n\n
\n\n| US dollar | \n25,103 | \n25,343 | \n24,601 | \n24,847 | \n5.0% | \n5.1% | \n4.9% | \n5.2% | \n\n\n
\n\n| Pound sterling | \n3,819 | \n3,919 | \n4,612 | \n4,720 | \n4.3% | \n4.5% | \n4.6% | \n4.8% | \n\n\n
\n\n| Colombian peso | \n2,005 | \n2,009 | \n1,884 | \n1,888 | \n11.8% | \n11.8% | \n13.5% | \n13.5% | \n\n\n
\n\n| Brazilian real | \n1,465 | \n1,482 | \n2,229 | \n2,255 | \n9.8% | \n9.9% | \n10.5% | \n10.6% | \n\n\n
\n\n| Swiss franc | \n138 | \n138 | \n382 | \n382 | \n4.0% | \n4.0% | \n1.8% | \n1.8% | \n\n\n
\n\n| Chilean peso/UF | \n465 | \n467 | \n510 | \n514 | \n5.2% | \n5.2% | \n5.1% | \n5.2% | \n\n\n
\n\n| Other currencies | \n95 | \n96 | \n88 | \n90 | \n | \n | \n | \n | \n\n\n
\n\n| Total non-euro | \n33,090 | \n33,454 | \n34,306 | \n34,696 | \n | \n | \n | \n | \n\n\n
\n\n| currencies | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| TOTAL | \n67,439 | \n67,966 | \n70,171 | \n70,862 | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\nLong-term financial debt denominated in currencies
\nother than the euro decreased by \u20ac1,216 million, large-
\nly attributable to the changes in debt denominated in
\nPound sterling and Brazilian real.
\nChange in the nominal value of long-term borrowings (including the portion falling due within 12 months)
\n\n
\n\n\n | \n | \n | \nChange in the | \n | \n | \n | \n\n\n
\n\n | \n | \n | \nconsolidation | \nNew | \nExchange | \n | \n\n\n
\n\n| Millions of euro | \nNominal value | \nRepayments | \nscope | \nborrowings | \ndifferences | \nNominal value | \n\n\n
\n\n | \nat Dec. 31, 2023 | \n | \n | \n | \n | \nat Dec. 31, 2024 | \n\n\n
\n\n| Bonds | \n50,946 | \n(7,779) | \n- | \n3,635 | \n1,261 | \n48,063 | \n\n\n
\n\n| Borrowings | \n19,916 | \n(2,651) | \n205 | \n2,382 | \n51 | \n19,903 | \n\n\n
\n\n| - of which leases | \n2,905 | \n(422) | \n(7) | \n419 | \n36 | \n2,931 | \n\n\n
\n\n| Total long-term financial debt | \n70,862 | \n(10,430) | \n205 | \n6,017 | \n1,312 | \n67,966 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The nominal value of long-term debt amounted to
\n\u20ac67,966 million at December 31, 2024, a decrease of
\n\u20ac2,896 million on December 31, 2023. The decrease
\nreflected repayments in the amount of \u20ac10,430 million
\nagainst new borrowings of \u20ac6,017 million, negative ex-
\nchange differences of \u20ac1,312 million and the reclassi-
\nfication from \u201cAssets classified as held for sale\u201d (in the
\ntotal amount of \u20ac205 million). The latter includes \u20ac192
\nmillion related to a loan to 3SUN repaid during 2024.
\nRepayments in 2024 involved bonds in the amount of
\n\u20ac7,779 million and loans in the amount of \u20ac2,651 mil-
\nlion.
\nSpecifically, repayments in 2024 included:
\n\u2022 \u20ac100 million in respect of a floating-rate bond is-
\nsued by Enel Finance International, maturing in Feb-
\nruary 2024;
\n\u2022 R$398 million (equivalent to \u20ac62 million at Decem-
\nber 31, 2024), in respect of a floating-rate bond is-
\nsued by Enel Distribui\u00e7\u00e3o Cear\u00e1, maturing in March
\n2024;
\n\u2022 $400 million (equal to \u20ac386 million at December 31,
\n2024) in respect of a fixed-rate bond issued by Enel
\nGeneraci\u00f3n Chile, maturing in April 2024;
\n\u2022 \u20ac51 million in respect of a floating-rate bond issued
\nby Enel, maturing in May 2024;
\n\u2022 \u20ac750 million in respect of a fixed-rate bond issued
\nby Enel, maturing in May 2024;
\n\u2022 \u20ac1,000 million in respect of a fixed-rate bond issued
\nby Enel Finance International, maturing in June 2024;
\n\u2022 R$500 million (equivalent to \u20ac78 million at Decem-
\nber 31, 2024), in respect of a floating-rate bond
\nissued by Enel Distribui\u00e7\u00e3o Cear\u00e1, maturing in May
\n2024;
\n\u2022 R$350 million (equivalent to \u20ac55 million at Decem-
\nber 31, 2024), in respect of a floating-rate bond is-
\nsued by Enel Distribui\u00e7\u00e3o S\u00e3o Paulo, maturing in May
\n2024;
\n\u2022 R$370 million (equivalent to \u20ac58 million at December
\n31, 2024), in respect of a floating-rate bond issued
\nby Enel Distribui\u00e7\u00e3o Cear\u00e1, maturing in June 2024;
\n\u2022 \u00a3850 million (equivalent to \u20ac1,028 million at Decem-
\nber 31, 2024) in respect of a fixed-rate bond issued
\nby Enel Finance International, maturing in August
\n2024;
\n\u2022 250,000 million Colombian pesos (equivalent to \u20ac55
\nmillion at December 31, 2024) in respect of a fixed-
\nrate bond issued by Enel Colombia, maturing in Au-
\ngust 2024;
\n\u2022 225 million Swiss francs (equivalent to \u20ac240 million
\nat December 31, 2024) in respect of a fixed-rate
\nbond issued by Enel Finance International, maturing
\nin September 2024;
\n\u2022 $1,500 million (equivalent to \u20ac1,449 million at De-
\ncember 31, 2024) in respect of a fixed-rate bond
\nissued by Enel Finance International, maturing in
\nSeptember 2024;
\n\u2022 \u20ac1,250 million in respect of a fixed-rate bond issued
\nby Enel Finance International and guaranteed by
\nEnel, maturing in September 2024;
\n\u2022 $1,000 million (equivalent to \u20ac966 million at Decem-
\nber 31, 2024) in respect of a fixed-rate bond issued
\nby Enel Finance America in October 2022 maturing in
\nOctober 2027, repaid in advance in December 2024.
\nThe main repayments of loans made during the year
\nincluded:
\n\u2022 \u20ac200 million in respect of sustainable floating-rate
\nrevolving credit lines of Enel SpA;
\n\u2022 \u20ac625 million in respect of loans, of which \u20ac391 mil-
\nlion in respect of sustainable loans, of Enel Group\u2019s
\nItalian companies;
\n\u2022 \u20ac871 million in respect of Endesa loans, of which
\n\u20ac679 million in sustainable loans;
\n\u2022 the equivalent of \u20ac572 million in respect of bank
\nloans to South American companies, of which \u20ac93
\nmillion in respect of sustainable loans.
\n
\n\n\n\n\n\n\n\nIssues in 2024 regard bonds for \u20ac3,635 million and
\nloans for \u20ac2,382 million.
\nThe table below shows the main characteristics of fi-
\nnancial transactions carried out in 2024 and translat-
\ned into euros at the exchange rate prevailing at De-
\ncember 31, 2024.
\n\n
\n\n\n | \n | \n | \nAmount | \n | \n | \n | \n | \n\n\n
\n\n | \nIssuer/ | \nIssue/ | \nin millions | \n | \n | \nInterest | \n | \n\n\n
\n\n | \nBorrower | \nGrant date | \nof euro | \nCurrency | \nInterest rate | \nrate type | \nMaturity | \n\n\n
\n\n| Bonds | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEnel Finance | \n23/01/2024 | \n750 | \nEUR | \n3.38% | \nFixed rate | \n23/07/2028 | \n\n\n
\n\n | \nInternational | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEnel Finance | \n23/01/2024 | \n1,000 | \nEUR | \n3.88% | \nFixed rate | \n23/01/2035 | \n\n\n
\n\n | \nInternational | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEnel Finance | \n26/06/2024 | \n1,207 | \nUSD | \n5.13% | \nFixed rate | \n26/06/2029 | \n\n\n
\n\n | \nInternational | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEnel Finance | \n26/06/2024 | \n724 | \nUSD | \n5.50% | \nFixed rate | \n26/06/2034 | \n\n\n
\n\n | \nInternational | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Total bonds | \n | \n | \n3,681 | \n | \n | \n | \n | \n\n\n
\n\n| Bank borrowings | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEnel Italia | \n26/04/2024 | \n100 | \nEUR | \n3.36% | \nFixed rate | \n26/04/2039 | \n\n\n
\n\n | \ne-distribuzione | \n19/12/2024 | \n250 | \nEUR | \n2.92% | \nFixed rate | \n19/12/2039 | \n\n\n
\n\n | \nEndesa | \n29/10/2024 | \n125 | \nEUR | \nEuribor 6M + 0.4% | \nFloating rate | \n17/12/2027 | \n\n\n
\n\n | \nEndesa | \n29/10/2024 | \n250 | \nEUR | \nEuribor 6M + 0.52% | \nFloating rate | \n31/10/2039 | \n\n\n
\n\n | \nEndesa | \n29/10/2024 | \n200 | \nEUR | \nEuribor 6M + 0.506% | \nFloating rate | \n31/10/2039 | \n\n\n
\n\n | \nEndesa | \n17/12/2024 | \n225 | \nEUR | \nEuribor 6M + 0.4% | \nFloating rate | \n17/12/2027 | \n\n\n
\n\n | \nEnel Chile | \n31/05/2024 | \n277 | \nUSD | \nSOFR 3M + 0.75% | \nFloating rate | \n04/12/2037 | \n\n\n
\n\n | \nEnel | \n13/05/2024 | \n70 | \nUSD | \n5.28% | \nFixed rate | \n13/05/2039 | \n\n\n
\n\n | \nDistribui\u00e7\u00e3o | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nS\u00e3o Paulo | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEnel Colombia | \n19/02/2024 | \n88 | \nCOP | \nIBR 1M + 2.96% | \nFloating rate | \n19/02/2031 | \n\n\n
\n\n | \nEnel Colombia | \n27/11/2024 | \n102 | \nCOP | \nIBR O/N + 1.79% | \nFloating rate | \n28/11/2033 | \n\n\n
\n\n | \nEnel Colombia | \n27/11/2024 | \n130 | \nCOP | \nIBR O/N + 1.79% | \nFloating rate | \n28/11/2033 | \n\n\n
\n\n| Total bank | \n | \n | \n1,817 | \n | \n | \n | \n | \n\n\n
\n\n| borrowings | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
Long-term debt structure after hedging
\nThe following table reports the impact on gross long-term debt of hedges to mitigate currency risk.
\n\n
\n\n\n | \n | \n | \nat Dec. 31, 2024 | \n | \n | \n | \n | \nat Dec. 31, 2023 | \n | \n | \n\n\n
\n\n | \nCarrying | \nNominal value | \nImpact of | \nNominal value | \nCarrying | \nNominal value | \nImpact of | \nNominal value | \n\n\n
\n\n| Millions of euro | \namount | \npre-hedge | \nhedge | \npost-hedge | \namount | \npre-hedge | \nhedge | \npost-hedge | \n\n\n
\n\n| Euro | \n34,349 | \n34,512 | \n50.8% | \n22,443 | \n56,955 | \n83.8% | \n35,865 | \n36,166 | \n51.0% | \n21,862 | \n58,028 | \n81.9% | \n\n\n
\n\n| US dollar | \n25,103 | \n25,343 | \n37. 3% | \n(19,122) | \n6,221 | \n9.2% | \n24,601 | \n24,847 | \n35.1% | \n(17,850) | \n6,997 | \n9.9% | \n\n\n
\n\n| Pound sterling | \n3,819 | \n3,919 | \n5.8% | \n(3,919) | \n- | \n- | \n4,612 | \n4,720 | \n6.7% | \n(4,720) | \n- | \n- | \n\n\n
\n\n| Colombian peso | \n2,005 | \n2,009 | \n3.0% | \n- | \n2,009 | \n3.0% | \n1,884 | \n1,888 | \n2.7% | \n- | \n1,888 | \n2.7% | \n\n\n
\n\n| Brazilian real | \n1,465 | \n1,482 | \n2.2% | \n870 | \n2,352 | \n3.5% | \n2,229 | \n2,255 | \n3.2% | \n1,047 | \n3,302 | \n4.7% | \n\n\n
\n\n| Swiss franc | \n138 | \n138 | \n0.1% | \n(138) | \n- | \n- | \n382 | \n382 | \n0.5% | \n(382) | \n- | \n- | \n\n\n
\n\n| Chilean peso/UF | \n465 | \n467 | \n0.7% | \n(170) | \n297 | \n0.4% | \n510 | \n514 | \n0.7% | \n- | \n514 | \n0.7% | \n\n\n
\n\n| Other currencies | \n95 | \n96 | \n0.1% | \n36 | \n132 | \n0.1% | \n88 | \n90 | \n0.1% | \n43 | \n133 | \n0.2% | \n\n\n
\n\n| Total non-euro | \n33,090 | \n33,454 | \n49.2% | \n(22,443) | \n1 1,011 | \n16.2% | \n34,306 | \n34,696 | \n49.0% | \n(21,862) | \n12,834 | \n18.1% | \n\n\n
\n\n| currencies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| TOTAL | \n67,439 | \n67,966 | \n100.0% | \n- | \n67,966 | \n100.0% | \n70,171 | \n70,862 | \n100.0% | \n- | \n70,862 | \n100.0% | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n\nThe amount of floating-rate debt that is not hedged
\nagainst interest rate risk is the main risk factor that
\ncould adversely impact profit or loss (raising borrow-
\ning costs), in the event of an increase in market inter-
\nest rates.
\nThe following table shows the impact on the nomi-
\nnal value structure of long-term loans after hedges
\nagainst interest rate risk.
\n\n
\n\n\n | \n | \n2024 | \n | \n | \n2023 | \n | \n\n\n
\n\n | \nNominal | \n | \nNominal | \n | \nNominal | \n | \nNominal | \n | \n\n\n
\n\n | \nvalue | \n | \nvalue | \n | \nvalue | \n | \nvalue | \n | \n\n\n
\n\n| Millions of euro | \npre-hedge | \n% | \npost-hedge | \n% | \npre-hedge | \n% | \npost-hedge | \n% | \n\n\n
\n\n| Floating rate | \n15,216 | \n22.4% | \n10,732 | \n15.8% | \n15,835 | \n22.3% | \n12,472 | \n17.6 % | \n\n\n
\n\n| Fixed rate | \n52,750 | \n77.6% | \n57, 23 4 | \n84.2% | \n55,027 | \n77.7% | \n58,390 | \n82.4% | \n\n\n
\n\n| Total | \n67,966 | \n | \n67,966 | \n | \n70,862 | \n | \n70,862 | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
At December 31, 2024, 22.4% of the nominal value of
\nlong-term loans was floating rate (22.3 % at December
\n31, 2023). Taking account of hedges of interest rates
\nconsidered effective pursuant to the IFRS, 15.8% of the
\nnominal value of long-term financial debt was exposed
\nto interest rate risk at December 31, 2024 (17.6% at De-
\ncember 31, 2023).
\nThe exposure of nominal value of long-term loans to
\nexchange rate risk and interest rate risk after hedge is
\nin line with the limits established in the risk manage-
\nment policy.
\nLong-term debt \u2013 Main covenants
\nThe Group\u2019s main long-term financial liabilities are
\ngoverned by covenants that are commonly adopt-
\ned in international business practice. They include in
\nparticular bond issues carried out within the frame-
\nwork of the Global/Euro Medium-Term Notes pro-
\ngram, issues of subordinated unconvertible hybrid
\nbonds (so-called \u201chybrid bonds\u201d) and loans granted
\nby banks and other financial institutions (including
\nthe European Investment Bank and Cassa Depositi e
\nPrestiti SpA).
\nThe main covenants regarding bond issues carried out
\nwithin the framework of the Global/Euro Medium-Term
\nNotes program of Enel and Enel Finance International
\nNV (including the Green Bonds of Enel Finance Inter-
\nnational NV guaranteed by Enel SpA, which are used to
\nfinance the Group\u2019s so-called eligible green projects)
\nand those regarding bonds issued by Enel Finance In-
\nternational NV on the US market guaranteed by Enel
\nSpA can be summarized as follows:
\n\u2022 negative pledge clauses under which the issuer and
\nthe guarantor may not establish or maintain mort-
\ngages, liens or other encumbrances on all or part of
\nits assets or revenue to secure certain financial lia-
\nbilities, unless the same encumbrances are extend-
\ned equally or pro rata to the bonds in question;
\n\u2022 pari passu clauses, under which the bonds and the
\nassociated security constitute a direct, uncondition-
\nal and unsecured obligation of the issuer and the
\nguarantor and are issued without preferential rights
\namong them and have at least the same seniority as
\nother present and future unsubordinated and unse-
\ncured bonds of the issuer and the guarantor;
\n\u2022 cross-default clauses, under which the occurrence
\nof a default event in respect of a specified financial
\nliability (above a threshold level) of the issuer, the
\nguarantor or, in some cases, \u201csignificant\u201d subsidiar-
\nies, constitutes a default in respect of the liabilities
\nin question, which become immediately repayable.
\nSince 2019, Enel Finance International NV has issued a
\nnumber of \u201csustainable\u201d bonds on the European mar-
\nket (as part of the Euro Medium-Term Notes - EMTN
\nbond issue program) and on the American market,
\nboth guaranteed by Enel SpA, linked to the achieve-
\nment of a number of the Sustainable Development
\nGoals (SDGs) of the United Nations that contain the
\nsame covenants as other bonds of the same type.
\nEnel Finance America LLC holds a \u201csustainable\u201d bond
\nof the same type, guaranteed by Enel SpA, on the US
\nmarket.
\nThe main covenants covering Enel\u2019s hybrid bonds,
\nincluding the perpetual hybrid bond issues, which
\nwill only be repaid in the event of the dissolution or
\nliquidation of the Company, can be summarized as
\nfollows:
\n\u2022 subordination clauses, under which each hybrid
\nbond is subordinate to all other bonds issued by the
\ncompany and has the same seniority with all other
\nhybrid financial instruments issued, being senior
\nonly to equity instruments;
\n
\n\n\n\n\n\n\n\n
\n\u2022 prohibition on mergers with other companies, the
\nsale or leasing of all or a substantial part of the com-
\npany\u2019s assets to another company, unless the latter
\nsucceeds in all obligations of the issuer.
\nThe main covenants envisaged in the loan contracts
\nof Enel SpA and Enel Finance International NV and
\nthe other Group companies, including the sustaina-
\nbility-linked loan facility agreements obtained by Enel
\nSpA, can be summarized as follows:
\n113
\n\u2022 negative pledge clauses, under which the borrower
\nand, in some cases, the guarantor are subject to lim-
\nitations on the establishment of mortgages, liens or
\nother encumbrances on all or part of their respec-
\ntive assets, with the exception of expressly permit-
\nted encumbrances;
\n\u2022 disposals clauses, under which the borrower and, in
\nsome cases, the guarantor may not dispose of their
\nassets or operations, with the exception of expressly
\npermitted disposals;
\n\u2022 pari passu clauses, under which the payment under-
\ntakings of the borrower have the same seniority as
\nits other unsecured and unsubordinated payment
\nobligations;
\n\u2022 change of control clauses, under which the borrow-
\ner and, in some cases, the guarantor could be re-
\nquired to renegotiate the terms and conditions of
\nthe financing or make compulsory early repayment
\nof the loans granted;
\n\u2022 rating clauses, which provide for the borrower or the
\nguarantor to maintain their rating above a certain
\nspecified level;
\n\u2022 cross-default clauses, under which the occurrence
\nof a default event in respect of a specified financial
\nliability (above a threshold level) of the issuer or, in
\nsome cases, the guarantor constitutes a default in
\nrespect of the liabilities in question, which become
\nimmediately repayable.
\nIn some cases, the covenants are also binding for the
\nsignificant companies or subsidiaries of the obligated
\nparties. All the borrowings considered specify \u201cevents
\nof default\u201d typical of international business practice,
\nsuch as, for example, insolvency, bankruptcy proceed-
\nings or the entity ceases trading.
\nIn addition, the guarantees issued by Enel in the inter-
\nest of e-distribuzione SpA for certain loans to e-dis-
\ntribuzione SpA from Cassa Depositi e Prestiti SpA re-
\nquire that at the end of each six-month measurement
\nperiod Enel\u2019s net consolidated financial debt shall not
\nexceed 4.5 times annual consolidated EBITDA.
\nFinally, the debt of Endesa SA, Enel Am\u00e9ricas SA, Enel
\nChile SA and the other Spanish and Latin American
\nsubsidiaries (notably Enel Generaci\u00f3n Chile SA) con-
\ntains covenants and events of default typical of inter-
\nnational business practice.
\n46.3.2 Short-term borrowings \u2013 \u20ac3,645 million
\nAt December 31, 2024, short-term borrowings totaled \u20ac3,645 million, a decrease of \u20ac1,124 million compared with
\nDecember 31, 2023, and break down as follows:
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n\n\n
\n\n| Short-term bank borrowings | \n344 | \n393 | \n(49) | \n\n\n
\n\n| Commercial paper | \n2,406 | \n2,499 | \n(93) | \n\n\n
\n\n| Cash collateral and other financing on derivatives | \n732 | \n1,383 | \n(651) | \n\n\n
\n\n| Other short-term borrowings | \n163 | \n494 | \n(331) | \n\n\n
\n\n| Short-term borrowings | \n3,645 | \n4,769 | \n(1,124) | \n\n\n
\n\n\n\n\n\n
\n\n\n
Commercial paper liabilities totaling \u20ac2,406 million concerned issues by Enel Finance International and Enel Finance
\nAmerica.
\n113. The sustainability-linked loan entered into on September 30, 2022 by Enel Finance America LLC as borrower and Enel SpA (as guarantor) with
\nEKF Denmark\u2019s Export Credit Agency (then merged into Export and Investment Fund of Denmark, \u201cEIFO\u201d) and Citi provides for a number of
\nadditional covenants, such as:
\n\u2022 a \u201creputational damage\u201d clause, under which the lending bank can request the cancellation of its financial commitment undertaken by it
\nand 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
\nsubstantial breach of certain regulations;
\n\u2022 the commitment, also of the guarantor, to ensure compliance with certain environmental and social regulations and standards.
\n
\n\n\n\n\n\n\n\nThe main commercial paper programs include:
\n\u2022 \u20ac8,000 million of Enel Finance International;
\n\u2022 \u20ac5,000 million of Endesa;
\n\u2022 $5,000 million, equivalent to \u20ac4,829 million at De-
\ncember 31, 2024, of Enel Finance America.
\nAt December 31, 2024, the whole amount of commer-
\ncial paper issues was linked to sustainability objectives.
\nFinance with development banks and export
\ncredit agencies (ECAs)
\nSustainable finance is characterized by the synergy
\nbetween public and private capital. The integration of
\nthese two sources of financing allows for the devel-
\nopment of scalable solutions capable of generating
\nsignificant economic value, especially in developing
\ncountries and emerging markets.
\nEnel has secured new forms of financing with develop-
\nment banks and export credit agencies (ECAs) through
\ntransactions intended to mobilize private capital for
\nsustainable development, for a total value of about
\n\u20ac10,000 million, of which about 50% in the sustaina-
\nbility-linked form. More specifically, during 2024 the
\nGroup entered into loans of this nature for a total of
\napproximately \u20ac1,000 million. The main transactions
\ninclude the General Corporate Purpose and Sustaina-
\nbility-Linked financing for a total of $286 million, by an
\nexport credit agency to Enel Chile.
\nGreen Bonds
\nIn the 2017-2019 period, the Enel Group issued Green
\nBonds for a total notional value of \u20ac3,500 million, of
\nwhich \u20ac2,249 million outstanding at December 31,
\n2024.
\n
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1070": {
"value": "\n47. Risk management
\nFinancial risk management governance
\nand objectives
\nAs part of its operations, the Enel Group is exposed
\nto a variety of financial risks, notably interest rate risk,
\ncommodity risk, currency risk, credit and counterparty
\nrisk and liquidity risk.
\nAs noted in the section \u201cRisk management\u201d in the Re-
\nport on Operations, the Group\u2019s governance arrange-
\nments for financial risks include risk committees and
\nthe establishment of dedicated policies, measurement
\nmetrics and operational limits. Enel\u2019s primary objective
\nis to mitigate financial risks appropriately so that they
\ndo not give rise to unexpected changes in results.
\nThe following sections detail the above financial risks.
\nInterest rate risk
\nInterest rate risk derives primarily from the use of
\nfinancial instruments and manifests itself as unex-
\npected changes in charges on financial liabilities, if
\nindexed to floating rates and/or exposed to the un-
\ncertainty of financial terms and conditions in nego-
\ntiating new debt instruments, or as an unexpected
\nchange in the value of financial instruments meas-
\nured at fair value (such as fixed-rate debt).
\nThe main financial liabilities held by the Group include
\nbonds, bank borrowings, borrowings from other
\nlenders, commercial paper, derivatives, cash depos-
\nits received to secure commercial or derivative con-
\ntracts (guarantees, cash collateral).
\nThe Enel Group mainly manages interest rate risk
\nthrough the definition of an optimal financial struc-
\nture, with the dual goal of stabilizing borrowing costs
\nand containing the cost of funds.
\nThis goal is pursued through the diversification of the
\nportfolio of financial liabilities by contract type, matu-
\nrity and interest rate, and modifying the risk profile of
\nspecific exposures using OTC derivatives, mainly in-
\nterest rate swaps and interest rate options. The term
\nof such derivatives does not exceed the maturity of
\nthe underlying financial liability, so that any change
\nin the fair value and/or expected cash flows of such
\ncontracts is offset by a corresponding change in the
\nfair value and/or cash flows of the hedged position.
\nProxy hedging techniques can be used in a number
\nof residual circumstances, when the hedging instru-
\nments for the risk factors are not available on the
\nmarket or are not sufficiently liquid.
\nUsing interest rate swaps, the Enel Group agrees
\nwith the counterparty to periodically exchange float-
\ning-rate interest flows with fixed-rate flows, both cal-
\nculated on the same notional principal amount.
\nThe following table reports the notional amount of in-
\nterest rate derivatives at December 31, 2024 and De-
\ncember 31, 2023 broken down by type of contract.
\n\n
\n\n\n | \nNotional amount | \n\n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n| Floating-to-fixed interest rate swaps | \n6,875 | \n5,996 | \n\n
\n\n| Fixed-to-floating interest rate swaps | \n828 | \n1,386 | \n\n
\n\n| Floating-to-floating interest rate swaps | \n556 | \n644 | \n\n
\n\n| Total | \n8,259 | \n8,026 | \n\n
\n\n\n\n
\n\n
For more details on interest rate derivatives, see note
\n49 \u201cDerivatives and hedge accounting\u201d.
\nAt December 31, 2024, 22.4% of the nominal value of
\nlong-term financial debt was floating rate (22.3% at
\nDecember 31, 2023). Taking account of effective cash
\nflow hedges of interest rate risk (in accordance with the
\nprovisions of the IFRS-EU), 15.8% of the nominal value
\nof long-term loans was exposed to interest-rate risk at
\nDecember 31, 2024 (17.6% at December 31, 2023).
\nTaking account of cash flow hedges of interest rate
\nrisk not eligible for hedge accounting, the percentage
\nof the nominal value of long-term loans exposed to a
\nchange in interest rates remains unchanged.
\nThese figures are in line with the limits established in
\nthe risk management policy.
\nInterest rate risk sensitivity analysis
\nEnel analyzes the sensitivity of its exposure by esti-
\nmating the effects of a change in interest rates on the
\nportfolio of financial instruments.
\n
\n\n\n\n\n
\nMore specifically, sensitivity analysis measures the po-
\ntential impact on profit or loss and on equity of market
\nscenarios that would cause a change in the fair value
\nof derivatives or in the financial expense associated
\nwith unhedged gross debt.
\nThese market scenarios are obtained by simulating
\nparallel increases and decreases by 25 basis points in
\nthe yield curve as at the reporting date.
\nThere were no changes introduced in the methods
\nand assumptions used in the sensitivity analysis com-
\npared with the previous year.
\nWith all other variables held constant, the Group\u2019s pre-
\ntax profit would be affected by a change in the level of
\ninterest rates as follows.
\n\n
\n\n\n | \n | \n | \n2024 | \n | \n | \n\n
\n\n | \n | \nPre-tax impact on profit or loss | \nPre-tax impact on equity | \n\n
\n\n| Millions of euro | \nBasis points | \nIncrease | \nDecrease | \nIncrease | \nDecrease | \n\n
\n\n| Change in financial expense on gross | \n25 | \n27 | \n(27) | \n | \n | \n\n
\n\n| long-term floating-rate debt after hedging | \n | \n | \n | \n | \n | \n\n
\n\n| Change in the fair value of derivatives classified as | \n25 | \n3 | \n(3) | \n | \n | \n\n
\n\n| non-hedging instruments | \n | \n | \n | \n | \n | \n\n
\n\n| Change in the fair value of derivatives designated | \n | \n | \n | \n | \n | \n\n
\n\n| as hedging instruments | \n | \n | \n | \n | \n | \n\n
\n\n| Cash flow hedges | \n25 | \n | \n | \n56 | \n(56) | \n\n
\n\n| Fair value hedges | \n25 | \n(4) | \n4 | \n | \n | \n\n
\n\n\n\n
\n\n
Currency risk
\nCurrency risk mainly manifests itself as unexpected
\nchanges in the financial statement items associated
\nwith transactions denominated in a currency other
\nthan the presentation currency. The Group\u2019s consoli-
\ndated financial statements are also exposed to trans-
\nlation risk as a result of the conversion of the financial
\nstatements of foreign subsidiaries, which are denom-
\ninated in local currencies, into euros as the Group\u2019s
\npresentation currency.
\nThe Group\u2019s exposure to currency risk is connected
\nwith the purchase or sale of fuels and power, invest-
\nments (cash flows for capitalized costs), dividends and
\nthe purchase or sale of equity investments, commer-
\ncial transactions and financial assets and liabilities.
\nThe Group policies for managing currency risk provide
\nfor the mitigation of the effects on profit or loss of
\nchanges in the level of exchange rates, with the ex-
\nception of the translation effects connected with con-
\nsolidation.
\nIn order to minimize the exposure to currency risk,
\nEnel implements diversified revenue and cost sourc-
\nes geographically, and uses indexing mechanisms in
\ncommercial contracts. Enel also uses various types of
\nderivatives, typically on the OTC market.
\nThe derivatives in the Group\u2019s portfolio of financial in-
\nstruments include cross currency interest rate swaps,
\ncurrency forwards and currency swaps. The term of
\nsuch contracts does not exceed the maturity of the
\nunderlying instrument, so that any change in the fair
\nvalue and/or expected cash flows of such instruments
\noffsets the corresponding change in the fair value
\nand/or cash flows of the hedged position.
\nCross currency interest rate swaps are used to trans-
\nform a long-term financial liability denominated in
\ncurrency other than the presentation currency into an
\nequivalent liability in the presentation currency.
\nCurrency forwards are contracts in which the coun-
\nterparties agree to exchange principal amounts de-
\nnominated in different currencies at a specified future
\ndate and exchange rate (the strike). Such contracts
\nmay call for the actual exchange of the two principal
\namounts (deliverable forwards) or payment of the dif-
\nference generated by differences between the strike
\nexchange rate and the prevailing exchange rate at ma-
\nturity (non-deliverable forwards). In the latter case, the
\nstrike rate and/or the spot rate can be determined as
\naverages of the rates observed in a given period.
\nCurrency swaps are contracts in which the counter-
\nparties enter into two transactions of the opposite
\nsign at different future dates (normally one spot, the
\nother forward) that provide for the exchange of princi-
\npal denominated in different currencies.
\nThe following table reports the notional amount of
\ntransactions outstanding at December 31, 2024
\nand at December 31, 2023, broken down by type of
\nhedged item.
\n
\n\n\n\n\n
\n\n\n\n\n
\n
\n\n\n
\n\n\n | \nNotional amount | \n\n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n| Cross currency interest rate swaps (CCIRSs) hedging debt denominated | \n25,720 | \n25,890 | \n\n
\n\n| in currencies other than the euro | \n | \n | \n\n
\n\n| Currency forwards hedging currency risk on commodities | \n3,795 | \n6,496 | \n\n
\n\n| Currency forwards/CCIRSs hedging future cash flows in currencies other than the euro | \n1,818 | \n3,134 | \n\n
\n\n| Other currency forwards | \n292 | \n602 | \n\n
\n\n| Total | \n31,625 | \n36,122 | \n\n
\n\n\n\n
\n\n
More specifically, these include:
\n\u2022 CCIRSs with a notional amount of \u20ac25,720 million
\nto hedge the currency risk on debt denominated in
\ncurrencies other than the euro (\u20ac25,890 million at
\nDecember 31, 2023);
\n\u2022 currency forwards and cross currency swaps with
\na total notional amount of \u20ac5,613 million used to
\nhedge the currency risk associated with purchas-
\nes of energy and metal commodities and expected
\ncash flows in currencies other than the euro (\u20ac9,630
\nmillion at December 31, 2023).
\n\u201cOther currency forwards\u201d include OTC derivatives
\ntransactions carried out to mitigate currency risk
\non expected cash flows in currencies other than the
\npresentation currency. This includes transactions con-
\nnected with the purchase of investment goods mainly
\nin the generation sector and operating costs for the
\nsupply of cloud services.
\nAt December 31, 2024, 49.2% (49.0% at December 31,
\n2023) of the Group long-term debt was denominated
\nin currencies other than the euro.
\nTaking account of hedges of currency risk, the per-
\ncentage of debt not hedged against that risk amount-
\ned to 16.2% at December 31, 2024 (18.1% at December
\n31, 2023).
\nThese figures are in line with the limits established in
\nthe risk management policy.
\nCurrency risk sensitivity analysis
\nThe Group analyzes the sensitivity of its exposure by
\nestimating the effects of a change in exchange rates
\non the portfolio of financial instruments.
\nMore specifically, sensitivity analysis measures the po-
\ntential impact on profit or loss and equity of market
\nscenarios that would cause a change in the fair value
\nof derivatives or in the financial expense associated
\nwith unhedged gross medium/long-term debt.
\nThese scenarios are obtained by simulating a 10% ap-
\npreciation/depreciation of the euro against the US
\ndollar compared with the value observed as at the re-
\nporting date.
\nThere were no changes in the methods or assump-
\ntions used in the sensitivity analysis compared with
\nthe previous year.
\nWith all other variables held constant, the pre-tax
\nprofit would be affected by changes in exchange rates
\nas follows:
\n\n
\n\n\n | \n | \n | \n2024 | \n | \n | \n\n
\n\n | \n | \nPre-tax impact on | \nPre-tax impact | \n\n
\n\n | \nIncr./Decr. | \n profit or loss | \non equity | \n\n
\n\n| Millions of euro | \nEUR/US dollar | \nEUR appr. | \nEUR depr. | \nEUR appr. | \nEUR depr. | \n\n
\n\n| Change in the fair value of derivatives classified | \n10% | \n412 | \n(503) | \n | \n | \n\n
\n\n| as non-hedging instruments | \n | \n | \n | \n | \n | \n\n
\n\n| Change in the fair value of derivatives designated | \n | \n | \n | \n | \n | \n\n
\n\n| as hedging instruments | \n | \n | \n | \n | \n | \n\n
\n\n| Cash flow hedges | \n10% | \n | \n | \n(2,728) | \n3,332 | \n\n
\n\n| Fair value hedges | \n10% | \n(48) | \n58 | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\nCommodity price risk
\nThe risk of fluctuations in the price of energy com-
\nmodities such as electricity, gas, oil, CO
\n2
\n, and raw ma-
\nterials such as minerals and metals, is generated by
\nthe volatility of prices and structural correlations be-
\ntween them, which create uncertainty in the margin on
\npurchases and sales of electricity and fuels and mate-
\nrials at variable prices (e.g. indexed bilateral contracts,
\ntransactions on the spot market, etc.).
\nIn 2024, power and gas commodity prices in Europe
\nhave trended upward reflecting the continuation of the
\nRussia-Ukraine and Israeli-Palestinian conflicts. Never-
\ntheless, the adoption of global and local strategies for
\n
\n\n\n\n\n
\n\n\n\n\n\nrisk management, such as forward contracts, flexibility
\nin contractual clauses and proxy hedging techniques
\n(in case the hedging derivatives are not available on the
\nmarket or are not sufficiently liquid), has allowed to opti-
\nmize the results even in a highly dynamic market context.
\nDuring the year, risk limits for energy commodities
\nwere exceeded in some local limited instances, but
\npromptly contained thanks to careful risk manage-
\nment and mitigation activities.
\nThe exposures on indexed contracts are quantified by
\nbreaking down the contracts that generate exposure
\ninto the underlying risk factors.
\nTo contain the effects of fluctuations and stabilize
\nmargins, in accordance with the policies and operat-
\ning limits determined by the Group\u2019s governance and
\nleaving an appropriate margin of flexibility to seize
\nany short-term opportunities that may present them-
\nselves, Enel develops and plans strategies that impact
\nthe various phases of the industrial process linked to
\nthe production and sale of electricity and gas (such
\nas forward procurement and long-term commercial
\nagreements), as well as risk mitigation plans and tech-
\nniques using derivative contracts (hedging).
\nAs regards electricity sold, the Group mainly uses
\nfixed-price contracts in the form of bilateral physi-
\ncal contracts (Purchase Power Agreements, or PPAs)
\nand financial contracts (e.g. contracts for differences,
\nVirtual Power Purchase Agreements or VPPAs, etc.) in
\nwhich differences are paid to the counterparty if the
\nmarket electricity price exceeds the strike price and to
\nEnel in the opposite case.
\nThe table below shows the main characteristics of PPA
\nand VPPA contracts at December 31, 2024.
\n\n
\n\n\n | \n | \n | \nAt December 31, 2024 | \n | \n | \n\n
\n\n | \nType of | \n | \nPrice | \nVolume of power | \nDuration | \nAccounting | \n\n
\n\n| Country | \ncontract | \nSell/Buy | \nterms | \ncontracted (GWh) | \n(years) | \ntreatment | \n\n
\n\n| Italy | \nPPA | \nBuy | \nfixed price | \n460.6 | \n1-3 | \nFVTPL | \n\n
\n\n| Italy | \nPPA | \nBuy | \nfloating price | \n722.5 | \n1-3 | \nFVTPL | \n\n
\n\n| Italy | \nPPA | \nBuy | \nfixed price | \n363.9 | \n10 | \nOwn Use Exemption | \n\n
\n\n| Italy | \nVPPA | \nSell | \nfixed price | \n1,350.0 | \n3 | \nCFH | \n\n
\n\n| Italy | \nVPPA | \nSell | \nfixed price | \n600.0 | \n3 | \nCFH | \n\n
\n\n| Iberia | \nVPPA | \nBuy | \nfixed price | \n22.0 | \n9 | \nFVTPL | \n\n
\n\n| Iberia | \nVPPA | \nBuy | \nfixed price | \n20,926.0 | \n15 | \nCFH | \n\n
\n\n| Iberia | \nVPPA | \nSell | \nfixed price | \n15,860.0 | \n18 | \nCFH | \n\n
\n\n| Germany | \nVPPA | \nBuy | \nfloating price | \n119.2 | \n1-2 | \nFVTPL | \n\n
\n\n| United States | \nVPPA | \nSell | \nfixed price | \n59.4 | \n10-22 | \nCFH | \n\n
\n\n| United States | \nVPPA | \nBuy | \nfixed price | \n18.0 | \n8-12 | \nFVTPL | \n\n
\n\n| United States | \nVPPA | \nSell | \nfixed price | \n19.1 | \n8-15 | \nFVTPL | \n\n
\n\n| United States | \nVPPA | \nSell | \nfixed price | \n2.1 | \n12-20 | \nOwn Use Exemption | \n\n
\n\n| United States | \nPPA | \nSell | \nfixed price | \n0.6 | \n12 | \nCFH | \n\n
\n\n| United States | \nPPA | \nSell | \nfixed price | \n5.7 | \n12 | \nFVTPL | \n\n
\n\n| United States | \nPPA | \nSell | \nfixed price | \n168.6 | \n10-30 | \nOwn Use Exemption | \n\n
\n\n| United States | \nPPA | \nSell | \nfloating price | \n5.3 | \n19 | \nOwn Use Exemption | \n\n
\n\n| South Africa | \nPPA | \nSell | \nfixed price | \n0.5 | \n10-21 | \nOwn Use Exemption | \n\n
\n\n| Brazil | \nPPA | \nSell | \nfixed price | \n76,048.0 | \n1-20 | \nOwn Use Exemption | \n\n
\n\n| Brazil | \nPPA | \nBuy | \nfixed price | \n56,351.0 | \n1-15 | \nOwn Use Exemption | \n\n
\n\n| Chile | \nPPA | \nSell | \nfixed price | \n287,797. 0 | \n5-15 | \nOwn Use Exemption | \n\n
\n\n| Chile | \nVPPA | \nSell | \nfixed price | \n29,379.1 | \n4-10 | \nOwn Use Exemption | \n\n
\n\n| Chile | \nVPPA | \nBuy | \nfixed price | \n34,527.0 | \n5-15 | \nOwn Use Exemption | \n\n
\n\n| Colombia | \nPPA | \nSell | \nfixed price | \n34,572.2 | \n1-15 | \nOwn Use Exemption | \n\n
\n\n| Colombia | \nPPA | \nSell | \nfloating price | \n315.3 | \n1-9 | \nOwn Use Exemption | \n\n
\n\n| Colombia | \nPPA | \nBuy | \nfixed price | \n57,586.0 | \n1-14 | \nOwn Use Exemption | \n\n
\n\n| Guatemala | \nVPPA | \nSell | \nfixed price | \n2,836.3 | \n1-7 | \nOwn Use Exemption | \n\n
\n\n| Guatemala | \nVPPA | \nSell | \nfloating price | \n651.2 | \n1 | \nOwn Use Exemption | \n\n
\n\n| Panama | \nPPA | \nSell | \nfixed price | \n4,206.9 | \n3-7 | \nOwn Use Exemption | \n\n
\n\n| Panama | \nPPA | \nBuy | \nfixed price | \n100.7 | \n3-7 | \nOwn Use Exemption | \n\n
\n\n| Costa Rica | \nPPA | \nSell | \nfixed price | \n313.4 | \n3-6 | \nOwn Use Exemption | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n\n\n
\n
\n\nThe residual exposure in respect of the sale of en-
\nergy on the spot market not hedged with such con-
\ntracts is aggregated by uniform risk factors that can
\nbe managed with hedging transactions on the market.
\nProxy hedging techniques can be used for the indus-
\ntrial portfolios when the hedging instruments for the
\nspecific risk factors generating the exposure are not
\navailable on the market or are not sufficiently liquid.
\nIn addition, Enel uses portfolio hedging techniques to
\nassess opportunities for netting intercompany expo-
\nsures.
\nThe Group mainly uses plain vanilla derivatives for
\nhedging (more specifically, forwards, swaps, options
\non commodities, futures, contracts for differences).
\nSome of these products can be indexed to a variety
\nof underlyings (mainly electricity, gas, oil and CO
\n2
\n) and
\nthe approaches can be assessed and adapted to spe-
\ncific needs.
\nEnel also engages in proprietary trading in order to
\nmaintain a presence in the Group\u2019s reference energy
\ncommodity markets. These operations consist in tak-
\ning on exposures in energy commodities (oil products,
\ngas, coal, CO
\n2
\n certificates and electricity) using financial
\nderivatives and physical contracts traded on regulat-
\ned and over-the-counter markets, optimizing profits
\nthrough transactions carried out on the basis of ex-
\npected market developments while always complying
\nwith the limits set on the basis of portfolio risk analysis.
\nThe following table reports the notional amount of out-
\nstanding transactions at December 31, 2024 and De-
\ncember 31, 2023, broken down by type of instrument.
\n\n
\n\n\n | \nNotional amount | \n\n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n| Forward and futures contracts | \n48,608 | \n44,307 | \n\n
\n\n| Swaps | \n6,024 | \n7,6 94 | \n\n
\n\n| Options | \n1,464 | \n1,407 | \n\n
\n\n| Total | \n56,096 | \n53,408 | \n\n
\n\n\n\n
\n\n
For more details, please see note 49 \u201cDerivatives and
\nhedge accounting\u201d.
\nCommodity price risk sensitivity analysis
\nThe following table presents the results of the anal-
\nysis of sensitivity to a reasonably possible change in
\nthe commodity prices underlying the valuation mod-
\nel used in the scenario at the same date, with all other
\nvariables held constant.
\nThe impact on pre-tax profit of shifts of +15% and
\n-15% in the price curve for the main commodities
\nthat make up the fuel scenario and the basket of for-
\nmulas used in the contracts is mainly attributable to
\nthe change in the price of electricity, oil products and
\ngas. The impact on equity of the same shifts in the
\nprice curve is primarily due to changes in the price of
\nelectricity and gas. The Group\u2019s exposure to changes
\nin the prices of other commodities is not material.
\n\n
\n\n\n | \n | \n | \n2024 | \n | \n | \n\n
\n\n | \n | \nPre-tax impact | \nPre-tax impact | \n\n
\n\n | \nCommodity | \non profit or loss | \non equity | \n\n
\n\n| Millions of euro | \nprice | \nIncrease | \nDecrease | \nIncrease | \nDecrease | \n\n
\n\n| Change in the fair value of trading derivatives | \n15% | \n(156) | \n178 | \n- | \n- | \n\n
\n\n| on commodities | \n | \n | \n | \n | \n | \n\n
\n\n| Change in the fair value of derivatives | \n15% | \n(16) | \n9 | \n(249) | \n257 | \n\n
\n\n| on commodities designated as hedging | \n | \n | \n | \n | \n | \n\n
\n\n| instruments | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\nCredit and counterparty risk
\nThe Group\u2019s commercial, commodity and financial
\ntransactions expose it to credit risk, i.e. the possibil-
\nity that a deterioration in the creditworthiness of a
\ncounterparty or the failure to discharge contractual
\npayment obligations could lead to the interruption
\nof incoming cash flows and an increase in collection
\ncosts (settlement risk), as well as lower revenue flows
\ndue to the replacement of the original transactions
\nwith similar transactions negotiated on unfavorable
\nmarket conditions (replacement risk). Other risks in-
\n
\n\n\n\n\n
\n\n\n\n\n\nclude the reputational and financial risks associated
\nwith significant exposures to a single counterparty
\nor groups of related customers, or to counterparties
\noperating in the same sector or in the same geo-
\ngraphical area.
\nAccordingly, the exposure to credit and counterparty
\nrisk is attributable to the following types of transac-
\ntions:
\n\u2022 the sale and distribution of electricity and gas in free
\nand regulated markets and the supply of goods and
\nservices (trade receivables in respect of non-Group
\ndebtors);
\n\u2022 trading activities that involve the physical exchange
\nof assets or transactions in financial instruments
\n(the commodity portfolio);
\n\u2022 trading in derivatives, bank deposits and, more
\ngenerally, financial instruments (the financial port-
\nfolio).
\nIn order to minimize credit and counterparty risk,
\ncredit exposures are managed at the region/country/
\nglobal business line level by different units, thereby en-
\nsuring the necessary segregation of risk management
\nand control activities. Monitoring of the consolidated
\nexposure is carried out by Enel SpA.
\nIn addition, at the Group level the policy provides
\nfor the use of uniform criteria \u2013 in all the main re-
\ngions/countries/global business lines and at the
\nconsolidated level \u2013 in measuring, monitoring and
\ncontrolling commercial credit exposures in order to
\npromptly identify any deterioration in the quality of
\noutstanding receivables and any mitigation actions
\nto be taken.
\nThe policy for managing credit and counterparty risk
\nassociated with commercial activities provides for
\na preliminary assessment of the creditworthiness of
\ncounterparties and the adoption of mitigation instru-
\nments, such as obtaining collateral or unsecured guar-
\nantees.
\nIn addition, the Group undertakes transactions to fac-
\ntor receivables without recourse, which results in the
\ncomplete derecognition of the corresponding assets
\ninvolved in the factoring, as the risks and rewards as-
\nsociated with them have been transferred.
\nFinally, with regard to financial and commodity trans-
\nactions, risk mitigation is pursued with a uniform sys-
\ntem for assessing counterparties at the Group level,
\nincluding implementation at the level of regions/coun-
\ntries/global business lines, as well as with the adoption
\nof specific standardized contractual frameworks that
\ncontain risk mitigation clauses (e.g. netting arrange-
\nments) and possibly the exchange of cash collateral.
\nIn 2024, after a temporary deterioration in the collec-
\ntion status of certain customer segments, the situation
\nwas restored to the conditions registered the previous
\nyear. Again in 2024, the Group portfolio has displayed
\nresilience to the current macroeconomic context, also
\nthanks to the strengthening of collection processes
\n(digital collection channels and notifications, granting
\nof repayment plans) and a sound diversification of the
\ncustomer base.
\nLoan assets
\n\n
\n\n\n| Millions of euro | \n | \nat Dec. 31, 2024 | \n | \n | \n\n
\n\n | \n Basis for recognition | \n Average | \n Gross | \n Expected | \n | \n\n
\n\n | \nof expected credit loss | \nloss rate | \ncarrying | \ncredit loss | \n Carrying | \n\n
\n\n| Staging | \nallowance | \n(PD*LGD) | \namount | \nallowance | \namount | \n\n
\n\n| Performing | \n 12-month ECL | \n4.7% | \n6,240 | \n292 | \n5,948 | \n\n
\n\n| Underperforming | \n Lifetime ECL | \n1.2% | \n166 | \n2 | \n164 | \n\n
\n\n| Non-performing | \n Lifetime ECL | \n5.9% | \n370 | \n22 | \n348 | \n\n
\n\n| Total | \n | \n | \n6,776 | \n316 | \n6,460 | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n\n\n\nContract assets, trade receivables and other financial assets: individual measurement
\n\n
\n\n\n | \n | \nat Dec. 31, 2024 | \n | \n\n
\n\n | \nAverage loss rate | \nGross carrying | \nExpected credit | \nCarrying | \n\n
\n\n| Millions of euro | \n(PD*LGD) | \namount | \nloss allowance | \namount | \n\n
\n\n| Contract assets | \n- | \n98 | \n- | \n98 | \n\n
\n\n| Trade receivables | \n | \n | \n | \n | \n\n
\n\n| Trade receivables not past due | \n0.5% | \n6,654 | \n31 | \n6,623 | \n\n
\n\n| Trade receivables past due: | \n | \n | \n | \n | \n\n
\n\n| - 1-30 days | \n1.4% | \n218 | \n3 | \n215 | \n\n
\n\n| - 31-60 days | \n12.7% | \n63 | \n8 | \n55 | \n\n
\n\n| - 61-90 days | \n2.2% | \n45 | \n1 | \n44 | \n\n
\n\n| - 91-120 days | \n4.4% | \n45 | \n2 | \n43 | \n\n
\n\n| - 121-150 days | \n7.4% | \n27 | \n2 | \n25 | \n\n
\n\n| - 151-180 days | \n12.1% | \n33 | \n4 | \n29 | \n\n
\n\n| - more than 180 days (credit impaired) | \n86.8% | \n1,424 | \n1,236 | \n188 | \n\n
\n\n| Total trade receivables | \n | \n8,509 | \n1,287 | \n7,222 | \n\n
\n\n| Other financial assets | \n | \n | \n | \n | \n\n
\n\n| Other financial assets not past due | \n2.3% | \n1,663 | \n38 | \n1,625 | \n\n
\n\n| Other financial assets past due: | \n | \n | \n | \n | \n\n
\n\n| - 1-30 days | \n- | \n2 | \n- | \n2 | \n\n
\n\n| - 31-60 days | \n- | \n1 | \n- | \n1 | \n\n
\n\n| - 61-90 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 91-120 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 121-150 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 151-180 days | \n- | \n7 | \n2 | \n5 | \n\n
\n\n| - more than 180 days (credit impaired) | \n28.8% | \n104 | \n30 | \n74 | \n\n
\n\n| Total other financial assets | \n | \n1,777 | \n70 | \n1,707 | \n\n
\n\n| TOTAL | \n | \n10,384 | \n1,357 | \n9,027 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n | \n | \nat Dec. 31, 2023 | \n | \n\n
\n\n | \nAverage loss rate | \nGross carrying | \nExpected credit | \nCarrying | \n\n
\n\n| Millions of euro | \n(PD*LGD) | \namount | \nloss allowance | \namount | \n\n
\n\n| Contract assets | \n- | \n83 | \n- | \n83 | \n\n
\n\n| Trade receivables | \n | \n | \n | \n | \n\n
\n\n| Trade receivables not past due | \n0.5% | \n6,225 | \n32 | \n6,193 | \n\n
\n\n| Trade receivables past due: | \n | \n | \n | \n | \n\n
\n\n| - 1-30 days | \n2.0% | \n350 | \n7 | \n343 | \n\n
\n\n| - 31-60 days | \n1.9% | \n103 | \n2 | \n101 | \n\n
\n\n| - 61-90 days | \n5.3% | \n38 | \n2 | \n36 | \n\n
\n\n| - 91-120 days | \n12.2% | \n41 | \n5 | \n36 | \n\n
\n\n| - 121-150 days | \n13.2% | \n53 | \n7 | \n46 | \n\n
\n\n| - 151-180 days | \n8.2% | \n49 | \n4 | \n45 | \n\n
\n\n| - more than 180 days (credit impaired) | \n83.9% | \n1 ,474 | \n1,236 | \n238 | \n\n
\n\n| Total trade receivables | \n | \n8,333 | \n1,295 | \n7,038 | \n\n
\n\n| Other financial assets | \n | \n | \n | \n | \n\n
\n\n| Other financial assets not past due | \n0.4% | \n1,690 | \n7 | \n1,683 | \n\n
\n\n| Other financial assets past due: | \n | \n | \n | \n | \n\n
\n\n| - 1-30 days | \n- | \n25 | \n- | \n25 | \n\n
\n\n| - 31-60 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 61-90 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 91-120 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 121-150 days | \n- | \n2 | \n- | \n2 | \n\n
\n\n| - 151-180 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - more than 180 days (credit impaired) | \n2.7% | \n75 | \n2 | \n73 | \n\n
\n\n| Total other financial assets | \n | \n1,792 | \n9 | \n1,783 | \n\n
\n\n| TOTAL | \n | \n10,208 | \n1,304 | \n8,904 | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n\n\n\nContract assets, trade receivables and other financial assets: collective measurement
\n\n
\n\n\n | \n | \nat Dec. 31, 2024 | \n | \n\n
\n\n | \nAverage loss rate | \nGross carrying | \nExpected credit | \nCarrying | \n\n
\n\n| Millions of euro | \n(PD*LGD) | \namount | \nloss allowance | \namount | \n\n
\n\n| Contract assets | \n2.2% | \n139 | \n3 | \n136 | \n\n
\n\n| Trade receivables | \n | \n | \n | \n | \n\n
\n\n| Trade receivables not past due | \n3.1% | \n6,064 | \n190 | \n5,874 | \n\n
\n\n| Trade receivables past due: | \n | \n | \n | \n | \n\n
\n\n| - 1-30 days | \n4.1% | \n801 | \n33 | \n768 | \n\n
\n\n| - 31-60 days | \n22.5% | \n187 | \n42 | \n145 | \n\n
\n\n| - 61-90 days | \n35.7% | \n115 | \n41 | \n74 | \n\n
\n\n| - 91-120 days | \n40.7% | \n118 | \n48 | \n70 | \n\n
\n\n| - 121-150 days | \n30.6% | \n85 | \n26 | \n59 | \n\n
\n\n| - 151-180 days | \n48.4% | \n95 | \n46 | \n49 | \n\n
\n\n| - more than 180 days (credit impaired) | \n55.0% | \n3,730 | \n2,050 | \n1,680 | \n\n
\n\n| Total trade receivables | \n | \n11,195 | \n2 ,476 | \n8,719 | \n\n
\n\n| Other financial assets | \n | \n | \n | \n | \n\n
\n\n| Other financial assets not past due | \n0.4% | \n260 | \n1 | \n259 | \n\n
\n\n| Other financial assets past due: | \n | \n | \n | \n | \n\n
\n\n| - 1-30 days | \n3.0% | \n33 | \n1 | \n32 | \n\n
\n\n| - 31-60 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 61-90 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 91-120 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 121-150 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 151-180 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - more than 180 days (credit impaired) | \n100.0% | \n1 | \n1 | \n- | \n\n
\n\n| Total other financial assets | \n | \n294 | \n3 | \n291 | \n\n
\n\n| TOTAL | \n | \n11,628 | \n2,482 | \n9,146 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n | \n | \nat Dec. 31, 2023 | \n | \n\n
\n\n | \nAverage loss rate | \nGross carrying | \nExpected credit | \nCarrying | \n\n
\n\n| Millions of euro | \n(PD*LGD) | \namount | \nloss allowance | \namount | \n\n
\n\n| Contract assets | \n1.3% | \n150 | \n2 | \n148 | \n\n
\n\n| Trade receivables | \n | \n | \n | \n | \n\n
\n\n| Trade receivables not past due | \n2.9% | \n8,322 | \n239 | \n8,083 | \n\n
\n\n| Trade receivables past due: | \n | \n | \n | \n | \n\n
\n\n| - 1-30 days | \n2.6% | \n802 | \n21 | \n781 | \n\n
\n\n| - 31-60 days | \n44.3% | \n70 | \n31 | \n39 | \n\n
\n\n| - 61-90 days | \n19.5% | \n210 | \n41 | \n169 | \n\n
\n\n| - 91-120 days | \n25.8% | \n132 | \n34 | \n98 | \n\n
\n\n| - 121-150 days | \n50.8% | \n132 | \n67 | \n65 | \n\n
\n\n| - 151-180 days | \n52.9% | \n119 | \n63 | \n56 | \n\n
\n\n| - more than 180 days (credit impaired) | \n57.9% | \n3,428 | \n1,984 | \n1,444 | \n\n
\n\n| Total trade receivables | \n | \n13,215 | \n2,480 | \n10,735 | \n\n
\n\n| Other financial assets | \n | \n | \n | \n | \n\n
\n\n| Other financial assets not past due | \n- | \n604 | \n- | \n604 | \n\n
\n\n| Other financial assets past due: | \n | \n | \n | \n | \n\n
\n\n| - 1-30 days | \n66.7% | \n3 | \n2 | \n1 | \n\n
\n\n| - 31-60 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 61-90 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 91-120 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 121-150 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 151-180 days | \n- | \n2 | \n- | \n2 | \n\n
\n\n| - more than 180 days (credit impaired) | \n50.0% | \n2 | \n1 | \n1 | \n\n
\n\n| Total other financial assets | \n | \n611 | \n3 | \n608 | \n\n
\n\n| TOTAL | \n | \n13,976 | \n2,485 | \n11,491 | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n\n\n\nLiquidity risk
\nLiquidity risk manifests itself as uncertainty about the
\nGroup\u2019s ability to discharge its obligations associated
\nwith financial liabilities that are settled by delivering
\ncash or another financial asset.
\nEnel manages liquidity risk by implementing meas-
\nures to ensure an appropriate level of liquid finan-
\ncial resources to meet expected commitments over
\na given time horizon without resorting to additional
\nsources of financing, also retaining a prudential li-
\nquidity reserve, sufficient to meet any unexpected
\ncommitments.
\nFurthermore, in order to meet its medium- and long-
\nterm commitments, Enel pursues a borrowing strate-
\ngy that provides for a diversified structure of funding
\nsources, which it uses to meet its financial needs, and
\na balanced maturity profile.
\nIn the short term, liquidity risk is mitigated by main-
\ntaining an appropriate level of unconditionally availa-
\nble resources, including liquidity on hand and short-
\nterm deposits, available committed credit lines and a
\nportfolio of highly liquid assets.
\nIn the long term, liquidity risk is mitigated by maintain-
\ning a balanced maturity profile for our debt, access to
\na range of sources of funding on different markets, in
\ndifferent currencies and with diverse counterparties.
\nThe mitigation of liquidity risk enables the Group to
\nmaintain a credit rating that ensures access to the
\ncapital market and limits the cost of funds, with a pos-
\nitive impact on its financial position and performance.
\nIn 2024, Enel\u2019s risk profile changed compared with
\nDecember 2023 for Moody\u2019s, whose rating went from
\n\u201cBaa1\u201d with a negative outlook to \u201cBaa1\u201d with stable
\noutlook; Fitch and Standard & Poor\u2019s maintained their
\nrating at \u201cBBB+\u201d with stable outlook and \u201cBBB\u201d with
\nstable outlook, respectively.
\nIn order to manage liquidity efficiently, treasury activi-
\nties have largely been centralized at the holding com-
\npany level, meeting liquidity requirements primarily by
\ndrawing on the cash generated by ordinary operations
\nand managing any cash surpluses appropriately.
\nThe Group holds the following undrawn lines of credit
\nand commercial paper programs.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \nExpiring within | \nExpiring beyond | \nExpiring within | \nExpiring beyond | \n\n
\n\n| Millions of euro | \none year | \none year | \none year | \none year | \n\n
\n\n| Committed credit lines | \n374 | \n19,386 | \n823 | \n19,040 | \n\n
\n\n| Uncommitted credit lines | \n941 | \n- | \n734 | \n- | \n\n
\n\n| Commercial paper | \n15,423 | \n- | \n15,027 | \n- | \n\n
\n\n| Total | \n16,738 | \n19,386 | \n16,584 | \n19,040 | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\nMaturity analysis
\nThe table below summarizes the maturity profile of the repayment plans of the Group\u2019s gross long- and short-term
\nfinancial debt at December 31, 2024.
\n\n
\n\n\n | \nMaturing in | \n | \n | \n | \n | \n | \n\n
\n\n | \n | \nFrom | \n | \n | \n | \n | \n | \n\n
\n\n | \nLess than | \n3 months | \n | \n | \n | \n | \n | \n\n
\n\n| Millions of euro | \n3 months | \nto 1 year | \n2026 | \n2027 | \n2028 | \n2029 | \nBeyond | \n\n
\n\n| Gross long-term financial debt | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Bonds: | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - listed, fixed rate | \n983 | \n2,475 | \n3,913 | \n3,818 | \n1,754 | \n2,907 | \n10,782 | \n\n
\n\n| - listed, floating rate | \n- | \n315 | \n368 | \n203 | \n105 | \n290 | \n475 | \n\n
\n\n| - unlisted, fixed rate | \n- | \n1,448 | \n1,208 | \n1,659 | \n2,169 | \n1,962 | \n10,435 | \n\n
\n\n| - unlisted, floating rate | \n- | \n97 | \n97 | \n97 | \n- | \n- | \n40 | \n\n
\n\n| Total bonds | \n983 | \n4,335 | \n5,586 | \n5,777 | \n4,028 | \n5,159 | \n21,732 | \n\n
\n\n| Bank borrowings: | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - fixed rate | \n59 | \n175 | \n417 | \n755 | \n1,023 | \n129 | \n907 | \n\n
\n\n| - floating rate | \n185 | \n1,323 | \n2,550 | \n1,423 | \n1,553 | \n908 | \n5,072 | \n\n
\n\n| - use of revolving credit lines | \n- | \n- | \n- | \n- | \n18 | \n- | \n- | \n\n
\n\n| Total bank borrowings | \n244 | \n1,498 | \n2,967 | \n2, 178 | \n2,594 | \n1,037 | \n5,979 | \n\n
\n\n| Leases: | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - fixed rate | \n93 | \n2 13 | \n287 | \n230 | \n182 | \n139 | \n1 ,748 | \n\n
\n\n| - floating rate | \n3 | \n9 | \n9 | \n3 | \n3 | \n5 | \n7 | \n\n
\n\n| Total leases | \n96 | \n222 | \n296 | \n233 | \n185 | \n144 | \n1,755 | \n\n
\n\n| Other non-bank borrowings:(1) | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - fixed rate | \n19 | \n42 | \n66 | \n38 | \n14 | \n15 | \n217 | \n\n
\n\n| - floating rate | \n- | \n- | \n13 | \n17 | \n13 | \n8 | \n13 | \n\n
\n\n| Total other non-bank borrowings | \n19 | \n42 | \n79 | \n55 | \n27 | \n23 | \n230 | \n\n
\n\n| Total gross long-term financial debt | \n1,342 | \n6,097 | \n8,928 | \n8,243 | \n6,834 | \n6,363 | \n29,696 | \n\n
\n\n| Gross short-term financial debt | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Short-term bank borrowings | \n61 | \n283 | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| Commercial paper | \n2,406 | \n- | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| Cash collateral on derivatives and other financing | \n732 | \n- | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| Other short-term financial debt(2) | \n162 | \n15 | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| Total gross short-term financial debt | \n3,361 | \n298 | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| TOTAL GROSS FINANCIAL DEBT | \n4,703 | \n6,395 | \n8,928 | \n8,243 | \n6,834 | \n6,363 | \n29,696 | \n\n
\n\n\n\n
\n\n
(1) Includes \u201cOther non-current financial borrowings included in net financial debt\u201d presented under \u201cOther non-current financial liabilities\u201d in the
\nstatement of financial position.
\n(2) Includes \u201cOther current financial borrowings included in net financial debt\u201d included in \u201cOther current financial liabilities\u201d in the statement of
\nfinancial position.
\n
\n\n\n\n\nCommitments to purchase commodities
\nIn conducting its business, the Enel Group has en-
\ntered into contracts to purchase specified quantities
\nof commodities at a certain future date for its own use,
\nwhich qualify for the own use exemption provided for
\nunder IFRS 9.
\nThe following table reports the undiscounted cash
\nflows associated with outstanding commitments at
\nDecember 31, 2024.
\n
\n\n\n\n\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \n2024-2027 | \n2028-2032 | \n2033-2037 | \nBeyond | \n\n
\n\n| Commitments to purchase commodities: | \n | \n | \n | \n | \n | \n\n
\n\n| - electricity | \n56,438 | \n18,947 | \n15,289 | \n12,478 | \n9,724 | \n\n
\n\n| - fuels | \n44,008 | \n23,984 | \n12,706 | \n6,297 | \n1,021 | \n\n
\n\n| Total | \n100,446 | \n42,931 | \n27,995 | \n18,775 | \n10,745 | \n\n
\n\n\n\n
\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1080": {
"value": "\nCurrency risk
\nCurrency risk mainly manifests itself as unexpected
\nchanges in the financial statement items associated
\nwith transactions denominated in a currency other
\nthan the presentation currency. The Group\u2019s consoli-
\ndated financial statements are also exposed to trans-
\nlation risk as a result of the conversion of the financial
\nstatements of foreign subsidiaries, which are denom-
\ninated in local currencies, into euros as the Group\u2019s
\npresentation currency.
\nThe Group\u2019s exposure to currency risk is connected
\nwith the purchase or sale of fuels and power, invest-
\nments (cash flows for capitalized costs), dividends and
\nthe purchase or sale of equity investments, commer-
\ncial transactions and financial assets and liabilities.
\nThe Group policies for managing currency risk provide
\nfor the mitigation of the effects on profit or loss of
\nchanges in the level of exchange rates, with the ex-
\nception of the translation effects connected with con-
\nsolidation.
\nIn order to minimize the exposure to currency risk,
\nEnel implements diversified revenue and cost sourc-
\nes geographically, and uses indexing mechanisms in
\ncommercial contracts. Enel also uses various types of
\nderivatives, typically on the OTC market.
\nThe derivatives in the Group\u2019s portfolio of financial in-
\nstruments include cross currency interest rate swaps,
\ncurrency forwards and currency swaps. The term of
\nsuch contracts does not exceed the maturity of the
\nunderlying instrument, so that any change in the fair
\nvalue and/or expected cash flows of such instruments
\noffsets the corresponding change in the fair value
\nand/or cash flows of the hedged position.
\nCross currency interest rate swaps are used to trans-
\nform a long-term financial liability denominated in
\ncurrency other than the presentation currency into an
\nequivalent liability in the presentation currency.
\nCurrency forwards are contracts in which the coun-
\nterparties agree to exchange principal amounts de-
\nnominated in different currencies at a specified future
\ndate and exchange rate (the strike). Such contracts
\nmay call for the actual exchange of the two principal
\namounts (deliverable forwards) or payment of the dif-
\nference generated by differences between the strike
\nexchange rate and the prevailing exchange rate at ma-
\nturity (non-deliverable forwards). In the latter case, the
\nstrike rate and/or the spot rate can be determined as
\naverages of the rates observed in a given period.
\nCurrency swaps are contracts in which the counter-
\nparties enter into two transactions of the opposite
\nsign at different future dates (normally one spot, the
\nother forward) that provide for the exchange of princi-
\npal denominated in different currencies.
\nThe following table reports the notional amount of
\ntransactions outstanding at December 31, 2024
\nand at December 31, 2023, broken down by type of
\nhedged item.
\n
\n\n\n\n\n\n
\n\n\n | \nNotional amount | \n\n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n| Cross currency interest rate swaps (CCIRSs) hedging debt denominated | \n25,720 | \n25,890 | \n\n
\n\n| in currencies other than the euro | \n | \n | \n\n
\n\n| Currency forwards hedging currency risk on commodities | \n3,795 | \n6,496 | \n\n
\n\n| Currency forwards/CCIRSs hedging future cash flows in currencies other than the euro | \n1,818 | \n3,134 | \n\n
\n\n| Other currency forwards | \n292 | \n602 | \n\n
\n\n| Total | \n31,625 | \n36,122 | \n\n
\n\n\n\n
\n\n
More specifically, these include:
\n\u2022 CCIRSs with a notional amount of \u20ac25,720 million
\nto hedge the currency risk on debt denominated in
\ncurrencies other than the euro (\u20ac25,890 million at
\nDecember 31, 2023);
\n\u2022 currency forwards and cross currency swaps with
\na total notional amount of \u20ac5,613 million used to
\nhedge the currency risk associated with purchas-
\nes of energy and metal commodities and expected
\ncash flows in currencies other than the euro (\u20ac9,630
\nmillion at December 31, 2023).
\n\u201cOther currency forwards\u201d include OTC derivatives
\ntransactions carried out to mitigate currency risk
\non expected cash flows in currencies other than the
\npresentation currency. This includes transactions con-
\nnected with the purchase of investment goods mainly
\nin the generation sector and operating costs for the
\nsupply of cloud services.
\nAt December 31, 2024, 49.2% (49.0% at December 31,
\n2023) of the Group long-term debt was denominated
\nin currencies other than the euro.
\nTaking account of hedges of currency risk, the per-
\ncentage of debt not hedged against that risk amount-
\ned to 16.2% at December 31, 2024 (18.1% at December
\n31, 2023).
\nThese figures are in line with the limits established in
\nthe risk management policy.
\nCurrency risk sensitivity analysis
\nThe Group analyzes the sensitivity of its exposure by
\nestimating the effects of a change in exchange rates
\non the portfolio of financial instruments.
\nMore specifically, sensitivity analysis measures the po-
\ntential impact on profit or loss and equity of market
\nscenarios that would cause a change in the fair value
\nof derivatives or in the financial expense associated
\nwith unhedged gross medium/long-term debt.
\nThese scenarios are obtained by simulating a 10% ap-
\npreciation/depreciation of the euro against the US
\ndollar compared with the value observed as at the re-
\nporting date.
\nThere were no changes in the methods or assump-
\ntions used in the sensitivity analysis compared with
\nthe previous year.
\nWith all other variables held constant, the pre-tax
\nprofit would be affected by changes in exchange rates
\nas follows:
\n\n
\n\n\n | \n | \n | \n2024 | \n | \n | \n\n
\n\n | \n | \nPre-tax impact on | \nPre-tax impact | \n\n
\n\n | \nIncr./Decr. | \n profit or loss | \non equity | \n\n
\n\n| Millions of euro | \nEUR/US dollar | \nEUR appr. | \nEUR depr. | \nEUR appr. | \nEUR depr. | \n\n
\n\n| Change in the fair value of derivatives classified | \n10% | \n412 | \n(503) | \n | \n | \n\n
\n\n| as non-hedging instruments | \n | \n | \n | \n | \n | \n\n
\n\n| Change in the fair value of derivatives designated | \n | \n | \n | \n | \n | \n\n
\n\n| as hedging instruments | \n | \n | \n | \n | \n | \n\n
\n\n| Cash flow hedges | \n10% | \n | \n | \n(2,728) | \n3,332 | \n\n
\n\n| Fair value hedges | \n10% | \n(48) | \n58 | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\nCurrency risk
\nThe following table reports the maturity profile of
\nthe notional amount and associated average con-
\ntractual exchange rate for the instruments hedging
\ncurrency risk on the main currencies of transactions
\noutstanding at December 31, 2024 and December
\n31, 2023.
\n\n
\n\n\n | \nMaturity | \n\n
\n\n| Millions of euro | \n2025 | \n2026 | \n2027 | \n2028 | \n2029 | \nBeyond | \nTotal | \n\n
\n\n| At Dec. 31, 2024 | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total notional amount of CCIRSs | \n2,699 | \n1,304 | \n3,215 | \n2,173 | \n3,097 | \n13,264 | \n25,752 | \n\n
\n\n| Notional amount for CCIRSs EUR/USD | \n2, 171 | \n1,207 | \n2,421 | \n2, 173 | \n1,984 | \n9,658 | \n19,614 | \n\n
\n\n| Average exchange rate EUR/USD | \n1.07 | \n1.18 | \n1.09 | \n1.18 | \n1.11 | \n1.14 | \n | \n\n
\n\n| Notional amount for CCIRSs EUR/GBP | \n- | \n- | \n605 | \n- | \n907 | \n2,406 | \n3,918 | \n\n
\n\n| Average exchange rate EUR/GBP | \n | \n | \n0.90 | \n | \n0.84 | \n0.81 | \n | \n\n
\n\n| Notional amount for CCIRSs EUR/CHF | \n- | \n- | \n- | \n139 | \n- | \n- | \n139 | \n\n
\n\n| Average exchange rate EUR/CHF | \n | \n | \n | \n1.21 | \n | \n | \n | \n\n
\n\n| Notional amount for CCIRSs USD/BRL | \n246 | \n97 | \n- | \n- | \n- | \n479 | \n822 | \n\n
\n\n| Average exchange rate USD/BRL | \n5.22 | \n5.30 | \n | \n | \n | \n4.27 | \n | \n\n
\n\n| Notional amount for CCIRSs EUR/BRL | \n216 | \n- | \n50 | \n- | \n- | \n- | \n266 | \n\n
\n\n| Average exchange rate EUR/BRL | \n6.05 | \n | \n3.92 | \n | \n | \n | \n | \n\n
\n\n| Currency forwards | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total notional amount of forwards | \n2,890 | \n920 | \n35 | \n- | \n- | \n- | \n3,845 | \n\n
\n\n| Notional amount - currency forwards EUR/USD | \n2,602 | \n920 | \n35 | \n- | \n- | \n- | \n3,557 | \n\n
\n\n| Average currency forward rate - EUR/USD | \n1.10 | \n1.12 | \n1.12 | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards USD/COP | \n200 | \n- | \n- | \n- | \n- | \n- | \n200 | \n\n
\n\n| Average currency forward rate - USD/COP | \n4,243.18 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards USD/MXN | \n47 | \n- | \n- | \n- | \n- | \n- | \n47 | \n\n
\n\n| Average currency forward rate - USD/MXN | \n21.13 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards CLF/USD | \n12 | \n- | \n- | \n- | \n- | \n- | \n12 | \n\n
\n\n| Average currency forward rate - CLF/USD | \n39.59 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards EUR/CNY | \n11 | \n- | \n- | \n- | \n- | \n- | \n11 | \n\n
\n\n| Average currency forward rate - EUR/CNY | \n7.7 0 | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\n
\n\n\n | \nMaturity | \n\n
\n\n| Millions of euro | \n2024 | \n2025 | \n2026 | \n2027 | \n2028 | \nBeyond | \nTotal | \n\n
\n\n| At Dec. 31, 2023 | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total notional amount of CCIRSs | \n4,562 | \n2,577 | \n1,222 | \n2,337 | \n2,037 | \n13,386 | \n26,121 | \n\n
\n\n| Notional amount for CCIRSs EUR/USD | \n2,213 | \n2,036 | \n1,132 | \n1,560 | \n2,037 | \n9,102 | \n18,080 | \n\n
\n\n| Average exchange rate EUR/USD | \n1.13 | \n1.07 | \n1.07 | \n1.10 | \n1.18 | \n1.15 | \n | \n\n
\n\n| Notional amount for CCIRSs EUR/GBP | \n981 | \n- | \n- | \n577 | \n- | \n3,856 | \n5,414 | \n\n
\n\n| Average exchange rate EUR/GBP | \n0.88 | \n | \n | \n0.90 | \n | \n0.82 | \n | \n\n
\n\n| Notional amount for CCIRSs EUR/CHF | \n242 | \n- | \n- | \n140 | \n- | \n- | \n382 | \n\n
\n\n| Average exchange rate EUR/CHF | \n1.07 | \n | \n | \n1.21 | \n | \n | \n | \n\n
\n\n| Notional amount for CCIRSs USD/BRL | \n279 | \n231 | \n91 | \n- | \n- | \n387 | \n988 | \n\n
\n\n| Average exchange rate USD/BRL | \n5.50 | \n5.22 | \n5.30 | \n | \n | \n4.13 | \n | \n\n
\n\n| Notional amount for CCIRSs EUR/BRL | \n445 | \n231 | \n- | \n60 | \n- | \n- | \n736 | \n\n
\n\n| Average exchange rate EUR/BRL | \n6.25 | \n6.05 | \n | \n3.92 | \n | \n | \n | \n\n
\n\n| Currency forwards | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total notional amount of forwards | \n4,616 | \n1,186 | \n507 | \n- | \n- | \n- | \n6,309 | \n\n
\n\n| Notional amount - currency forwards EUR/USD | \n3,144 | \n1,042 | \n507 | \n- | \n- | \n- | \n4,693 | \n\n
\n\n| Average currency forward rate - EUR/USD | \n1.10 | \n1.11 | \n1.13 | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards USD/BRL | \n938 | \n141 | \n- | \n- | \n- | \n- | \n1,079 | \n\n
\n\n| Average currency forward rate - USD/BRL | \n873.05 | \n885.2239 | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards EUR/CNH | \n175 | \n- | \n- | \n- | \n- | \n- | \n175 | \n\n
\n\n| Average currency forward rate - EUR/CNH | \n7.81 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards USD/CLP | \n130 | \n- | \n- | \n- | \n- | \n- | \n130 | \n\n
\n\n| Average currency forward rate - USD/CLP | \n4.95 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards USD/COP | \n122 | \n2 | \n- | \n- | \n- | \n- | \n124 | \n\n
\n\n| Average currency forward rate - USD/COP | \n4,498.97 | \n4,597.37 | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
The following table shows the notional amount and the
\nfair value of the hedging instruments on the currency
\nrisk of transactions outstanding as at December 31,
\n2024 and December 31, 2023 broken down by type of
\nhedged item.
\n\n
\n\n\n | \n | \n | \n | \nNotional | \n | \n | \nNotional | \n\n
\n\n| Millions of euro | \n | \nFair value | \namount | \nFair value | \namount | \n\n
\n\n| Hedging instrument | \nHedged item | \nAssets | \nLiabilities | \n | \nAssets | \nLiabilities | \n | \n\n
\n\n | \n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n| Fair value hedges | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFixed-rate borrowings/bonds in | \n67 | \n(12) | \n1,141 | \n12 | \n(78) | \n1,019 | \n\n
\n\n| swaps (CCIRSs) | \nforeign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFloating-rate borrowings in foreign | \n- | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| swaps (CCIRSs) | \ncurrencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cash flow hedges | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFloating-rate borrowings/financial | \n115 | \n(4) | \n612 | \n67 | \n(36) | \n754 | \n\n
\n\n| swaps (CCIRSs) | \nassets in foreign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFixed-rate borrowings/financial | \n39 | \n(70) | \n1,455 | \n5 | \n(220) | \n2,104 | \n\n
\n\n| swaps (CCIRSs) | \nassets in foreign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFloating-rate bonds in foreign | \n8 | \n(2) | \n202 | \n56 | \n- | \n250 | \n\n
\n\n| swaps (CCIRSs) | \ncurrencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFixed-rate bonds in foreign | \n1,223 | \n(1,625) | \n22,310 | \n965 | \n(1,724) | \n21,763 | \n\n
\n\n| swaps (CCIRSs) | \ncurrencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFuture cash flows denominated in | \n- | \n(7) | \n32 | \n- | \n(43) | \n231 | \n\n
\n\n| swaps (CCIRSs) | \nforeign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Currency forwards | \nFuture cash flows denominated in | \n1 | \n- | \n39 | \n2 | \n(1) | \n117 | \n\n
\n\n | \nforeign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Currency forwards | \nFuture commodity purchases | \n181 | \n(3) | \n3,527 | \n54 | \n(126) | \n5,666 | \n\n
\n\n | \ndenominated in foreign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Currency forwards | \nPurchases of investment goods and | \n10 | \n(1) | \n279 | \n3 | \n(12) | \n526 | \n\n
\n\n | \nother in foreign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total | \n | \n1,644 | \n(1,724) | \n29,597 | \n1,164 | \n(2,240) | \n32,430 | \n\n
\n\n\n\n
\n\n
\n\n\n\n\nCash flow hedges and fair value hedges include:
\n\u2022 CCIRSs with a notional amount of \u20ac24,906 million
\nused to hedge the currency risk on fixed-rate debt
\ndenominated in currencies other than the euro with
\na negative fair value of \u20ac378 million;
\n\u2022 CCIRSs with a notional amount of \u20ac846 million used
\nto hedge the currency risk on floating-rate debt de-
\nnominated in currencies other than the euro, with a
\npositive fair value of \u20ac110 million;
\n\u2022 currency forwards with a notional amount of \u20ac3,566
\nmillion used to hedge the currency risk associated
\nwith purchases of energy and metal commodities
\nand expected cash flows in currencies other than the
\neuro, with a total positive fair value of \u20ac179 million;
\n\u2022 currency forwards with a notional amount of \u20ac279
\nmillion and a positive fair value of \u20ac9 million, in re-
\nspect of OTC transactions to mitigate the currency
\nrisk on expected cash flows in currencies other than
\nthe presentation currency connected with the pur-
\nchase of investment goods in the energy generation
\nsector, on operating costs for the supply of cloud
\nservices and on revenue from the sale of renewable
\nenergy.
\nThe following table reports the notional amount and
\nfair value of foreign exchange derivatives at Decem-
\nber 31, 2024 and December 31, 2023, broken down by
\ntype of hedge.
\n\n
\n\n\n| Millions of euro | \nNotional amount | \nFair value assets | \nNotional amount | \nFair value liabilities | \n\n
\n\n | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n\n
\n\n| Derivatives | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n\n
\n\n| Fair value hedges | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| CCIRSs | \n536 | \n90 | \n67 | \n12 | \n605 | \n929 | \n(12) | \n(78) | \n\n
\n\n| Total | \n536 | \n90 | \n67 | \n12 | \n605 | \n929 | \n(12) | \n(78) | \n\n
\n\n| Cash flow hedges | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Currency forwards | \n3,609 | \n1,979 | \n192 | \n59 | \n236 | \n4,330 | \n(4) | \n(140) | \n\n
\n\n| CCIRSs | \n14,265 | \n13,474 | \n1,385 | \n1,093 | \n10,346 | \n11,628 | \n(1,708) | \n(2,022) | \n\n
\n\n| Total | \n17,874 | \n15,453 | \n1,577 | \n1,152 | \n10,582 | \n15,958 | \n(1,712) | \n(2,162) | \n\n
\n\n| TOTAL EXCHANGE | \n18,410 | \n15,543 | \n1,644 | \n1,164 | \n11,187 | \n16,887 | \n(1,724) | \n(2,240) | \n\n
\n\n| RATE DERIVATIVES | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\nThe notional amount of CCIRSs at December 31, 2024
\namounted to \u20ac25,752 million, a decrease of \u20ac369 million
\nfrom \u20ac26,121 million at December 31, 2023. In particular:
\n\u2022 CCIRSs with a total amount of \u20ac3,707 million expired;
\n\u2022 new derivatives amounted to \u20ac2,188 million;
\n\u2022 the notional amount increased by \u20ac1,150 million, re-
\nflecting developments in the exchange rate of the
\neuro against the main other currencies, slightly off-
\nset by the effect of amortization.
\nThe notional amount of currency forwards at De-
\ncember 31, 2024 amounted to \u20ac3,845 million
\n(\u20ac6,309 million at December 31, 2023), a decrease
\nof \u20ac2,464 million. The exposure to currency risk, es-
\npecially that associated with the US dollar, is mainly
\ndue to purchases of energy and metal commodities
\nand cash flows in respect of investments.
\nThe considerable decrease in the notional amounts
\nof these derivatives in 2024 is mainly due to the de-
\ncrease in currency hedges on the purchase of fos-
\nsil fuel. The improvement of net fair value of \u20ac268
\nmillion reflected positive developments in exchange
\nrates, in particular the euro/US dollar rate.
\n
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1082": {
"value": "\nCommodity price risk
\nThe risk of fluctuations in the price of energy com-
\nmodities such as electricity, gas, oil, CO
\n2
\n, and raw ma-
\nterials such as minerals and metals, is generated by
\nthe volatility of prices and structural correlations be-
\ntween them, which create uncertainty in the margin on
\npurchases and sales of electricity and fuels and mate-
\nrials at variable prices (e.g. indexed bilateral contracts,
\ntransactions on the spot market, etc.).
\nIn 2024, power and gas commodity prices in Europe
\nhave trended upward reflecting the continuation of the
\nRussia-Ukraine and Israeli-Palestinian conflicts. Never-
\ntheless, the adoption of global and local strategies for
\n
\n\n\n\n\nrisk management, such as forward contracts, flexibility
\nin contractual clauses and proxy hedging techniques
\n(in case the hedging derivatives are not available on the
\nmarket or are not sufficiently liquid), has allowed to opti-
\nmize the results even in a highly dynamic market context.
\nDuring the year, risk limits for energy commodities
\nwere exceeded in some local limited instances, but
\npromptly contained thanks to careful risk manage-
\nment and mitigation activities.
\nThe exposures on indexed contracts are quantified by
\nbreaking down the contracts that generate exposure
\ninto the underlying risk factors.
\nTo contain the effects of fluctuations and stabilize
\nmargins, in accordance with the policies and operat-
\ning limits determined by the Group\u2019s governance and
\nleaving an appropriate margin of flexibility to seize
\nany short-term opportunities that may present them-
\nselves, Enel develops and plans strategies that impact
\nthe various phases of the industrial process linked to
\nthe production and sale of electricity and gas (such
\nas forward procurement and long-term commercial
\nagreements), as well as risk mitigation plans and tech-
\nniques using derivative contracts (hedging).
\nAs regards electricity sold, the Group mainly uses
\nfixed-price contracts in the form of bilateral physi-
\ncal contracts (Purchase Power Agreements, or PPAs)
\nand financial contracts (e.g. contracts for differences,
\nVirtual Power Purchase Agreements or VPPAs, etc.) in
\nwhich differences are paid to the counterparty if the
\nmarket electricity price exceeds the strike price and to
\nEnel in the opposite case.
\nThe table below shows the main characteristics of PPA
\nand VPPA contracts at December 31, 2024.
\n\n
\n\n\n | \n | \n | \nAt December 31, 2024 | \n | \n | \n\n
\n\n | \nType of | \n | \nPrice | \nVolume of power | \nDuration | \nAccounting | \n\n
\n\n| Country | \ncontract | \nSell/Buy | \nterms | \ncontracted (GWh) | \n(years) | \ntreatment | \n\n
\n\n| Italy | \nPPA | \nBuy | \nfixed price | \n460.6 | \n1-3 | \nFVTPL | \n\n
\n\n| Italy | \nPPA | \nBuy | \nfloating price | \n722.5 | \n1-3 | \nFVTPL | \n\n
\n\n| Italy | \nPPA | \nBuy | \nfixed price | \n363.9 | \n10 | \nOwn Use Exemption | \n\n
\n\n| Italy | \nVPPA | \nSell | \nfixed price | \n1,350.0 | \n3 | \nCFH | \n\n
\n\n| Italy | \nVPPA | \nSell | \nfixed price | \n600.0 | \n3 | \nCFH | \n\n
\n\n| Iberia | \nVPPA | \nBuy | \nfixed price | \n22.0 | \n9 | \nFVTPL | \n\n
\n\n| Iberia | \nVPPA | \nBuy | \nfixed price | \n20,926.0 | \n15 | \nCFH | \n\n
\n\n| Iberia | \nVPPA | \nSell | \nfixed price | \n15,860.0 | \n18 | \nCFH | \n\n
\n\n| Germany | \nVPPA | \nBuy | \nfloating price | \n119.2 | \n1-2 | \nFVTPL | \n\n
\n\n| United States | \nVPPA | \nSell | \nfixed price | \n59.4 | \n10-22 | \nCFH | \n\n
\n\n| United States | \nVPPA | \nBuy | \nfixed price | \n18.0 | \n8-12 | \nFVTPL | \n\n
\n\n| United States | \nVPPA | \nSell | \nfixed price | \n19.1 | \n8-15 | \nFVTPL | \n\n
\n\n| United States | \nVPPA | \nSell | \nfixed price | \n2.1 | \n12-20 | \nOwn Use Exemption | \n\n
\n\n| United States | \nPPA | \nSell | \nfixed price | \n0.6 | \n12 | \nCFH | \n\n
\n\n| United States | \nPPA | \nSell | \nfixed price | \n5.7 | \n12 | \nFVTPL | \n\n
\n\n| United States | \nPPA | \nSell | \nfixed price | \n168.6 | \n10-30 | \nOwn Use Exemption | \n\n
\n\n| United States | \nPPA | \nSell | \nfloating price | \n5.3 | \n19 | \nOwn Use Exemption | \n\n
\n\n| South Africa | \nPPA | \nSell | \nfixed price | \n0.5 | \n10-21 | \nOwn Use Exemption | \n\n
\n\n| Brazil | \nPPA | \nSell | \nfixed price | \n76,048.0 | \n1-20 | \nOwn Use Exemption | \n\n
\n\n| Brazil | \nPPA | \nBuy | \nfixed price | \n56,351.0 | \n1-15 | \nOwn Use Exemption | \n\n
\n\n| Chile | \nPPA | \nSell | \nfixed price | \n287,797. 0 | \n5-15 | \nOwn Use Exemption | \n\n
\n\n| Chile | \nVPPA | \nSell | \nfixed price | \n29,379.1 | \n4-10 | \nOwn Use Exemption | \n\n
\n\n| Chile | \nVPPA | \nBuy | \nfixed price | \n34,527.0 | \n5-15 | \nOwn Use Exemption | \n\n
\n\n| Colombia | \nPPA | \nSell | \nfixed price | \n34,572.2 | \n1-15 | \nOwn Use Exemption | \n\n
\n\n| Colombia | \nPPA | \nSell | \nfloating price | \n315.3 | \n1-9 | \nOwn Use Exemption | \n\n
\n\n| Colombia | \nPPA | \nBuy | \nfixed price | \n57,586.0 | \n1-14 | \nOwn Use Exemption | \n\n
\n\n| Guatemala | \nVPPA | \nSell | \nfixed price | \n2,836.3 | \n1-7 | \nOwn Use Exemption | \n\n
\n\n| Guatemala | \nVPPA | \nSell | \nfloating price | \n651.2 | \n1 | \nOwn Use Exemption | \n\n
\n\n| Panama | \nPPA | \nSell | \nfixed price | \n4,206.9 | \n3-7 | \nOwn Use Exemption | \n\n
\n\n| Panama | \nPPA | \nBuy | \nfixed price | \n100.7 | \n3-7 | \nOwn Use Exemption | \n\n
\n\n| Costa Rica | \nPPA | \nSell | \nfixed price | \n313.4 | \n3-6 | \nOwn Use Exemption | \n\n
\n\n\n\n
\n\n
\n\n\n\n\nThe residual exposure in respect of the sale of en-
\nergy on the spot market not hedged with such con-
\ntracts is aggregated by uniform risk factors that can
\nbe managed with hedging transactions on the market.
\nProxy hedging techniques can be used for the indus-
\ntrial portfolios when the hedging instruments for the
\nspecific risk factors generating the exposure are not
\navailable on the market or are not sufficiently liquid.
\nIn addition, Enel uses portfolio hedging techniques to
\nassess opportunities for netting intercompany expo-
\nsures.
\nThe Group mainly uses plain vanilla derivatives for
\nhedging (more specifically, forwards, swaps, options
\non commodities, futures, contracts for differences).
\nSome of these products can be indexed to a variety
\nof underlyings (mainly electricity, gas, oil and CO
\n2
\n) and
\nthe approaches can be assessed and adapted to spe-
\ncific needs.
\nEnel also engages in proprietary trading in order to
\nmaintain a presence in the Group\u2019s reference energy
\ncommodity markets. These operations consist in tak-
\ning on exposures in energy commodities (oil products,
\ngas, coal, CO
\n2
\n certificates and electricity) using financial
\nderivatives and physical contracts traded on regulat-
\ned and over-the-counter markets, optimizing profits
\nthrough transactions carried out on the basis of ex-
\npected market developments while always complying
\nwith the limits set on the basis of portfolio risk analysis.
\nThe following table reports the notional amount of out-
\nstanding transactions at December 31, 2024 and De-
\ncember 31, 2023, broken down by type of instrument.
\n\n
\n\n\n | \nNotional amount | \n\n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n| Forward and futures contracts | \n48,608 | \n44,307 | \n\n
\n\n| Swaps | \n6,024 | \n7,6 94 | \n\n
\n\n| Options | \n1,464 | \n1,407 | \n\n
\n\n| Total | \n56,096 | \n53,408 | \n\n
\n\n\n\n
\n\n
For more details, please see note 49 \u201cDerivatives and
\nhedge accounting\u201d.
\nCommodity price risk sensitivity analysis
\nThe following table presents the results of the anal-
\nysis of sensitivity to a reasonably possible change in
\nthe commodity prices underlying the valuation mod-
\nel used in the scenario at the same date, with all other
\nvariables held constant.
\nThe impact on pre-tax profit of shifts of +15% and
\n-15% in the price curve for the main commodities
\nthat make up the fuel scenario and the basket of for-
\nmulas used in the contracts is mainly attributable to
\nthe change in the price of electricity, oil products and
\ngas. The impact on equity of the same shifts in the
\nprice curve is primarily due to changes in the price of
\nelectricity and gas. The Group\u2019s exposure to changes
\nin the prices of other commodities is not material.
\n\n
\n\n\n | \n | \n | \n2024 | \n | \n | \n\n
\n\n | \n | \nPre-tax impact | \nPre-tax impact | \n\n
\n\n | \nCommodity | \non profit or loss | \non equity | \n\n
\n\n| Millions of euro | \nprice | \nIncrease | \nDecrease | \nIncrease | \nDecrease | \n\n
\n\n| Change in the fair value of trading derivatives | \n15% | \n(156) | \n178 | \n- | \n- | \n\n
\n\n| on commodities | \n | \n | \n | \n | \n | \n\n
\n\n| Change in the fair value of derivatives | \n15% | \n(16) | \n9 | \n(249) | \n257 | \n\n
\n\n| on commodities designated as hedging | \n | \n | \n | \n | \n | \n\n
\n\n| instruments | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1085": {
"value": "\nCredit and counterparty risk
\nThe Group\u2019s commercial, commodity and financial
\ntransactions expose it to credit risk, i.e. the possibil-
\nity that a deterioration in the creditworthiness of a
\ncounterparty or the failure to discharge contractual
\npayment obligations could lead to the interruption
\nof incoming cash flows and an increase in collection
\ncosts (settlement risk), as well as lower revenue flows
\ndue to the replacement of the original transactions
\nwith similar transactions negotiated on unfavorable
\nmarket conditions (replacement risk). Other risks in-
\n
\n\n\n\n\nclude the reputational and financial risks associated
\nwith significant exposures to a single counterparty
\nor groups of related customers, or to counterparties
\noperating in the same sector or in the same geo-
\ngraphical area.
\nAccordingly, the exposure to credit and counterparty
\nrisk is attributable to the following types of transac-
\ntions:
\n\u2022 the sale and distribution of electricity and gas in free
\nand regulated markets and the supply of goods and
\nservices (trade receivables in respect of non-Group
\ndebtors);
\n\u2022 trading activities that involve the physical exchange
\nof assets or transactions in financial instruments
\n(the commodity portfolio);
\n\u2022 trading in derivatives, bank deposits and, more
\ngenerally, financial instruments (the financial port-
\nfolio).
\nIn order to minimize credit and counterparty risk,
\ncredit exposures are managed at the region/country/
\nglobal business line level by different units, thereby en-
\nsuring the necessary segregation of risk management
\nand control activities. Monitoring of the consolidated
\nexposure is carried out by Enel SpA.
\nIn addition, at the Group level the policy provides
\nfor the use of uniform criteria \u2013 in all the main re-
\ngions/countries/global business lines and at the
\nconsolidated level \u2013 in measuring, monitoring and
\ncontrolling commercial credit exposures in order to
\npromptly identify any deterioration in the quality of
\noutstanding receivables and any mitigation actions
\nto be taken.
\nThe policy for managing credit and counterparty risk
\nassociated with commercial activities provides for
\na preliminary assessment of the creditworthiness of
\ncounterparties and the adoption of mitigation instru-
\nments, such as obtaining collateral or unsecured guar-
\nantees.
\nIn addition, the Group undertakes transactions to fac-
\ntor receivables without recourse, which results in the
\ncomplete derecognition of the corresponding assets
\ninvolved in the factoring, as the risks and rewards as-
\nsociated with them have been transferred.
\nFinally, with regard to financial and commodity trans-
\nactions, risk mitigation is pursued with a uniform sys-
\ntem for assessing counterparties at the Group level,
\nincluding implementation at the level of regions/coun-
\ntries/global business lines, as well as with the adoption
\nof specific standardized contractual frameworks that
\ncontain risk mitigation clauses (e.g. netting arrange-
\nments) and possibly the exchange of cash collateral.
\nIn 2024, after a temporary deterioration in the collec-
\ntion status of certain customer segments, the situation
\nwas restored to the conditions registered the previous
\nyear. Again in 2024, the Group portfolio has displayed
\nresilience to the current macroeconomic context, also
\nthanks to the strengthening of collection processes
\n(digital collection channels and notifications, granting
\nof repayment plans) and a sound diversification of the
\ncustomer base.
\nLoan assets
\n\n
\n\n\n| Millions of euro | \n | \nat Dec. 31, 2024 | \n | \n | \n\n
\n\n | \n Basis for recognition | \n Average | \n Gross | \n Expected | \n | \n\n
\n\n | \nof expected credit loss | \nloss rate | \ncarrying | \ncredit loss | \n Carrying | \n\n
\n\n| Staging | \nallowance | \n(PD*LGD) | \namount | \nallowance | \namount | \n\n
\n\n| Performing | \n 12-month ECL | \n4.7% | \n6,240 | \n292 | \n5,948 | \n\n
\n\n| Underperforming | \n Lifetime ECL | \n1.2% | \n166 | \n2 | \n164 | \n\n
\n\n| Non-performing | \n Lifetime ECL | \n5.9% | \n370 | \n22 | \n348 | \n\n
\n\n| Total | \n | \n | \n6,776 | \n316 | \n6,460 | \n\n
\n\n\n\n
\n\n
\n\n\n\n\nContract assets, trade receivables and other financial assets: individual measurement
\n\n
\n\n\n | \n | \nat Dec. 31, 2024 | \n | \n\n
\n\n | \nAverage loss rate | \nGross carrying | \nExpected credit | \nCarrying | \n\n
\n\n| Millions of euro | \n(PD*LGD) | \namount | \nloss allowance | \namount | \n\n
\n\n| Contract assets | \n- | \n98 | \n- | \n98 | \n\n
\n\n| Trade receivables | \n | \n | \n | \n | \n\n
\n\n| Trade receivables not past due | \n0.5% | \n6,654 | \n31 | \n6,623 | \n\n
\n\n| Trade receivables past due: | \n | \n | \n | \n | \n\n
\n\n| - 1-30 days | \n1.4% | \n218 | \n3 | \n215 | \n\n
\n\n| - 31-60 days | \n12.7% | \n63 | \n8 | \n55 | \n\n
\n\n| - 61-90 days | \n2.2% | \n45 | \n1 | \n44 | \n\n
\n\n| - 91-120 days | \n4.4% | \n45 | \n2 | \n43 | \n\n
\n\n| - 121-150 days | \n7.4% | \n27 | \n2 | \n25 | \n\n
\n\n| - 151-180 days | \n12.1% | \n33 | \n4 | \n29 | \n\n
\n\n| - more than 180 days (credit impaired) | \n86.8% | \n1,424 | \n1,236 | \n188 | \n\n
\n\n| Total trade receivables | \n | \n8,509 | \n1,287 | \n7,222 | \n\n
\n\n| Other financial assets | \n | \n | \n | \n | \n\n
\n\n| Other financial assets not past due | \n2.3% | \n1,663 | \n38 | \n1,625 | \n\n
\n\n| Other financial assets past due: | \n | \n | \n | \n | \n\n
\n\n| - 1-30 days | \n- | \n2 | \n- | \n2 | \n\n
\n\n| - 31-60 days | \n- | \n1 | \n- | \n1 | \n\n
\n\n| - 61-90 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 91-120 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 121-150 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 151-180 days | \n- | \n7 | \n2 | \n5 | \n\n
\n\n| - more than 180 days (credit impaired) | \n28.8% | \n104 | \n30 | \n74 | \n\n
\n\n| Total other financial assets | \n | \n1,777 | \n70 | \n1,707 | \n\n
\n\n| TOTAL | \n | \n10,384 | \n1,357 | \n9,027 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n | \n | \nat Dec. 31, 2023 | \n | \n\n
\n\n | \nAverage loss rate | \nGross carrying | \nExpected credit | \nCarrying | \n\n
\n\n| Millions of euro | \n(PD*LGD) | \namount | \nloss allowance | \namount | \n\n
\n\n| Contract assets | \n- | \n83 | \n- | \n83 | \n\n
\n\n| Trade receivables | \n | \n | \n | \n | \n\n
\n\n| Trade receivables not past due | \n0.5% | \n6,225 | \n32 | \n6,193 | \n\n
\n\n| Trade receivables past due: | \n | \n | \n | \n | \n\n
\n\n| - 1-30 days | \n2.0% | \n350 | \n7 | \n343 | \n\n
\n\n| - 31-60 days | \n1.9% | \n103 | \n2 | \n101 | \n\n
\n\n| - 61-90 days | \n5.3% | \n38 | \n2 | \n36 | \n\n
\n\n| - 91-120 days | \n12.2% | \n41 | \n5 | \n36 | \n\n
\n\n| - 121-150 days | \n13.2% | \n53 | \n7 | \n46 | \n\n
\n\n| - 151-180 days | \n8.2% | \n49 | \n4 | \n45 | \n\n
\n\n| - more than 180 days (credit impaired) | \n83.9% | \n1 ,474 | \n1,236 | \n238 | \n\n
\n\n| Total trade receivables | \n | \n8,333 | \n1,295 | \n7,038 | \n\n
\n\n| Other financial assets | \n | \n | \n | \n | \n\n
\n\n| Other financial assets not past due | \n0.4% | \n1,690 | \n7 | \n1,683 | \n\n
\n\n| Other financial assets past due: | \n | \n | \n | \n | \n\n
\n\n| - 1-30 days | \n- | \n25 | \n- | \n25 | \n\n
\n\n| - 31-60 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 61-90 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 91-120 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 121-150 days | \n- | \n2 | \n- | \n2 | \n\n
\n\n| - 151-180 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - more than 180 days (credit impaired) | \n2.7% | \n75 | \n2 | \n73 | \n\n
\n\n| Total other financial assets | \n | \n1,792 | \n9 | \n1,783 | \n\n
\n\n| TOTAL | \n | \n10,208 | \n1,304 | \n8,904 | \n\n
\n\n\n\n
\n\n
\n\n\n\n\nContract assets, trade receivables and other financial assets: collective measurement
\n\n
\n\n\n | \n | \nat Dec. 31, 2024 | \n | \n\n
\n\n | \nAverage loss rate | \nGross carrying | \nExpected credit | \nCarrying | \n\n
\n\n| Millions of euro | \n(PD*LGD) | \namount | \nloss allowance | \namount | \n\n
\n\n| Contract assets | \n2.2% | \n139 | \n3 | \n136 | \n\n
\n\n| Trade receivables | \n | \n | \n | \n | \n\n
\n\n| Trade receivables not past due | \n3.1% | \n6,064 | \n190 | \n5,874 | \n\n
\n\n| Trade receivables past due: | \n | \n | \n | \n | \n\n
\n\n| - 1-30 days | \n4.1% | \n801 | \n33 | \n768 | \n\n
\n\n| - 31-60 days | \n22.5% | \n187 | \n42 | \n145 | \n\n
\n\n| - 61-90 days | \n35.7% | \n115 | \n41 | \n74 | \n\n
\n\n| - 91-120 days | \n40.7% | \n118 | \n48 | \n70 | \n\n
\n\n| - 121-150 days | \n30.6% | \n85 | \n26 | \n59 | \n\n
\n\n| - 151-180 days | \n48.4% | \n95 | \n46 | \n49 | \n\n
\n\n| - more than 180 days (credit impaired) | \n55.0% | \n3,730 | \n2,050 | \n1,680 | \n\n
\n\n| Total trade receivables | \n | \n11,195 | \n2 ,476 | \n8,719 | \n\n
\n\n| Other financial assets | \n | \n | \n | \n | \n\n
\n\n| Other financial assets not past due | \n0.4% | \n260 | \n1 | \n259 | \n\n
\n\n| Other financial assets past due: | \n | \n | \n | \n | \n\n
\n\n| - 1-30 days | \n3.0% | \n33 | \n1 | \n32 | \n\n
\n\n| - 31-60 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 61-90 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 91-120 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 121-150 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 151-180 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - more than 180 days (credit impaired) | \n100.0% | \n1 | \n1 | \n- | \n\n
\n\n| Total other financial assets | \n | \n294 | \n3 | \n291 | \n\n
\n\n| TOTAL | \n | \n11,628 | \n2,482 | \n9,146 | \n\n
\n\n\n\n
\n\n
\n
\n\n\n | \n | \nat Dec. 31, 2023 | \n | \n\n
\n\n | \nAverage loss rate | \nGross carrying | \nExpected credit | \nCarrying | \n\n
\n\n| Millions of euro | \n(PD*LGD) | \namount | \nloss allowance | \namount | \n\n
\n\n| Contract assets | \n1.3% | \n150 | \n2 | \n148 | \n\n
\n\n| Trade receivables | \n | \n | \n | \n | \n\n
\n\n| Trade receivables not past due | \n2.9% | \n8,322 | \n239 | \n8,083 | \n\n
\n\n| Trade receivables past due: | \n | \n | \n | \n | \n\n
\n\n| - 1-30 days | \n2.6% | \n802 | \n21 | \n781 | \n\n
\n\n| - 31-60 days | \n44.3% | \n70 | \n31 | \n39 | \n\n
\n\n| - 61-90 days | \n19.5% | \n210 | \n41 | \n169 | \n\n
\n\n| - 91-120 days | \n25.8% | \n132 | \n34 | \n98 | \n\n
\n\n| - 121-150 days | \n50.8% | \n132 | \n67 | \n65 | \n\n
\n\n| - 151-180 days | \n52.9% | \n119 | \n63 | \n56 | \n\n
\n\n| - more than 180 days (credit impaired) | \n57.9% | \n3,428 | \n1,984 | \n1,444 | \n\n
\n\n| Total trade receivables | \n | \n13,215 | \n2,480 | \n10,735 | \n\n
\n\n| Other financial assets | \n | \n | \n | \n | \n\n
\n\n| Other financial assets not past due | \n- | \n604 | \n- | \n604 | \n\n
\n\n| Other financial assets past due: | \n | \n | \n | \n | \n\n
\n\n| - 1-30 days | \n66.7% | \n3 | \n2 | \n1 | \n\n
\n\n| - 31-60 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 61-90 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 91-120 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 121-150 days | \n- | \n- | \n- | \n- | \n\n
\n\n| - 151-180 days | \n- | \n2 | \n- | \n2 | \n\n
\n\n| - more than 180 days (credit impaired) | \n50.0% | \n2 | \n1 | \n1 | \n\n
\n\n| Total other financial assets | \n | \n611 | \n3 | \n608 | \n\n
\n\n| TOTAL | \n | \n13,976 | \n2,485 | \n11,491 | \n\n
\n\n\n\n
\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1089": {
"value": "\nLiquidity risk
\nLiquidity risk manifests itself as uncertainty about the
\nGroup\u2019s ability to discharge its obligations associated
\nwith financial liabilities that are settled by delivering
\ncash or another financial asset.
\nEnel manages liquidity risk by implementing meas-
\nures to ensure an appropriate level of liquid finan-
\ncial resources to meet expected commitments over
\na given time horizon without resorting to additional
\nsources of financing, also retaining a prudential li-
\nquidity reserve, sufficient to meet any unexpected
\ncommitments.
\nFurthermore, in order to meet its medium- and long-
\nterm commitments, Enel pursues a borrowing strate-
\ngy that provides for a diversified structure of funding
\nsources, which it uses to meet its financial needs, and
\na balanced maturity profile.
\nIn the short term, liquidity risk is mitigated by main-
\ntaining an appropriate level of unconditionally availa-
\nble resources, including liquidity on hand and short-
\nterm deposits, available committed credit lines and a
\nportfolio of highly liquid assets.
\nIn the long term, liquidity risk is mitigated by maintain-
\ning a balanced maturity profile for our debt, access to
\na range of sources of funding on different markets, in
\ndifferent currencies and with diverse counterparties.
\nThe mitigation of liquidity risk enables the Group to
\nmaintain a credit rating that ensures access to the
\ncapital market and limits the cost of funds, with a pos-
\nitive impact on its financial position and performance.
\nIn 2024, Enel\u2019s risk profile changed compared with
\nDecember 2023 for Moody\u2019s, whose rating went from
\n\u201cBaa1\u201d with a negative outlook to \u201cBaa1\u201d with stable
\noutlook; Fitch and Standard & Poor\u2019s maintained their
\nrating at \u201cBBB+\u201d with stable outlook and \u201cBBB\u201d with
\nstable outlook, respectively.
\nIn order to manage liquidity efficiently, treasury activi-
\nties have largely been centralized at the holding com-
\npany level, meeting liquidity requirements primarily by
\ndrawing on the cash generated by ordinary operations
\nand managing any cash surpluses appropriately.
\nThe Group holds the following undrawn lines of credit
\nand commercial paper programs.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \nExpiring within | \nExpiring beyond | \nExpiring within | \nExpiring beyond | \n\n
\n\n| Millions of euro | \none year | \none year | \none year | \none year | \n\n
\n\n| Committed credit lines | \n374 | \n19,386 | \n823 | \n19,040 | \n\n
\n\n| Uncommitted credit lines | \n941 | \n- | \n734 | \n- | \n\n
\n\n| Commercial paper | \n15,423 | \n- | \n15,027 | \n- | \n\n
\n\n| Total | \n16,738 | \n19,386 | \n16,584 | \n19,040 | \n\n
\n\n\n\n
\n\n
\n\n\n\n\nMaturity analysis
\nThe table below summarizes the maturity profile of the repayment plans of the Group\u2019s gross long- and short-term
\nfinancial debt at December 31, 2024.
\n\n
\n\n\n | \nMaturing in | \n | \n | \n | \n | \n | \n\n
\n\n | \n | \nFrom | \n | \n | \n | \n | \n | \n\n
\n\n | \nLess than | \n3 months | \n | \n | \n | \n | \n | \n\n
\n\n| Millions of euro | \n3 months | \nto 1 year | \n2026 | \n2027 | \n2028 | \n2029 | \nBeyond | \n\n
\n\n| Gross long-term financial debt | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Bonds: | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - listed, fixed rate | \n983 | \n2,475 | \n3,913 | \n3,818 | \n1,754 | \n2,907 | \n10,782 | \n\n
\n\n| - listed, floating rate | \n- | \n315 | \n368 | \n203 | \n105 | \n290 | \n475 | \n\n
\n\n| - unlisted, fixed rate | \n- | \n1,448 | \n1,208 | \n1,659 | \n2,169 | \n1,962 | \n10,435 | \n\n
\n\n| - unlisted, floating rate | \n- | \n97 | \n97 | \n97 | \n- | \n- | \n40 | \n\n
\n\n| Total bonds | \n983 | \n4,335 | \n5,586 | \n5,777 | \n4,028 | \n5,159 | \n21,732 | \n\n
\n\n| Bank borrowings: | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - fixed rate | \n59 | \n175 | \n417 | \n755 | \n1,023 | \n129 | \n907 | \n\n
\n\n| - floating rate | \n185 | \n1,323 | \n2,550 | \n1,423 | \n1,553 | \n908 | \n5,072 | \n\n
\n\n| - use of revolving credit lines | \n- | \n- | \n- | \n- | \n18 | \n- | \n- | \n\n
\n\n| Total bank borrowings | \n244 | \n1,498 | \n2,967 | \n2, 178 | \n2,594 | \n1,037 | \n5,979 | \n\n
\n\n| Leases: | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - fixed rate | \n93 | \n2 13 | \n287 | \n230 | \n182 | \n139 | \n1 ,748 | \n\n
\n\n| - floating rate | \n3 | \n9 | \n9 | \n3 | \n3 | \n5 | \n7 | \n\n
\n\n| Total leases | \n96 | \n222 | \n296 | \n233 | \n185 | \n144 | \n1,755 | \n\n
\n\n| Other non-bank borrowings:(1) | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - fixed rate | \n19 | \n42 | \n66 | \n38 | \n14 | \n15 | \n217 | \n\n
\n\n| - floating rate | \n- | \n- | \n13 | \n17 | \n13 | \n8 | \n13 | \n\n
\n\n| Total other non-bank borrowings | \n19 | \n42 | \n79 | \n55 | \n27 | \n23 | \n230 | \n\n
\n\n| Total gross long-term financial debt | \n1,342 | \n6,097 | \n8,928 | \n8,243 | \n6,834 | \n6,363 | \n29,696 | \n\n
\n\n| Gross short-term financial debt | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Short-term bank borrowings | \n61 | \n283 | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| Commercial paper | \n2,406 | \n- | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| Cash collateral on derivatives and other financing | \n732 | \n- | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| Other short-term financial debt(2) | \n162 | \n15 | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| Total gross short-term financial debt | \n3,361 | \n298 | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| TOTAL GROSS FINANCIAL DEBT | \n4,703 | \n6,395 | \n8,928 | \n8,243 | \n6,834 | \n6,363 | \n29,696 | \n\n
\n\n\n\n
\n\n
(1) Includes \u201cOther non-current financial borrowings included in net financial debt\u201d presented under \u201cOther non-current financial liabilities\u201d in the
\nstatement of financial position.
\n(2) Includes \u201cOther current financial borrowings included in net financial debt\u201d included in \u201cOther current financial liabilities\u201d in the statement of
\nfinancial position.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1144": {
"value": "\n48. Offsetting financial assets and financial liabilities
\nAt December 31, 2024 the Group did not hold offset
\npositions in assets and liabilities, as it is not the Enel
\nGroup\u2019s policy to settle financial assets and liabilities
\non a net basis.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1159": {
"value": "\n49.1 Derivatives designated as hedging
\ninstruments
\nDerivatives are initially recognized at fair value, on
\nthe trade date of the contract, and are subsequently
\nre-measured at their fair value. The method of recog-
\nnizing the resulting gain or loss depends on whether
\nthe derivative is designated as a hedging instrument,
\nand if so, the nature of the item being hedged.
\nHedge accounting is applied to derivatives entered
\ninto in order to reduce risks such as interest rate risk,
\ncurrency risk, commodity price risk (including Virtual
\nPPAs) when all the criteria provided by IFRS 9 are met.
\nAt the inception of the transaction, the Group docu-
\nments the relationship between hedging instruments
\nand hedged items, as well as its risk management ob-
\njectives and strategy. The Group also documents its
\nassessment, both at hedge inception and on an ongo-
\ning basis, of whether hedging instruments are highly
\neffective in offsetting changes in fair values or cash
\nflows of hedged items.
\nFor cash flow hedges of forecast transactions desig-
\nnated as hedged items, the Group assesses and doc-
\numents that they are highly probable and present an
\nexposure to changes in cash flows that affect profit or
\nloss.
\nDepending on the nature of the risk exposure, the
\nGroup designates derivatives as either:
\n\u2022 fair value hedges;
\n\u2022 cash flow hedges.
\nFor more details about the nature and the extent of
\nrisks arising from financial instruments to which the
\nGroup is exposed, please see note 47 \u201cRisk manage-
\nment\u201d.
\nTo be effective a hedge relationship shall meet all of
\nthe following criteria:
\n\u2022 existence of an economic relationship between
\nhedging instrument and hedged item;
\n\u2022 the effect of credit risk does not dominate the value
\nchanges resulting from the economic relationship;
\n\u2022 the hedge ratio defined at initial designation shall be
\nequal to the one used for risk management purpos-
\nes (i.e. same quantity of the hedged item that the
\nentity actually hedges and the quantity of the hedg-
\ning instrument that the entity actually uses).
\nThe existence of an economic relationship is evaluat-
\ned by the Group through a qualitative assessment or a
\nquantitative computation, depending on the following
\ncircumstances:
\n
\n\n\n\n\n\u2022 if the underlying risk of the hedging instrument and
\nthe hedged item is the same, the existence of an
\neconomic relationship will be provided through a
\nqualitative analysis;
\n\u2022 on the other hand, if the underling risk of the hedg-
\ning instrument and the hedged item is not the same,
\nthe existence of the economic relationship will be
\ndemonstrated through a quantitative method in ad-
\ndition to a qualitative analysis of the nature of the
\neconomic relationship (i.e. linear regression).
\nFor hedging of commodity price risk, the existence of
\nan economic relationship is deduced from a ranking
\nmatrix that defines, for each possible risk component,
\na set of all standard derivatives available in the market
\nwhose ranking is based on their effectiveness in hedg-
\ning the considered risk.
\nIn order to evaluate the credit risk effects, the Group
\nconsiders the existence of risk mitigating measures
\n(collateral, mutual break-up clauses, netting agree-
\nments, etc.).
\nThe Group has established a hedge ratio of 1:1 for all
\nthe hedge relationships (including commodity price
\nrisk hedging) as the underlying risk of the hedging
\nderivative is identical to the hedged risk, in order to
\nminimize hedging ineffectiveness.
\nThe hedge ineffectiveness will be evaluated through:
\n\u2022 a qualitative assessment, if the critical terms of the
\nhedged item and hedging instrument match and
\nthere are no other sources of ineffectiveness in-
\ncluded the credit risk adjustment on the hedging
\nderivative;
\n\u2022 a quantitative computation (dollar offset), if the crit-
\nical terms of the hedged item and hedging instru-
\nment do not match or there is at least one source of
\nineffectiveness. This method compares changes in
\nfair value of the hedging instrument and the hypo-
\nthetical derivative between the reporting date and
\nthe inception date.
\nThe main causes of hedge ineffectiveness can be the
\nfollowing:
\n\u2022 basis differences (i.e. the fair value or cash flows of
\nthe hedged item depend on a variable that is differ-
\nent from the variable that causes the fair value or
\ncash flows of the hedging instrument to change);
\n\u2022 timing differences (i.e. the hedged item and hedging
\ninstrument occur or are settled at different dates);
\n\u2022 quantity or notional amount differences (i.e. the
\nhedged item and hedging instrument are based on
\ndifferent quantities or notional amounts);
\n\u2022 other risks (i.e. changes in the fair value or cash
\nflows of a derivative hedging instrument or hedged
\nitem relate to risks other than the specific risk being
\nhedged);
\n\u2022 credit risk (i.e. the counterparty credit risk differently
\nimpacts the changes in the fair value of the hedging
\ninstruments and hedged items).
\nFair value hedges
\nFair value hedges are mainly used to protect the Group
\nagainst exposures to changes in the fair value of as-
\nsets, liabilities or firm commitment attributable to a
\nparticular risk that could affect profit or loss.
\nChanges in the fair value of derivatives that qualify and
\nare designated as hedging instruments are recog-
\nnized in the income statement, together with changes
\nin the fair value of the hedged item that are attributa-
\nble to the hedged risk.
\nIf the hedge no longer meets the criteria for hedge
\naccounting, the adjustment to the carrying amount
\nof a hedged item for which the effective interest rate
\nmethod is used is amortized to profit or loss over the
\nperiod to maturity.
\nCash flow hedges
\nCash flow hedges are applied in order to hedge the
\nGroup exposure to changes in future cash flows that
\nare attributable to a recognized asset or liability or a
\nhighly probable transaction that could affect profit or
\nloss.
\nThe effective portion of changes in the fair value of
\nderivatives that are designated as cash flow hedges is
\nrecognized in other comprehensive income.
\nThe gain or loss relating to the ineffective portion is
\nrecognized immediately in the income statement.
\nAmounts accumulated in equity are reclassified to
\nprofit or loss in the periods when the hedged item af-
\nfects profit or loss.
\nIf the hedged item is a non-financial asset or liability,
\nthe amount accumulated in equity is included in the
\ncarrying amount of the asset or the liability hedged (i.e.
\n\u201cbasis adjustment\u201d).
\nWhen a hedging instrument expires or is sold, or when
\na hedge no longer meets the criteria for hedge ac-
\ncounting, any cumulative gain or loss existing in equity
\nat that time remains in equity and is recognized when
\nthe forecast transaction is ultimately recognized in the
\nincome statement. When a forecast transaction is no
\nlonger expected to occur, the cumulative gain or loss
\nis immediately transferred to the income statement.
\nFor hedge relationships using forwards, accounting
\n
\n\n\n\n\nfor the forward element (profit or loss vs OCI) is de-
\nfined case by case.
\nConversely, for hedge relationships using cross cur-
\nrency interest rate swaps, the Group separates foreign
\ncurrency basis spreads and present them in other
\ncomprehensive income (OCI) as hedging costs.
\nWith specific regard to cash flow hedges of commod-
\nity risk, the Enel Group applies a dynamic hedge ac-
\ncounting approach based on specific liquidity require-
\nments (the so-called liquidity-based approach).
\nThis approach requires the use of the most liquid de-
\nrivatives available on the market.
\nThe liquidity-based approach allows the roll-over of a
\nderivative by replacing it with a new derivative, if and
\nonly if the new derivative meets specific liquidity and
\nproxy effectiveness requirements.
\nSatisfaction of these requirements is verified quarterly.
\nAt the roll-over date, the hedge relationship is not dis-
\ncontinued and the new derivative continues to be rec-
\nognized in OCI, while changes in the fair value of the
\nold derivative are recognized through profit or loss.
\n49.1.1 Hedge relationships by type
\nof risk hedged
\nInterest rate risk
\nThe following table shows the notional amount and the
\naverage interest rate of instruments hedging the in-
\nterest rate risk on the main currencies of transactions
\noutstanding at December 31, 2024 and December 31,
\n2023, broken down by maturity.
\n\n
\n\n\n | \nMaturity | \n\n
\n\n| Millions of euro | \n2025 | \n2026 | \n2027 | \n2028 | \n2029 | \nBeyond | \nTotal | \n\n
\n\n| At Dec. 31, 2024 | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest rate swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total notional amount | \n816 | \n802 | \n1,978 | \n15 | \n212 | \n4,326 | \n8,149 | \n\n
\n\n| Notional amount related to IRSs in euro | \n550 | \n590 | \n1,505 | \n15 | \n212 | \n3,546 | \n6,418 | \n\n
\n\n| Average IRS rate in euro | \n1.93 | \n2.02 | \n3.26 | \n0.86 | \n4.12 | \n2.13 | \n | \n\n
\n\n| Notional amount related to IRSs in US dollars | \n- | \n- | \n473 | \n- | \n- | \n416 | \n889 | \n\n
\n\n| Average IRS rate in US dollars | \n | \n | \n3.28 | \n | \n | \n4.35 | \n | \n\n
\n\n\n\n
\n\n
\n
\n\n\n | \nMaturity | \n\n
\n\n| Millions of euro | \n2024 | \n2025 | \n2026 | \n2027 | \n2028 | \nBeyond | \nTotal | \n\n
\n\n| At Dec. 31, 2023 | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest rate swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total notional amount | \n708 | \n564 | \n879 | \n1,975 | \n19 | \n3,781 | \n7,9 26 | \n\n
\n\n| Notional amount related to IRSs in euro | \n608 | \n564 | \n636 | \n1,532 | \n19 | \n3,141 | \n6,500 | \n\n
\n\n| Average IRS rate in euro | \n4.56 | \n1.92 | \n2.12 | \n3.38 | \n0.86 | \n2.37 | \n | \n\n
\n\n| Notional amount related to IRSs in US dollars | \n46 | \n- | \n- | \n444 | \n- | \n210 | \n700 | \n\n
\n\n| Average IRS rate in US dollars | \n0.70 | \n | \n | \n3.28 | \n | \n5.05 | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\nThe following table shows the notional amount and the
\nfair value of the hedging instruments on the interest
\nrate risk of transactions outstanding as at December
\n31, 2024 and December 31, 2023, broken down by
\ntype of hedged item.
\n\n
\n\n\n | \n | \n | \n | \nNotional | \n | \n | \nNotional | \n\n
\n\n| Millions of euro | \n | \nFair value | \namount | \nFair value | \namount | \n\n
\n\n| Hedging | \n | \nAssets | \nLiabilities | \n | \nAssets | \nLiabilities | \n | \n\n
\n\n| instrument | \nHedged item | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n| Fair value hedges | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest rate | \nFloating-rate borrowings/bonds | \n52 | \n- | \n456 | \n98 | \n- | \n544 | \n\n
\n\n| swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest rate | \nFixed-rate borrowings/bonds | \n2 | \n(16) | \n687 | \n3 | \n(44) | \n1,241 | \n\n
\n\n| swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cash flow hedges | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest rate | \nFloating-rate bonds | \n5 | \n(45) | \n940 | \n12 | \n(49) | \n1,040 | \n\n
\n\n| swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest rate | \nFloating-rate loan assets | \n- | \n(8) | \n141 | \n- | \n(7) | \n145 | \n\n
\n\n| swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest rate | \nFloating-rate borrowings | \n105 | \n(63) | \n5,925 | \n163 | \n(35) | \n4,956 | \n\n
\n\n| swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total | \n | \n164 | \n(132) | \n8,149 | \n276 | \n(135) | \n7, 9 2 6 | \n\n
\n\n\n\n
\n\n
The following table shows the notional amount and the
\nfair value of hedging derivatives on interest rate risk as
\nat December 31, 2024 and December 31, 2023, bro-
\nken down by type of hedge.
\n\n
\n\n\n| Millions of euro | \nNotional amount | \nFair value assets | \nNotional amount | \nFair value liabilities | \n\n
\n\n | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n\n
\n\n| Derivatives | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n\n
\n\n| Fair value hedges | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest rate swaps | \n468 | \n556 | \n54 | \n101 | \n675 | \n1,229 | \n(16) | \n(44) | \n\n
\n\n| Total | \n468 | \n556 | \n54 | \n101 | \n675 | \n1,229 | \n(16) | \n(44) | \n\n
\n\n| Cash flow hedges | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Interest rate swaps | \n4,001 | \n4,144 | \n110 | \n175 | \n3,005 | \n1,997 | \n(116) | \n(91) | \n\n
\n\n| Total | \n4,001 | \n4,144 | \n110 | \n175 | \n3,005 | \n1,997 | \n(116) | \n(91) | \n\n
\n\n| TOTAL INTEREST | \n4,469 | \n4,700 | \n164 | \n276 | \n3,680 | \n3,226 | \n(132) | \n(135) | \n\n
\n\n| RATE DERIVATIVES | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
The notional amount of derivatives classified as hedg-
\ning instruments at December 31, 2024 came to \u20ac8,149
\nmillion, with a corresponding positive fair value of \u20ac32
\nmillion.
\nCompared with December 31, 2023, the notional
\namount increased by \u20ac223 million, mainly reflecting:
\n\u2022 the expiry of interest rate swaps amounting to \u20ac708
\nmillion;
\n\u2022 early closure of interest rate swaps for an amount of
\n\u20ac65 million, following early redemption of the un-
\nderlying;
\n\u2022 new interest rate swaps amounting to \u20ac1,380 mil-
\nlion;
\n\u2022 the reduction in the notional amount of amortizing
\ninterest rate swaps in the amount of \u20ac370 million.
\nThe deterioration in the fair value of \u20ac109 million
\nmainly reflects developments in the yield curve dur-
\ning 2024. This is largely attributable to the progressive
\neasing, especially in the second half of 2024, of the
\nrestrictive monetary policies that have characterized
\nrecent years.
\n
\n\n\n\n\nFair value hedge derivatives
\nThe following table reports net gains and losses rec-
\nognized through profit or loss in respect of fair value
\nhedge derivatives and the hedged item that are attrib-
\nutable to interest rate risk both in 2024 and the previ-
\nous year.
\n\n
\n\n\n | \n2024 | \n2023 | \n\n
\n\n| Millions of euro | \nNet gain/(loss) | \nNet gain/(loss) | \n\n
\n\n| Interest rate hedging instruments | \n(5) | \n125 | \n\n
\n\n| Hedged item | \n15 | \n(132) | \n\n
\n\n| Ineffective portion | \n10 | \n(7) | \n\n
\n\n\n\n
\n\n
The following table shows the impact of fair value
\nhedges of interest rate risk in the statement of finan-
\ncial position at December 31, 2024 and at December
\n31, 2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \n | \n | \nFair value used | \n | \n | \nFair value used | \n\n
\n\n | \n | \n | \nto measure | \n | \n | \nto measure | \n\n
\n\n | \nNotional | \nCarrying | \nineffectiveness in | \nNotional | \nCarrying | \nineffectiveness in | \n\n
\n\n| Millions of euro | \namount | \namount | \nthe year | \namount | \namount | \nthe year | \n\n
\n\n| Interest rate swaps | \n1,143 | \n38 | \n38 | \n1,785 | \n57 | \n57 | \n\n
\n\n\n\n
\n\n
The following table shows the impact of the hedged
\nitem of fair value hedges in the statement of finan-
\ncial position at December 31, 2024 and December 31,
\n2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \n | \nof which: | \n | \n | \nof which: | \n | \n\n
\n\n | \n | \nCumulative | \nFair value used | \n | \nCumulative | \nFair value used | \n\n
\n\n | \n | \nadjustment of | \nto measure | \n | \nadjustment of | \nto measure | \n\n
\n\n | \nCarrying | \nfair value of | \nineffectiveness | \nCarrying | \nfair value of | \nineffectiveness | \n\n
\n\n| Millions of euro | \namount | \nhedged item | \nin the year | \namount | \nhedged item | \nin the year | \n\n
\n\n| Fixed-rate borrowings | \n661 | \n(14) | \n14 | \n1,186 | \n(43) | \n44 | \n\n
\n\n| Fixed-rate bonds | \n14 | \n2 | \n(2) | \n14 | \n2 | \n(2) | \n\n
\n\n| Floating-rate bonds | \n522 | \n(31) | \n(53) | \n671 | \n41 | \n(107) | \n\n
\n\n| Total | \n1,197 | \n(43) | \n(41) | \n1,871 | \n- | \n(65) | \n\n
\n\n\n\n
\n\n
Cash flow hedge derivatives
\nThe following table shows the cash flows expected in coming years from cash flow hedge derivatives on interest
\nrate risk.
\n\n
\n\n\n | \nFair value | \nDistribution of expected cash flows | \n\n
\n\n | \nat Dec. 31, | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Millions of euro | \n2024 | \n2025 | \n2026 | \n2027 | \n2028 | \n2029 | \nBeyond | \n\n
\n\n| Cash flow hedge derivatives on interest rates | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Positive fair value | \n110 | \n49 | \n23 | \n18 | \n12 | \n10 | \n18 | \n\n
\n\n| Negative fair value | \n(116) | \n(13) | \n(30) | \n(24) | \n(19) | \n(19) | \n(26) | \n\n
\n\n\n\n
\n\n
The following table shows the impact of cash flow hedges of interest rate risk in the statement of financial position
\nat December 31, 2024 and December 31, 2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \n | \n | \nFair value used | \n | \n | \nFair value used | \n\n
\n\n | \n | \n | \nto measure | \n | \n | \nto measure | \n\n
\n\n | \nNotional | \nCarrying | \nineffectiveness | \nNotional | \nCarrying | \nineffectiveness | \n\n
\n\n| Millions of euro | \namount | \namount | \nin the year | \namount | \namount | \nin the year | \n\n
\n\n| Interest rate swaps | \n7,006 | \n(6) | \n(6) | \n6,141 | \n84 | \n84 | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\nThe following table shows the impact of the hedged item of cash flow hedges in the statement of financial position
\nat December 31, 2024 and December 31, 2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \n | \n | \n | \n | \nIneffective | \nFair value of | \n | \n | \n | \nIneffective | \n\n
\n\n | \nFair value of the | \nFair value | \n | \n | \nportion of | \nthe hedged | \nFair value | \n | \n | \nportion of | \n\n
\n\n | \nhedged item | \nthrough P&L of | \n | \n | \ncarrying | \nitem used | \nthrough P&L of | \n | \n | \ncarrying | \n\n
\n\n | \nused to measure | \nCFH derivatives | \n | \nHedging | \namount | \nto measure | \nCFH derivatives | \n | \nHedging | \namount | \n\n
\n\n| Millions | \nineffectiveness | \ndesignated after | \nHedging | \ncosts | \nof CFH | \nineffectiveness | \ndesignated after | \nHedging | \ncosts | \nof CFH | \n\n
\n\n| of euro | \nin the year | \ninitial recognition | \nreserve | \nreserve | \nderivatives | \nin the year | \ninitial recognition | \nreserve | \nreserve | \nderivatives | \n\n
\n\n| Floating-rate | \n40 | \n- | \n(40) | \n- | \n- | \n37 | \n- | \n(37) | \n- | \n- | \n\n
\n\n| bonds | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Floating-rate | \n8 | \n- | \n(8) | \n- | \n- | \n7 | \n- | \n(7) | \n- | \n- | \n\n
\n\n| loan assets | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Floating-rate | \n(54) | \n(14) | \n54 | \n- | \n2 | \n(149) | \n(20) | \n149 | \n- | \n(1) | \n\n
\n\n| borrowings | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total | \n(6) | \n(14) | \n6 | \n- | \n2 | \n(105) | \n(20) | \n105 | \n- | \n(1) | \n\n
\n\n\n\n
\n\n
Currency risk
\nThe following table reports the maturity profile of
\nthe notional amount and associated average con-
\ntractual exchange rate for the instruments hedging
\ncurrency risk on the main currencies of transactions
\noutstanding at December 31, 2024 and December
\n31, 2023.
\n\n
\n\n\n | \nMaturity | \n\n
\n\n| Millions of euro | \n2025 | \n2026 | \n2027 | \n2028 | \n2029 | \nBeyond | \nTotal | \n\n
\n\n| At Dec. 31, 2024 | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total notional amount of CCIRSs | \n2,699 | \n1,304 | \n3,215 | \n2,173 | \n3,097 | \n13,264 | \n25,752 | \n\n
\n\n| Notional amount for CCIRSs EUR/USD | \n2, 171 | \n1,207 | \n2,421 | \n2, 173 | \n1,984 | \n9,658 | \n19,614 | \n\n
\n\n| Average exchange rate EUR/USD | \n1.07 | \n1.18 | \n1.09 | \n1.18 | \n1.11 | \n1.14 | \n | \n\n
\n\n| Notional amount for CCIRSs EUR/GBP | \n- | \n- | \n605 | \n- | \n907 | \n2,406 | \n3,918 | \n\n
\n\n| Average exchange rate EUR/GBP | \n | \n | \n0.90 | \n | \n0.84 | \n0.81 | \n | \n\n
\n\n| Notional amount for CCIRSs EUR/CHF | \n- | \n- | \n- | \n139 | \n- | \n- | \n139 | \n\n
\n\n| Average exchange rate EUR/CHF | \n | \n | \n | \n1.21 | \n | \n | \n | \n\n
\n\n| Notional amount for CCIRSs USD/BRL | \n246 | \n97 | \n- | \n- | \n- | \n479 | \n822 | \n\n
\n\n| Average exchange rate USD/BRL | \n5.22 | \n5.30 | \n | \n | \n | \n4.27 | \n | \n\n
\n\n| Notional amount for CCIRSs EUR/BRL | \n216 | \n- | \n50 | \n- | \n- | \n- | \n266 | \n\n
\n\n| Average exchange rate EUR/BRL | \n6.05 | \n | \n3.92 | \n | \n | \n | \n | \n\n
\n\n| Currency forwards | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total notional amount of forwards | \n2,890 | \n920 | \n35 | \n- | \n- | \n- | \n3,845 | \n\n
\n\n| Notional amount - currency forwards EUR/USD | \n2,602 | \n920 | \n35 | \n- | \n- | \n- | \n3,557 | \n\n
\n\n| Average currency forward rate - EUR/USD | \n1.10 | \n1.12 | \n1.12 | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards USD/COP | \n200 | \n- | \n- | \n- | \n- | \n- | \n200 | \n\n
\n\n| Average currency forward rate - USD/COP | \n4,243.18 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards USD/MXN | \n47 | \n- | \n- | \n- | \n- | \n- | \n47 | \n\n
\n\n| Average currency forward rate - USD/MXN | \n21.13 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards CLF/USD | \n12 | \n- | \n- | \n- | \n- | \n- | \n12 | \n\n
\n\n| Average currency forward rate - CLF/USD | \n39.59 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards EUR/CNY | \n11 | \n- | \n- | \n- | \n- | \n- | \n11 | \n\n
\n\n| Average currency forward rate - EUR/CNY | \n7.7 0 | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n
\n\n\n | \nMaturity | \n\n
\n\n| Millions of euro | \n2024 | \n2025 | \n2026 | \n2027 | \n2028 | \nBeyond | \nTotal | \n\n
\n\n| At Dec. 31, 2023 | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total notional amount of CCIRSs | \n4,562 | \n2,577 | \n1,222 | \n2,337 | \n2,037 | \n13,386 | \n26,121 | \n\n
\n\n| Notional amount for CCIRSs EUR/USD | \n2,213 | \n2,036 | \n1,132 | \n1,560 | \n2,037 | \n9,102 | \n18,080 | \n\n
\n\n| Average exchange rate EUR/USD | \n1.13 | \n1.07 | \n1.07 | \n1.10 | \n1.18 | \n1.15 | \n | \n\n
\n\n| Notional amount for CCIRSs EUR/GBP | \n981 | \n- | \n- | \n577 | \n- | \n3,856 | \n5,414 | \n\n
\n\n| Average exchange rate EUR/GBP | \n0.88 | \n | \n | \n0.90 | \n | \n0.82 | \n | \n\n
\n\n| Notional amount for CCIRSs EUR/CHF | \n242 | \n- | \n- | \n140 | \n- | \n- | \n382 | \n\n
\n\n| Average exchange rate EUR/CHF | \n1.07 | \n | \n | \n1.21 | \n | \n | \n | \n\n
\n\n| Notional amount for CCIRSs USD/BRL | \n279 | \n231 | \n91 | \n- | \n- | \n387 | \n988 | \n\n
\n\n| Average exchange rate USD/BRL | \n5.50 | \n5.22 | \n5.30 | \n | \n | \n4.13 | \n | \n\n
\n\n| Notional amount for CCIRSs EUR/BRL | \n445 | \n231 | \n- | \n60 | \n- | \n- | \n736 | \n\n
\n\n| Average exchange rate EUR/BRL | \n6.25 | \n6.05 | \n | \n3.92 | \n | \n | \n | \n\n
\n\n| Currency forwards | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total notional amount of forwards | \n4,616 | \n1,186 | \n507 | \n- | \n- | \n- | \n6,309 | \n\n
\n\n| Notional amount - currency forwards EUR/USD | \n3,144 | \n1,042 | \n507 | \n- | \n- | \n- | \n4,693 | \n\n
\n\n| Average currency forward rate - EUR/USD | \n1.10 | \n1.11 | \n1.13 | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards USD/BRL | \n938 | \n141 | \n- | \n- | \n- | \n- | \n1,079 | \n\n
\n\n| Average currency forward rate - USD/BRL | \n873.05 | \n885.2239 | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards EUR/CNH | \n175 | \n- | \n- | \n- | \n- | \n- | \n175 | \n\n
\n\n| Average currency forward rate - EUR/CNH | \n7.81 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards USD/CLP | \n130 | \n- | \n- | \n- | \n- | \n- | \n130 | \n\n
\n\n| Average currency forward rate - USD/CLP | \n4.95 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount - currency forwards USD/COP | \n122 | \n2 | \n- | \n- | \n- | \n- | \n124 | \n\n
\n\n| Average currency forward rate - USD/COP | \n4,498.97 | \n4,597.37 | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
The following table shows the notional amount and the
\nfair value of the hedging instruments on the currency
\nrisk of transactions outstanding as at December 31,
\n2024 and December 31, 2023 broken down by type of
\nhedged item.
\n\n
\n\n\n | \n | \n | \n | \nNotional | \n | \n | \nNotional | \n\n
\n\n| Millions of euro | \n | \nFair value | \namount | \nFair value | \namount | \n\n
\n\n| Hedging instrument | \nHedged item | \nAssets | \nLiabilities | \n | \nAssets | \nLiabilities | \n | \n\n
\n\n | \n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n| Fair value hedges | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFixed-rate borrowings/bonds in | \n67 | \n(12) | \n1,141 | \n12 | \n(78) | \n1,019 | \n\n
\n\n| swaps (CCIRSs) | \nforeign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFloating-rate borrowings in foreign | \n- | \n- | \n- | \n- | \n- | \n- | \n\n
\n\n| swaps (CCIRSs) | \ncurrencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cash flow hedges | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFloating-rate borrowings/financial | \n115 | \n(4) | \n612 | \n67 | \n(36) | \n754 | \n\n
\n\n| swaps (CCIRSs) | \nassets in foreign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFixed-rate borrowings/financial | \n39 | \n(70) | \n1,455 | \n5 | \n(220) | \n2,104 | \n\n
\n\n| swaps (CCIRSs) | \nassets in foreign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFloating-rate bonds in foreign | \n8 | \n(2) | \n202 | \n56 | \n- | \n250 | \n\n
\n\n| swaps (CCIRSs) | \ncurrencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFixed-rate bonds in foreign | \n1,223 | \n(1,625) | \n22,310 | \n965 | \n(1,724) | \n21,763 | \n\n
\n\n| swaps (CCIRSs) | \ncurrencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cross currency interest rate | \nFuture cash flows denominated in | \n- | \n(7) | \n32 | \n- | \n(43) | \n231 | \n\n
\n\n| swaps (CCIRSs) | \nforeign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Currency forwards | \nFuture cash flows denominated in | \n1 | \n- | \n39 | \n2 | \n(1) | \n117 | \n\n
\n\n | \nforeign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Currency forwards | \nFuture commodity purchases | \n181 | \n(3) | \n3,527 | \n54 | \n(126) | \n5,666 | \n\n
\n\n | \ndenominated in foreign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Currency forwards | \nPurchases of investment goods and | \n10 | \n(1) | \n279 | \n3 | \n(12) | \n526 | \n\n
\n\n | \nother in foreign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total | \n | \n1,644 | \n(1,724) | \n29,597 | \n1,164 | \n(2,240) | \n32,430 | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n\n\n
\n
\n\nCash flow hedges and fair value hedges include:
\n\u2022 CCIRSs with a notional amount of \u20ac24,906 million
\nused to hedge the currency risk on fixed-rate debt
\ndenominated in currencies other than the euro with
\na negative fair value of \u20ac378 million;
\n\u2022 CCIRSs with a notional amount of \u20ac846 million used
\nto hedge the currency risk on floating-rate debt de-
\nnominated in currencies other than the euro, with a
\npositive fair value of \u20ac110 million;
\n\u2022 currency forwards with a notional amount of \u20ac3,566
\nmillion used to hedge the currency risk associated
\nwith purchases of energy and metal commodities
\nand expected cash flows in currencies other than the
\neuro, with a total positive fair value of \u20ac179 million;
\n\u2022 currency forwards with a notional amount of \u20ac279
\nmillion and a positive fair value of \u20ac9 million, in re-
\nspect of OTC transactions to mitigate the currency
\nrisk on expected cash flows in currencies other than
\nthe presentation currency connected with the pur-
\nchase of investment goods in the energy generation
\nsector, on operating costs for the supply of cloud
\nservices and on revenue from the sale of renewable
\nenergy.
\nThe following table reports the notional amount and
\nfair value of foreign exchange derivatives at Decem-
\nber 31, 2024 and December 31, 2023, broken down by
\ntype of hedge.
\n\n
\n\n\n| Millions of euro | \nNotional amount | \nFair value assets | \nNotional amount | \nFair value liabilities | \n\n
\n\n | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n\n
\n\n| Derivatives | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n\n
\n\n| Fair value hedges | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| CCIRSs | \n536 | \n90 | \n67 | \n12 | \n605 | \n929 | \n(12) | \n(78) | \n\n
\n\n| Total | \n536 | \n90 | \n67 | \n12 | \n605 | \n929 | \n(12) | \n(78) | \n\n
\n\n| Cash flow hedges | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Currency forwards | \n3,609 | \n1,979 | \n192 | \n59 | \n236 | \n4,330 | \n(4) | \n(140) | \n\n
\n\n| CCIRSs | \n14,265 | \n13,474 | \n1,385 | \n1,093 | \n10,346 | \n11,628 | \n(1,708) | \n(2,022) | \n\n
\n\n| Total | \n17,874 | \n15,453 | \n1,577 | \n1,152 | \n10,582 | \n15,958 | \n(1,712) | \n(2,162) | \n\n
\n\n| TOTAL EXCHANGE | \n18,410 | \n15,543 | \n1,644 | \n1,164 | \n11,187 | \n16,887 | \n(1,724) | \n(2,240) | \n\n
\n\n| RATE DERIVATIVES | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\nThe notional amount of CCIRSs at December 31, 2024
\namounted to \u20ac25,752 million, a decrease of \u20ac369 million
\nfrom \u20ac26,121 million at December 31, 2023. In particular:
\n\u2022 CCIRSs with a total amount of \u20ac3,707 million expired;
\n\u2022 new derivatives amounted to \u20ac2,188 million;
\n\u2022 the notional amount increased by \u20ac1,150 million, re-
\nflecting developments in the exchange rate of the
\neuro against the main other currencies, slightly off-
\nset by the effect of amortization.
\nThe notional amount of currency forwards at De-
\ncember 31, 2024 amounted to \u20ac3,845 million
\n(\u20ac6,309 million at December 31, 2023), a decrease
\nof \u20ac2,464 million. The exposure to currency risk, es-
\npecially that associated with the US dollar, is mainly
\ndue to purchases of energy and metal commodities
\nand cash flows in respect of investments.
\nThe considerable decrease in the notional amounts
\nof these derivatives in 2024 is mainly due to the de-
\ncrease in currency hedges on the purchase of fos-
\nsil fuel. The improvement of net fair value of \u20ac268
\nmillion reflected positive developments in exchange
\nrates, in particular the euro/US dollar rate.
\n
\n
\n\n\n\n\nFair value hedge derivatives
\nThe following table reports net gains and losses rec-
\nognized through profit or loss, reflecting changes in
\nthe fair value of fair value hedge derivatives and the
\nhedged item that are attributable to currency risk for
\n2024 and the previous year.
\n
\n\n\n\n\n\n
\n\n\n | \n2024 | \n2023 | \n\n
\n\n| Millions of euro | \nNet gain/(loss) | \nNet gain/(loss) | \n\n
\n\n| Interest rate hedging instruments | \n129 | \n20 | \n\n
\n\n| Hedged item | \n(135) | \n(12) | \n\n
\n\n| Ineffective portion | \n(6) | \n8 | \n\n
\n\n\n\n
\n\n
The following table shows the impact of fair value
\nhedges of currency risk in the statement of financial
\nposition at December 31, 2024 and December 31,
\n2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \n | \n | \nFair value used | \n | \n | \nFair value used | \n\n
\n\n | \n | \n | \nto measure | \n | \n | \nto measure | \n\n
\n\n | \nNotional | \nCarrying | \nineffectiveness | \nNotional | \nCarrying | \nineffectiveness | \n\n
\n\n| Millions of euro | \namount | \namount | \nin the year | \namount | \namount | \nin the year | \n\n
\n\n| Cross currency interest rate | \n1,141 | \n55 | \n53 | \n1,019 | \n(66) | \n(68) | \n\n
\n\n| swaps (CCIRSs) | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
The following table shows the impact of the hedged
\nitem of fair value hedges in the statement of finan-
\ncial position at December 31, 2024 and December 31,
\n2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \n | \nof which: | \n | \n | \nof which: | \n | \n\n
\n\n | \n | \nCumulative | \nFair value used | \n | \nCumulative | \nFair value used | \n\n
\n\n | \n | \nadjustment of | \nto measure | \n | \nadjustment of | \nto measure | \n\n
\n\n | \nCarrying | \nfair value of | \nineffectiveness | \nCarrying | \nfair value of | \nineffectiveness | \n\n
\n\n| Millions of euro | \namount | \nhedged item | \nin the year | \namount | \nhedged item | \nin the year | \n\n
\n\n| Fixed-rate bonds in | \n534 | \n(71) | \n14 | \n500 | \n(77) | \n48 | \n\n
\n\n| foreign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Fixed-rate borrowings | \n515 | \n(22) | \n(72) | \n434 | \n(7) | \n24 | \n\n
\n\n| in foreign currencies | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total | \n1,049 | \n(93) | \n(58) | \n934 | \n(84) | \n72 | \n\n
\n\n\n\n
\n\n
Cash flow hedge derivatives
\nThe following table shows the cash flows expected in coming years from cash flow hedge derivatives on currency risk.
\n\n
\n\n\n | \nFair value | \nDistribution of expected cash flows | \n\n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \n2025 | \n2026 | \n2027 | \n2028 | \n2029 | \nBeyond | \n\n
\n\n| Cash flow hedge derivatives on exchange rates | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Positive fair value | \n1,577 | \n484 | \n421 | \n320 | \n427 | \n249 | \n1,921 | \n\n
\n\n| Negative fair value | \n(1,712) | \n(76) | \n24 | \n16 | \n39 | \n53 | \n308 | \n\n
\n\n\n\n
\n\n
\n\n\n\n\nThe following table shows the impact of cash flow
\nhedges of currency risk in the statement of financial
\nposition at December 31, 2024 and December 31,
\n2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \n | \n | \nFair value used | \n | \n | \nFair value used | \n\n
\n\n | \n | \n | \nto measure | \n | \n | \nto measure | \n\n
\n\n | \nNotional | \nCarrying | \nineffectiveness | \nNotional | \nCarrying | \nineffectiveness | \n\n
\n\n| Millions of euro | \namount | \namount | \nin the year | \namount | \namount | \nin the year | \n\n
\n\n| Cross currency interest | \n24,611 | \n(323) | \n(586) | \n25,102 | \n(930) | \n(919) | \n\n
\n\n| rate swaps (CCIRSs) | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Currency forwards | \n3,845 | \n188 | \n194 | \n6,309 | \n(80) | \n(73) | \n\n
\n\n| Total | \n28,456 | \n(135) | \n(392) | \n31,411 | \n(1,010) | \n(992) | \n\n
\n\n\n\n
\n\n
The following table shows the impact of the hedged
\nitem of cash flow hedges in the statement of finan-
\ncial position at December 31, 2024 and December 31,
\n2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \nFair value of | \n | \n | \nIneffective | \n | \nFair value of | \n | \n | \nIneffective | \n | \n\n
\n\n | \nthe hedged | \n | \n | \nportion of | \n | \nthe hedged | \n | \n | \nportion of | \n | \n\n
\n\n | \nitem used | \n | \n | \ncarrying | \n | \nitem used | \n | \n | \ncarrying | \n | \n\n
\n\n | \nto measure | \n | \nHedging | \namount | \n | \nto measure | \n | \nHedging | \namount | \n | \n\n
\n\n | \nineffectiveness | \nHedging | \ncosts | \nof CFH | \nOther | \nineffectiveness | \nHedging | \ncosts | \nof CFH | \nOther | \n\n
\n\n| Millions of euro | \nin the year | \nreserve | \nreserve | \nderivatives | \neffects(1) | \nin the year | \nreserve | \nreserve | \nderivatives | \neffects(1) | \n\n
\n\n| Floating-rate borrowings | \n(112) | \n112 | \n- | \n(1) | \n- | \n(31) | \n31 | \n- | \n- | \n- | \n\n
\n\n| in foreign currencies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Fixed-rate borrowings | \n31 | \n(31) | \n(1) | \n1 | \n- | \n219 | \n(219) | \n4 | \n- | \n- | \n\n
\n\n| in foreign currencies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Floating-rate bonds | \n(6) | \n6 | \n- | \n- | \n- | \n(56) | \n56 | \n- | \n- | \n- | \n\n
\n\n| in foreign currencies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Fixed-rate bonds | \n797 | \n(797) | \n264 | \n2 | \n128 | \n861 | \n(861) | \n(15) | \n- | \n118 | \n\n
\n\n| in foreign currencies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Future cash flows | \n7 | \n(7) | \n- | \n- | \n- | \n43 | \n(43) | \n- | \n- | \n- | \n\n
\n\n| denominated in foreign | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| currencies (hedged | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| with CCIRSs) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Future cash flows | \n(1) | \n1 | \n- | \n- | \n- | \n(1) | \n1 | \n- | \n- | \n- | \n\n
\n\n| denominated in foreign | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| currencies (hedged | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| with forwards) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Future commodity | \n(179) | \n179 | \n- | \n- | \n- | \n72 | \n(72) | \n(1) | \n- | \n- | \n\n
\n\n| purchases denominated | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| in foreign currencies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Purchases of investment | \n(14) | \n14 | \n(5) | \n- | \n- | \n3 | \n(3) | \n(6) | \n- | \n- | \n\n
\n\n| goods and other in | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| foreign currencies | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total | \n523 | \n(523) | \n258 | \n2 | \n128 | \n1,110 | \n(1,110) | \n(18) | \n- | \n118 | \n\n
\n\n\n\n
\n\n
(1) Impact connected with the change in spot exchange rates between the date the CCIRSs to hedge bonds in foreign currencies were obtained
\nand the actual disbursement of the loan.
\n
\n\n\n\n\nCommodity price risk
\n\n
\n\n\n | \nMaturity | \n\n
\n\n| Millions of euro | \n2025 | \n2026 | \n2027 | \n2028 | \n2029 | \nBeyond | \nTotal | \n\n
\n\n| At Dec. 31, 2024 | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Commodity swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount on power | \n285 | \n207 | \n201 | \n150 | \n148 | \n600 | \n1,591 | \n\n
\n\n| Average commodity swap price on power (\u20ac/MWh) | \n62.7 | \n55.5 | \n53.6 | \n33.5 | \n33.2 | \n32.8 | \n | \n\n
\n\n| Notional amount on gas | \n1,718 | \n453 | \n25 | \n22 | \n21 | \n28 | \n2,267 | \n\n
\n\n| Average commodity swap price on gas (\u20ac/MWh) | \n35.1 | \n39.5 | \n4.3 | \n4.1 | \n3.9 | \n3.4 | \n | \n\n
\n\n| Notional amount on oil | \n555 | \n12 | \n- | \n- | \n- | \n- | \n567 | \n\n
\n\n| Average commodity swap price on oil ($/bbl) | \n37.6 | \n28.2 | \n26.8 | \n- | \n- | \n- | \n | \n\n
\n\n| Commodity forwards/futures | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount on power | \n2,607 | \n431 | \n283 | \n169 | \n162 | \n490 | \n4,142 | \n\n
\n\n| Average commodity forward/future price on power (\u20ac/MWh) | \n79.1 | \n23.9 | \n17.8 | \n16.2 | \n15.6 | \n16.5 | \n | \n\n
\n\n| Notional amount on gas | \n2,538 | \n992 | \n1 | \n- | \n- | \n- | \n3,531 | \n\n
\n\n| Average commodity forward/future price on gas (\u20ac/MWh) | \n36.9 | \n31.0 | \n27.4 | \n- | \n- | \n- | \n | \n\n
\n\n| Notional amount on CO2 | \n495 | \n47 | \n- | \n- | \n- | \n- | \n542 | \n\n
\n\n| Average commodity forward/future price on CO2 (\u20ac/ton) | \n82.5 | \n69.3 | \n- | \n- | \n- | \n- | \n | \n\n
\n\n| Notional amount on oil | \n357 | \n- | \n- | \n- | \n- | \n- | \n357 | \n\n
\n\n| Average commodity forward/future price on oil ($/bbl) | \n71.0 | \n- | \n- | \n- | \n- | \n- | \n | \n\n
\n\n| Commodity options | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount on power | \n6 | \n6 | \n- | \n- | \n- | \n35 | \n47 | \n\n
\n\n| Average commodity options price on power (\u20ac/MWh) | \n3.7 | \n3.7 | \n- | \n- | \n- | \n13.4 | \n | \n\n
\n\n\n\n
\n\n
\n
\n\n\n | \nMaturity | \n\n
\n\n| Millions of euro | \n2024 | \n2025 | \n2026 | \n2027 | \n2028 | \nBeyond | \nTotal | \n\n
\n\n| At Dec. 31, 2023 | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Commodity swaps | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount on power | \n128 | \n106 | \n100 | \n284 | \n91 | \n286 | \n995 | \n\n
\n\n| Average commodity swap price on power (\u20ac/MWh) | \n87.0 | \n44.0 | \n37.0 | \n59.6 | \n32.0 | \n34.0 | \n | \n\n
\n\n| Notional amount on gas | \n1,551 | \n1 ,747 | \n296 | \n- | \n- | \n125 | \n3,719 | \n\n
\n\n| Average commodity swap price on gas (\u20ac/MWh) | \n41.8 | \n40.4 | \n27. 0 | \n- | \n- | \n7. 0 | \n | \n\n
\n\n| Notional amount on oil | \n1,016 | \n106 | \n10 | \n- | \n- | \n- | \n1,132 | \n\n
\n\n| Average commodity swap price on oil ($/bbl) | \n86.0 | \n78.0 | \n69.0 | \n- | \n- | \n- | \n | \n\n
\n\n| Commodity forwards/futures | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount on power | \n2,506 | \n388 | \n297 | \n258 | \n151 | \n606 | \n4,206 | \n\n
\n\n| Average commodity forward/future price on power (\u20ac/MWh) | \n114.9 | \n18.0 | \n18.0 | \n16.0 | \n18.0 | \n16.0 | \n | \n\n
\n\n| Notional amount on coal/shipping | \n38 | \n- | \n- | \n- | \n- | \n- | \n38 | \n\n
\n\n| Average commodity forward/future price on coal/shipping | \n175.0 | \n- | \n- | \n- | \n- | \n- | \n | \n\n
\n\n| ($/ton) | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount on gas | \n4,432 | \n377 | \n626 | \n- | \n- | \n- | \n5,435 | \n\n
\n\n| Average commodity forward/future price on gas (\u20ac/MWh) | \n71.4 | \n48.9 | \n32.0 | \n- | \n- | \n- | \n | \n\n
\n\n| Notional amount on CO2 | \n662 | \n336 | \n21 | \n- | \n- | \n- | \n1,019 | \n\n
\n\n| Average commodity forward/future price on CO2 (\u20ac/ton) | \n91.9 | \n93.0 | \n84.0 | \n- | \n- | \n- | \n | \n\n
\n\n| Notional amount on oil | \n354 | \n- | \n- | \n- | \n- | \n- | \n354 | \n\n
\n\n| Average commodity forward/future price on oil ($/bbl) | \n74.6 | \n- | \n- | \n- | \n- | \n- | \n | \n\n
\n\n| Commodity options | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Notional amount on power | \n24 | \n39 | \n44 | \n39 | \n39 | \n342 | \n527 | \n\n
\n\n| Average commodity options price on power (\u20ac/MWh) | \n27.5 | \n30.0 | \n30.5 | \n34.0 | \n34.0 | \n34.0 | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\nThe following table reports the notional amount and
\nfair value of instruments hedging commodity price
\nrisk on transactions outstanding at December 31,
\n2024 and December 31, 2023 broken down by type of
\ncommodity and contract.
\n\n
\n\n\n | \nNotional amount | \nFair value assets | \nNotional amount | \nFair value liabilities | \n\n
\n\n | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \nat Dec. 31, | \n\n
\n\n| Millions of euro | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n2024 | \n2023 | \n\n
\n\n| Derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Cash flow hedges | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Derivatives on power: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - swaps | \n477 | \n684 | \n210 | \n357 | \n1,114 | \n311 | \n(166) | \n(233) | \n\n
\n\n| - forwards/futures | \n1,399 | \n1,636 | \n62 | \n162 | \n2 ,743 | \n2,570 | \n(748) | \n(763) | \n\n
\n\n| - options | \n47 | \n527 | \n25 | \n93 | \n- | \n- | \n(5) | \n(62) | \n\n
\n\n| Total derivatives | \n1,923 | \n2,847 | \n297 | \n612 | \n3,857 | \n2,881 | \n(919) | \n(1,058) | \n\n
\n\n| on power | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| on coal/shipping: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - forwards/futures | \n- | \n- | \n- | \n- | \n- | \n38 | \n- | \n(17) | \n\n
\n\n| Total derivatives on | \n- | \n- | \n- | \n- | \n- | \n38 | \n- | \n(17) | \n\n
\n\n| coal/shipping | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Derivatives | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| on gas and oil: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - swaps | \n512 | \n2,785 | \n53 | \n623 | \n2,322 | \n2,066 | \n(421) | \n(468) | \n\n
\n\n| - forwards/futures | \n2,395 | \n3,382 | \n361 | \n1,375 | \n1,493 | \n2,407 | \n(299) | \n(1,198) | \n\n
\n\n| Total derivatives | \n2,907 | \n6,167 | \n414 | \n1,998 | \n3,815 | \n4,473 | \n(720) | \n(1,666) | \n\n
\n\n| on gas and oil | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Derivatives on CO2: | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - forwards/futures | \n420 | \n640 | \n77 | \n91 | \n122 | \n379 | \n(23) | \n(29) | \n\n
\n\n| Total derivatives | \n420 | \n640 | \n77 | \n91 | \n122 | \n379 | \n(23) | \n(29) | \n\n
\n\n| on CO2 | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| TOTAL COMMODITY | \n5,250 | \n9,654 | \n788 | \n2,701 | \n7,79 4 | \n7,771 | \n(1,662) | \n(2,770) | \n\n
\n\n| DERIVATIVES | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
Hedges mainly cover the price risk of power and gas.
\nThe power category mainly includes long-term hedg-
\ning transactions, especially in Spain and North Amer-
\nica. The gas category primarily includes hedges of
\nfluctuations in the price of natural gas, for both pur-
\nchases and sales, carried out for oil commodities and
\ngas products.
\nTo a smaller extent, the CO
\n2
\n category mainly includes
\nhedging transactions undertaken for Enel Group com-
\npliance purposes.
\nCash flow hedge derivatives
\nThe following table shows the cash flows expected
\nin coming years from cash flow hedge derivatives on
\ncommodity price risk.
\n\n
\n\n\n | \nFair value | \nDistribution of expected cash flows | \n\n
\n\n| Millions of euro | \nat Dec. 31, 2024 | \n2025 | \n2026 | \n2027 | \n2028 | \n2029 | \nBeyond | \n\n
\n\n| Cash flow hedge derivatives on commodities | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Positive fair value | \n788 | \n505 | \n82 | \n42 | \n36 | \n37 | \n86 | \n\n
\n\n| Negative fair value | \n(1,662) | \n(764) | \n(337) | \n(211) | \n(114) | \n(89) | \n(147) | \n\n
\n\n\n\n
\n\n
\n\n\n\n\nThe following table shows the impact of cash flow hedges of commodity price risk in the statement of financial
\nposition at December 31, 2024 and December 31, 2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \n | \n | \nFair value used | \n | \n | \nFair value used | \n\n
\n\n | \n | \n | \nto measure | \n | \n | \nto measure | \n\n
\n\n | \nNotional | \nCarrying | \nineffectiveness | \nNotional | \nCarrying | \nineffectiveness | \n\n
\n\n| Millions of euro | \namount | \namount | \n in the year | \namount | \namount | \nin the year | \n\n
\n\n| Power swaps | \n1,591 | \n44 | \n42 | \n995 | \n124 | \n126 | \n\n
\n\n| Gas and oil swaps | \n2,834 | \n(368) | \n(368) | \n4,850 | \n155 | \n155 | \n\n
\n\n| Power forwards/futures | \n4,142 | \n(686) | \n(724) | \n4,206 | \n(602) | \n(638) | \n\n
\n\n| Coal/shipping forwards/futures | \n- | \n- | \n- | \n38 | \n(17) | \n(17) | \n\n
\n\n| Gas and oil forwards/futures | \n3,888 | \n62 | \n74 | \n5,789 | \n178 | \n92 | \n\n
\n\n| CO2 forwards/futures | \n542 | \n54 | \n54 | \n1,019 | \n62 | \n62 | \n\n
\n\n| Power options | \n47 | \n20 | \n20 | \n528 | \n31 | \n31 | \n\n
\n\n| Total | \n13,044 | \n(874) | \n(902) | \n17,425 | \n(69) | \n(189) | \n\n
\n\n\n\n
\n\n
The following table shows the impact of the hedged
\nitem of cash flow hedges in the statement of finan-
\ncial position at December 31, 2024 and December 31,
\n2023.
\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \nFair value of | \n | \n | \nIneffective | \nFair value of | \n | \n | \nIneffective | \n\n
\n\n | \nthe hedged | \n | \n | \nportion of | \nthe hedged | \n | \n | \nportion of | \n\n
\n\n | \nitem used | \n | \n | \ncarrying | \nitem used | \n | \n | \ncarrying | \n\n
\n\n | \nto measure | \n | \nHedging | \namount | \nto measure | \n | \nHedging | \namount | \n\n
\n\n | \nineffectiveness | \nHedging | \ncosts | \nof CFH | \nineffectiveness | \nHedging | \ncosts | \nof CFH | \n\n
\n\n| Millions of euro | \nin the year | \nreserve | \nreserve | \nderivatives | \nin the year | \nreserve | \nreserve | \nderivatives | \n\n
\n\n| Future transactions | \n689 | \n(689) | \n17 | \n50 | \n491 | \n(491) | \n12 | \n(59) | \n\n
\n\n| in power | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Future transactions | \n- | \n- | \n- | \n- | \n17 | \n(17) | \n- | \n- | \n\n
\n\n| in coal/shipping | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Future transactions | \n317 | \n(317) | \n- | \n(17) | \n(422) | \n422 | \n- | \n(118) | \n\n
\n\n| in gas and oil | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Future transactions | \n(54) | \n54 | \n- | \n- | \n(62) | \n62 | \n- | \n- | \n\n
\n\n| in CO2 | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Total | \n952 | \n(952) | \n17 | \n33 | \n24 | \n(24) | \n12 | \n(177) | \n\n
\n\n\n\n
\n\n
\n\n\n\n\nCash flow hedges mainly cover future sales of
\npower and purchase and sale of gas. The power
\ncategory mainly includes long-term hedging trans-
\nactions on the generation of plants in Spain and
\nNorth America. The gas category includes short/
\nmedium-term hedging transactions mainly in Italy
\nand Spain. Due to their time horizon, power trans-
\nactions were less affected by price volatility than
\nthose in gas.
\nThe ineffectiveness recognized in 2024 on future
\ntransactions in gas is mainly related to proxy hedging
\noperations in Spain, while ineffectiveness on future
\ntransactions in power is mainly related to proxy hedg-
\ning operations in North America.
\n
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1122": {
"value": "\n
\nFair value measurement
\n\n50. Assets and liabilities measured
\nat fair value
\nThe Group determines fair value in accordance with
\nIFRS 13 whenever such measurement is required by
\nthe IFRS as a recognition or measurement criterion.
\nFair value is defined as the price that would be re-
\nceived to sell an asset or paid to transfer a liability, in
\nan orderly transaction, between market participants,
\nat the measurement date (i.e. an exit price).
\nThe best proxy of fair value is market price, i.e. the
\ncurrent publicly available price actually used on a liq-
\nuid and active market.
\nThe fair value of assets and liabilities is classified in
\naccordance with the three-level hierarchy described
\nbelow, depending on the inputs and valuation tech-
\nniques used in determining their fair value:
\n\u2022 Level 1, where the fair value is determined on the ba-
\nsis of quoted prices (unadjusted) in active markets
\nfor identical assets or liabilities that the entity can
\naccess at the measurement date;
\n\u2022 Level 2, where the fair value is determined on the
\nbasis of inputs other than quoted prices included
\nwithin Level 1 that are observable for the asset or
\nliability, either directly (such as prices) or indirectly
\n(derived from prices);
\n\u2022 Level 3, where the fair value is determined on the
\nbasis of unobservable inputs.
\nThis note also provides detailed disclosures concern-
\ning the valuation techniques and inputs used to per-
\nform these measurements.
\nTo that end:
\n\u2022 recurring fair value measurements of assets or lia-
\nbilities are those required or permitted by the IFRS
\nin the statement of financial position at the close of
\neach period;
\n\u2022 non-recurring fair value measurements are those
\nrequired or permitted by the IFRS in the statement
\nof financial position in particular circumstances.
\nFor general information or specific disclosures on the
\naccounting treatment of these circumstances, please
\nsee note 2 \u201cAccounting policies\u201d.
\n50.1 Assets measured at fair value in the statement of financial position
\nThe following table shows, for each class of assets
\nmeasured at fair value on a recurring or non-recurring
\nbasis in the statement of financial position, the fair
\nvalue measurement at the end of the reporting period
\nand the level in the fair value hierarchy into which the
\nfair value measurements of those assets are classified.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n\n\n
\n\n\n | \n | \n | \nNon-current assets | \n | \nCurrent assets | \n
\n\n | \n | \nFair value | \nLevel 1 | \nLevel 2 | \nLevel 3 | \nFair value | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n
\n\n | \n | \nat Dec. 31, | \n | \n | \n | \nat Dec. 31, | \n | \n | \n | \n
\n\n| Millions of euro | \nNotes | \n2024 | \n | \n | \n | \n2024 | \n | \n | \n | \n
\n\n| Equity investments in other | \n27 | \n587 | \n3 | \n53 | \n531 | \n- | \n- | \n- | \n- | \n
\n\n| companies at FVOCI | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Securities at FVOCI | \n27.1, 28.1 | \n572 | \n572 | \n- | \n- | \n138 | \n138 | \n- | \n- | \n
\n\n| Securities and financial | \n27. 1 | \n3 | \n3 | \n- | \n- | \n- | \n- | \n- | \n- | \n
\n\n| investments in funds or | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| asset management at | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| FVTPL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Equity investments in other | \n27 | \n8 | \n- | \n- | \n8 | \n- | \n- | \n- | \n- | \n
\n\n| companies at FVTPL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Financial assets from | \n27 | \n3,930 | \n- | \n3,930 | \n- | \n- | \n- | \n- | \n- | \n
\n\n| service concession | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| arrangements at FVTPL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Financial assets from JDA | \n | \n95 | \n- | \n- | \n95 | \n- | \n- | \n- | \n- | \n
\n\n| at FVTPL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Loan assets and other | \n | \n- | \n- | \n- | \n- | \n171 | \n171 | \n- | \n- | \n
\n\n| financial assets at FVTPL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Non-monetary grants in | \n | \n- | \n- | \n- | \n- | \n9 | \n- | \n2 | \n7 | \n
\n\n| respect of environmental | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| certificates | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Inventories measured at | \n49 | \n48 | \n48 | \n- | \n- | \n77 | \n77 | \n- | \n- | \n
\n\n| fair value | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Contingent consideration | \n | \n5 | \n- | \n- | \n5 | \n- | \n- | \n- | \n- | \n
\n\n| Fair value hedge | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - on interest rates | \n49 | \n54 | \n- | \n54 | \n- | \n- | \n- | \n- | \n- | \n
\n\n| - on exchange rates | \n49 | \n49 | \n- | \n49 | \n- | \n18 | \n- | \n18 | \n- | \n
\n\n| Cash flow hedge | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - on interest rates | \n49 | \n107 | \n- | \n107 | \n- | \n3 | \n- | \n3 | \n- | \n
\n\n| - on exchange rates | \n49 | \n1,331 | \n- | \n1,331 | \n- | \n246 | \n- | \n246 | \n- | \n
\n\n| - on commodities | \n49 | \n336 | \n33 | \n91 | \n212 | \n452 | \n376 | \n76 | \n- | \n
\n\n| Trading derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - on interest rates | \n49 | \n- | \n- | \n- | \n- | \n- | \n- | \n- | \n- | \n
\n\n| - on exchange rates | \n49 | \n- | \n- | \n- | \n- | \n- | \n- | \n- | \n- | \n
\n\n| - on commodities | \n49 | \n124 | \n36 | \n87 | \n- | \n2,770 | \n2,099 | \n671 | \n- | \n
\n\n| - other | \n | \n2 | \n- | \n- | \n2 | \n- | \n- | \n- | \n- | \n
\n\n
\n
\n\n\n\n\nThe fair value of \u201cequity investments in other compa-
\nnies at FVOCI\u201d is determined for listed companies on
\nthe basis of the quoted price at the close of the year,
\nwhile that for unlisted companies is based on a reliable
\nvaluation of the relevant assets and liabilities.
\n\n\u201cFinancial assets from service concession arrange-
\nments at FVTPL\u201d concern electricity distribution oper-
\nations in Brazil, by Enel Distribui\u00e7\u00e3o Rio de Janeiro, Enel
\nDistribui\u00e7\u00e3o Cear\u00e1 and Enel Distribui\u00e7\u00e3o S\u00e3o Paulo. In
\nparticular, they refer to the value of the assets at the
\nend of the concession measured at fair value.
\nFair value was estimated as the net replacement cost
\nbased on the most recent rate information availa-
\nble and on the general price index for the Brazilian
\nmarket. For more information on these concessions,
\naccounted for in accordance with IFRIC 12, see note
\n18 \u201cService concession arrangements\u201d.
\n
\n
\n\n\n\n\nThe current portion of \u201cloan assets and other financial
\nassets at FVTPL\u201d includes mainly under Level 1 finan-
\ncial deposits held by Latin American companies.
\nThe fair value of derivative contracts is determined us-
\ning the official prices for instruments traded on regu-
\nlated markets. The fair value of instruments not listed
\n
\n\n\n\n\n
\n\n\n\n\n
\n\non a regulated market is determined using valuation
\nmethods appropriate for each type of financial instru-
\nment and market data as of the end of the reporting
\nperiod (such as interest rates, exchange rates, volatili-
\nty), discounting expected future cash flows on the ba-
\nsis of the market yield curve and translating amounts
\nin currencies other than the euro using exchange
\nrates provided by the World Markets Refinitiv (WMR)
\nCompany.
\nDerivatives on interest rates and exchange rates are all
\nmeasured using Level 2 inputs.
\nThe fair value of derivatives on commodities is almost
\nalways measured using Level 1 or Level 2 inputs, as
\nthe determination is based on market inputs as these
\ncontracts are entered into with exchange counter-
\nparties, leading sector operators or financial institu-
\ntions.
\nCertain long-term financial contracts in Spain Virtual
\nPower Purchase Agreements or VPPAs, for which in-
\nternal measurement models were also used in part in
\norder to measure these instruments over longer time
\nhorizons, given the illiquidity of the underlying varia-
\nbles) fall within Level 3.
\nIn accordance with the IFRS, the Group assesses
\ncredit risk, both of the counterparty (Credit Valuation
\nAdjustment or CVA) and its own (Debit Valuation Ad-
\njustment or DVA), in order to adjust the fair value of
\nfinancial instruments for the corresponding amount of
\ncounterparty risk where necessary. More specifically,
\nthe Group measures CVA/DVA using a Potential Future
\nExposure valuation technique for the net exposure of
\nthe position and subsequently allocating the adjust-
\nment to the individual financial instruments that make
\nup the overall portfolio. All of the inputs used in this
\ntechnique are observable on the market.
\nDerivatives on other include the fair value of the put/
\ncall option mechanism on the residual 10% stake in
\nDuereti, held by e-distribuzione and classified under
\nLevel 3.
\n50.2 Assets not measured at fair value in the statement of financial position
\nFor each class of assets not measured at fair value on
\na recurring basis but whose fair value must be report-
\ned, the following table reports the fair value at the end
\nof the year and the level in the fair value hierarchy into
\nwhich the fair value measurements of those assets are
\nclassified.
\n\n
\n\n\n | \n | \n | \nNon-current assets | \n | \nCurrent assets | \n
\n\n | \n | \nFair value | \nLevel 1 | \nLevel 2 | \nLevel 3 | \nFair value | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n
\n\n | \n | \nat Dec. 31, | \n | \n | \n | \nat Dec. 31, | \n | \n | \n | \n
\n\n| Millions of euro | \nNotes | \n2024 | \n | \n | \n | \n2024 | \n | \n | \n | \n
\n\n| Investment property | \n20 | \n91 | \n14 | \n- | \n77 | \n- | \n- | \n- | \n- | \n
\n\n| Inventories | \n31 | \n- | \n- | \n- | \n- | \n43 | \n- | \n- | \n43 | \n
\n\n
\n
The table reports the fair value of investment property
\nand inventories of real estate not used in the business
\nin the amount of \u20ac91 million and \u20ac43 million respec-
\ntively. The amounts were calculated with the assis-
\ntance of appraisals conducted by independent ex-
\nperts, who used different methods depending on the
\nspecific assets involved.
\n50.3 Liabilities measured at fair value in the statement of financial position
\nThe following table reports for each class of liabilities
\nmeasured at fair value on a recurring or non-recur-
\nring basis in the statement of financial position the fair
\nvalue measurement at the end of the reporting period
\nand the level in the fair value hierarchy into which the
\nfair value measurements are classified.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n
\n\n\n | \n | \n | \nNon-current liabilities | \n | \nCurrent liabilities | \n
\n\n | \n | \nFair value | \nLevel 1 | \nLevel 2 | \nLevel 3 | \nFair value | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n
\n\n | \n | \nat Dec. 31, | \n | \n | \n | \nat Dec. 31, | \n | \n | \n | \n
\n\n| Millions of euro | \nNotes | \n2024 | \n | \n | \n | \n2024 | \n | \n | \n | \n
\n\n| Fair value hedge derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - on interest rates | \n49 | \n16 | \n- | \n16 | \n- | \n- | \n- | \n- | \n- | \n
\n\n| - on exchange rates | \n49 | \n12 | \n- | \n12 | \n- | \n- | \n- | \n- | \n- | \n
\n\n| Cash flow hedge derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - on interest rates | \n49 | \n116 | \n- | \n116 | \n- | \n- | \n- | \n- | \n- | \n
\n\n| - on exchange rates | \n49 | \n1,607 | \n- | \n1,607 | \n- | \n105 | \n- | \n105 | \n- | \n
\n\n| - on commodities | \n49 | \n1,031 | \n99 | \n843 | \n89 | \n631 | \n224 | \n407 | \n- | \n
\n\n| Trading derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - on interest rates | \n49 | \n- | \n- | \n- | \n- | \n29 | \n- | \n29 | \n- | \n
\n\n| - on exchange rates | \n49 | \n- | \n- | \n- | \n- | \n36 | \n- | \n36 | \n- | \n
\n\n| - on commodities | \n49 | \n133 | \n23 | \n110 | \n- | \n2,783 | \n1,947 | \n836 | \n- | \n
\n\n| Contingent consideration | \n | \n39 | \n- | \n- | \n39 | \n21 | \n- | \n21 | \n- | \n
\n\n
\n
Contingent consideration mainly regards a number of
\nequity investments held by the Group in North Amer-
\nica, whose fair value was determined on the basis of
\nthe contractual terms and conditions.
\n50.4 Liabilities not measured at fair value in the statement of financial position
\nFor each class of liabilities not measured at fair value
\nin the statement of financial position but whose fair
\nvalue must be reported, the following table reports
\nthe fair value at the end of the period and the lev-
\nel in the fair value hierarchy into which the fair value
\nmeasurements of those liabilities are classified.
\n\n
\n\n\n| Millions of euro | \nFair value | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n
\n\n | \nat Dec. 31, 2024 | \n | \n | \n | \n
\n\n| Bonds: | \n | \n | \n | \n | \n
\n\n| - fixed rate | \n44,121 | \n42,042 | \n2,079 | \n- | \n
\n\n| - floating rate | \n2,097 | \n67 | \n2,030 | \n- | \n
\n\n| Bank borrowings: | \n | \n | \n | \n | \n
\n\n| - fixed rate | \n3,444 | \n- | \n3,444 | \n- | \n
\n\n| - floating rate | \n13,164 | \n- | \n13,164 | \n- | \n
\n\n| Non-bank borrowings: | \n | \n | \n | \n | \n
\n\n| - fixed rate | \n3,303 | \n- | \n3,303 | \n- | \n
\n\n| - floating rate | \n39 | \n- | \n39 | \n- | \n
\n\n| Total | \n66,168 | \n42,109 | \n24,059 | \n- | \n
\n\n
\n
For listed debt instruments, the fair value is given by
\nofficial prices. For unlisted instruments the fair value
\nis determined using appropriate valuation techniques
\nfor each category of financial instrument and mar-
\nket data at the close of the year, including the credit
\nspreads of Enel.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1126": {
"value": "\n50. Assets and liabilities measured
\nat fair value
\nThe Group determines fair value in accordance with
\nIFRS 13 whenever such measurement is required by
\nthe IFRS as a recognition or measurement criterion.
\nFair value is defined as the price that would be re-
\nceived to sell an asset or paid to transfer a liability, in
\nan orderly transaction, between market participants,
\nat the measurement date (i.e. an exit price).
\nThe best proxy of fair value is market price, i.e. the
\ncurrent publicly available price actually used on a liq-
\nuid and active market.
\nThe fair value of assets and liabilities is classified in
\naccordance with the three-level hierarchy described
\nbelow, depending on the inputs and valuation tech-
\nniques used in determining their fair value:
\n\u2022 Level 1, where the fair value is determined on the ba-
\nsis of quoted prices (unadjusted) in active markets
\nfor identical assets or liabilities that the entity can
\naccess at the measurement date;
\n\u2022 Level 2, where the fair value is determined on the
\nbasis of inputs other than quoted prices included
\nwithin Level 1 that are observable for the asset or
\nliability, either directly (such as prices) or indirectly
\n(derived from prices);
\n\u2022 Level 3, where the fair value is determined on the
\nbasis of unobservable inputs.
\nThis note also provides detailed disclosures concern-
\ning the valuation techniques and inputs used to per-
\nform these measurements.
\nTo that end:
\n\u2022 recurring fair value measurements of assets or lia-
\nbilities are those required or permitted by the IFRS
\nin the statement of financial position at the close of
\neach period;
\n\u2022 non-recurring fair value measurements are those
\nrequired or permitted by the IFRS in the statement
\nof financial position in particular circumstances.
\nFor general information or specific disclosures on the
\naccounting treatment of these circumstances, please
\nsee note 2 \u201cAccounting policies\u201d.
\n50.1 Assets measured at fair value in the statement of financial position
\nThe following table shows, for each class of assets
\nmeasured at fair value on a recurring or non-recurring
\nbasis in the statement of financial position, the fair
\nvalue measurement at the end of the reporting period
\nand the level in the fair value hierarchy into which the
\nfair value measurements of those assets are classified.
\n
\n\n\n\n\n
\n
\n\n\n
\n\n\n | \n | \n | \nNon-current assets | \n | \nCurrent assets | \n
\n\n | \n | \nFair value | \nLevel 1 | \nLevel 2 | \nLevel 3 | \nFair value | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n
\n\n | \n | \nat Dec. 31, | \n | \n | \n | \nat Dec. 31, | \n | \n | \n | \n
\n\n| Millions of euro | \nNotes | \n2024 | \n | \n | \n | \n2024 | \n | \n | \n | \n
\n\n| Equity investments in other | \n27 | \n587 | \n3 | \n53 | \n531 | \n- | \n- | \n- | \n- | \n
\n\n| companies at FVOCI | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Securities at FVOCI | \n27.1, 28.1 | \n572 | \n572 | \n- | \n- | \n138 | \n138 | \n- | \n- | \n
\n\n| Securities and financial | \n27. 1 | \n3 | \n3 | \n- | \n- | \n- | \n- | \n- | \n- | \n
\n\n| investments in funds or | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| asset management at | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| FVTPL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Equity investments in other | \n27 | \n8 | \n- | \n- | \n8 | \n- | \n- | \n- | \n- | \n
\n\n| companies at FVTPL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Financial assets from | \n27 | \n3,930 | \n- | \n3,930 | \n- | \n- | \n- | \n- | \n- | \n
\n\n| service concession | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| arrangements at FVTPL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Financial assets from JDA | \n | \n95 | \n- | \n- | \n95 | \n- | \n- | \n- | \n- | \n
\n\n| at FVTPL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Loan assets and other | \n | \n- | \n- | \n- | \n- | \n171 | \n171 | \n- | \n- | \n
\n\n| financial assets at FVTPL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Non-monetary grants in | \n | \n- | \n- | \n- | \n- | \n9 | \n- | \n2 | \n7 | \n
\n\n| respect of environmental | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| certificates | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Inventories measured at | \n49 | \n48 | \n48 | \n- | \n- | \n77 | \n77 | \n- | \n- | \n
\n\n| fair value | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Contingent consideration | \n | \n5 | \n- | \n- | \n5 | \n- | \n- | \n- | \n- | \n
\n\n| Fair value hedge | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - on interest rates | \n49 | \n54 | \n- | \n54 | \n- | \n- | \n- | \n- | \n- | \n
\n\n| - on exchange rates | \n49 | \n49 | \n- | \n49 | \n- | \n18 | \n- | \n18 | \n- | \n
\n\n| Cash flow hedge | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - on interest rates | \n49 | \n107 | \n- | \n107 | \n- | \n3 | \n- | \n3 | \n- | \n
\n\n| - on exchange rates | \n49 | \n1,331 | \n- | \n1,331 | \n- | \n246 | \n- | \n246 | \n- | \n
\n\n| - on commodities | \n49 | \n336 | \n33 | \n91 | \n212 | \n452 | \n376 | \n76 | \n- | \n
\n\n| Trading derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - on interest rates | \n49 | \n- | \n- | \n- | \n- | \n- | \n- | \n- | \n- | \n
\n\n| - on exchange rates | \n49 | \n- | \n- | \n- | \n- | \n- | \n- | \n- | \n- | \n
\n\n| - on commodities | \n49 | \n124 | \n36 | \n87 | \n- | \n2,770 | \n2,099 | \n671 | \n- | \n
\n\n| - other | \n | \n2 | \n- | \n- | \n2 | \n- | \n- | \n- | \n- | \n
\n\n
\n
\n\n\n\n\nThe fair value of \u201cequity investments in other compa-
\nnies at FVOCI\u201d is determined for listed companies on
\nthe basis of the quoted price at the close of the year,
\nwhile that for unlisted companies is based on a reliable
\nvaluation of the relevant assets and liabilities.
\n\n\u201cFinancial assets from service concession arrange-
\nments at FVTPL\u201d concern electricity distribution oper-
\nations in Brazil, by Enel Distribui\u00e7\u00e3o Rio de Janeiro, Enel
\nDistribui\u00e7\u00e3o Cear\u00e1 and Enel Distribui\u00e7\u00e3o S\u00e3o Paulo. In
\nparticular, they refer to the value of the assets at the
\nend of the concession measured at fair value.
\nFair value was estimated as the net replacement cost
\nbased on the most recent rate information availa-
\nble and on the general price index for the Brazilian
\nmarket. For more information on these concessions,
\naccounted for in accordance with IFRIC 12, see note
\n18 \u201cService concession arrangements\u201d.
\n
\n
\n\n\n\n\nThe current portion of \u201cloan assets and other financial
\nassets at FVTPL\u201d includes mainly under Level 1 finan-
\ncial deposits held by Latin American companies.
\nThe fair value of derivative contracts is determined us-
\ning the official prices for instruments traded on regu-
\nlated markets. The fair value of instruments not listed
\n
\n\n\n\n\non a regulated market is determined using valuation
\nmethods appropriate for each type of financial instru-
\nment and market data as of the end of the reporting
\nperiod (such as interest rates, exchange rates, volatili-
\nty), discounting expected future cash flows on the ba-
\nsis of the market yield curve and translating amounts
\nin currencies other than the euro using exchange
\nrates provided by the World Markets Refinitiv (WMR)
\nCompany.
\nDerivatives on interest rates and exchange rates are all
\nmeasured using Level 2 inputs.
\nThe fair value of derivatives on commodities is almost
\nalways measured using Level 1 or Level 2 inputs, as
\nthe determination is based on market inputs as these
\ncontracts are entered into with exchange counter-
\nparties, leading sector operators or financial institu-
\ntions.
\nCertain long-term financial contracts in Spain Virtual
\nPower Purchase Agreements or VPPAs, for which in-
\nternal measurement models were also used in part in
\norder to measure these instruments over longer time
\nhorizons, given the illiquidity of the underlying varia-
\nbles) fall within Level 3.
\nIn accordance with the IFRS, the Group assesses
\ncredit risk, both of the counterparty (Credit Valuation
\nAdjustment or CVA) and its own (Debit Valuation Ad-
\njustment or DVA), in order to adjust the fair value of
\nfinancial instruments for the corresponding amount of
\ncounterparty risk where necessary. More specifically,
\nthe Group measures CVA/DVA using a Potential Future
\nExposure valuation technique for the net exposure of
\nthe position and subsequently allocating the adjust-
\nment to the individual financial instruments that make
\nup the overall portfolio. All of the inputs used in this
\ntechnique are observable on the market.
\nDerivatives on other include the fair value of the put/
\ncall option mechanism on the residual 10% stake in
\nDuereti, held by e-distribuzione and classified under
\nLevel 3.
\n50.2 Assets not measured at fair value in the statement of financial position
\nFor each class of assets not measured at fair value on
\na recurring basis but whose fair value must be report-
\ned, the following table reports the fair value at the end
\nof the year and the level in the fair value hierarchy into
\nwhich the fair value measurements of those assets are
\nclassified.
\n\n
\n\n\n | \n | \n | \nNon-current assets | \n | \nCurrent assets | \n
\n\n | \n | \nFair value | \nLevel 1 | \nLevel 2 | \nLevel 3 | \nFair value | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n
\n\n | \n | \nat Dec. 31, | \n | \n | \n | \nat Dec. 31, | \n | \n | \n | \n
\n\n| Millions of euro | \nNotes | \n2024 | \n | \n | \n | \n2024 | \n | \n | \n | \n
\n\n| Investment property | \n20 | \n91 | \n14 | \n- | \n77 | \n- | \n- | \n- | \n- | \n
\n\n| Inventories | \n31 | \n- | \n- | \n- | \n- | \n43 | \n- | \n- | \n43 | \n
\n\n
\n
The table reports the fair value of investment property
\nand inventories of real estate not used in the business
\nin the amount of \u20ac91 million and \u20ac43 million respec-
\ntively. The amounts were calculated with the assis-
\ntance of appraisals conducted by independent ex-
\nperts, who used different methods depending on the
\nspecific assets involved.
\n50.3 Liabilities measured at fair value in the statement of financial position
\nThe following table reports for each class of liabilities
\nmeasured at fair value on a recurring or non-recur-
\nring basis in the statement of financial position the fair
\nvalue measurement at the end of the reporting period
\nand the level in the fair value hierarchy into which the
\nfair value measurements are classified.
\n
\n\n\n\n\n\n
\n\n\n | \n | \n | \nNon-current liabilities | \n | \nCurrent liabilities | \n
\n\n | \n | \nFair value | \nLevel 1 | \nLevel 2 | \nLevel 3 | \nFair value | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n
\n\n | \n | \nat Dec. 31, | \n | \n | \n | \nat Dec. 31, | \n | \n | \n | \n
\n\n| Millions of euro | \nNotes | \n2024 | \n | \n | \n | \n2024 | \n | \n | \n | \n
\n\n| Fair value hedge derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - on interest rates | \n49 | \n16 | \n- | \n16 | \n- | \n- | \n- | \n- | \n- | \n
\n\n| - on exchange rates | \n49 | \n12 | \n- | \n12 | \n- | \n- | \n- | \n- | \n- | \n
\n\n| Cash flow hedge derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - on interest rates | \n49 | \n116 | \n- | \n116 | \n- | \n- | \n- | \n- | \n- | \n
\n\n| - on exchange rates | \n49 | \n1,607 | \n- | \n1,607 | \n- | \n105 | \n- | \n105 | \n- | \n
\n\n| - on commodities | \n49 | \n1,031 | \n99 | \n843 | \n89 | \n631 | \n224 | \n407 | \n- | \n
\n\n| Trading derivatives: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| - on interest rates | \n49 | \n- | \n- | \n- | \n- | \n29 | \n- | \n29 | \n- | \n
\n\n| - on exchange rates | \n49 | \n- | \n- | \n- | \n- | \n36 | \n- | \n36 | \n- | \n
\n\n| - on commodities | \n49 | \n133 | \n23 | \n110 | \n- | \n2,783 | \n1,947 | \n836 | \n- | \n
\n\n| Contingent consideration | \n | \n39 | \n- | \n- | \n39 | \n21 | \n- | \n21 | \n- | \n
\n\n
\n
Contingent consideration mainly regards a number of
\nequity investments held by the Group in North Amer-
\nica, whose fair value was determined on the basis of
\nthe contractual terms and conditions.
\n50.4 Liabilities not measured at fair value in the statement of financial position
\nFor each class of liabilities not measured at fair value
\nin the statement of financial position but whose fair
\nvalue must be reported, the following table reports
\nthe fair value at the end of the period and the lev-
\nel in the fair value hierarchy into which the fair value
\nmeasurements of those liabilities are classified.
\n\n
\n\n\n| Millions of euro | \nFair value | \nLevel 1 | \nLevel 2 | \nLevel 3 | \n
\n\n | \nat Dec. 31, 2024 | \n | \n | \n | \n
\n\n| Bonds: | \n | \n | \n | \n | \n
\n\n| - fixed rate | \n44,121 | \n42,042 | \n2,079 | \n- | \n
\n\n| - floating rate | \n2,097 | \n67 | \n2,030 | \n- | \n
\n\n| Bank borrowings: | \n | \n | \n | \n | \n
\n\n| - fixed rate | \n3,444 | \n- | \n3,444 | \n- | \n
\n\n| - floating rate | \n13,164 | \n- | \n13,164 | \n- | \n
\n\n| Non-bank borrowings: | \n | \n | \n | \n | \n
\n\n| - fixed rate | \n3,303 | \n- | \n3,303 | \n- | \n
\n\n| - floating rate | \n39 | \n- | \n39 | \n- | \n
\n\n| Total | \n66,168 | \n42,109 | \n24,059 | \n- | \n
\n\n
\n
For listed debt instruments, the fair value is given by
\nofficial prices. For unlisted instruments the fair value
\nis determined using appropriate valuation techniques
\nfor each category of financial instrument and mar-
\nket data at the close of the year, including the credit
\nspreads of Enel.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1303": {
"value": "\n51. Share-based payments
\nStarting in 2019, the Shareholders\u2019 Meeting of Enel
\nSpA (\u201cEnel\u201d or the \u201cCompany\u201d) has each year ap-
\nproved the adoption of long-term share-based in-
\ncentive plans for the management of Enel and/or its
\nsubsidiaries pursuant to Article 2359 of the Italian
\nCivil Code. Each of the incentive plans approved (the
\n2019 Long-Term Incentive Plan, the 2020 Long-Term
\nIncentive Plan, the 2021 Long-Term Incentive Plan,
\nthe 2022 Long-Term Incentive Plan, the 2023 Long-
\nTerm Incentive Plan, the 2024 Long-Term Incentive
\nPlan, referred to hereinafter, respectively, as the
\n\u201c2019 LTI Plan\u201d, the \u201c2020 LTI Plan\u201d, the \u201c2021 LTI Plan\u201d,
\nthe \u201c2022 LTI Plan\u201d, the \u201c2023 LTI Plan\u201d, the \u201c2024 LTI
\nPlan\u201d and, jointly, the \u201cPlans\u201d) provides for the grant of
\nordinary Company shares (\u201cShares\u201d) to the respective
\nbeneficiaries subject to the achievement of specific
\nperformance targets.
\nPlan beneficiaries are the Chief Executive Officer/
\nGeneral Manager of Enel and Enel Group managers
\nin the positions most directly responsible for com-
\npany performance or considered to be of strategic
\ninterest. The Plans provide for the award to the ben-
\neficiaries of an incentive consisting of a monetary
\ncomponent and an equity component. This incentive
\n\u2013 determined, at the time of the award, as a base val-
\nue calculated in relation to the fixed remuneration of
\nthe individual beneficiary \u2013 may vary depending on
\nthe degree of achievement of each of the three-year
\nperformance targets by the Plans, ranging from zero
\nup to a maximum of 280% or 180% of the base value
\nin the case, respectively, of the Chief Executive Of-
\nficer/General Manager or the other beneficiaries.
\nThe Plans establish that, of the total incentive effec-
\ntively vested, the bonus will be fully paid in Shares: (a)
\nfor the 2019, 2020, 2021 and 2022 LTI Plans (i) up to
\n100% of the base value for the Chief Executive Of-
\nficer/General Manager (up to 130% for the 2022 LTI
\nPlan), and (ii) up to 50% of the base value for the oth-
\ner beneficiaries (up to 65% for the 2022 LTI Plan); (b)
\nfor the 2023 and 2024 LTI Plans (i) up to 150% of the
\nbase value for the Chief Executive Officer/General
\nManager, (ii) up to 100% of the base value for officers
\nreporting directly to the Chief Executive Officer/Gen-
\neral Manager, including key management personnel,
\nand (iii) up to 65% of the base value for the other ben-
\neficiaries, other than those indicated under (i) and (ii)
\nabove.
\nThe actual award of the bonus under the Plans is
\nsubject to the achievement of specific performance
\ntargets during the three year performance period. If
\nthese targets are achieved, 30% of both the stock
\nand cash components of the incentive will be paid
\nin the first year following the end of the performance
\nperiod and the remaining 70% will be paid in the sec-
\nond year following the end of the performance peri-
\nod. The payment of a substantial portion of long-term
\nvariable remuneration (70% of the total) is therefore
\ndeferred to the second year following the end of the
\nperformance period of the individual Plans.
\nThe following table provides information on the 2019
\nLTI Plan, the 2020 LTI Plan, the 2021 LTI Plan, the 2022
\nLTI Plan, the 2023 LTI Plan and the 2024 LTI Plan.
\nFor more information on the characteristics of the
\nPlans, please see the information documents prepared
\npursuant to Article 84-bis of the CONSOB Regulation
\nissued with Resolution no. 11971 of May 14, 1999 (the
\nIssuers Regulation), which are available to the public
\nin the section of Enel\u2019s website (www.enel.com) dedi-
\ncated to the Shareholders\u2019 Meetings held respectively
\non May 16, 2019, May 14, 2020, May 20, 2021, May 19,
\n2022, May 10, 2023 and May 23, 2024.
\n
\n\n\n\n\n\n\n
\n\n\n | \nGrant date | \nPerformance period | \nVerification of achievement of targets | \nPayout | \n\n\n\n
\n\n| 2019 LTI Plan | \n12/11/2019114 | \n2019-2021 | \n2022115 | \n2022-2023116 | \n\n\n\n
\n\n| 2020 LTI Plan | \n17/09/2020117 | \n2020-2022 | \n2023118 | \n2023-2024119 | \n\n\n\n
\n\n| 2021 LTI Plan | \n16/09/2021120 | \n2021-2023 | \n2024121 | \n2024-2025122 | \n\n\n\n
\n\n| 2022 LTI Plan | \n21/09/2022123 | \n2022-2024 | \n2025124 | \n2025-2026 | \n\n\n\n
\n\n| 2023 LTI Plan | \n05/10/2023125 | \n2023-2025 | \n2026126 | \n2026-2027 | \n\n\n\n
\n\n| 2024 LTI Plan | \n19/09/2024127 | \n2024-2026 | \n2027128 | \n2027-2028 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n
\nIn implementation of the authorizations granted by
\nthe Shareholders\u2019 Meetings held on the dates indicat-
\ned above and in compliance with the associated terms
\nand conditions, the Board of Directors approved \u2013 at its
\nmeetings of September 19, 2019, July 29, 2020, June 17,
\n2021, June 16, 2022, October 5, 2023 and July 25, 2024
\n\u2013 the launch of share buyback programs to serve the
\n2019 LTI Plan, the 2020 LTI Plan, the 2021 LTI Plan, the
\n2022 LTI Plan, the 2023 LTI Plan and the 2024 LTI Plan,
\nrespectively. The number of Shares whose purchase
\nwas authorized by the Board of Directors for each Plan,
\nthe actual number of Shares purchased, the associat-
\ned weighted average price and total value are shown
\nbelow.
\n114. The date on which the Board of Directors approved the procedures and timing for granting the 2019 LTI Plan to the beneficiaries (taking ac-
\ncount of the proposal issued by the Nomination and Compensation Committee at its meeting of November 11, 2019).
\n115. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2021, the Board of Directors
\nverified the level of achievement of the performance targets of the 2019 LTI Plan.
\n116. On September 5, 2022 the Company awarded part of the equity component of the bonus vested by the beneficiaries of the 2019 LTI Plan,
\nin accordance with the Plan rules. The remainder of the equity component of the bonus vested by the beneficiaries of the 2019 LTI Plan was
\nawarded on September 5, 2023.
\n117. The date on which the Board of Directors approved the procedures and timing for granting the 2020 LTI Plan to the beneficiaries (taking ac-
\ncount of the proposal issued by the Nomination and Compensation Committee at its meeting of September 16, 2020).
\n118. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2022, the Board of Directors
\nverified the level of achievement of the performance targets of the 2020 LTI Plan.
\n119. On September 5, 2023 the Company awarded part of the equity component of the bonus vested by the beneficiaries of the 2020 LTI Plan,
\nin accordance with the Plan rules. The remainder of the equity component of the bonus vested by the beneficiaries of the 2020 LTI Plan was
\nawarded on September 5, 2024.
\n120. The date on which the Board of Directors approved the procedures and timing for granting the 2021 LTI Plan to the beneficiaries (taking ac-
\ncount of the proposal issued by the Nomination and Compensation Committee at its meeting of June 9, 2021).
\n121. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2023, the Board of Directors
\nverified the level of achievement of the performance targets of the 2021 LTI Plan.
\n122. 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
\naccordance with the Plan rules.
\n123. The date on which the Board of Directors approved the procedures and timing for granting the 2022 LTI Plan to the beneficiaries (taking ac-
\ncount of the proposal issued by the Nomination and Compensation Committee at its meeting of June 8, 2022).
\n124. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2024, the Board of Directors will
\nverify the level of achievement of the performance targets of the 2022 LTI Plan.
\n125. The date on which the Board of Directors approved the procedures and timing for granting the 2023 LTI Plan to the beneficiaries (taking ac-
\ncount of the proposal issued by the Nomination and Compensation Committee at its meeting of October 4, 2023).
\n126. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2025, the Board of Directors will
\nverify the level of achievement of the performance targets of the 2023 LTI Plan.
\n127. The date on which the Board of Directors approved the procedures and timing for granting the 2024 LTI Plan to the beneficiaries (taking ac-
\ncount of the proposal issued by the Nomination and Compensation Committee at its meeting of July 24, 2024).
\n128. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2026, the Board of Directors will
\nverify the level of achievement of the performance targets of the 2024 LTI Plan.
\n
\n\n\n\n\n\n\n
\n\n\n | \nPurchases authorized | \n | \n | \n | \n\n\n
\n\n | \nby the Board of Directors | \n | \nActual purchases | \n | \n\n\n
\n\n | \n | \n | \nWeighted average price | \n | \n\n\n
\n\n | \nNumber of shares | \nNumber of shares | \n(euros per share) | \n Total value (euros) | \n\n\n
\n\n| 2019 LTI Plan | \nNo more than 2,500,000 | \n1,549,152129 | \n6.7779 | \n 10,499,999 | \n\n\n
\n\n | \nfor a maximum amount of \u20ac10,500,000 | \n | \n | \n | \n\n\n
\n\n | \nmillion | \n | \n | \n | \n\n\n
\n\n| 2020 LTI Plan | \n1,720,000 | \n1,720,000 130 | \n 7.4366 | \n 12,790,870 | \n\n\n
\n\n| 2021 LTI Plan | \n1,620,000 | \n1,620,000 131 | \n 7.8737 | \n 12,755,459 | \n\n\n
\n\n| 2022 LTI Plan | \n2,700,000 | \n2,700,000 132 | \n 5.1951 | \n 14,026,715 | \n\n\n
\n\n| 2023 LTI Plan | \n4,200,000 | \n4,200,000 133 | \n6.3145 | \n26,520,849 | \n\n\n
\n\n| 2024 LTI Plan | \n2,900,000 | \n2,900,000 134 | \n7.0210 | \n20,360,977 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nAs a result of the purchases made to support the Plans
\nand the award of a total 2,609,482 Shares in Septem-
\nber 2022, 2023 and 2024 to the beneficiaries of the
\n2019, 2020 and 2021 LTI Plans, in accordance with the
\nPlan rules, at December 31, 2024 Enel holds a total of
\n12,079,670 treasury Shares, equal to about 0.1188% of
\nshare capital.
\nThe following information concerns the equity instru-
\nments granted in 2019, 2020, 2021, 2022, 2023 and
\n2024.
\n129. Shares purchased in the period between September 23 and December 2, 2019, equal to about 0.015% of share capital.
\n130. Shares purchased in the period between September 3 and October 28, 2020, equal to about 0.017% of share capital.
\n131. Shares purchased in the period between June 18 and July 21, 2021, equal to about 0.016% of share capital.
\n132. Shares purchased in the period between June 17 and July 20, 2022, equal to about 0.026% of share capital.
\n133. Shares purchased in the period between October 16, 2023 and January 18, 2024, equal to about 0.041% of share capital.
\n134. Shares purchased in the period between September 16 and November 8, 2024, equal to about 0.028% of share capital.
\n
\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n2024 | \n2023 | \n\n\n\n
\n\n | \n | \n | \nNumber | \n | \nNumber | \n | \n\n\n\n
\n\n | \n | \n | \nof shares | \n | \nof shares | \n | \n\n\n\n
\n\n | \nNumber of | \nFair value per | \npotentially | \n | \npotentially | \n | \n\n\n\n
\n\n | \nshares granted at | \nshare at the | \navailable for | \nNumber of | \navailable for | \nNumber of | \n\n\n\n
\n\n | \nthe grant date | \ngrant date | \naward | \nshares awarded | \naward | \nshares awarded | \n\n\n\n
\n\n| 2019 LTI Plan | \n1,538,547 | \n6.983 | \n0 | \n 0 | \n0 | \n956,562135 | \n\n\n\n
\n\n| 2020 LTI Plan | \n1,638,775 | \n7.380 | \n0 | \n708,456136 | \n728,265 | \n312,127137 | \n\n\n\n
\n\n| 2021 LTI Plan | \n1,577,773 | \n7.0010 | \n443,608 | \n196,980138 | \n1,375,671 | \n- | \n\n\n\n
\n\n| 2022 LTI Plan | \n2,398,143 | \n4.8495 | \n1,858,051 | \n- | \n2,023,677 | \n- | \n\n\n\n
\n\n| 2023 LTI Plan | \n4,040,820 | \n5.5540 | \n3,804,244 | \n- | \n4,040,820 | \n- | \n\n\n\n
\n\n| 2024 LTI Plan | \n2 ,87 7,714 | \n6.9730 | \n2 ,87 7,714 | \n- | \n- | \n- | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n
\n
\nThe fair value of those equity instruments is measured
\non the basis of the market price of Enel Shares at the
\ngrant date.
\n139
\nThe cost of the equity component is determined on
\nthe basis of the fair value of the equity instruments
\ngranted and is recognized over the duration of the
\nvesting period through an equity reserve.
\nThe total costs recognized by the Group through prof-
\nit or loss amounted to \u20ac10 million in 2024 (\u20ac6 million
\nin 2023).
\nThere have been no terminations or amendments in-
\nvolving the Plans.
\n135. 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
\nportion of the equity component of the bonus vested by the beneficiaries following the achievement of the performance objectives of the Plan.
\n136. 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
\nportion of the equity component of the bonus vested by the beneficiaries following the achievement of the performance objectives of the Plan.
\n137. 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
\nportion of the equity component of the bonus vested by the beneficiaries following the achievement of the performance objectives of the Plan.
\nThe remaining portion of the equity component of the bonus, in accordance with the terms and procedures of the rules of the 2020 LTI Plan,
\nwas paid on September 5, 2024.
\n138. 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
\nportion of the equity component of the bonus vested by the beneficiaries following the achievement of the performance objectives of the
\nPlan. Disbursement of the remaining portion of the equity component of the bonus is deferred to 2025, in accordance with the terms and
\nprocedures of the rules of the 2021 LTI Plan.
\n139. 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
\nand timing of the grant of the 2019 LTI Plan to the beneficiaries.
\n 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
\nand timing of the grant of the 2020 LTI Plan to the beneficiaries.
\n 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
\nand timing of the grant of the 2021 LTI Plan to the beneficiaries.
\n 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
\nand timing of the grant of the 2022 LTI Plan to the beneficiaries.
\n 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
\nand timing of the grant of the 2023 LTI Plan to the beneficiaries.
\n 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
\nand timing of the grant of the 2024 LTI Plan to the beneficiaries.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1343": {
"value": "\n52. Related parties
\nRelated parties have been identified on the basis of the
\nprovisions of international accounting principles and
\nCONSOB on the matter.
\nAs an operator in the field of generation, distribution,
\ntransport and sale of electricity and the sale of natu-
\nral gas, Enel carries out transactions with a number of
\ncompanies directly or indirectly controlled by the Ital-
\nian State, the Group\u2019s controlling shareholder.
\nThe table below summarizes the main types of trans-
\nactions carried out with such counterparties.
\n\n
\n\n\n| Related party | \nRelationship | \nNature of main transactions | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n| Single Buyer | \nFully controlled (indirectly) by the Ministry | \nPurchase of electricity for the enhanced | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n | \nfor the Economy and Finance | \nprotection market | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n| Cassa Depositi e Prestiti Group | \nDirectly controlled by the Ministry for the | \nSale of electricity on the Ancillary Services | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n | \nEconomy and Finance | \nMarket (Terna) | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n | \n | \nSale of electricity transport services (Eni Group) | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n | \n | \nPurchase of transport, dispatching and metering | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n | \n | \nservices (Terna) | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n | \n | \nPurchase of postal services (Poste Italiane) | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n | \n | \nPurchase of fuels for generation plants and | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n | \n | \nnatural gas storage and distribution services (Eni | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n | \n | \nGroup) | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n| ESO - Energy Services Operator | \nFully controlled (directly) by the Ministry | \nSale of subsidized electricity | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n | \nfor the Economy and Finance | \nPayment of A3 component for renewable | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n | \n | \nresource incentives | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n| EMO - Energy Markets Operator | \nFully controlled (indirectly) by the Ministry | \nSale of electricity on the Power Exchange (EMO) | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n | \nfor the Economy and Finance | \nPurchase of electricity on the Power Exchange | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n | \n | \nfor pumping and plant planning (EMO) | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n| Leonardo Group | \nDirectly controlled by the Ministry for the | \nPurchase of IT services and supply of goods | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n | \nEconomy and Finance | \n | \n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
In addition, the Group conducts essentially commer-
\ncial transactions with associated companies or com-
\npanies in which it holds non-controlling interests.
\nFinally, Enel also maintains relationships with the pen-
\nsion funds FOPEN and FONDENEL, as well as Fondazi-
\none Enel and Enel Cuore, an Enel non-profit company
\ndevoted to providing social and healthcare assistance,
\nmaintaining institutional relations and social projects.
\nAll transactions with related parties were carried out
\non normal market terms and conditions, which in
\nsome cases are determined by the Regulatory Author-
\nity for Energy, Networks and the Environment.
\nThe following tables summarize transactions with re-
\nlated parties, associated companies and joint ventures
\noutstanding at December 31, 2024 and December 31,
\n2023 and carried out during the period.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \nCassa Depositi | \n | \n\n\n\n\n\n\n\n\n
\n\n| Millions of euro | \nSingle Buyer | \nEMO | \nESO | \ne Prestiti Group(1) | \nOther | \n\n\n\n\n\n\n\n\n
\n\n| Income statement | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Revenue from sales and services | \n- | \n2,726 | \n78 | \n2,079 | \n256 | \n\n\n\n\n\n\n\n\n
\n\n| Other income | \n- | \n- | \n47 | \n18 | \n3 | \n\n\n\n\n\n\n\n\n
\n\n| Other financial income | \n- | \n- | \n- | \n- | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Electricity, gas and fuel purchases | \n1,052 | \n6,275 | \n40 | \n1,210 | \n1 | \n\n\n\n\n\n\n\n\n
\n\n| Costs for services and other materials | \n- | \n44 | \n3 | \n3,375 | \n64 | \n\n\n\n\n\n\n\n\n
\n\n| Other operating costs | \n10 | \n144 | \n4 | \n51 | \n1 | \n\n\n\n\n\n\n\n\n
\n\n| Net results from commodity contracts | \n- | \n- | \n- | \n2 | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Other financial expense | \n1 | \n1 | \n- | \n18 | \n- | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(1) Includes balances mainly referring to: Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo Energia and Italgas.
\n
\n\n
\n\n\n | \n | \n | \n | \nCassa Depositi | \n | \n\n\n\n\n\n\n\n\n
\n\n| Millions of euro | \nSingle Buyer | \nEMO | \nESO | \ne Prestiti Group(1) | \nOther | \n\n\n\n\n\n\n\n\n
\n\n| Statement of financial position | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Other non-current financial assets | \n- | \n- | \n- | \n3 | \n1 | \n\n\n\n\n\n\n\n\n
\n\n| Current financial derivative assets | \n- | \n- | \n- | \n- | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Other non-current assets | \n- | \n- | \n- | \n3 | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n- | \n133 | \n5 | \n1,144 | \n38 | \n\n\n\n\n\n\n\n\n
\n\n| Other current financial assets | \n- | \n- | \n- | \n783 | \n2 | \n\n\n\n\n\n\n\n\n
\n\n| Other current assets | \n- | \n- | \n59 | \n19 | \n2 | \n\n\n\n\n\n\n\n\n
\n\n| Long-term borrowings | \n- | \n- | \n- | \n369 | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Non-current contract liabilities | \n- | \n- | \n- | \n11 | \n6 | \n\n\n\n\n\n\n\n\n
\n\n| Non-current financial derivative liabilities | \n- | \n- | \n- | \n- | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Short-term borrowings | \n- | \n- | \n- | \n2 | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Current portion of long-term borrowings | \n- | \n- | \n- | \n89 | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Trade payables | \n254 | \n298 | \n381 | \n1,701 | \n6 | \n\n\n\n\n\n\n\n\n
\n\n| Other current financial liabilities | \n- | \n- | \n- | \n- | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Current financial derivative liabilities | \n- | \n- | \n- | \n- | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Current contract liabilities | \n- | \n- | \n- | \n25 | \n12 | \n\n\n\n\n\n\n\n\n
\n\n| Other current liabilities | \n- | \n- | \n- | \n- | \n39 | \n\n\n\n\n\n\n\n\n
\n\n| Other information | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Guarantees issued | \n- | \n- | \n- | \n10 | \n26 | \n\n\n\n\n\n\n\n\n
\n\n| Guarantees received | \n- | \n- | \n- | \n136 | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Commitments | \n- | \n- | \n- | \n25 | \n- | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(1) Includes balances mainly referring to: Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo Energia and Italgas.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \nAssociates and joint | \n | \nTotal in financial | \n | \nOf which non eligible | \n\n\n\n\n\n\n\n\n
\n\n| Total 2024 | \nventures | \nOverall total 2024 | \nstatements | \n% of total | \nrelated parties | \n\n\n\n\n\n\n\n\n
\n\n| 5,139 | \n189 | \n5,328 | \n73,914 | \n7.2% | \n4,461 | \n\n\n\n\n\n\n\n\n
\n\n| 68 | \n14 | \n82 | \n5,033 | \n1.6% | \n64 | \n\n\n\n\n\n\n\n\n
\n\n| - | \n209 | \n209 | \n2,409 | \n8.7% | \n- | \n\n\n\n\n\n\n\n\n
\n\n| 8,578 | \n136 | \n8,714 | \n30,282 | \n28.8% | \n7, 83 5 | \n\n\n\n\n\n\n\n\n
\n\n| 3,486 | \n334 | \n3,820 | \n19,240 | \n19.9% | \n3,086 | \n\n\n\n\n\n\n\n\n
\n\n| 210 | \n2 | \n212 | \n3,940 | \n5.4% | \n207 | \n\n\n\n\n\n\n\n\n
\n\n| 2 | \n1 | \n3 | \n477 | \n0.6% | \n2 | \n\n\n\n\n\n\n\n\n
\n\n| 20 | \n80 | \n100 | \n7,828 | \n1.3% | \n2 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n| Total at | \nAssociates and joint | \nOverall total at | \nTotal in financial | \n | \n\n\n\n\n\n\n\n\n
\n\n| Dec. 31, 2024 | \nventures | \nDec. 31, 2024 | \nstatements | \n% of total | \n\n\n\n\n\n\n\n\n
\n\n| 4 | \n860 | \n864 | \n7,607 | \n11.4% | \n\n\n\n\n\n\n\n\n
\n\n| - | \n2 | \n2 | \n2,003 | \n0.1% | \n\n\n\n\n\n\n\n\n
\n\n| 3 | \n- | \n3 | \n1,937 | \n0.2% | \n\n\n\n\n\n\n\n\n
\n\n| 1,320 | \n166 | \n1,486 | \n15,941 | \n9.3% | \n\n\n\n\n\n\n\n\n
\n\n| 785 | \n1,179 | \n1,964 | \n4,854 | \n40.5% | \n\n\n\n\n\n\n\n\n
\n\n| 80 | \n22 | \n102 | \n3,891 | \n2.6% | \n\n\n\n\n\n\n\n\n
\n\n| 369 | \n282 | \n651 | \n60,000 | \n1.1% | \n\n\n\n\n\n\n\n\n
\n\n| 17 | \n- | \n17 | \n5,682 | \n0.3% | \n\n\n\n\n\n\n\n\n
\n\n| - | \n8 | \n8 | \n2,915 | \n0.3% | \n\n\n\n\n\n\n\n\n
\n\n| 2 | \n7 | \n9 | \n3,645 | \n0.2% | \n\n\n\n\n\n\n\n\n
\n\n| 89 | \n22 | \n111 | \n7,439 | \n1.5% | \n\n\n\n\n\n\n\n\n
\n\n| 2,640 | \n96 | \n2,736 | \n13,693 | \n20.0% | \n\n\n\n\n\n\n\n\n
\n\n| - | \n1 | \n1 | \n845 | \n0.1% | \n\n\n\n\n\n\n\n\n
\n\n| - | \n6 | \n6 | \n3,584 | \n0.2% | \n\n\n\n\n\n\n\n\n
\n\n| 37 | \n- | \n37 | \n2,448 | \n1.5% | \n\n\n\n\n\n\n\n\n
\n\n| 39 | \n3 | \n42 | \n15,087 | \n0.3% | \n\n\n\n\n\n\n\n\n
\n\n| 36 | \n- | \n36 | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| 136 | \n- | \n136 | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| 25 | \n- | \n25 | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \nCassa Depositi | \n | \n\n\n\n\n\n\n\n\n
\n\n| Millions of euro | \nSingle Buyer | \nEMO | \nESO | \ne Prestiti Group(1) | \nOther | \n\n\n\n\n\n\n\n\n
\n\n| Income statement | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Revenue from sales and services | \n- | \n3,172 | \n14 | \n3,626 | \n224 | \n\n\n\n\n\n\n\n\n
\n\n| Other income | \n- | \n- | \n- | \n10 | \n3 | \n\n\n\n\n\n\n\n\n
\n\n| Other financial income | \n- | \n- | \n- | \n2 | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Electricity, gas and fuel purchases | \n2,035 | \n7,098 | \n11 | \n2,304 | \n2 | \n\n\n\n\n\n\n\n\n
\n\n| Costs for services and other materials | \n- | \n63 | \n2 | \n2,751 | \n72 | \n\n\n\n\n\n\n\n\n
\n\n| Other operating costs | \n11 | \n201 | \n355 | \n51 | \n2 | \n\n\n\n\n\n\n\n\n
\n\n| Net results from commodity contracts | \n- | \n- | \n- | \n- | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Other financial expense | \n1 | \n- | \n- | \n29 | \n- | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(1) Includes balances mainly referring to: Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo Energia and Italgas.
\n
\n\n
\n\n\n | \n | \n | \n | \nCassa Depositi | \n | \n\n\n\n\n\n\n\n\n
\n\n| Millions of euro | \nSingle Buyer | \nEMO | \nESO | \ne Prestiti Group(1) | \nOther | \n\n\n\n\n\n\n\n\n
\n\n| Statement of financial position | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Other non-current financial assets | \n- | \n- | \n- | \n- | \n1 | \n\n\n\n\n\n\n\n\n
\n\n| Non-current financial derivative assets | \n- | \n- | \n- | \n- | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Trade receivables | \n- | \n84 | \n7 | \n940 | \n59 | \n\n\n\n\n\n\n\n\n
\n\n| Current financial derivative assets | \n- | \n- | \n- | \n- | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Other current financial assets | \n- | \n- | \n- | \n5 | \n1 | \n\n\n\n\n\n\n\n\n
\n\n| Other current assets | \n- | \n- | \n17 | \n23 | \n3 | \n\n\n\n\n\n\n\n\n
\n\n| Long-term borrowings | \n- | \n- | \n- | \n357 | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Non-current contract liabilities | \n- | \n- | \n- | \n11 | \n7 | \n\n\n\n\n\n\n\n\n
\n\n| Non-current financial derivative liabilities | \n- | \n- | \n- | \n- | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Short-term borrowings | \n- | \n- | \n- | \n- | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Current portion of long-term borrowings | \n- | \n- | \n- | \n89 | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Trade payables | \n497 | \n201 | \n378 | \n1,616 | \n8 | \n\n\n\n\n\n\n\n\n
\n\n| Current financial derivative liabilities | \n- | \n- | \n- | \n- | \n- | \n\n\n\n\n\n\n\n\n
\n\n| Current contract liabilities | \n- | \n- | \n- | \n31 | \n22 | \n\n\n\n\n\n\n\n\n
\n\n| Other current liabilities | \n- | \n- | \n- | \n3 | \n34 | \n\n\n\n\n\n\n\n\n
\n\n| Other information | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| Guarantees issued | \n- | \n- | \n- | \n10 | \n60 | \n\n\n\n\n\n\n\n\n
\n\n| Guarantees received | \n- | \n- | \n- | \n136 | \n36 | \n\n\n\n\n\n\n\n\n
\n\n| Commitments | \n- | \n- | \n- | \n23 | \n- | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(1) Includes balances mainly referring to: Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo Energia and Italgas.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \nAssociates and joint | \n | \nTotal in financial | \n | \nOf which non eligible | \n\n\n\n\n\n\n\n\n
\n\n| Total 2023 | \nventures | \nOverall total 2023 | \nstatements | \n% of total | \nrelated parties | \n\n\n\n\n\n\n\n\n
\n\n| 7, 036 | \n224 | \n7,260 | \n92,882 | \n7.8% | \n5,455 | \n\n\n\n\n\n\n\n\n
\n\n| 13 | \n5 | \n18 | \n2,683 | \n0.7% | \n10 | \n\n\n\n\n\n\n\n\n
\n\n| 2 | \n237 | \n239 | \n2,916 | \n8.2% | \n- | \n\n\n\n\n\n\n\n\n
\n\n| 11,450 | \n128 | \n11,578 | \n46,270 | \n25.0% | \n10,21 4 | \n\n\n\n\n\n\n\n\n
\n\n| 2,888 | \n463 | \n3,351 | \n18,304 | \n18.3% | \n2,673 | \n\n\n\n\n\n\n\n\n
\n\n| 620 | \n- | \n620 | \n6,125 | \n10.1% | \n612 | \n\n\n\n\n\n\n\n\n
\n\n| - | \n(7) | \n(7) | \n(2,966) | \n0.2% | \n- | \n\n\n\n\n\n\n\n\n
\n\n| 30 | \n59 | \n89 | \n5,966 | \n1.5% | \n3 | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n\n| Total at | \nAssociates and joint | \nOverall total at | \nTotal in financial | \n | \n\n\n\n\n\n\n\n\n
\n\n| Dec. 31, 2023 | \nventures | \nDec. 31, 2023 | \nstatements | \n% of total | \n\n\n\n\n\n\n\n\n
\n\n| 1 | \n1,929 | \n1,930 | \n8,750 | \n22.1% | \n\n\n\n\n\n\n\n\n
\n\n| - | \n4 | \n4 | \n2,383 | \n0.2% | \n\n\n\n\n\n\n\n\n
\n\n| 1,090 | \n176 | \n1,266 | \n17,773 | \n7.1% | \n\n\n\n\n\n\n\n\n
\n\n| - | \n- | \n- | \n6,407 | \n- | \n\n\n\n\n\n\n\n\n
\n\n| 6 | \n168 | \n174 | \n4,329 | \n4.0% | \n\n\n\n\n\n\n\n\n
\n\n| 43 | \n49 | \n92 | \n4,099 | \n2.2% | \n\n\n\n\n\n\n\n\n
\n\n| 357 | \n302 | \n659 | \n61,085 | \n1.1% | \n\n\n\n\n\n\n\n\n
\n\n| 18 | \n- | \n18 | \n5,743 | \n0.3% | \n\n\n\n\n\n\n\n\n
\n\n| - | \n8 | \n8 | \n3,373 | \n0.2% | \n\n\n\n\n\n\n\n\n
\n\n| - | \n3 | \n3 | \n4,769 | \n0.1% | \n\n\n\n\n\n\n\n\n
\n\n| 89 | \n22 | \n111 | \n9,086 | \n1.2% | \n\n\n\n\n\n\n\n\n
\n\n| 2,700 | \n129 | \n2,829 | \n15,821 | \n17.9% | \n\n\n\n\n\n\n\n\n
\n\n| - | \n15 | \n15 | \n6,461 | \n0.2% | \n\n\n\n\n\n\n\n\n
\n\n| 53 | \n- | \n53 | \n2,126 | \n2.5% | \n\n\n\n\n\n\n\n\n
\n\n| 37 | \n3 | \n40 | \n14,760 | \n0.3% | \n\n\n\n\n\n\n\n\n
\n\n| 70 | \n- | \n70 | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| 172 | \n- | \n172 | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n| 23 | \n- | \n23 | \n | \n | \n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\nWith regard to disclosures on the remuneration of
\nmembers of the Board of Directors, members of the
\nBoard of Statutory Auditors and key management
\npersonnel, provided for under IAS 24, please see the
\nfollowing tables.
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n\n\n\n
\n\n| Remuneration of members of the Board of Directors, Board of Statutory | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Auditors and General Manager | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Short-term benefits | \n5 | \n5 | \n- | \n- | \n\n\n\n\n\n
\n\n| Termination benefits | \n- | \n5 | \n(5) | \n- | \n\n\n\n\n\n
\n\n| Share-based payments | \n1 | \n1 | \n- | \n- | \n\n\n\n\n\n
\n\n| Total | \n6 | \n11 | \n(5) | \n-45.5% | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n\n\n\n\n
\n\n| Remuneration of key management personnel | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Short-term benefits | \n7 | \n8 | \n(1) | \n12.5% | \n\n\n\n\n\n
\n\n| Termination benefits | \n- | \n4 | \n(4) | \n- | \n\n\n\n\n\n
\n\n| Share-based payments | \n1 | \n1 | \n- | \n- | \n\n\n\n\n\n
\n\n| Total | \n8 | \n13 | \n(5) | \n-38.5% | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
Note that the corporate governance rules adopted by
\nthe Enel Group and described in detail in the Report
\non Corporate Governance and Ownership Structure
\navailable on the Company\u2019s website (www.enel.com)
\nsets out rules designed to ensure the transparency
\nand procedural and substantive propriety of transac-
\ntions with related parties.
\nIn November 2010, the Board of Directors of Enel SpA
\napproved a procedure governing the approval and
\nexecution of transactions with related parties carried
\nout by Enel SpA directly or through subsidiaries (Enel
\nProcedure for Transactions with Related Parties), most
\nrecently updated in June 2021. The procedure (avail-
\nable at https://www.enel.com/investors/governance/
\nbylaws-rules-policies) sets out rules designed to en-
\nsure the transparency and procedural and substantive
\npropriety of transactions with related parties. It was
\nadopted in implementation of the provisions of Article
\n2391-bis of the Italian Civil Code and the implement-
\ning regulations issued by CONSOB with Resolution
\nno. 17221 of March 12, 2010, as amended (\u201cCONSOB
\nRegulation\u201d). No related-party transactions requiring
\ndisclosure in the financial statements pursuant to the
\nCONSOB Regulation were carried out in 2024.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag961": {
"value": "\n53. Government grants - Disclosure pursuant to Article 1, paragraphs 125-129,
\nof Law 124/2017
\nPursuant to Article 1, paragraphs 125-129, of Law
\n124/2017 as amended, the following provides infor-
\nmation on grants received from Italian public agen-
\ncies and bodies, as well as donations by Enel SpA and
\nthe fully consolidated subsidiaries to companies, in-
\ndividuals and public and private entities. The disclo-
\nsure comprises: (i) grants received from Italian pub-
\nlic entities/State entities; and (ii) donations made by
\nEnel SpA and Group subsidiaries to public or private
\nparties resident or established in Italy.
\nThe following disclosure includes payments in excess
\nof \u20ac10,000 made by the same grantor/donor during
\n2024, even if made in multiple financial transactions.
\nThey are recognized on a cash basis.
\nPursuant to the provisions of Article 3-quater of De-
\ncree Law 135 of December 14, 2018, ratified with Law
\n12 of February 11, 2019, for grants received, please
\nrefer to the information contained in the National
\nRegister of State Aid referred to in Article 52 of Law
\n234 of December 24, 2012.
\n
\n\n\n\n\n\n\n\nGrants received in millions of euro
\n\n
\n\n\n| Financial institution/ | \n | \n | \n | \n | \n\n\n\n\n
\n\n| Grantor | \nBeneficiary | \n Amount | \n | \nNotes | \n\n\n\n\n
\n\n| MUR | \nEnel X Srl | \n0.23 | \n | \nInstalment of grant for the SE4I project, progress payment no. 7, 8, 9, | \n\n\n\n\n
\n\n | \n | \n | \n | \n10 and 11, financed under the PON MIUR R&I PNR 2015-2020, Public | \n\n\n\n\n
\n\n | \n | \n | \n | \nNotice MIUR no. 1735 of July 13, 2017 | \n\n\n\n\n
\n\n| MIMIT | \nEnel X Srl | \n1.70 | \n | \nInstalment of grant for IPCEI Summer project, progress payment no. 1 | \n\n\n\n\n
\n\n | \n | \n | \n | \nand 2, financed under the Fondo IPCEI, Public Notice, MISE Decree of | \n\n\n\n\n
\n\n | \n | \n | \n | \nJuly 7, 2021 | \n\n\n\n\n
\n\n| MUR | \nEnel X Srl | \n0.02 | \n | \nBalance of grant for the WINSIC4AP project, financed under | \n\n\n\n\n
\n\n | \n | \n | \n | \nInternational cooperation program ECSEL 2016, pursuant to Article 18, | \n\n\n\n\n
\n\n | \n | \n | \n | \nMinisterial decree 593 of July 26, 2016 | \n\n\n\n\n
\n\n| Regione Sicilia | \nEnel X Way Italy Srl | \n0.81 | \n | \nInstalment of grant for the Sicilia Smart Charging project, financed | \n\n\n\n\n
\n\n | \n | \n | \n | \nunder the PNIRE Regione Sicilia | \n\n\n\n\n
\n\n| Regione Sicilia | \nEnel X Way Italy Srl | \n0.25 | \n | \nBalance of grant for the Sicilia Smart Charging, financed under the | \n\n\n\n\n
\n\n | \n | \n | \n | \nPNIRE Regione Sicilia | \n\n\n\n\n
\n\n| Invitalia_MIMIT | \n3SUN Srl | \n48.49 | \n | \nInstalment of grant, progress payment no. 1 TANGO ITaliAN PV Giga | \n\n\n\n\n
\n\n | \n | \n | \n | \nfactOry, for the construction of the gigafactory for the production of | \n\n\n\n\n
\n\n | \n | \n | \n | \ninnovative photovoltaic modules in the Catania plant | \n\n\n\n\n
\n\n| Parco del Pollino | \ne-distribuzione SpA | \n0.05 | \n | \nPollino Park liquidation first tranche | \n\n\n\n\n
\n\n| MASE | \ne-distribuzione SpA | \n896.24 | \n | \nNRRP projects \u201cSmart Grid Strengthening\u201d and \u201cIncreasing Resilience\u201d | \n\n\n\n\n
\n\n| MIMIT | \ne-distribuzione SpA | \n18.65 | \n | \nPON I&C 2014-2020 tender 2017 | \n\n\n\n\n
\n\n| MIMIT | \ne-distribuzione SpA | \n47.70 | \n | \nPON I&C 2014-2020 tender 2019 | \n\n\n\n\n
\n\n| Regione Sicilia | \ne-distribuzione SpA | \n11.18 | \n | \nPOR SICILIA \u201cPO FESR 2014/2020\u201d | \n\n\n\n\n
\n\n| Regione Basilicata | \ne-distribuzione SpA | \n4.33 | \n | \nPOR BASILICATA \u201cPO FESR 2014/2020\u201d | \n\n\n\n\n
\n\n| Regione Puglia | \ne-distribuzione SpA | \n13.72 | \n | \nPOR PUGLIA \u201cPO FESR 2014/2020\u201d | \n\n\n\n\n
\n\n| Sassari University | \ne-distribuzione SpA | \n0.05 | \n | \nLIFE Safe For Vulture | \n\n\n\n\n
\n\n| CINEA | \ne-distribuzione SpA | \n0.09 | \n | \nLIFE Egyptian Vulture | \n\n\n\n\n
\n\n| ISPRA | \ne-distribuzione SpA | \n0.12 | \n | \nLIFE Abilas | \n\n\n\n\n
\n\n| European Commission | \ne-distribuzione SpA | \n0.02 | \n | \nFLEXPLAN | \n\n\n\n\n
\n\n| MASE | \ne-distribuzione SpA | \n0.01 | \n | \nFLOW | \n\n\n\n\n
\n\n| European Commission | \ne-distribuzione SpA | \n0.01 | \n | \nBEFLEXIBLE | \n\n\n\n\n
\n\n| MUR | \ne-distribuzione SpA | \n0.11 | \n | \nCOMESTO | \n\n\n\n\n
\n\n| MUR | \ne-distribuzione SpA | \n0.05 | \n | \nRAFAEL | \n\n\n\n\n
\n\n| MUR | \ne-distribuzione SpA | \n0.04 | \n | \nEEB | \n\n\n\n\n
\n\n | \n | \n1,043.87 | \n | \nTotal | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n\n\n\nGrants made in millions of euro
\n\n
\n\n\n| Grantor | \nBeneficiary | \nAmount | \n | \nNotes | \n\n\n\n\n
\n\n| Enel SpA | \nMAXXI | \n0.60 | \n | \nGrant to promote and raise awareness on art, research | \n\n\n\n\n
\n\n | \n | \n | \n | \nand innovation in the artistic field | \n\n\n\n\n
\n\n| Enel X Srl | \nEnel Cuore Onlus | \n0.04 | \n | \nContribution 2024 | \n\n\n\n\n
\n\n| Enel Energia | \nEnel Cuore Onlus | \n2.12 | \n | \nContribution 2023-2024 | \n\n\n\n\n
\n\n| Enel Energia | \nFondazione Centro Studi Enel | \n1.94 | \n | \nContribution 2023-2024 | \n\n\n\n\n
\n\n| Enel Global Services Srl | \nAmedeo Martusciello | \n0.01 | \n | \nExtraordinary subsidy A. Martusciello | \n\n\n\n\n
\n\n| Enel Global Services Srl | \nIQT Consulting SpA | \n0.01 | \n | \nContribution training and consulting BIM | \n\n\n\n\n
\n\n| Enel Global Services Srl | \nSering Italy Srl | \n0.01 | \n | \nContribution training and consulting BIM | \n\n\n\n\n
\n\n| Enel Global Services Srl | \nSperi Societ\u00e0 di Ing. e Architettura SpA | \n0.01 | \n | \nContribution training and consulting BIM | \n\n\n\n\n
\n\n| Enel Global Trading | \nEnel Cuore Onlus | \n0.04 | \n | \nLiberal donation in favor of projects identified during | \n\n\n\n\n
\n\n | \n | \n | \n | \n2024 | \n\n\n\n\n
\n\n| Enel Global Trading | \nEnel Cuore Onlus | \n0.76 | \n | \nLiberal donation balance 2023 | \n\n\n\n\n
\n\n| Enel Italia SpA | \nFondazione Nazionale Accademia | \n0.60 | \n | \nEnel Italia modal donation year 2024 to support the | \n\n\n\n\n
\n\n | \nSanta Cecilia | \n | \n | \ncultural activities of the Foundation | \n\n\n\n\n
\n\n| Enel Italia SpA | \nFondazione Teatro alla Scala di Milano | \n0.60 | \n | \nDonation year 2024 to support the promotion and | \n\n\n\n\n
\n\n | \n | \n | \n | \ndevelopment of the culture and musical education of | \n\n\n\n\n
\n\n | \n | \n | \n | \nthe community | \n\n\n\n\n
\n\n| Enel Italia SpA | \nFondazione AIRC | \n0.01 | \n | \nLiberal donation to support research, progress, | \n\n\n\n\n
\n\n | \n | \n | \n | \nscience for a better future | \n\n\n\n\n
\n\n| Enel Italia SpA | \nFondazione Banco dell\u2019Energia | \n0.05 | \n | \nDonation for the Home Efficiency Tutor project | \n\n\n\n\n
\n\n| Enel Italia SpA | \nSpazio Teatro No\u2019hma Teresa | \n0.02 | \n | \nLiberal donation to support cultural activities | \n\n\n\n\n
\n\n | \nPomodoro | \n | \n | \npromoted by the theatre | \n\n\n\n\n
\n\n| Enel Italia SpA | \nFondazione Policlinico Universitario | \n0.08 | \n | \nDonation of FFP2 masks | \n\n\n\n\n
\n\n | \nAgostino Gemelli IRCCS | \n | \n | \n | \n\n\n\n\n
\n\n| Enel Green Power Italia | \nUnione dei Comuni Montani Amiata | \n0.04 | \n | \nDonation 2024 | \n\n\n\n\n
\n\n | \nGrossetana | \n | \n | \n | \n\n\n\n\n
\n\n| e-distribuzione SpA | \nEnel Cuore Onlus | \n1.30 | \n | \n80% of the voluntary contribution balance 2023 | \n\n\n\n\n
\n\n| e-distribuzione SpA | \nEnel Cuore Onlus | \n0.26 | \n | \n20% of the voluntary contribution 2024 | \n\n\n\n\n
\n\n| e-distribuzione SpA | \nFondazione Centro Studi | \n0.88 | \n | \n50% of the voluntary contribution balance 2023 | \n\n\n\n\n
\n\n| e-distribuzione SpA | \nFondazione Centro Studi | \n0.78 | \n | \n50% of the voluntary contribution balance 2024 | \n\n\n\n\n
\n\n| e-distribuzione SpA | \nParco del Pollino | \n0.06 | \n | \nSecuring lines to protect biodiversity | \n\n\n\n\n
\n\n| e-distribuzione SpA | \nMinistero dell\u2019Ambiente | \n0.16 | \n | \nSecuring lines for the protection of the Bonelli\u2019s Eagle | \n\n\n\n\n
\n\n | \n | \n | \n | \nin Sardinia (Segr\u00e9 Foundation) | \n\n\n\n\n
\n\n| e-distribuzione SpA | \nFederpark | \n0.02 | \n | \nDistribution of the contribution received as Final | \n\n\n\n\n
\n\n | \n | \n | \n | \nPayment for the LIFE Egyptian Vulture Life 16 NAT/ | \n\n\n\n\n
\n\n | \n | \n | \n | \nIT/000659 Project | \n\n\n\n\n
\n\n| e-distribuzione SpA | \nISPRA | \n0.29 | \n | \nDistribution of the contribution received as Final | \n\n\n\n\n
\n\n | \n | \n | \n | \nPayment for the LIFE Egyptian Vulture Life 16 NAT/ | \n\n\n\n\n
\n\n | \n | \n | \n | \nIT/000659 Project | \n\n\n\n\n
\n\n| Enel Produzione SpA | \nFondazione Centro Studi Enel | \n0.59 | \n | \nFirst tranche 2024 Enel Foundation | \n\n\n\n\n
\n\n| Enel Produzione SpA | \nEnel Cuore Onlus | \n0.20 | \n | \nFirst tranche 2024 | \n\n\n\n\n
\n\n| Enel Produzione SpA | \nFondazione Centro Studi Enel | \n0.41 | \n | \nSecond tranche 2023 Enel Foundation | \n\n\n\n\n
\n\n| Enel Produzione SpA | \nEnel Cuore Onlus | \n0.60 | \n | \nSecond tranche 2023 | \n\n\n\n\n
\n\n| Enel Produzione SpA | \nEnel Cuore Onlus | \n0.04 | \n | \nAssociation due 2024 | \n\n\n\n\n
\n\n| Enel Produzione SpA | \nProcura Generale della | \n0.02 | \n | \nDonation of photovoltaic panels for the Emmaus | \n\n\n\n\n
\n\n | \nCongregazione delle Missionarie | \n | \n | \nResidential Community of Elmas based in Cagliari | \n\n\n\n\n
\n\n | \nFiglie di San Girolamo Emiliani (Santa | \n | \n | \n | \n\n\n\n\n
\n\n | \nGilla) | \n | \n | \n | \n\n\n\n\n
\n\n| Enel Produzione SpA | \nDiocesi di Civitavecchia Tarquinia | \n0.02 | \n | \nLiberal donation of a bronze statue depicting Pope | \n\n\n\n\n
\n\n | \n | \n | \n | \nJohn Paul II to be installed in the flowerbed in front of | \n\n\n\n\n
\n\n | \n | \n | \n | \nthe Cathedral of San Francesco in Civitavecchia | \n\n\n\n\n
\n\n | \n | \n12.57 | \n | \nTotal | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n\n\n\n\n\n\n",
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"value": "\n
\n\n54. Contractual commitments and guarantees
\nThe commitments entered into by the Enel Group and the guarantees given to third parties are shown below.
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n
\n\n| Guarantees given: | \n | \n | \n | \n
\n\n| - sureties and other guarantees granted to third parties | \n3,300 | \n3,407 | \n(107) | \n
\n\n| Commitments to suppliers for: | \n | \n | \n | \n
\n\n| - electricity purchases | \n56,438 | \n63,422 | \n(6,984) | \n
\n\n| - fuel purchases | \n44,008 | \n47,666 | \n(3,658) | \n
\n\n| - various supplies | \n3,614 | \n3,017 | \n597 | \n
\n\n| - tenders | \n5,608 | \n6,982 | \n(1,374) | \n
\n\n| - other | \n6,757 | \n6,483 | \n274 | \n
\n\n| Total | \n116,425 | \n127,570 | \n(11,145) | \n
\n\n| TOTAL | \n119,725 | \n130,977 | \n(11,252) | \n
\n\n
\n
Compared with December 31, 2023, the decrease of
\n\u20ac6,984 million in commitments for \u201celectricity pur-
\nchases\u201d is essentially attributable to progress on con-
\ntracts, electricity prices developments and the sale of
\nEnel Distribuci\u00f3n Per\u00fa.
\nThe decrease of \u20ac3,658 million in commitments for
\n\u201cfuel purchases\u201d mainly regards the decrease in gas
\nprices and in fuel purchases.
\nThe decrease of \u20ac1,374 million in \u201ctenders\u201d mainly re-
\nflects the natural expiration of contracts, mainly in Italy.
\nFor more details on the expiry of commitments and
\nguarantees, see the section \u201cCommitments to pur-
\nchase commodities\u201d in note 47.
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
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"Tag144": {
"value": "\n54. Contractual commitments and guarantees
\nThe commitments entered into by the Enel Group and the guarantees given to third parties are shown below.
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nChange | \n
\n\n| Guarantees given: | \n | \n | \n | \n
\n\n| - sureties and other guarantees granted to third parties | \n3,300 | \n3,407 | \n(107) | \n
\n\n| Commitments to suppliers for: | \n | \n | \n | \n
\n\n| - electricity purchases | \n56,438 | \n63,422 | \n(6,984) | \n
\n\n| - fuel purchases | \n44,008 | \n47,666 | \n(3,658) | \n
\n\n| - various supplies | \n3,614 | \n3,017 | \n597 | \n
\n\n| - tenders | \n5,608 | \n6,982 | \n(1,374) | \n
\n\n| - other | \n6,757 | \n6,483 | \n274 | \n
\n\n| Total | \n116,425 | \n127,570 | \n(11,145) | \n
\n\n| TOTAL | \n119,725 | \n130,977 | \n(11,252) | \n
\n\n
\n
Compared with December 31, 2023, the decrease of
\n\u20ac6,984 million in commitments for \u201celectricity pur-
\nchases\u201d is essentially attributable to progress on con-
\ntracts, electricity prices developments and the sale of
\nEnel Distribuci\u00f3n Per\u00fa.
\nThe decrease of \u20ac3,658 million in commitments for
\n\u201cfuel purchases\u201d mainly regards the decrease in gas
\nprices and in fuel purchases.
\nThe decrease of \u20ac1,374 million in \u201ctenders\u201d mainly re-
\nflects the natural expiration of contracts, mainly in Italy.
\nFor more details on the expiry of commitments and
\nguarantees, see the section \u201cCommitments to pur-
\nchase commodities\u201d in note 47.
\n
\n\n\n",
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"Tag134": {
"value": "\n55. Contingent assets and liabilities
\nThe following reports the main contingent assets and
\nliabilities at December 31, 2024. A provision is recog-
\nnized in the consolidated financial statements for the
\npart of liabilities for which defeat in court is deemed
\nprobable, according to requirements provided for in
\nIAS 37.
\nHydroelectric concessions - Italy
\nItalian regulations governing large-scale hydroe-
\nlectric concessions, most recently modified by the
\nDecree Law 135 of 2018 ratified with Law 12/2019,
\nintroduced a number of changes in the matter of
\nconcession fees, introducing variable component of
\nfees (in addition to the fixed component), as well as
\nan obligation to provide free power to public bodies
\n(220 kWh of power for each kW of average nominal
\ncapacity of the facilities covered by the concession).
\nIn implementation of this national law, as of today the
\nregions of Lombardy, Piedmont, Emilia-Romagna,
\nFriuli-Venezia Giulia, the Province of Trento, Veneto,
\nCalabria, Basilicata, Abruzzo, Lazio, Umbria and Tus-
\ncany have enacted regional laws implementing state
\nlegislation, and requested payment of both the du-
\nal-component fee (consisting of a fixed component
\nand a variable component) and the monetary equiva-
\nlent of free electricity supplies.
\nEnel Produzione SpA and Enel Green Power Italia Srl
\n(the \u201cCompanies\u201d) challenged before the Superior
\nPublic Water Resources Court (TSAP) the implement-
\ning acts issued under the individual regional laws and
\nthe subsequent payment notices of fees and the
\nmonetization of free electricity supplies, asking that
\nthey be declared void and raising the question of con-
\nstitutional illegitimacy of both the national law and the
\nregional laws.
\nThe Companies complained that the regional imple-
\nmenting acts \u2013 as well as the regional legislation which
\nthey implement \u2013 were constitutionally illegitimate,
\nfirst for violation of fundamental principles in nation-
\nal legislation and various primary principles protect-
\ned both by the Italian Constitution and European law
\nconcerning legitimate expectations, property rights,
\n
\n\n\n\nreasonableness, private initiative, and concessions,
\nwhere:
\n\u2022 they provide for retroactive application to valid large
\ndiversion concessions of the dual-component fee
\nand the obligation to supply free power or its finan-
\ncial equivalent;
\n\u2022 they order the monetization of the obligation to
\nsupply free energy, which is not envisaged in the na-
\ntional law.
\nFurthermore, the introduction by the regions of these
\nnew obligations to pay the new dual-component
\nfee and to supply a certain annual quantity of elec-
\ntricity free of charge in the form of payment of the
\nassociated monetary value, which is also to be paid
\nby the holders of valid concessions that have not yet
\nexpired, creates an unexpected and unreasonable
\nfinancial imbalance in the concession relationships.
\nThis circumstance is in evident contrast with the
\nprinciples of reasonableness, proportionality and le-
\ngitimate expectation of concession fees, compliance
\nwith which is required by constitutional case law if,
\nin the context of long-term relationships, pejorative
\nmodifications are introduced.
\nIn September 2024, the TSAP issued its decision in
\nthe proceedings against the implementing acts is-
\nsued by the regions of Lombardy, Piedmont and
\nAbruzzo, rejecting the appeals.
\nThe Companies are appealing against this decision
\nbefore the Court of Cassation. They are also request-
\ning a precautionary suspension of the first sentence
\nissued by TSAP. The hearing for the discussion of
\nthe suspension was scheduled for March 26, 2025.
\nThe remaining proceedings before the TSAP are still
\npending in the preliminary investigation phase.
\nThe payment injunction orders issued by the Emil-
\nia-Romagna and Veneto regions for the failure to pay
\nthe amounts in the payment notices were also chal-
\nlenged before the Regional Court of Public Waters
\n(TRAP). These proceedings were suspended pending
\nthe TSAP decision.
\nHydroelectric concessions Sardinia
\n- Italy
\nIn October 2018, the Autonomous Region of Sardinia
\n(RAS), with three resolutions of the Council (and relat-
\ned provisions), ordered that the management of the
\nthree concessions for large hydroelectric diversions
\nin Sardinia, Coghinas, Flumendosa and Taloro (power
\nplants, dams and pipelines) belonging to Enel Produz-
\nione (EP) expiring in 2029, be entrusted to Enas, the
\npublic body of the Sardinia Region, as from 1 January
\n2019.
\nEP challenged these provisions before the Superi-
\nor Public Water Resources Court (TSAP), considering
\nthem illegitimate and seriously damaging to EP\u2019s ac-
\nquired rights, as they are clearly in conflict, among
\nother things, with Legislative Decree 79/1999 (so-
\ncalled Bersani Decree), the provisions of the Simplifi-
\ncation Decree, as well as in open violation of Article 117
\nof the Constitution and of various fundamental prin-
\nciples protected by the Italian Constitution, the Euro-
\npean Convention on Human Rights and the Charter of
\nFundamental Rights of the EU, such as the protection
\nof private property, competition, legal certainty and
\nfreedom of private economic initiative.
\nDuring the proceedings, the TSAP first ordered the
\nsuspension of the contested provisions and subse-
\nquently, in 2023, voided the resolutions of the Region
\nof Sardinia due to a procedural defect (failure to com-
\nmunicate the start of the proceedings), including in
\nthe decision the other grounds for appeal of EP.
\nThe Region of Sardinia challenged the decision be-
\nfore the Court of Cassation and with an appeal to the
\nConstitutional Court for conflict of attribution. EP ap-
\npeared in both proceedings.
\nWith an order dated December 28, 2024, the Court
\nof Cassation upheld the appeal of the Region of Sar-
\ndinia and quashed the TSAP decision. EP resumed the
\nproceedings before the TSAP for the continuation and
\nexamination of the remaining grounds of appeal, si-
\nmultaneously promoting a request for suspension of
\nthe contested provisions which will be discussed at
\nthe hearing on March 19, 2025.
\nThe proceedings before the Constitutional Court for
\nconflict of attribution are destined to be declared in-
\nadmissible given that the TSAP ruling was annulled.
\nAntitrust proceeding 12461 \u2013 EE \u2013
\nContract renewals - Italy
\nOn December 13, 2022, the Competition Authority
\n(AGCM) notified Enel Energia SpA (\u201cthe Company\u201d or
\nEE) and six other companies (Hera, A2A, Acea, Eni Plen-
\nitude, Engie, Edison) that it had initiated a proceeding
\nfor unfair commercial practices (violation of certain
\nprovisions of the Consumer Code and Article 3 of Leg-
\nislative Decree 115/2022, the second \u201cAid Decree\u201d).
\nIn particular, AGCM, among other thing, argued that
\nEE had sent its customers, in the period from May to
\nOctober 2022, notices of price changes that were al-
\n
\n\n\n\nlegedly generic and omissive to the extent that they
\ndid not specify the expiry date of the financial condi-
\ntions subject to renewal and represented an unwar-
\nranted exercise of ius variandi in modification of the
\nfinancial conditions of the supply relationship, in vio-
\nlation of the aforementioned Article 3 of the second
\nAid Decree.
\nWith the measure initiating the procedure, the Com-
\npetition Authority simultaneously prohibited on a pre-
\ncautionary basis the sending of new price change no-
\ntices and ordered the correction of those already sent.
\nAll the operators subject to the order, including EE,
\nchallenged the provision, which was based on the as-
\nsumption that any price change had been prohibited
\nto suppliers in the period indicated by the second Aid
\nDecree (August 10 - April 30, then extended until June
\n30, 2023 by Legislative Decree 198/2022, the \u201cMille-
\nproroghe Decree\u201d).
\nFollowing the pronouncement of the Council of State
\nof December 22, 2022 and the Milleproroghe Decree
\nof December 29, 2022, which excluded the applicability
\nof Article 3 of the Decree to contract renewals (of ex-
\npiring offers) in compliance with the contractual terms
\nof notice and without prejudice to the right of with-
\ndrawal of the counterparty, thus distinguishing them
\nfrom those covered by the ius variandi, the Competition
\nAuthority, with a precautionary measure on December
\n29, 2022, ordered the partial upholding of the original
\nprecautionary measure and confirmed the prohibition
\non changes or renewals of the financial conditions of
\nexpiring contracts for which the expiry date was not
\nspecifically identified or in any case predeterminable in
\nthe associated notice sent to the customer. EE filed an
\nappeal for additional reasons against this measure.
\nWith a ruling published on May 19, 2023, the Lazio
\nRegional Administrative Court (TAR) accepted the
\narguments of EE and voided the two precautionary
\nmeasures of the AGCM on December 12, 2022 and
\nDecember 29, 2022. Both AGCM and EE challenged
\nthe Court decision before the Council of State which,
\non December 10, 2024, rejected AGCM appeal, con-
\nsidering that the precautionary measures it issued had
\nbeen overcome by the sanctioning measure adopted
\nby the same AGCM.
\nIn the meantime, the proceeding for unfair commer-
\ncial practices concluded with the issue of a meas-
\nure notified on November 15, 2023 with which the
\nCompetition Authority found a violation of Articles 24
\nand 25 of the Consumer Code, levying a fine of \u20ac10
\nmillion on EE, which was paid by EE on December 15,
\n2023. On January 15, 2024, EE appealed to void the
\nfine before the Lazio Regional Administrative Court,
\nwhich was then voided by the TAR with a decision
\npublished on November 18, 2024. On 11 February
\n2025, the AGCM challenged this decision before the
\nCouncil of State.
\nCriminal proceeding against
\ne-distribuzione concerning an accident \u2013
\nItaly
\nOn July 1, 2021, e-distribuzione SpA was notified of
\na proceeding against a number of its employees and
\nmanagers and e-distribuzione SpA itself pursuant to
\nLegislative Decree 231/2001, initiated by the Public
\nProsecutor\u2019s Office of Taranto, following the accident
\nthat occurred on the night between June 27 and 28,
\n2021 in which an employee of a contractor was injured
\nand subsequently died.
\nDuring the investigative phase, an unrepeatable tech-
\nnical assessment was ordered and the report of the
\nTechnical Consultant of the Public Prosecutor, dated
\nDecember 15, 2021, was filed and incorporated in the
\nPublic Prosecutor\u2019s case.
\nA notice of dismissal of charges was subsequently sent
\nto some of the defendants and the subcontractor with
\nwhom the deceased worker was employed. A notice of
\nconclusion of the preliminary investigation pursuant
\nto Article 415-bis of the Code of Criminal Procedure
\nwas sent to the remaining defendants and the compa-
\nny and on April 17, 2023, a notice was served schedul-
\ning the preliminary hearing before the Court of Taranto
\nfor May 23, 2023. Following adjournments, the prelim-
\ninary hearing was scheduled to continue on February
\n20, 2024, when the parties were heard, including the
\nrequest for a plea deal from one of the defendants.
\nAt the following hearing on May 21, 2024, the Court
\naccepted the plea deal from one of the defendants,
\nordering referral to trial for all the other defendants.
\nThe hearing began on October 1, 2024, the examination
\nof the prosecution witness is currently underway and
\nthe trial is postponed to the hearing on April 15, 2025.
\nIn agreement with the insurance company, a process
\nwas defined to reach a settlement with the heirs of the
\ndeceased to extinguish the claims formulated by the
\ninjured parties without admission of liability.
\nArbitration proceedings Enel Produzione
\nSpA - Italy
\nIn the 4th Quarter of 2023 a coal supplier initiated
\nan arbitration proceeding against Enel Produzione
\n
\n\n\n\nrequesting the fulfillment by the latter of certain coal
\nsupply contracts stipulated between the parties dur-
\ning 2021, performance of which was suspended by
\nEnel Produzione in March 2022 due to the sanctions
\nimposed with EU Regulations no. 269/2014 and no.
\n833/2014. A claim of about $11.2 million was filed for
\nsupplies already executed and about $66.7 million for
\nexpected supplier, plus interest. The arbitration pro-
\nceedings are pending, The hearing is scheduled for
\nthe last week of May.
\nGreen Network litigation - Italy
\nWith a summons dated May 8, 2019, Green Network
\nSpA (GN) sued Enel Energia SpA (EE) before the Court
\nof Rome to ascertain alleged anti-competitive con-
\nduct (including illegal win-back practices) that EE car-
\nried out in an attempt to recover customers who would
\nhave moved to the competing trader and, as a result,
\norder EE to pay damages quantified at \u20ac116,049,056,
\nplus interest and monetary revaluation, in addition to
\nthe publication of the sentence. EE formally appeared
\nin court, contesting the validity of the opposing par-
\nty\u2019s claim in fact and law and requesting the complete
\ndenial of the claims, as well as an order for the plaintiff
\nto pay damages for frivolous litigation. After complet-
\ning the preliminary investigation phase, on February
\n9, 2024, the parties exchanged final briefs and we are
\nawaiting the decision.
\nPenalty proceeding of the Personal Data
\nProtection Authority against Enel Energia
\n\u2013 Italy
\nOn February 29, 2024, the Personal Data Protection
\nAuthority (DPA) announced that it was levying a fine of
\n\u20ac79,107,101 on Enel Energia SpA (the \u201cCompany\u201d), in
\naddition to a number of prescriptive measures.
\nThe action originates with a proceeding undertaken by
\nthe DPA in July 2023, during which the Company was
\naccused of failing to adopt an adequate system for
\nmonitoring and controlling the operation of its agen-
\ncies, which, in the period from 2015 to 2022, also made
\nuse of operators who were not officially appointed, for
\nthe sole purpose of maximizing their profits even to
\nthe detriment of the Company itself.
\nIn the meantime, the Company, acting for its own pro-
\ntection, had already taken all the contractually estab-
\nlished measures against the agencies involved in the
\ncircumstances addressed by the penalty measure and
\nhad also filed criminal complaints against the opera-
\ntors who had acted abusively.
\nThe Company, considering the objections raised by
\nthe DPA to be unfounded, challenged the provision
\nbefore the Civil Court of Rome, filing a request for sus-
\npension of both the payment of the fine and the pre-
\nscriptive measures. On July 18, 2024, the Court grant-
\ned the request for suspension with a non-appealable
\norder, scheduling the discussion on the merit on May
\n14, 2025.
\nBEG litigation - Italy, France,
\nLuxembourg
\nFollowing an arbitration proceeding initiated by BEG
\nSpA (BEG) in Italy, Enelpower SpA (Enelpower) obtained
\na ruling in its favor in 2002, which was upheld by the
\nCourt of Cassation in 2010, which entirely rejected the
\npetition for damages with regard to alleged breach by
\nEnelpower of an agreement concerning the assess-
\nment of the possible construction of a hydroelectric
\npower station in Albania. Subsequently, BEG, acting
\nthrough its subsidiary Albania BEG Ambient (ABA), filed
\nsuit against Enelpower and Enel SpA (Enel) in Albania
\nconcerning the matter, obtaining a ruling from the
\nDistrict Court of Tirana on March 24, 2009, upheld by
\nthe Albanian Court of Cassation, ordering Enelpower
\nand Enel to pay tortious damages of about \u20ac25 million
\nfor 2004 as well as an unspecified amount of tortious
\ndamages for subsequent years. Following the ruling,
\nAlbania BEG Ambient demanded payment of more
\nthan \u20ac430 million.
\nIn November 2016, Enel and Enelpower filed a petition
\nwith the Albanian Court of Cassation, asking for the
\nruling issued by the District Court of Tirana on March
\n24, 2009 to be voided. At the hearing of November 6,
\n2024, the Albanian Court of Cassation rejected the
\npetition.
\nWith a ruling of the Court of Appeal of Rome of March
\n7, 2022, the further proceedings undertaken by Enel
\nand Enelpower before the Court of Rome were con-
\ncluded, having sought recognition of BEG\u2019s liability for
\nhaving circumvented the arbitration award rendered
\nin Italy in favor of Enelpower through the aforemen-
\ntioned initiatives undertaken by the subsidiary ABA.
\nWith the ruling, the Court of Appeal of Rome upheld
\nthe ruling of first instance rendered by the Court of
\nRome on June 16, 2015, which had denied the petition
\nin the proceeding.
\nOn May 20, 2021, the European Court of Human
\nRights (ECHR) issued a ruling with which it decided
\n
\n\n\n\nthe appeal brought by BEG against the Italian State
\nfor violation of Article 6.1 of the European Conven-
\ntion on Human Rights. With this decision, the Court
\ndenied BEG\u2019s request to reopen the above arbitra-
\ntion proceedings, and also rejected BEG\u2019s claim for
\npecuniary damages amounting to about \u20ac1.2 billion
\ndue to the absence of a causal link with the disputed
\nconduct, granting it \u20ac15,000 in non-pecuniary dam-
\nages.
\nNonetheless, on December 29, 2021, BEG, with an ac-
\ntion that the Company and its legal counsel deemed
\nunfounded and specious, also decided to sue the Ital-
\nian State before the Court of Milan, to demand, as a
\nconsequence of the ECHR ruling, damages for tortious
\nliability in an amount of about \u20ac1.8 billion. In this case,
\nBEG also involved Enel and Enelpower by way of a claim
\nof joint and several liability. With an order of June 14,
\n2022, the Court of Milan, in accepting the objection of
\nterritorial incompetence raised by the State Attorney,
\ndeclared its incompetence to hear the dispute in favor
\nof the Court of Rome, the court exclusively competent
\nto hear the causes in which the Italian State is involved,
\nordering BEG to pay the costs of the proceedings in
\nfavor of the defendants, BEG did not resume the judg-
\nment before the Court of Rome within the legal term
\nof October 14, 2022 and therefore the proceeding was
\nextinguished.
\nA short time later, on November 3, 2022, BEG resub-
\nmitted the same claims for damages of the terminat-
\ned proceeding, serving a new writ of summons before
\nthe Court of Milan against the same defendants, but
\nexcluding the Italian State. Enel and Enelpower are
\npreparing their defenses to proceed with the appear-
\nance in court in order to contest the claim, which is
\nconsidered entirely specious and unfounded, like the
\nprevious similar initiative. Following the hearing for ad-
\nmission of evidence, the Court issued an order on Oc-
\ntober 26, 2023 denying the preliminary requests of the
\nplaintiff and scheduled final arguments for October 17,
\n2024 when the parties exchanged their final briefs. We
\nare awaiting a decision.
\nProceedings undertaken by Albania BEG
\nAmbient Shpk (ABA) to obtain enforcement
\nof the ruling of the District Court of Tirana
\nof March 24, 2009
\nItaly
\nWith an appeal notified on September 11, 2023, Al-
\nbania BEG Ambient Shpk (ABA) initiated a proceed-
\ning before the Court of Appeal of Rome against Enel
\nSpA and Enelpower Srl, in order to obtain, pursuant to
\nArticle 67 of Law 218/1995, enforcement of the rul-
\ning of the Court of Tirana of March 24, 2009. The two
\ncompanies are preparing their defense to contest the
\nclaim for execution in Italy as well. Following the initial
\nhearing, the Court of Appeal adjourned the proceed-
\ning until September 18, 2025 for oral arguments.
\nFrance
\nIn 2012, ABA filed suit against Enel and Enelpower with
\nthe Tribunal de Grande Instance in Paris in order to
\nrender the ruling of the Albanian court enforceable in
\nFrance.
\nOn January 29, 2018, the Tribunal de Grande Instance
\nrejected ABA claim. Among other issues, the Tribunal
\nde Grande Instance ruled that: (i) the Albanian ruling
\nconflicted with an existing decision (the arbitration
\nruling of 2002) and that (ii) the fact that BEG sought to
\nobtain in Albania what it was not able to obtain in the
\nItalian arbitration proceeding, resubmitting the same
\nclaim through ABA, represented fraud.
\nSubsequently, with a ruling of May 4, 2021, the Par-
\nis Court of Appeal denied the appeal by ABA, in full,
\nupholding the ruling at first instance and, in particular,
\nfully upholding the non-compatibility of the Albanian
\nruling with the arbitration award of 2002, ordering it
\nto reimburse Enel and Enelpower \u20ac200,000 each for
\nlegal costs.
\nWith a ruling of May 17, 2023 the French Cour de Cas-
\nsation rejected ABA\u2019s appeal, thereby definitively de-
\nnying the ABA\u2019s petition for execution.
\nFollowing the favorable ruling of the Court of Appeal,
\nEnel initiated a separate proceeding to obtain release
\nof the precautionary attachments (saisie conserva-
\ntoire des cr\u00e9ances) granted to ABA of any receivables
\nof Enel in respect of Enel France. With an order of
\nJune 16, 2022, the Court of Paris ordered the release
\nof the precautionary attachments while also ordering
\nABA to pay Enel a total of about \u20ac146,000 in dam-
\nages and legal costs. ABA challenged the aforemen-
\ntioned release order and the appeal was granted by
\nthe Paris Court of Appeal with a decision of May 17,
\n2023. On June 16, 2023 Enel filed a petition and on
\nDecember 15, 2023 formally appealed that ruling be-
\nfore the French Cour de Cassation. On April 18, 2024,
\nABA filed a petition and appeared in court, communi-
\ncating the release of the precautionary attachments
\nand requesting the Cour de Cassation to terminate
\nthe proceedings due to the cessation of the subject
\nmatter of the dispute. Enel opposed the request for
\ntermination of the proceedings; the Court\u2019s decision
\non the matter is pending.
\n
\n\n\n\nThe Netherlands
\nIn 2014, ABA filed suit with the Court of Amsterdam to
\nrender the ruling of the Albanian court enforceable in
\nthe Netherlands.
\nFollowing an initial ruling of June 29, 2016, in favor of
\nABA, in a ruling of July 17, 2018, the Amsterdam Court
\nof Appeal upheld the appeal advanced by Enel and
\nEnelpower, ruling that the Albanian judgment cannot
\nbe recognized and enforced in the Netherlands, as it
\nwas arbitrary and manifestly unreasonable and there-
\nfore contrary to Dutch public order. Subsequently, the
\nproceeding before the Court of Appeal continued with
\nregard to the subordinate question raised by ABA with
\nwhich it asked the Dutch court to rule on the merits
\nof the dispute in Albania and in particular the alleged
\ntortious liability of Enel and Enelpower in the failure
\nto build the power plant in Albania. On December 3,
\n2019, the Amsterdam Court of Appeal issued a defini-
\ntive ruling in which it rejected any claim made by ABA,
\nthereby confirming the denial of recognition and en-
\nforcement of the Albanian ruling in the Netherlands.
\nMoreover, having re-analyzed the merits of the case
\nunder Albanian law, the Court found no tortious liability
\non the part of Enel and Enelpower and ordered ABA
\nto reimburse the companies for the losses incurred in
\nillegitimate conservative seizures, to be quantified as
\npart of a specific procedure, and the costs of the trial
\nand appeal proceedings.
\nOn July 16, 2021 the Supreme Court completely reject-
\ned ABA\u2019s appeals, ordering it to reimburse court costs.
\nLuxembourg
\nIn Luxembourg, again at the initiative of ABA, J.P. Mor-
\ngan Bank Luxembourg SA was also served with an
\norder for a number of precautionary seizures of any
\nreceivables of both Enel Group companies in respect
\nof the bank.
\nIn parallel ABA filed a claim to obtain enforcement of
\nthe ruling of the Court of Tirana in Luxembourg.
\nOwing to a number of procedural delays, the proceed-
\ning is still in the initial stages and no ruling has been
\nissued. In particular, after several legal representatives
\nappointed by ABA withdrew from the cause, on Sep-
\ntember 2023 the court suspended the proceeding.
\nUnited States and Ireland
\nIn 2014, ABA had initiated two proceedings requesting
\nexecution of the Albanian sentence before the courts
\nof the State of New York and Ireland, which both ruled
\nin favor of Enel and Enelpower, respectively, on Febru-
\nary 23 and February 26, 2018. Accordingly, there are
\nno lawsuits pending in Ireland or New York State.
\nMunicipality of Alfedena \u2013 COSAP
\nand CUP fees
\nOn September 26, 2024, the Municipality of Alfedena
\nnotified Enel Produzione of: (i) an assessment of \u20ac207
\nmillion for fees for the use of public areas in respect
\nof a hydroelectric catchment area named \u201cMontagna
\nSpaccata\u201d and the associated structures (COSAP) and
\nthe single land usage fee (CUP) for the years from 2007
\nto 2024; and (ii) a notice of a fine of about \u20ac75.5 million
\nfor alleged illegitimate use of those areas.
\nThe notice of assessment and the fine issued by the
\nmunicipality are based on the argument that the land
\noccupied by the catchment area and the associated
\nstructures fall within those belonging to the munici-
\npality\u2019s public use assets not available for civic use and
\ntherefore subject to the COSAP fee, and, more recently,
\nthe single land usage fee (CUP). Enel Produzione chal-
\nlenged the assessment in court, while filing a petition
\nfor suspension of enforcement, and presented written
\ndefenses against the fine. At the hearing of January 22,
\n2025, the Court of Sulmona ordered the suspension of
\nthe enforcement of the assessment.
\nBono Social - Spain
\nIn relation to the various financing schemes for the
\nBono Social adopted by the Spanish government,
\nwith ruling no. 212/2022 of February 21, 2022 the Tri-
\nbunal Supremo ruled on the appeals filed by Endesa
\nSA, Endesa Energ\u00eda SAU and Energ\u00eda XXI Comercial-
\nizadora de Referencia SLU (Endesa) and other compa-
\nnies in the energy sector against the third scheme for
\nfinancing the Bono Social, and for co-financing with
\ngovernment authorities of the supply to vulnerable
\nconsumers, envisaged under Article 45, paragraph 4
\nof Spain\u2019s Electricity Industry Law 24/2013, Royal De-
\ncree Law 7/2016 of December 23 and Royal Decree
\n897/2017 of October 6.
\nWith the ruling, the Tribunal Supremo, partially allowing
\nthe appeals, found that (i) the aforesaid regime was in-
\napplicable; (ii) Articles 12 to 17 of Royal Decree 897/2017
\nare inapplicable and void, and (iii) the appellants were
\nentitled to be compensated for the amounts paid to
\nfinance the Bono Social and provide co-financing with
\ngovernment authorities, and to reimbursement of all
\ncosts incurred to fulfill the obligations set out in this
\nmechanism, deducting any amounts transferred to
\ncustomers, where applicable.
\nIn the absence of voluntary compliance by the au-
\nthorities, on November 10, 2022 the companies filed
\n
\n\n\n\na petition for enforcement of the ruling, requesting
\nimmediate payment of the uncontested part, equal to
\nabout \u20ac152 million, for financing costs associated with
\ncustomers in the regulated market, as well as payment
\nof other amounts as quantified in the technical stud-
\nies prepared by the companies. With an order of May
\n26, 2023 the Tribunal Supremo (i) ordered the govern-
\nment to pay Endesa \u20ac152,272,229.83, plus interest,
\n(ii) required the Ministry for the Ecological Transition
\nand the Demographic Challenge (MITECO) to quantify
\nas soon as possible the additional amounts to be paid
\nto Endesa in respect of (a) costs to finance the Bono
\nSocial for the free market, deducting any amounts
\ntransferred to customers, and (b) investments made
\nto implement the Bono Social, and to pay Endesa
\nthose amounts, plus interest, within two months. On
\nJuly 28, 2023, the Secretary of State for Energy (MITE-
\nCO) announced a resolution that grants Endesa (i) an
\nindemnity of \u20ac171.6 million (including interest) for fi-
\nnancing costs associated with customers in the reg-
\nulated market and (ii) an additional indemnity of \u20ac6.6
\nmillion (including interest) for costs incurred to imple-
\nment the Bono Social. However the resolution does
\nnot provide for any indemnity for the financing costs
\nof the Bono Social for the free market. Therefore, on
\nSeptember 18, 2023 Endesa filed arguments support-
\ned by technical studies with the Tribunal Supremo to
\ndemonstrate Endesa\u2019s entitlement to be indemnified
\nfor the free market segment as well. In February 2024,
\na motion was filed to initiate the expert evidence col-
\nlection phase, which began in May 2024 and ended
\nwith a decision of September 18, 2024 of the Tribu-
\nnal Supremo, which: (i) partially voided the resolution
\nof the Secretary of State of July 28, 2023 in the part
\nin which it did not recognize the compensation for
\nthe financing costs of the Bono Social relating to the
\nfree market segment; (ii) established Endesa\u2019s right to
\nbe reimbursed by the government in the amount of
\n\u20ac148 million as amounts paid to finance the Bono So-
\ncial, plus interest calculated from the date on which
\nthe payment was made until its actual reimbursement;
\n(iii) established Endesa\u2019s right to reimbursement of \u20ac6
\nmillion corresponding to the costs incurred for the
\nmanagement of the Bono Social for customers being
\nsupplied at the time, plus interest calculated from the
\ndate on which the payment was made until its actual
\nreimbursement; (iv) confirmed that the cost of financ-
\ning the Bono Social had no impact on market offers or
\non the energy bills of Endesa Energ\u00eda SAU customers.
\nSince all the amounts incurred for the implementation
\nof the procedure for requesting, verifying and manag-
\ning the Bono Social (as indicated in paragraph (iii)) have
\nalready been paid by the government, on December
\n13, 2024, Endesa filed an application before the Tri-
\nbunal Supremo informing that the \u20ac148 million reim-
\nbursement relating to the amounts paid as financing
\nand co-financing associated with consumers supplied
\nby Endesa Energ\u00eda SAU was still pending.
\nGNL Endesa Generaci\u00f3n SAU arbitration
\nproceeding II - Spain
\nIn March 2023, a liquefied natural gas (LNG) produc-
\ner initiated an arbitration proceeding within the con-
\ntext of a proceeding for the revision of the price of
\na long-term supply contract for LNG against Endesa
\nGeneraci\u00f3n SAU, demanding payment of about $700
\nmillion (interest included) at September 30, 2024. The
\narbitration proceeding came to completion and the
\naward was issued on November 28, 2024 rejecting the
\nclaims, and condemning the same claimant to pay the
\nlegal expenses in favour of Endesa.
\nGNL Endesa Generaci\u00f3n SAU arbitration
\nproceeding III - Spain
\nIn January 2025, a liquefied natural gas (LNG) produc-
\ner initiated an arbitration proceeding for the revision
\nof the price of a long-term supply contract for LNG
\nagainst Endesa Generaci\u00f3n SAU. Although the de-
\nfendant has not yet detailed the amount of the claim
\n\u2013 reserving the right to do so at a later stage of the
\nproceedings \u2013 it should be noted that in the negoti-
\nation phase it had requested a retroactive price in-
\ncrease which would entail a potential disbursement
\nby Endesa, estimated as of December 31, 2024 at
\napproximately $307.8 million, including interest. The
\namount of the claim could be revised during the arbi-
\ntration proceeding.
\nAppeal of grant of single permit for the
\n\u201cPe\u00f1a del Gato\u201d wind farm \u2013 Spain
\nOn February 7, 2024, the association Plataforma para
\nla Defensa de la Cordillera Cant\u00e1brica filed an appeal
\nwith the Administrative Court of Le\u00f3n to challenge
\nthe administrative authorization and environmental
\nimpact statement for the construction and opera-
\ntion of the \u201cPe\u00f1a del Gato\u201d wind farm and the related
\nevacuation infrastructure, obtained, most recently in
\n2022, by Energ\u00edas Especiales del Alto Ulla SAU (100%
\n
\n\n\n\ncontrolled by Enel Green Power Espa\u00f1a SLU, herein-
\nafter the \u201cCompany\u201d). On March 11 and April 11, 2024,
\nrespectively, the Junta de Castilla y Le\u00f3n and the Com-
\npany filed their opposition to the appeal filed by the
\nassociation. On December 11, 2024 the Company filed
\nits conclusions.
\nTractebel litigation \u2013 Brazil
\nIn 1998 the Brazilian company CIEN (now Enel CIEN)
\nsigned an agreement with Tractebel (now Engie Brasil
\nEnergia SA) for the delivery of electricity from Argentina
\nthrough its Argentina-Brazil interconnection line. As a
\nresult of Argentine regulatory changes introduced as a
\nconsequence of the economic crisis in 2002, Enel CIEN
\nwas unable to make the electricity available to Tractebel.
\nIn October 2009, Tractebel sued Enel CIEN for alleged
\nbreach of contract. Enel CIEN submitted its defense
\nciting force majeure as a result of the Argentine crisis
\nas the main argument. Out of court, Tractebel indicat-
\ned that it plans to acquire 30% of the interconnection
\nline involved in the dispute. With a ruling of February
\n16, 2023, the court of first instance denied the grounds
\nof the claim submitted by Tractebel against Enel CIEN.
\nThe ruling was appealed by Tractebel on March 20,
\n2023, but on February 29, 2024 the Court of Appeal
\nupheld the decision at first instance in favor of Enel
\nCIEN. On March 21, 2024, Tractebel filed a petition for
\nclarification of the decision of the Court of Appeal, to
\nwhich Enel CIEN replied. On May 10, 2024, the Court of
\nAppeal denied the motion submitted by Tractebel and
\nTractebel challenged the rejection before the Superior
\nCourt. Enel CIEN appeared in the proceedings which
\nare currently pending. The amount involved in the dis-
\npute is estimated at about R$753 million (about \u20ac123
\nmillion), plus damages to be quantified.
\nFor similar reasons, the company Furnas, in May 2010,
\nhad also presented a sue against Enel CIEN for the fail-
\nure to deliver electricity, requesting payment of about
\nR$571.6 million (about \u20ac91 million), plus damages to be
\nquantified, with a claim to acquire 70% of the intercon-
\nnection line. The trial concluded in favor of Enel CIEN
\nwith a sentence issued by the Tribunal de Justi\u00e7a, which
\nbecame final on October 18, 2019, which rejected all of
\nFurnas\u2019 claims.
\nCibran litigation - Brazil
\nCompanhia Brasileira de Antibi\u00f3ticos (Cibran) has
\nfiled six suits against the Enel Group company Ampla
\nEnergia e Servi\u00e7os SA (today Enel Distribui\u00e7\u00e3o Rio)
\nto obtain damages for alleged losses incurred as a
\nresult of the interruption of electricity service by the
\nBrazilian distribution company between 1987 and
\n2002, in addition to non-pecuniary damages. The
\nCourt ordered a unified technical appraisal for those
\ncases, the findings of which were partly unfavorable
\nto Enel Distribui\u00e7\u00e3o Rio. The latter challenged the
\nfindings, asking for a new study, which led to the de-
\nnial of part of Cibran\u2019s petitions. Cibran subsequently
\nchallenged the findings of the new study, but with-
\nout success.
\nThe first suit, regarding the years from 1995 to 1999,
\nwas denied in full with a ruling that became definitive
\non August 24, 2020.
\nWith regard to the second case, filed in 2006 and re-
\ngarding the years from 1987 to 1994, on June 1, 2015,
\nthe courts issued a ruling ordering Enel Distribui\u00e7\u00e3o
\nRio to pay R$96 million (about \u20ac23 million) plus in-
\nterest in pecuniary damages and R$80,000 (about
\n\u20ac19,000) in non-pecuniary damages. On November 6,
\n2019, the Tribunal de Justi\u00e7a of Rio de Janeiro issued
\na ruling granting Enel Distribui\u00e7\u00e3o Rio\u2019s petition, and
\ndenying all of Cibran\u2019s claims. Subsequently, all the
\nappeals submitted by Cibran between 2019 and 2022
\nwere denied in full and, accordingly, the decision of
\nNovember 6, 2019 in favor of Enel Distribui\u00e7\u00e3o Rio be-
\ncame final on March 24, 2023.
\nThe remaining four suits for the years 2001 and 2002,
\nin which the claim has not yet been quantified with
\nexpert opinion, were initially suspended pending the
\ndecision concerning the petition and are now waiting
\nto be taken up again. The value of all the disputes is
\nundetermined.
\nLitigation with cooperatives - Brazil
\nAs part of the project to expand the grid in rural are-
\nas of Brazil, in 1982 Coelce Companhia Energ\u00e9tica do
\nCear\u00e1 SA (today Enel Distribui\u00e7\u00e3o Cear\u00e1), then owned
\nby the Brazilian government and now an Enel Group
\ncompany, had entered into contracts for the use of the
\ngrids of a number of cooperatives established specif-
\nically to pursue the expansion project. The contracts
\nprovided for the payment of a monthly fee by Enel Dis-
\ntribui\u00e7\u00e3o Cear\u00e1, which was also required to maintain
\nthe grids.
\nThose contracts, between cooperatives established in
\nspecial circumstances, did not specifically identify the
\ngrids governed by the agreements, which prompted a
\nnumber of the cooperatives to sue Enel Distribui\u00e7\u00e3o
\n
\n\n\n\nCear\u00e1 asking for, among other things, a revision of the
\nfees agreed in the contracts.
\nThese proceedings include: (a) the suit filed by Coop-
\nerativa de Eletrifica\u00e7\u00e3o Rural do Vale do Acarau Ltda
\n(COPERVA) with a value of about R$533 million (about
\n\u20ac83 million): in the suit COPERVA requested a revision
\nof the fee agreed in the contract for the use of the
\ndistribution grids which could amount to 1.5% of the
\nvalue of the leased asset. Enel Distribui\u00e7\u00e3o Cear\u00e1 was
\ngranted rulings in its favor by the trial court and the
\nCourt of Appeal (representing a favorable precedent
\nalso for the other proceedings). This was followed by
\nseveral appeals, the last of which, filed in December
\n2018 before the Tribunal Superior de Justi\u00e7a, is cur-
\nrently pending (an internal procedural appeal filed by
\nCOPERVA is being defined); and (b) the suit filed by
\nCooperativa de Energia, Telefonia e Desenvolvimento
\nRural do Sert\u00e3o Central Ltda (COERCE) of about R$319
\nmillion (about \u20ac50 million): in the suit COERCE re-
\nquested a revision of the fee agreed for the use of its
\ngrids to be calculated on the basis of 2% of their value;
\nthe preliminary investigation of the first instance trial
\nwas recently concluded with the filing of a technical
\nreport favorable to Enel Distribui\u00e7\u00e3o Cear\u00e1.
\nANEEL litigation - Brazil
\nIn 2014, Eletropaulo (today Enel Distribui\u00e7\u00e3o S\u00e3o
\nPaulo) initiated an action before the Brazilian federal
\ncourts seeking to void the administrative measure of
\nthe Ag\u00eancia Nacional de Energia El\u00e9trica (ANEEL, the
\nnational electricity agency), which in 2012 retroac-
\ntively introduced a negative coefficient to be applied
\nin determining rates for the following regulatory pe-
\nriod (2011-2015). With this provision, ANEEL ordered
\nthe restitution of the value of some components of
\nthe network previously included in rates because they
\nwere considered non-existent and denied Enel Dis-
\ntribui\u00e7\u00e3o S\u00e3o Paulo\u2019s request to include additional
\ncomponents in rates. The administrative measure of
\nANEEL was challenged and on September 9, 2014, it
\nwas suspended on a precautionary basis. The first-in-
\nstance proceeding was concluded with a decision
\nof April 10, 2024 which rejected the requests of Enel
\nDistribui\u00e7\u00e3o S\u00e3o Paulo. Against this decision, the com-
\npany filed an appeal also asking the Court of Appeal
\nto confirm the precautionary suspension already or-
\ndered, which was granted on June 21, 2024, until the
\nsecond degree decision on the merits. On August 5,
\n2024, ANEEL challenged this last decision suspending
\nthe enforceability of the provision and on September
\n9, 2024 Enel Distribui\u00e7\u00e3o S\u00e3o Paulo filed a counter-ap-
\npeal. The value of the suit is about R$1,3 billion (about
\n\u20ac219 million).
\nEndicon \u2013 Brazil
\nOn October 17, 2021 Endicon (former Enel service pro-
\nvider in Brazil) filed a lawsuit against Enel Distribui\u00e7\u00e3o
\nRio and Enel Distribui\u00e7\u00e3o Cear\u00e1 in which it seeks total
\ndamages of approximately R$553 million (about \u20ac91
\nmillion) for pecuniary and non-pecuniary damages in-
\ncurred in connection with certain events allegedly at-
\ntributable to Group companies, which occurred during
\nthe execution of the contracts and from the abusive
\nexercise of contractual rights by the latter, which is
\nalleged to have produced a loss on the management
\nof the contracts. Following the revocation on May 10,
\n2022 of the precautionary measure that had been
\npreviously notified to the companies, on December 2,
\n2021, Enel Distribui\u00e7\u00e3o Rio and Enel Distribui\u00e7\u00e3o Cear\u00e1
\npresented their defenses in the proceedings on the
\nmerits, including preliminary objections on procedural
\naspects which were rejected by the Court in both the
\nfirst and second instance. A review proceeding against
\nthis latter decision is currently pending. On the merits,
\nthe trial continues in the first instance in the investiga-
\ntion phase. On March 19, 2024, the Group companies
\nrequested the Court to file accounting reports and ad-
\nditional documentary evidence.
\nSocrel \u2013 Brazil
\nEnel Distribui\u00e7\u00e3o S\u00e3o Paulo has been sued by Servi\u00e7os
\nde Eletricidade and Telecomunica\u00e7\u00f5es Ltda (Socrel)
\nfor damages for losses caused by an alleged unlaw-
\nful termination of contract by the Group company
\nthat involved a series of contracts between the par-
\nties, which would have caused Socrel\u2019s liquidity crisis.
\nFollowing an expert report issued during the proceed-
\nings, Socrel\u2019s request was quantified at R$321 mil-
\nlion (about \u20ac57 million). With the ruling of March 27,
\n2023, the Tribunal de Justi\u00e7a do Estado de S\u00e3o Paulo
\ndenied the entire substance of the Socrel claim. So-
\ncrel challenged the ruling on May 15, 2023 which was
\noverturned with a ruling of November 8, 2023 and re-
\nmanded for trial at first instance to hear oral evidence
\nnot allowed in the first proceeding. On November 24,
\n2023, Enel Distribui\u00e7\u00e3o S\u00e3o Paulo filed a request for
\nclarification against the provision that annulled the
\nfirst-instance judgment, rejected by the Court of Ap-
\n
\n\n\n\npeal on December 19, 2023. On February 26, 2024,
\nEnel Distribui\u00e7\u00e3o S\u00e3o Paulo filed an appeal with the
\nSupreme Court against this last decision, and Socrel
\nfiled a counter-appeal on March 27, 2024; the pro-
\nceedings are pending.
\nExtraordinary 2022 rate revision (Cear\u00e1) \u2013
\nBrazil
\nOn April 19, 2022, the Ag\u00eancia Nacional de Energia
\nEl\u00e9trica (ANEEL) issued Resolution no. 3.026/2022
\nwith which it authorized an average 24.85% rate in-
\ncrease for 2022 for the electricity distribution servic-
\nes performed by Enel Distribui\u00e7\u00e3o Cear\u00e1 (ED Cear\u00e1).
\nBoth private individuals and public institutions have
\nchallenged this resolution before the Federal Re-
\ngional Court of the district of Cear\u00e1, for a total of six
\nproceedings requesting, on a precautionary basis,
\nthe cancellation of the effects of the resolution and,
\non a permanent basis, the voidance of the resolution
\nitself, arguing that the rate increase is illegitimate.
\nIn all proceedings, ED Cear\u00e1 has contested the pe-
\ntitioners\u2019 claims, arguing the legitimacy of the rate
\nadjustment. On June 21, 2022, the Federal Regional
\nCourt rejected the precautionary request and join-
\ndered the six proceedings in a single proceeding in
\nconsideration of the fact that the relief sought and
\nthe cause of action are the same. On September 23,
\n2022, ED Cear\u00e1 also submitted that, as a result of
\ncertain subsequent legislative measures, the rate had
\nbeen reduced following an extraordinary rate review
\nand a reduction in taxes. Of the six suits, four have
\nalready concluded with definitive decisions in favor
\nof Enel (for procedural reasons, therefore without de-
\nciding on the merits) and dismissal of charges. One
\nof the remaining two, after the appeal on legitimacy
\nto act was granted, was returned to the court of first
\ninstance for the analysis of the merits. The estimat-
\ned value of the proceeding has not been determined.
\nThe other suit, which was referred to the Federal Re-
\ngional Court due to its connection with the others
\ncommented earlier, is promoted by one public entity
\nfor consumer protection and is aimed at obtaining
\ncompensation for collective moral damages quanti-
\nfied in approximately R$59 million (approximately \u20ac10
\nmillion) allegedly suffered due to the poor quality of
\nthe service, in the context of which the request relat-
\ning to the rate increase was also formulated. On De-
\ncember 19, 2024, a first-instance decision was issued
\nunfavorable to ED Cear\u00e1, condemning the company
\nto pay collective moral damages for inadequate qual-
\nity of service for approximately \u20ac1 million. The deci-
\nsion will be appealed by ED Cear\u00e1.
\nCTEEP \u2013 Brazil
\nOn March 16, 2021 Enel Distribui\u00e7\u00e3o S\u00e3o Paulo (for-
\nmerly Eletropaulo Metropolitana Eletricidade de S\u00e3o
\nPaulo SA \u2013 Eletropaulo) filed a debt collection action
\nbefore the Tribunal de Justi\u00e7a do Estado de S\u00e3o Pau-
\nlo in the amount of about R$1.5 billion (about \u20ac250
\nmillion) against the transmission system operator ISA
\nCTEEP \u2013 Companhia de Transmiss\u00e3o de Energia El\u00e9tri-
\nca (CTEEP) as the original debtor for a liability arising
\nprior to the privatization of Eletropaulo, against Cen-
\ntrais El\u00e9tricas Brasileiras SA (Eletrobras), which had
\ninitially been paid by Eletropaulo to the latter as part
\nof a settlement agreement. With a decision of Sep-
\ntember 26, 2023, the competent Court of Appeal up-
\nheld the ruling at first instance, which had denied Enel
\nDistribui\u00e7\u00e3o S\u00e3o Paulo\u2019s claim, also quantifying the de-
\nfense\u2019s legal costs due at 13% of the present value of
\nthe claim, for an amount of about R$439 million (about
\n\u20ac70 million) at September 2024. By decision of January
\n12, 2024, the Court of Appeal rejected the appeal filed
\nagainst this decision by Enel Distribui\u00e7\u00e3o S\u00e3o Paulo.
\nOn February 23, 2024 the company also appealed the
\nlatter ruling before the higher courts, and on March
\n25, 2024 CTEEP presented its defense in this regard.
\nSubsequently, the judgment was suspended pending
\nthe ruling of the Higher Federal Court on preliminary
\nquestions to the merits of the case.
\nBlack-out November 2023 S\u00e3o Paulo \u2013
\nBrazil
\nFollowing the severe weather events that on November
\n3, 2023 hit the concession area of Enel Distribui\u00e7\u00e3o
\nS\u00e3o Paulo (ED SP), at December 31, 2024, 528 individ-
\nual actions and 7 collective actions were filed by rep-
\nresentatives of municipalities, unions, political parties,
\nthe public prosecutor and the public defender\u2019s office
\nrequesting the grant of precautionary measures, the
\nprovision of assistance by ED SP, the provision of in-
\nformation/documentation, the maintenance of dis-
\ntribution service levels and the payment of individual
\nand collective pecuniary and non-pecuniary damages
\nto be determined in court. At December 31, 2024 the
\noverall value of the individual actions was about R$20
\nmillion (about \u20ac3.1 million) while the value of the col-
\nlective actions was undetermined.
\n\n\nBlack-out November 2023 Rio de Janeiro \u2013
\nBrazil
\nFollowing the severe weather events that on November
\n18, 2023 hit the concession area of Enel Distribui\u00e7\u00e3o
\nRio de Janeiro (EDR), at December 31, 2024, 3,481 in-
\ndividual actions and 19 collective actions were filed
\nby representatives of municipalities, the public pros-
\necutor and the public defender\u2019s office requesting
\nthe grant of precautionary measures, the provision of
\nassistance by EDR, the provision of information/docu-
\nmentation, the maintenance of assistance measures
\nand the payment of individual and collective pecuni-
\nary and non-pecuniary damages to be determined in
\ncourt. At December 31, 2024 the overall value of the
\nindividual actions was about R$78 million (about \u20ac12.1
\nmillion) while the value of the collective actions was
\nundetermined.
\nBlack-out October 2024 S\u00e3o Paulo \u2013 Brazil
\nFollowing the severe weather events that on October
\n11, 2024 hit the concession area of Enel Distribui\u00e7\u00e3o
\nS\u00e3o Paulo (ED SP), at December 31, 2024, ED SP was
\nnotified 632 individual actions and 6 collective action,
\nfiled by representatives of municipalities, the public
\nprosecutor, associations, political parties, the Federal
\ngovernment, the S\u00e3o Paulo State and, in one instance,
\na private individual, requesting the grant of precau-
\ntionary measures to improve the quality of service and
\nANEEL participation in the concession. On the merits,
\nthe plaintiffs are seeking the payment of individual and
\ncollective pecuniary and non-pecuniary damages and,
\nin one case, to obtain the annulment of the conces-
\nsion contract and the imposition of sanctions against
\nED SP. At December 31, 2024, the overall value of the
\nindividual actions was about R$10.3 million (about \u20ac1.6
\nmillion) while the value of the collective actions was
\nundetermined.
\nIPEDEC - Brazil
\nThe Instituto de Defensa de los Consumidores (IPE-
\nDEC) filed a suit against Enel Distribui\u00e7\u00e3o Cear\u00e1 (ED
\nCear\u00e1) and Ag\u00eancia Nacional de Energia El\u00e9trica
\n(ANEEL) to contest the inclusion in the tariff of costs
\nrelated to energy theft such as \u201cnon-technical loss-
\nes\u201d. In January 2024, ED Cear\u00e1 challenged the ruling
\nwith which the court of first instance had partially
\naccepted the opposing claim by declaring that the
\ninclusion of such costs among non-technical losses
\nwas null but without retroactive effects, only starting
\nfrom the moment the decision became final. The trial
\ncontinues on appeal. The value of the dispute is un-
\ndetermined.
\nRate revision for Enel Distribui\u00e7\u00e3o S\u00e3o
\nPaulo - Brazil
\nAs part of a class action brought against Eletropaulo
\n(now Enel Distribui\u00e7\u00e3o S\u00e3o Paulo, ED SP) and against
\nthe Ag\u00eancia Nacional de Energia El\u00e9trica (ANEEL), in
\nwhich ANEEL was asked to include a negative com-
\nponent in rate revisions carried out as from 2003 ac-
\ncounting for the alleged tax benefit that ED SP would
\nhave benefited from in respect of the interest paid on
\nequity and for ED SP to reimburse double the amounts
\ncharged to consumers due to the failure to incorporate
\nthe effect of the aforementioned benefit in rates, the
\ncourt of first instance issued a ruling in favor of ED SP.
\nHowever, on April 3, 2024 the Court of Appeal issued a
\nruling against the latter. On April 10, 2024, ED SP filed
\nan appeal with a request for clarification of the appeal
\njudgment. On August 27, 2024, this request was denied
\nand, on September 19, 2024, ED SP filed both a spe-
\ncial appeal for violation of the law and an extraordinary
\nappeal for violation of constitutional principles against
\nthe second instance judgment. Both proceedings are
\npending. The value of the dispute is undetermined.
\nPublic civil action Municipality of Paraty
\nEnel Distribui\u00e7\u00e3o Rio - Brazil
\nThe Municipality of Paraty initiated a proceeding
\nagainst Ampla (now Enel Distribui\u00e7\u00e3o Rio, EDR) for
\nthe enforcement of a final judgment ordering EDR
\nto promote the modernization of the grid in the mu-
\nnicipality until the expiration of the concession con-
\ntract. The judge has appointed a technical consultant
\nfor the quantification and the proceeding is currently
\nsuspended for negotiations. The amount involved is
\ncurrently undetermined.
\nGasAtacama \u2013 Chile
\nIn January 2020, the appeal proceeding was complet-
\ned for the administrative fine levied in August 2016
\nby the Superintendencia de Electricidad y Combusti-
\nbles (SEC) against GasAtacama Chile (now Enel Gen-
\n\n\neraci\u00f3n Chile) concerning the information provided
\nto the CDEC-SING (Centro de Despacho Econ\u00f3mico
\nde Carga) in relation to the variables of the Techni-
\ncal Minimum and the Minimum Operation Time at
\nthe Atacama power station. Upon completion of the
\nproceeding, the amount of the fine was reduced from
\napproximately \u20ac6 million to about $432,000 and the
\namount was paid by the company.
\nIn relation to the issue mentioned above, a number
\nof operators of the Sistema Interconectado del Norte
\nGrande (SING), including Aes Gener SA, El\u00e9ctrica
\nAngamos SA and Engie Energ\u00eda Chile SA, sued Ga-
\nsAtacama Chile in 2017 seeking damages for a total
\namount of about \u20ac139.5 million. On October 17, 2023,
\nthe Civil Court of Santiago issued a ruling partially
\nupholding the plaintiffs petitions in an amount to be
\nquantified at a subsequent stage of the proceeding.
\nOn October 31, 2023 the ruling was challenged by all
\nthe defendants and the appeal proceeding is pending.
\nGasAtacama Chile and its external legal counsel feel
\nthat the likelihood of the plaintiffs\u2019 claim being upheld
\non appeal is remote.
\nCompa\u00f1\u00eda Minera Arbiodo - Chile
\nIn 2016, Compa\u00f1\u00eda Minera Arbiodo and Ingenieros
\nAsesores Limitada filed a suit against the Ministerio
\nde Bienes Nacionales, the Ministerio de Energ\u00eda, the
\nMinisterio de Miner\u00eda (together, the \u201cMinistry\u201d), the
\nServicio Nacional de Geolog\u00eda y Miner\u00eda (Sernageom-
\nin), Enel Green Power Chile (EGP Chile) and Parque
\nE\u00f3lico Taltal SA (the \u201cCompanies\u201d) seeking damages
\nfor alleged losses incurred as a result of presumed
\nviolations of mining rights to the soil underneath the
\nland on which the Taltal wind farm, which was built
\nunder a ministerial concession granted in 2012, is lo-
\ncated.
\nWith decision of December 6, 2023, the Civil Court of
\nSantiago ordered Parque E\u00f3lico Taltal and EGP Chile,
\njointly and severally with Sernageomin, to pay an
\namount of about 346 billion Chilean pesos (equal to
\nabout \u20ac334 million) in favor of the plaintiffs.
\nThe decision was challenged by the Companies, the
\nMinistry, Sernageomin, as well as Arbiodo. On June 18,
\n2024, the appeal proceeding was suspended follow-
\ning the appeal lodged with the Constitutional Court
\nby the Companies, against some legal assumptions
\nforming the basis of the first-instance ruling. The
\nCompanies and its external legal counsel feel that
\nthe likelihood of the plaintiffs\u2019 claim being upheld on
\nappeal is remote.
\nEl Quimbo \u2013 Colombia
\nA number of legal actions (\u201cacciones de grupo\u201d and
\n\u201cacciones populares\u201d) brought by residents and fisher-
\nmen in the affected area are pending with regard to
\nthe El Quimbo project for the construction by Emgesa
\nof a 400 MW hydroelectric plant in the region of Hui-
\nla (Colombia). More specifically, the first collective ac-
\ntion, currently in the preliminary stage, was brought by
\naround 1,140 residents of the municipality of Garz\u00f3n,
\nwho claim that the construction of the plant would
\nreduce their business revenue by 30%. A second ac-
\ntion was brought, between August 2011 and Decem-
\nber 2012, by residents and businesses/associations of
\nfive municipalities of Huila claiming damages related
\nto the closing of a bridge (Paso El Colegio). With re-
\ngard to acciones populares, or class action lawsuits, in
\n2008 a suit was filed by a number of residents of the
\narea demanding, among other things, that the environ-
\nmental permit be suspended. As part of this action, on
\nSeptember 11, 2020, the Huila Court issued a partial-
\nly unfavorable ruling against Emgesa, sentencing it to
\nfulfill the obligations provided for in the environmental
\nlicense. Both the Autoridad Nacional de Licencias Am-
\nbientales (ANLA) and Emgesa challenged this decision
\nbefore the Council of State. On September 20, 2022,
\nANLA\u2019s appeal was denied because it had been filed
\nlate. The proceeding continues in relation to Emgesa\u2019s
\nappeal. Meanwhile, in a different proceeding, during
\nthe last quarter of 2024, the Council of State definitive-
\nly confirmed the validity of the environmental license of
\nthe El Quimbo project, ordering ANLA to re-determine
\nsome performance obligations provided for therein
\nthat the Council of State recognized as unenforceable
\ndue to a fact not attributable to Emgesa.
\nAnother acci\u00f3n popular was brought by a number of
\nfish farming companies over the alleged impact that
\nfilling the El Quimbo basin would have on fishing in the
\nBetania basin downstream from El Quimbo. After a
\nnumber of precautionary rulings, on February 22, 2016,
\nthe Huila Court issued a ruling allowing generation to
\ncontinue for six months. The court ordered Emgesa to
\nprepare a technical design that would ensure compli-
\nance with oxygen level requirements and to provide
\ncollateral of about 20,000,000,000 Colombian pesos
\n(about \u20ac5.5 million). The Huila Court subsequently ex-
\ntended the six-month time limit, and therefore, in the
\nabsence of contrary court rulings the El Quimbo plant
\nis continuing to generate electricity as the oxygenation
\nsystem installed by Emgesa has so far demonstrat-
\ned that it can maintain the oxygen levels required by
\nthe court. On March 22, 2018, ANLA and CAM jointly
\n\n\npresented the final report on the monitoring of water
\nquality downstream of the dam of the El Quimbo hy-
\ndroelectric plant. Both authorities confirmed the com-
\npliance of Emgesa with the oxygen level requirements.
\nOn January 12, 2021, it was learned that the ruling of
\nfirst instance of the Court of Huila had been issued. The
\nruling, while acknowledging that the oxygenation sys-
\ntem implemented by Emgesa had mitigated the risks
\nassociated with the protection of fauna in the Bethany
\nbasin, imposed a series of obligations on the environ-
\nmental authorities involved, as well as on Emgesa itself.
\nIn particular, the latter is required to implement a de-
\ncontamination project to ensure that the water in the
\nbasin does not generate risks for the flora and fauna of
\nthe river, which will be subject to verification by ANLA,
\nand to make permanent the operation of the oxygena-
\ntion system, adapting it to comply with the parameters
\nestablished by ANLA. On March 4, 2021, Emgesa chal-
\nlenged the appeal ruling before the Council of State.
\nOn December 31, 2021, the Council of State ruled that
\nEmgesa\u2019s appeal was admissible. The proceeding is
\ncontinuing at the appeal level.
\nNivel de Tensi\u00f3n Uno proceedings -
\nColombia
\nThis dispute involves an \u201cacci\u00f3n de grupo\u201d brought by
\nCentro M\u00e9dico de la Sabana hospital and other parties
\nagainst Codensa (now Enel Colombia) seeking restitu-
\ntion of allegedly excess rates. The action is based upon
\nthe alleged failure of Codensa to apply a subsidized
\nrate that they claim the users should have paid as Ten-
\nsi\u00f3n Uno category users (voltage of less than 1 kV) and
\nowners of infrastructure, as established in Resolution
\nno. 82/2002, as amended by Resolution no. 97/2008.
\nThe preliminary stage has been completed and a ruling
\nis pending. The estimated value of the proceeding is
\nabout 337 billion Colombian pesos (about \u20ac73.5 mil-
\nlion).
\nGroup actions for flooding in Bosa and
\nKennedy neighborhoods of Bogot\u00e1 -
\nColombia
\nEmgesa SA (now Enel Colombia SA) was sued with an
\n\u201cacci\u00f3n de grupo\u201d brought by the residents of the Bosa
\nand Kennedy neighborhoods of Bogot\u00e1 (Colombia)
\nseeking damages for flooding that occurred in 2010
\nand 2011 after the Bogot\u00e1 overflowed its banks. The
\nproceeding is at the preliminary stage. The estimated
\nvalue of the proceeding is about 2.2 billion Colombian
\npesos (about \u20ac518 million).
\nReimbursement for public lighting services
\nin 1998-2004 \u2013 Colombia
\nFollowing a dispute between the Colombian Public
\nServices Authority (UAESP) and Codensa (now Enel
\nColombia) that ended with a ruling unfavourable to
\nthe latter in 2011, UAESP initiated a forced collection
\nprocedure to recover the receivable for over-invoicing
\nreimbursements from Enel Colombia.
\nThe administrative collection order was challenged
\nin court and the proceeding is currently pending on
\nappeal. With a further administrative order dated April
\n19, 2024, the UAESP revived the collection procedure,
\nupdating the quantification of the receivable to about
\n\u20ac82.2 million, including discounting and late-payment
\ninterest. On July 10, 2024, Enel Colombia challenged
\nthis order as well before the UAESP. Following an ad-
\nministrative appeal filed by Enel Colombia, on Sep-
\ntember 4, 2024, the UAESP reduced the amount of its
\nclaim to about \u20ac74.3 million, a provision which was also
\nchallenged by Enel Colombia on December 23, 2024.
\nThe collection procedure has been suspended until
\nMarch 18, 2025, when the out-of-court conciliation
\nhearing will be held.
\nKino arbitration - Mexico
\nOn September 16, 2020, Kino Contractor SA de Cv
\n(Kino Contractor), Kino Facilities Manager SA de Cv
\n(Kino Facilities) and Enel SpA (Enel) were notified of a
\nrequest for arbitration filed by Parque Solar Don Jos\u00e9
\nSA de Cv, Villanueva Solar SA de Cv and Parque So-
\nlar Villanueva Tres SA de Cv (together, \u201cProject Com-
\npanies\u201d) in which the Project Companies alleged the
\nviolation (i) by Kino Contractor of certain provisions
\nof the EPC Contract and (ii) by Kino Facilities of cer-
\ntain provisions of the Asset Management Agreement,
\nboth contracts concerning solar projects owned by
\nthe three companies filing for arbitration. Enel \u2013 which
\nis the guarantor of the obligations assumed by Kino
\nContractor and Kino Facilities under the above con-
\ntracts \u2013 has also been called into the arbitration pro-
\nceeding, but no specific claims have been filed against
\nit for the moment.
\nThe Project Companies, in which Enel Green Power
\nSpA is a non-controlling shareholder, are controlled
\nby CDPQ Infraestructura Participaci\u00f3n SA de Cv (which
\n\n\nis controlled by Caisse de D\u00e9p\u00f4t et Placement du
\nQu\u00e9bec) and CKD Infraestructura M\u00e9xico SA de Cv.
\nOn August 4, 2023, the arbitration ruling was notified.
\nThe arbitration board declared that it did not have
\njurisdiction against Enel SpA and, in partially grant-
\ning the claim of the Project Companies, ordered Kino
\nContractor and Kino Facilities (now Enel Services Mex-
\nico SA de Cv - Enel Services) to pay penalties totaling
\nabout $77 million, plus interest at an annual rate of
\n6%. Subsequently, Kino Contractor and Enel Services
\nfiled a petition requesting correction of the arbitration
\naward, which was partially granted and, on December
\n13, 2023, they filed a petition to void the award before
\nthe Mexican courts. Subsequently, the Project Compa-
\nnies have requested the recognition and enforcement
\nof the arbitration award. The proceeding is pending.
\nIn December 2023, the Project Companies filed a suit
\nbefore the Supreme Court of the State of New York
\nagainst Enel, in its capacity as guarantor of the obli-
\ngations assumed by Kino Contractor, to request pay-
\nment due by the latter under the provisions of the
\narbitration award. This proceeding concluded with a
\nfavorable decision on December 3, 2024, which fully
\nrecognized Enel\u2019s defenses. On December 17, 2024,
\nthe Project Companies filed an appeal and Enel, on
\nDecember 24, 2024, filed a conditional cross appeal.
\nThe appeal proceedings are pending.
\nAllianz \u2013 North America
\nOn May 18, 2022, High Lonesome Wind Project LLC
\n(HiLo) was sued in New York Supreme Court by Allianz
\nRisk Transfer Ltd for about $203 million concerning an
\nalleged liability accrued by the company, as of Feb-
\nruary 2021 in connection with a Proxy Revenue Swap
\n(PRS). The claim is being contested in its entirety. The
\nproceedings are currently pending before the South-
\nern District Court in New York, which in 2024 ruled that
\nthe claims subject to arbitral jurisdiction under the
\nPRS should be heard in arbitration, while providing for
\nthe continuation of the proceedings for the remaining
\nclaims.
\nOsage Wind \u2013 North America
\nIn the context of a proceeding commenced by the
\nUnited States of America (as trustee of the Osage Na-
\ntion) and by the Osage Mineral Council against Enel
\nGreen Power North America, Enel Kansas LLC and
\nOsage Wind LLC, whose subject matter is the need
\nfor the defendants to request a previous authorization
\nfrom the Osage to do certain excavation activities for
\nthe construction of the wind plant Osage Wind (con-
\nsisting of 84 wind turbines for a total capacity of 150
\nMW), on December 18, 2024 the Federal District Court
\nof North Oklahoma issued a decision of first instance
\nby which it has confirmed the order of removal of the
\nplant as provided in the order of December 20, 2023,
\nsetting a deadline to this end to December 1, 2025,
\nand ordered the companies to pay an overall damages
\ncompensation limited to around $300,000 and relat-
\ned legal fees. Such decision has been appealed by the
\ncompanies and by the United States of America and
\nthe companies also filed a motion to stay before the
\nCourt that issued the decision in first instance which
\nwas upheld on March 3, 2025. The appeal proceedings
\nare pending.
\nGastalsa \u2013 Peru
\nIn 2011, Empresa de Gas de Talara SA (Gastalsa) filed
\na suit before the Civil Court of Talara against the Or-
\nganismo Superior de la Inversi\u00f3n en Energ\u00eda y Miner\u00eda
\n(Osinergmin) and the Ministry of Energy and Mines re-
\nquesting to revoke the measure that canceled the con-
\ncession granted to Gastalsa to supply natural gas to the
\nwhole province of Talara and ordered the transfer of the
\npipeline owned by Enel Generaci\u00f3n Piura SA (EGPIURA)
\nto Gastalsa, calling for the application of a regulation
\naccording to which gas supply concession holders can,
\nunder certain conditions, request ownership of existing
\ngas pipelines in the concession area. EGPIURA was not
\nsummoned to participate in this proceeding.
\nIn 2017, Gastalsa obtained a favorable first-instance de-
\ncision which was challenged by EGPIURA for violation of
\nthe adversarial procedure. In a new ruling issued on Jan-
\nuary 6, 2022 the Civil Court of Talara (i) denied the claim
\nof forfeit advanced by an affected third party (Gasnorp)
\nand (ii) partially granted the claim filed by Gastalsa, is-
\nsuing a precautionary measure ordering the affected
\npublic entities to (a) restore the natural gas concession
\nin favor of Gastalsa, and (b) proceed with the upgrade
\nand transfer of the pipeline owned by EGPIURA to Gast-
\nalsa. EGPIURA challenged the ruling and on August 2,
\n2022, the Court of Appeal ruled against Gastalsa, re-
\nferring the case to the court of first instance for a new
\ndecision. As a result of that decision, the precautionary
\nmeasure issued earlier was revoked.
\nIn the meantime, in March 2020 Gasnorp challenged
\nbefore the Constitutional Court the decision by which
\nthe Civil Court had denied the claim of forfeit against
\n\n\nGastalsa. In July 2022, the Constitutional Court acknowl-
\nedged that the original petition of Gastalsa had been
\nfiled after the time limit and the forfeiture of the latter
\nfrom the right. This decision has become final. Following
\nthe ruling of the Court of Appeal which decided differ-
\nently from the ruling of the Constitutional Court, on July
\n11, 2024, the Constitutional Court, in the new judgment
\npromoted by Gasnorp, ordered the Court of Appeal to
\nissue a new ruling accepting the claim of forfeiture of
\nthe original appeal. The first-instance judgment on the
\nmerits has been suspended in the meantime pending
\nthe decision by the Court of Appeal on this issue.
\nGab\u010d\u00edkovo litigation \u2013 Slovakia
\nSlovensk\u00e9 elektr\u00e1rne (SE) is involved in a number of
\ncases before the national courts concerning the 720
\nMW Gab\u010d\u00edkovo hydroelectric plant, which is adminis-
\ntered by Vodohospod\u00e1rska V\u00fdsatavba \u0160t\u00e1tny Podnik
\n(VV) and whose operation and maintenance, as part of
\nthe privatization of SE in 2006, had been entrusted to
\nSE for a period of 30 years under an operating agree-
\nment (the VEG Operating Agreement).
\nImmediately after the closing of the privatization, the
\nPublic Procurement Office (PPO) filed suit with the
\nCourt of Bratislava seeking to void the VEG Operating
\nAgreement on the basis of alleged violations of the
\nregulations governing public tenders, qualifying the
\ncontract as a service contract and as such governed
\nby those regulations. In November 2011 the trial court
\nruled in favor of SE, whereupon the PPO appealed the
\ndecision.
\nIn parallel with the PPO action, VV also filed a num-
\nber of suits, asking in particular for the voidance of the
\nVEG Operating Agreement. On December 12, 2014, VV
\nwithdrew unilaterally from the VEG Operating Agree-
\nment, notifying its termination on March 9, 2015, for
\nbreach of contract. On March 9, 2015, the decision of
\nthe Court of Appeal overturned the ruling of the tri-
\nal court and voided the contract as part of the action
\npursued by the PPO. SE lodged an extraordinary ap-
\npeal against that decision before the Supreme Court.
\nAt a hearing of June 29, 2016, the Supreme Court de-
\nnied the appeal and SE then appealed the ruling to the
\nConstitutional Court, which denied the appeal with a
\nruling on January 18, 2017 which then became final.
\nIn addition, SE lodged a request for arbitration with the
\nVienna International Arbitral Centre (VIAC) under the
\nVEG Indemnity Agreement. Under that accord, which
\nhad been signed as part of the privatization between
\nthe National Property Fund (now MH Mana\u017ement -
\nMHM) of the Slovak Republic and SE, the latter was
\nentitled to an indemnity in the event of the early ter-
\nmination of the VEG Operating Agreement for reasons
\nnot attributable to SE. On June 30, 2017, the arbitration
\ncourt issued its ruling denying the request of SE.
\nIn parallel with this arbitration proceeding, both VV
\nand MHM filed two suits in the Slovakian courts to
\nvoid the VEG Indemnity Agreement owing to the al-
\nleged connection of the latter with the VEG Operating
\nAgreement. These proceedings were rejected for pro-
\ncedural reasons on September 27, 2017. Both VV and
\nMHM appealed that decision, and both the appeals
\nwere denied upholding the trial court decision in favor
\nof SE. VV filed a further appeal (dovolanie) against that
\ndecision on March 9, 2020, with the Supreme Court,
\nto which SE replied with a brief submitted on June 8,
\n2020. SE also filed an appeal before the Slovak Con-
\nstitutional Court, which was denied on July 29, 2021.
\nOn March 24, 2021, the Supreme Court overturned the
\ndecision of the Bratislava Court of Appeal, referring
\nthe judgment to the latter court. This last proceeding
\nconcluded with a ruling dated November 21, 2024,
\nwhich once again rejected VV\u2019s requests.
\nAt the local level, VV has also filed other suits against
\nSE for alleged unjustified enrichment (estimated at
\nabout \u20ac360 million plus interest) for the period from
\n2006 to 2015. SE filed counter-claims for all of the
\nproceedings under way. Developments in those pro-
\nceedings can be summarized as follows:
\n\u2022 for 2006-2008, at the hearing of June 26, 2019, the
\nCourt of Bratislava rejected VV\u2019s main claim and,
\nconsequently, SE\u2019s counterclaim. The ruling in first
\ninstance was appealed by both parties before the
\nCourt of Appeal of Bratislava. The proceedings re-
\nlating to 2006 were completed with the decision of
\nDecember 6, 2022, notified to SE on February 18,
\n2023, which upheld the ruling in first instance. In
\nApril 2023, both SE and VV filed extraordinary ap-
\npeals before the Supreme Court against the Court
\nof Appeal\u2019s ruling and the proceeding is pending.
\nAs regards the proceedings relating to 2007, the
\nCourt of Appeal, in a ruling dated January 31, 2023,
\nnotified to SE on April 12, 2023, voided the deci-
\nsion of first instance, referring the case back to the
\nCourt of Bratislava for a new judgment. The first
\nhearing was held on January 8, 2024 and the pro-
\nceeding was adjourned to a hearing scheduled for
\nMarch 3, 2025. The proceedings relating to 2008
\nare still pending;
\n\u2022 the proceedings relating to the years 2011 and 2015
\nare all pending before the court of first instance and
\nbriefs have been exchanged between the parties.
\n\n\nFor both proceedings, hearings before the court of
\nfirst instance were postponed several times owing
\nto the pandemic and are now postponed to dates
\nto be determined for the proceedings relating to
\n2011, while the hearing for the proceedings relating
\nto 2015 was held on April 25, 2024. On December 12,
\n2024 this last proceeding was suspended until the
\nfinal decisions on the proceedings relating to 2006
\nand 2012 and VV appealed this suspension;
\n\u2022 the proceedings relating to the years 2009, 2010
\nand 2013 were completed in the court of first in-
\nstance with ruling issued by the Court of Bratislava
\non, respectively, November 24, 15 and 22, 2022, re-
\njecting both VV\u2019s claim and SE\u2019s counterclaim. Be-
\ntween December 2022 and January 2023 both SE
\nand VV filed appeals against the rulings relating to
\nthe years 2009, 2010 and 2013, and the proceeding
\nis now pending. The proceedings relating to 2014
\nwere completed at first instance with a ruling of the
\nCourt of Bratislava of October 10, 2023 rejecting the
\nprimary claim of VV and, consequently, the counter-
\nclaim of SE; this decision of the Court of Bratisla-
\nva was appealed by both VV and SE, on January 29,
\n2024 and on February 5, 2024, respectively;
\n\u2022 as regards the proceeding relating to the year 2012,
\non February 2, 2023 SE was notified of the appeal
\nruling upholding the ruling of first instance deny-
\ning of both VV\u2019s claim and SE\u2019s counterclaim. Both
\nVV and SE, on March 17, 2023 and March 31, 2023,
\nrespectively, have filed an extraordinary appeal with
\nthe Supreme Court against the appellate ruling and
\nthe proceeding is pending.
\nFinally, in another proceeding VV asked for SE to
\nreturn the fee for the transfer from SE to VV of the
\ntechnology assets of the Gab\u010d\u00edkovo plant as part of
\nthe privatization, with a value of about \u20ac20 million plus
\ninterest. After issuing a preliminary decision on the
\ncase in which it noted the lack of standing of VV, on
\nDecember 18, 2020, the Court of Bratislava issued a
\ndecision in favor of SE, rejecting VV\u2019s claims. On Jan-
\nuary 4, 2021, VV filed an appeal against that decision,
\nand the proceeding is pending.
\nNote that, following the finalization of the agreement
\nbetween Enel Produzione SpA (EP) and EP SLOVAKIA
\nBV (controlled by Energetick\u00fd a pr\u016fmyslov\u00fd holding
\n(EPH)) for the sale to the group of the remaining 50%
\nof the capital in Slovak Power Holding BV, any further
\nfinancial commitment still existing on the part of the
\nEnel Group towards Slovak Power Holding and SE has
\nceased to exist, including the compensation by virtue
\nof which EP would have borne a share in any liabilities
\narising from the disputes relating to the Gab\u010d\u00edkovo
\npower plant.
\nTax litigation in Brazil
\nWithholding Tax \u2013 Ampla
\nIn 1998, Ampla Energia e Servi\u00e7os SA (Ampla) fi-
\nnanced the acquisition of Coelce with the issue of
\nbonds in the amount of $350 million (\u201cFixed Rate
\nNotes\u201d - FRN) subscribed by its Panamanian sub-
\nsidiary, which had been established to raise funds
\nabroad. Under the special rules then in force, sub-
\nject to maintaining the bond until 2008, the interest
\npaid by Ampla to its subsidiary was not subject to
\nwithholding tax in Brazil.
\nHowever, the financial crisis of 1998 forced the Pan-
\namanian company to refinance itself with its Brazilian
\nparent, which for that purpose obtained loans from
\nlocal banks. The tax authorities considered this financ-
\ning to be the equivalent of the early extinguishment of
\nthe bond, with the consequent loss of entitlement to
\nthe exemption from withholding tax.
\nIn December 2005, Ampla carried out a spin-off that
\ninvolved the transfer of the residual FRN debt and the
\nassociated rights and obligations to Ampla Investi-
\nmentos e Servi\u00e7os SA.
\nOn November 6, 2012, the C\u00e2mara Superior de Recur-
\nsos Fiscais (the highest level of administrative courts)
\nissued a ruling against Ampla, for which the company
\npromptly asked that body for clarifications. On Octo-
\nber 15, 2013, Ampla was notified of the denial of the
\nrequest for clarification (embargo de declara\u00e7\u00e3o),
\nthereby upholding the previous adverse decision.
\nThe company provided security for the debt and on
\nJune 27, 2014 continued litigation before the ordinary
\ncourts (Tribunal de Justi\u00e7a).
\nIn December 2017, the court appointed an expert to
\nexamine the issue in greater detail in support of the
\nfuture ruling. In September 2018, the expert submitted
\na report, requesting additional documentation.
\nIn December 2018, the company, now Enel Distribui\u00e7\u00e3o
\nRio, provided the additional documentation and, in
\nview of the conclusions presented by the expert, re-
\nquested a further expert opinion. The case has been
\nreferred to the expert for clarifications regarding the
\nposition expressed by the company.
\nIn July 2021, the supplementary report was filed by the
\nexpert in which the existence of the loan agreements
\nwas acknowledged and the bond loan was terminated,
\nboth for the principal amount and for interest, main-
\nly through a capital increase. The company, called to
\n\n\npronounce on the report filed, requests the full can-
\ncellation of the tax debt.
\nIn March 2024, the company filed a request for review
\nof the value involved in the litigation following the ap-
\nproval of a new law which requires, in federal adminis-
\ntrative proceedings, the cancellation of penalties (and
\nrelated interest) for disputes with outcomes unfavora-
\nble to taxpayers as a result of the application of the
\nrule that gives the decisive vote to the tax authority in
\nthe event of a tie. Following the grant of the petition,
\nthe company obtained a reduction of penalties and
\ninterest and will also request a reduction of the cor-
\nresponding guarantees. The amount involved in the
\ndispute at December 31, 2024 is about \u20ac103 million.
\nPIS/COFINS/ICMS - Enel Distribui\u00e7\u00e3o
\nS\u00e3o Paulo
\nIn March 2017, the Supremo Tribunal Federal (STF) ruled
\non the calculation of the PIS and COFINS taxes, con-
\nfirming the argument that the ICMS tax (Imposto sobre
\nCircula\u00e7\u00e3o de Mercadorias e Servi\u00e7os, tax on the cir-
\nculation of goods and services) was not included in the
\ncalculation basis of the PIS and COFINS.
\nIn May 2021, the STF established that the ruling would
\nhave effect from the judgment of March 2017, except
\nfor taxpayers who had filed an appeal before that date.
\nThe Group\u2019s Brazilian companies affected by the STF
\nruling had already initiated legal action in their re-
\nspective federal regional courts. Subsequently, the
\nlatter notified them of the final decision, recognizing
\nthe right to deduct the ICMS applied to their opera-
\ntions from the calculation basis of the PIS and COFINS.
\nSince the excess payment of the PIS and COFINS taxes
\nhad been transferred to final customers, at the same
\ntime as the recognition of these recoverable taxes, a
\nliability in respect of those customers was recognized
\nin the same amount, net of any costs incurred or to be
\nincurred in the legal proceedings. These liabilities rep-
\nresent an obligation to reimburse the recovered taxes
\nto final customers.
\nIn this regard, Enel Distribui\u00e7\u00e3o S\u00e3o Paulo initiated two
\nproceedings that led to rulings in its favor. These re-
\ngarded the periods from December 2003 to December
\n2014 and from January 2015 onwards. With regard to
\nthe second proceeding, the Federal Union filed an ac-
\ntion of rescission against the company, disputing the
\nfact that part of the period in question (prior to March
\n2017) would be adversely impacted by the STF ruling of
\nMay 2021.
\nIn May 2022, the company challenged this action and
\nwill defend its actions through the various levels of the
\ncourt system. During 2023, following an adverse ruling
\nat the appeal level, the company filed a new appeal
\nseeking clarification of the ruling. In 2024, the case was
\nsuspended pending the Supreme Court\u2019s judgment on
\nthe matter.
\nThe estimated amount involved in the proceeding at
\nDecember 31, 2024 was about \u20ac203 million.
\nIRPJ/CSLL \u2013 Eletropaulo
\nOn October 5, 2021, Eletropaulo received an assess-
\nment notice from the Brazilian tax authorities contest-
\ning the deductibility for income tax purposes (Imposto
\nsobre a Renda das Pessoas Jur\u00eddicas - IRPJ and Con-
\ntribui\u00e7\u00e3o Social sobre o Lucro L\u00edquido - CSLL) of the
\namortization of the increased values generated by ex-
\ntraordinary corporate transactions carried out before
\nthe acquisition of the company by the Enel Group. The
\ncontested period runs from 2017 to 2019.
\nThe company, following an unfavorable decision in the
\nfirst administrative instance, filed an appeal in the sec-
\nond instance, requesting its annulment due to errors
\nin the procedure. The dispute is currently awaiting a
\nnew trial in the first administrative instance.
\nThe amount involved in the dispute at December 31,
\n2024 was about \u20ac143 million.
\nPIS \u2013 Eletropaulo
\nIn July 2000, Eletropaulo filed suit seeking a tax cred-
\nit for PIS (Programa Integra\u00e7\u00e3o Social) paid in appli-
\ncation of regulations (Decree Laws 2.445/1988 and
\n2.449/1988) that were subsequently declared uncon-
\nstitutional by the Supremo Tribunal Federal (STF). In
\nMay 2012, the Superior Tribunal de Justi\u00e7a (STJ) issued
\na final ruling in favor of the company that recognized
\nthe right to the credit.
\nIn 2002, before the issue of that favorable final ruling,
\nthe company had offset its credit against other fed-
\neral taxes. This behavior was contested by the fed-
\neral tax authorities but the company, claiming it had
\nacted correctly, challenged in court the assessments
\nissued by the federal tax authorities. Following defeat
\nat the initial level of adjudication, the company ap-
\npealed.
\nThe amount involved in the dispute at December 31,
\n2024 was about \u20ac115 million.
\nICMS - Ampla, Coelce and Eletropaulo
\nThe States of Rio de Janeiro, Cear\u00e1 and S\u00e3o Paulo is-
\nsued a number of tax assessments against Ampla
\nEnergia e Servi\u00e7os SA (for the years 1996-1999 and
\n2007-2017), Companhia Energ\u00e9tica do Cear\u00e1 (2003,
\n2004, 2006-2012, 2015, 2016 and 2018) and Eletropau-
\nlo (2008-2021), challenging the deduction of ICMS (Im-
\n\n\nposto sobre Circula\u00e7\u00e3o de Mercadorias e Servi\u00e7os, tax
\non the circulation of goods and services) in relation to
\nthe purchase of certain non-current assets. The com-
\npanies challenged the assessments, arguing that they
\ncorrectly deducted the tax and asserting that the as-
\nsets, the purchase of which generated the ICMS, are in-
\ntended for use in their electricity distribution activities.
\nThe companies are continuing to defend their actions
\nat the various levels of adjudication.
\nThe amount involved in the disputes at December 31,
\n2024 totaled approximately \u20ac89 million.
\nPIS/COFINS \u2013 Enel Green Power Cachoeira
\nDourada SA
\nIn March 2024, the Brazilian tax authorities served a tax
\nassessment notice, for the 2020 tax period, against
\nEnel Green Power Cachoeira Dourada SA, in respect
\nof the PIS and COFINS taxes. More specifically, the
\ncompany offset PIC and COFINS tax credits for the
\npurchase of electricity imported from Argentina with
\nsimilar liabilities connected with the sale of electricity
\non the market.
\nThe tax authorities argue that this offsetting was un-
\nwarranted, since the credit to be offset is that result-
\ning from the import declaration.
\nFor physical goods, this import declaration is concur-
\nrent with customs clearance and entry of the goods
\ninto the country, while for electricity it is made approx-
\nimately two months after receipt of the invoice and
\nregistration of the purchase in the accounts.
\nHowever, the regulations do not include a specific ex-
\nception for energy purchases and the company has
\ntaken steps to offset the credit in the first month of
\npayment of PIS and COFINS (due on the proceeds of
\nthe sale).
\nThe company has appealed the tax assessment, argu-
\ning the validity of the offsets claimed.
\nThe overall amount involved in the proceeding at De-
\ncember 31, 2024 is about \u20ac71 million.
\nWithholding Tax - Endesa Brasil
\nOn November 4, 2014, the Brazilian tax authorities
\nissued an assessment against Endesa Brasil SA (now
\nEnel Brasil SA) alleging the failure to apply withholding
\ntax to dividends, reclassified as payment of income to
\nnon-resident recipients.
\nMore specifically, in 2009, Endesa Brasil, as a result of
\nthe first-time application of the IFRS, had derecog-
\nnized goodwill, recognizing the effects in equity, on
\nthe basis of the correct application of the accounting
\nstandards it had adopted. The Brazilian tax authorities,
\nhowever, asserted \u2013 during an audit \u2013 that the ac-
\ncounting treatment was incorrect and that the effects
\nof the derecognition should have been recognized
\nthrough profit or loss. As a result, the corresponding
\namount (about \u20ac202 million) was reclassified as a pay-
\nment of income to non-residents and, therefore, sub-
\nject to withholding tax of 15%.
\nIt should be noted that the accounting treatment
\nadopted by the company was agreed with the external
\nauditor and also confirmed by a specific legal opinion
\nissued by a local firm.
\nFollowing unfavorable rulings from the administrative
\ncourts, the company is continuing to defend its ac-
\ntions in court and the appropriateness of the account-
\ning treatment.
\nThe overall amount involved in the dispute at Decem-
\nber 31, 2024 was about \u20ac68 million.
\nICMS \u2013 Coelce
\nThe State of Cear\u00e1 has filed various tax assessments
\nagainst Companhia Energ\u00e9tica do Cear\u00e1 SA over the
\nyears (for tax periods 2015-2018), as well as against
\nall other energy distributors in Brazil, demanding the
\nICMS (Imposto sobre Circula\u00e7\u00e3o de Mercadorias e
\nServi\u00e7os, tax on the circulation of goods and servic-
\nes) on the subsidies paid by the Federal government
\nagainst the regulatory discounts granted to certain
\nconsumers.
\nThe company has appealed the individual assess-
\nments, and is defending its actions in the various levels
\nof jurisdiction.
\nThe overall amount involved in the dispute at Decem-
\nber 31, 2024 was about \u20ac89 million.
\nPIS/COFINS \u2013 Eletropaulo
\nStarting from June 2017, the Federal Tax Authority
\nserved a number of tax assessment notices against
\nEletropaulo (for the 2013-2018 tax periods) contesting
\nthe offsetting of tax credits relating to social security
\ncontributions (PIS and COFINS), requesting the pay-
\nment of those contributions.
\nThe tax authorities argue that the company has
\nclaimed PIS and COFINS credits for the purchase of
\ngoods and services that cannot be considered fiscally
\nrelevant since they are not essential for the distribu-
\ntion of electricity. Furthermore, it disputes the claim of
\na tax credit associated with \u201cnon-technical\u201d losses on
\nthe electricity purchased.
\nThe company has promptly defended the accuracy of
\nits calculations in the various levels of jurisdiction and
\nargued the validity of the offsets claimed.
\nThe estimated amount involved in the proceeding at
\nDecember 31, 2024 was about \u20ac49 million.
\n\n\nICMS (pro-rata) \u2013 Coelce
\nThe State of Cear\u00e1 has filed various tax assessments
\nagainst Companhia Energ\u00e9tica do Cear\u00e1 SA over the
\nyears (for tax periods from 2005 to 2014), contesting
\nthe determination of the deductible portion of the
\nICMS (Imposto sobre Circula\u00e7\u00e3o de Mercadorias e
\nServi\u00e7os, tax on the circulation of goods and servic-
\nes) and in particular the method of calculation of the
\npro-rata deduction with reference to the revenue de-
\nriving from the application of a special rate envisaged
\nby the Brazilian government for the sale of electricity
\nto low-income households (Baixa Renda).
\nThe company has appealed the individual assess-
\nments, arguing that the tax deduction was calculated
\ncorrectly. The company is defending its actions in the
\nvarious levels of jurisdiction.
\nThe overall amount involved in the dispute at Decem-
\nber 31, 2024 was about \u20ac46 million.
\nPIS \u2013 Eletropaulo
\nIn December 1995, the Brazilian government increased
\nthe rate of the federal PIS (Programa Integra\u00e7\u00e3o Social)
\ntax from 0.50% to 0.65% with the issue of a provisional
\nmeasure (Executive Provisional Order).
\nSubsequently, the provisional measure was re-issued
\nfive times before its definitive ratification into law in
\n1998. Under Brazilian legislation, an increase in the tax
\nrate (or the establishment of a new tax) can only be
\nordered by law and take effect 90 days after its pub-
\nlication.
\nEletropaulo therefore filed suit arguing that an in-
\ncrease in the tax rate would only have been effective
\n90 days after the last Provisional Order, claiming that
\nthe effects of the first four provisional measures should
\nbe considered void (since they were never ratified into
\nlaw). This dispute ended in April 2008 with recognition
\nof the validity of the increase in the PIS rate starting
\nfrom the first provisional measure.
\nIn May 2008, the Brazilian tax authorities filed a suit
\nagainst Eletropaulo to request payment of taxes cor-
\nresponding to the rate increase from March 1996 to
\nDecember 1998. Eletropaulo has fought the request
\nat the various levels of adjudication, arguing that the
\ntime limit for the issue of the notice of assessment
\nhad lapsed. In particular, since more than five years
\nhave passed since the taxable event (December 1995,
\nthe date of the first provisional measure) without issu-
\ning any formal instrument, the right of the tax authori-
\nties to request the payment of additional taxes and the
\nauthority to undertake legal action to obtain payment
\nhave been challenged.
\nIn 2017, following the unfavorable decisions issued in
\nprevious rulings, Eletropaulo filed an appeal in defense
\nof its rights and its actions with the Superior Tribunal
\nde Justi\u00e7a (STJ) and the Supremo Tribunal Federal (STF).
\nThe proceedings are still pending while the amounts
\nsubject to dispute have been covered by a bank guar-
\nantee.
\nWith regard to the request of the Office of the Attorney
\nGeneral of the Brazilian National Treasury Department
\nto replace the bank guarantee with a deposit in court,
\nthe court of second instance granted the petition. The
\ncompany therefore replaced the bank guarantee with
\na cash deposit and filed a clarification motion against
\nthe related decision, which is currently awaiting a de-
\ncision.
\nThe overall amount involved in the dispute at Decem-
\nber 31, 2024 was about \u20ac42 million.
\nFINSOCIAL \u2013 Eletropaulo
\nFollowing a final ruling issued by the Federal Regional
\nCourt on September 11, 2011, Eletropaulo was recog-
\nnized the right to compensation for certain FINSOCIAL
\ncredits (social contributions) relating to sums paid
\nfrom September 1989 to March 1992.
\nDespite the expiration of the relative statute of limi-
\ntations, the Federal Tax Authority contested the de-
\ntermination of some credits and rejected the corre-
\nsponding offsetting, issuing tax assessments that the
\ncompany promptly challenged in the administrative
\ncourts, defending the legitimacy of its calculations and
\nactions.
\nAfter an unfavorable ruling at first instance, the com-
\npany filed an appeal before the administrative court of
\nsecond instance.
\nThe overall amount involved in the dispute at Decem-
\nber 31, 2024 was about \u20ac42 million.
\nTax litigation in Spain
\nIncome tax - Enel Iberia, Endesa
\nand subsidiaries
\nIn 2018, the Spanish tax authorities completed a gen-
\neral audit involving the companies of the Group par-
\nticipating in the Spanish tax consolidation mechanism.
\nThis audit, which began in 2016, involved corporate
\nincome tax, value added tax and withholding taxes
\n(mainly for the years 2011 to 2014).
\nWith reference to the main claims, the companies in-
\nvolved have challenged the related assessments at the
\nfirst administrative level (Tribunal Econ\u00f3mico-Admin-
\nistrativo Central - TEAC), defending the correctness of
\ntheir actions.
\n\n\nOn April 4, 2022, the TEAC rejected the appeal and the
\ncompanies are continuing to defend their actions in
\ncourt (Audiencia Nacional).
\nWith regard to the disputes concerning corporate in-
\ncome tax, the issues for which an unfavorable outcome
\nis considered possible amounted to about \u20ac135 million
\nat December 31, 2024:
\ni) Enel Iberia is defending the appropriateness of the
\ncriterion adopted for determining the deductibility
\nof capital losses deriving from stock sales (around
\n\u20ac88 million) and certain financial expense (around
\n\u20ac15 million);
\nii) Endesa and its subsidiaries are mainly defending the
\nappropriateness of the criteria adopted for the de-
\nductibility of certain financial expense (about \u20ac26 mil-
\nlion) and costs for decommissioning nuclear power
\nplants (about \u20ac6 million).
\nIn 2021, the Spanish tax authorities completed a new
\ngeneral audit for the years 2015 to 2018.
\nOn October 3, 2024, the TEAC rejected the appeal
\nand the companies continue to defend the correct-
\nness of their action in court (Audiencia Nacional).
\nWith reference to the main claims concerning cor-
\nporate tax and regarding the deductibility of certain
\nfinancial expense, the dispute that could produce an
\nadverse ruling amounts to about \u20ac229 million at De-
\ncember 31, 2024 (Enel Iberia \u20ac216 million; Endesa SA
\n\u20ac13 million).
\nIncome tax - Enel Green Power Espa\u00f1a SLU
\nOn June 7, 2017, the Spanish tax authorities issued a
\nnotice of assessment to Enel Green Power Espa\u00f1a
\nSLU, contesting the treatment of the merger of Enel
\nUni\u00f3n Fenosa Renovables SA (EUFER) into Enel Green
\nPower Espa\u00f1a SLU in 2011 as a tax neutral transaction,
\nasserting that the transaction had no valid economic
\nreason.
\nOn July 6, 2017, the company appealed the assessment
\nat the first administrative level (Tribunal Econ\u00f3mi-
\nco-Administrativo Central - TEAC), defending the
\nappropriateness of the tax treatment applied to the
\nmerger. The company has provided the supporting
\ndocumentation demonstrating the synergies achieved
\nas a result of the merger in order to prove the exist-
\nence of a valid economic reason for the transaction.
\nOn December 10, 2019, the TEAC denied the appeal
\nand the company is continuing to defend its actions in
\ncourt (Audiencia Nacional).
\nThe overall amount involved in the dispute at Decem-
\nber 31, 2024 was about \u20ac33 million.
\nTax litigation in Italy
\nICI, IMU, TASI \u2013 Enel Produzione,
\nEnel Green Power Italia
\nA tax litigation for land registry matters has developed
\nsince 1998. In the first phase, it concerned the inclu-
\nsion of machinery in the determination of cadastral
\nincome to be used for calculating the tax on power
\nplants. Starting from 2016, Law 208/2015 established
\nthe exclusion of machinery from the income. The com-
\npanies have therefore filed the land registry records of
\nthe entire plant park to comply with the new provisions
\nand continue to defend their actions in the various lev-
\nels of judgment, also for the components other than
\nthe plants. Since the defeat in court for this litigation is
\nconsidered probable, a provision for charges on taxes
\nand duties is periodically updated.
\nThe value of the dispute assessed with a possible out-
\ncome at December 31, 2024 was about \u20ac51 million.
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag122": {
"value": "\n56. Environmental programs
\nSome Group companies are affected by national or
\nsupranational environmental regulatory standards de-
\nsigned to develop the use of environmental protection
\nmechanisms in accordance with the environmental
\npolicies of the European Union and global internation-
\nal agreements.
\n
\n\n\n
\n56.1 Terms and nature of environmental programs
\nThe main environmental programs affecting Group companies are summarized in the following table.
\n\n
\n\n\n| Program | \n
| \nTerms of the mechanism | \nNature | \n\n
\n\n| EU ETS140 | \n
| \nThe scheme, which applies in all EU countries, sets an annual cap | \nMandatory by law \u201ccap and trade\u201d | \n\n
\n\n | \n
| \non emissions that is being progressively reduced to bring down | \nscheme. | \n\n
\n\n | \n
| \nthe total emissions in Europe. | \nWithin the Group, CO2 allowances | \n\n
\n\n | \n
| \nThe fourth trading period (2021-2030) has been tightened up as | \nare applicable to the thermal power | \n\n
\n\n | \n
| \npart of the EU\u2019s contribution to the Paris Climate Agreement. | \ngeneration companies operating in Italy | \n\n
\n\n | \n
| \nAt the annual cap correspond a specific number of allowances | \nand Spain. In those countries in which | \n\n
\n\n | \n
| \n(for each authorized industrial plant) that are granted, through | \nthe Group is engaged in thermal power | \n\n
\n\n | \n
| \nparticipation in auctions or for free, by the competent local | \ngeneration activity, European regulations | \n\n
\n\n | \n
| \nauthority, freely transferable and traded between operators. | \nhave required that European Allowances | \n\n
\n\n | \n
| \nThe obliged companies shall surrender several allowances | \n(EUAs) are assigned via auction, and they | \n\n
\n\n | \n
| \nequivalent to their polluting emissions for each reporting period. | \nare not granted for free. | \n\n
\n\n| Energy efficiency | \n
| \nThe scheme has the objective to reduce the energy consumption | \nMandatory by law. | \n\n
\n\n| certificates | \n
| \nby end-users through various measures developed in application | \nThe Group currently holds energy | \n\n
\n\n | \n
| \nof European Union Directives and by national laws. | \nefficiency certificates in Italy and Spain | \n\n
\n\n | \n
| \nThese marketable certificates are issued, over a period of several | \nwhere the obliged companies are, | \n\n
\n\n | \n
| \nyears, by the competent local authorities to companies that carry | \nrespectively, electricity distribution and | \n\n
\n\n | \n
| \nout directly or indirectly initiatives/projects to improve energy | \nsale companies. | \n\n
\n\n | \n
| \nefficiency. | \n | \n\n
\n\n | \n
| \nAt the end of the period, obliged companies are required to | \n | \n\n
\n\n | \n
| \npresent certificates corresponding to their obligatory energy | \n | \n\n
\n\n | \n
| \nsavings. | \n | \n\n
\n\n| Guarantees of origin | \n
| \nThis European scheme has the objective to encourage use of | \nThis mechanism currently affects | \n\n
\n\n| (GoOs) | \n
| \nenergy produced from renewable sources. | \nthe Group Italian and Spanish sale | \n\n
\n\n | \n
| \nThese certificates are issued by the competent local authorities | \ncompanies that have an obligation to | \n\n
\n\n | \n
| \nto renewable generation plants that meet specific standards. | \nsurrender a certain volume of GoOs | \n\n
\n\n | \n
| \nThey are marketable and traded, also separately from the | \ndepending on the level of sales to | \n\n
\n\n | \n
| \nelectricity to which they refer, during their term of validity until | \ncustomers. | \n\n
\n\n | \n
| \nthey are cancelled by the issuer at the request of the user of the | \n | \n\n
\n\n | \n
| \ncertificates. | \n | \n\n
\n\n| Renewable Energy | \n
| \nThese certificates are granted in countries outside Europe to | \nThis mechanism is voluntary and | \n\n
\n\n| Certificates (RECs) | \n
| \nrenewable energy generation companies to prove that consumed | \ncurrently affects some Group companies | \n\n
\n\n | \n
| \nelectricity has been generated in a renewable way. | \nin North and Latin America. | \n\n
\n\n | \n
| \nThe functioning of this scheme is analogous to European GoOs. | \n | \n\n
\n\n\n\n\n
\n\n\n
56.2 Accounting policies
\nFor the purposes of accounting for charges arising
\nfrom such regulatory requirements, the Group uses
\nthe \u201cnet liability approach\u201d.
\nUnder this accounting policy:
\n\u2022 any environmental certificates received free of
\ncharge and those self-produced as a result of
\nGroup\u2019s operations that will be used for compliance
\npurposes are recognized at nominal value (nil);
\n\u2022 charges incurred for obtaining (in the market or in
\nsome other transaction for consideration) any miss-
\ning certificates to fulfil compliance requirements for
\nthe reporting period are recognized through profit
\nor loss under other operating costs, as they repre-
\nsent \u201csystem charges\u201d consequent to compliance
\nwith a regulatory requirement;
\n\u2022 if the number of environmental certificates availa-
\nble at the reporting date is not sufficient to fulfill the
\nrelated obligation (a certificate \u201cdeficit\u201d), a provision
\nis accrued under \u201cprovisions for risks and charges\u201d.
\nConversely, any \u201csurplus\u201d of certificates purchased
\nat the reporting date is recognized in \u201cinventories\u201d
\nin accordance with the general principles referred
\nto in note 2.2 \u201cMaterial accounting policies\u201d.
\nSome types of environmental certificates accrue in
\nproportion to:
\n\u2022 electricity generated by plants that use renewable
\nresources (for example, guarantees of origin and re-
\nnewable energy certificates);
\n\u2022 energy savings certified by the competent authority
\n(energy efficiency certificates).
\n
\n\n\n\n\n\n140. European Emissions Trading System.
\n
\n\n\n\n\n\n\n\n
\n\nIn these cases, the right to obtain such certificates can
\nbe treated as a non-monetary government operating
\ngrant and, as such, the Group recognizes that right at
\nfair value under \u201cother non-current/current non-fi-
\nnancial assets\u201d. When the certificates are credited to
\nthe ownership account, they are reclassified from oth-
\ner assets to inventories.
\nThe corresponding income is recognized under other
\noperating profit.
\nFor Group companies involved in trading activities, en-
\nvironmental certificates represent goods exchanged
\nas part of their normal business activity and, as such,
\nthe purchased certificates are recognized under \u201cser-
\nvices and other materials\u201d.
\nRevenue from the sale of such certificates is recog-
\nnized under revenue, with a corresponding decrease
\nin inventories.
\nContracts for the purchase or sale of environmen-
\ntal certificates settled at a future date (for example,
\nforward contracts, etc.) that comply with the defi-
\nnition of derivative are recognized and measured
\nin accordance with the \u201cown use exemption\u201d, at
\nfair value through profit or loss, or with hedge ac-
\ncounting rules based on specific circumstances. For
\nfurther details, please see note 49 \u201cDerivatives and
\nhedge accounting\u201d.
\n
\n
\n\n\n\n\n\n56.3 Financial impact
\nCharges for environmental certificates
\nThe following table reports system charges recog-
\nnized by obligated Group companies in respect of the
\ncertificates necessary to meet compliance obligations
\nfor the year based on national and supranational reg-
\nulations.
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n
\n\n| Charges for environmental certificates | \n | \n | \n | \n | \n\n
\n\n| System charges \u2013 Emissions allowances | \n1,127 | \n2,038 | \n(911) | \n-44.7% | \n\n
\n\n| System charges \u2013 Energy efficiency certificates | \n210 | \n244 | \n(34) | \n-13.9% | \n\n
\n\n| System charges \u2013 Guarantees of origin | \n112 | \n321 | \n(209) | \n-65.1% | \n\n
\n\n| Total | \n1,449 | \n2,603 | \n(1,154) | \n-44.3% | \n\n
\n\n\n\n
\n\n
The decrease in costs for environmental certificates
\ncompared with the previous year is mainly attributable to:
\n\u2022 the decrease in charges for emissions allowances
\nin Enel Produzione (\u20ac713 million) and the Endesa
\nGroup (\u20ac198 million) mainly attributable to lower
\nemissions in the period following the decline in
\nthe quantity of electricity produced from fossil
\nsources;
\n\u2022 the decrease in charges for guarantees of origin
\nin Enel Energia (\u20ac90 million) and the Endesa Group
\n(\u20ac118 million) attributable to the increase in the
\nquantity of green energy sold to customers and
\nthe decrease in the average prices of guarantees;
\n\u2022 the decrease in charges for energy efficiency cer-
\ntificates in e-distribuzione (\u20ac40 million) mainly
\ndue to the decrease in certificates acquired and
\ntheir average price.
\nThe following table reports the quantities of environ-
\nmental certificates used by Group companies to meet
\ncompliance obligations under national and suprana-
\ntional regulations.
\n
\n\n\n\n\n\n\n\n\n
\n\n\n | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n | \nEmissions allowances | \nGuarantees of origin | \nEnergy efficiency certificates | \n\n
\n\n | \n(thousands of metric tons) | \n(GWh) | \n(TOE) | \n\n
\n\n| Opening balance at | \n31,237 | \n34,494 | \n19,233 | \n20,565 | \n477,835 | \n4 16,174 | \n\n
\n\n| January 1 | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Self-produced | \n- | \n- | \n34,468 | \n24,845 | \n45,731 | \n- | \n\n
\n\n| certificates | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Purchases of | \n10,024 | \n34,699 | \n29,534 | \n28,362 | \n843,435 | \n925,187 | \n\n
\n\n| certificates | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Sales of certificates | \n(1,150) | \n(2,500) | \n- | \n(1,464) | \n- | \n- | \n\n
\n\n| Certificates delivered | \n(25,574) | \n(35,456) | \n(60,427) | \n(53,075) | \n(820,264) | \n(863,526) | \n\n
\n\n| for compliance(1) | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Closing balance at | \n14,537 | \n31,237 | \n22,808 | \n19,233 | \n546,737 | \n477,835 | \n\n
\n\n| December 31 | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
(1) Certificates delivered in 2024 and 2023 regard:
\n\u2022 emission allowances and guarantees of origin for compliance in previous periods, in line with the timeframes set by the relevant regulations;
\n\u2022 energy efficiency certificates regarding compliance for the current and previous financial years, in line with the timeframes set by the relevant
\nregulations.
\nProvisions for environmental certificates
\nProvisions for risks and charges for environmental cer-
\ntificates include charges in respect of the certificate
\nshortfall for fulfillment of compliance obligations for
\nthe year under national and supranational regulations.
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n| Provisions for risk and charges for environmental certificates \u2013 current portion | \n | \n | \n\n
\n\n| Emissions allowances | \n23 | \n33 | \n\n
\n\n| Energy efficiency certificates | \n7 | \n3 | \n\n
\n\n| Guarantees of origin | \n170 | \n214 | \n\n
\n\n| Total | \n200 | \n250 | \n\n
\n\n\n\n
\n\n
The reduction in provisions for risks and charges (\u20ac50
\nmillion) is mainly attributable to the decline in the pro-
\nvision for emissions allowances and guarantees of ori-
\ngin. More specifically:
\n\u2022 the provision for emissions allowances only includes
\ncharges in respect of the Endesa Group;
\n\u2022 the provision for guarantees of origin regards Enel
\nEnergia in the amount of \u20ac164 million (\u20ac174 million
\nat December 31, 2023) and the Endesa Group for \u20ac6
\nmillion (\u20ac40 million at December 31, 2023).
\nChanges in provisions for risks and charges for
\nenvironmental certificates in 2024 are detailed
\nbelow.
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2023 | \nProvisions | \nUses | \nReleases | \nOther changes | \nat Dec. 31, 2024 | \n\n
\n\n| Provisions for risk and charges | \n | \n | \n | \n | \n | \n | \n\n
\n\n| for environmental certificates | \n | \n | \n | \n | \n | \n | \n\n
\n\n| \u2013 current portion | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Emissions allowances | \n33 | \n21 | \n(32) | \n- | \n1 | \n23 | \n\n
\n\n| Energy efficiency certificates | \n3 | \n4 | \n- | \n- | \n- | \n7 | \n\n
\n\n| Guarantees of origin | \n214 | \n197 | \n(150) | \n(86) | \n(5) | \n170 | \n\n
\n\n| Total | \n250 | \n222 | \n(182) | \n(86) | \n(4) | \n200 | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\n\n\nIncome from government grants for environmental certificates
\nThe table reports non-monetary government grants
\nfor environmental certificates accrued during the
\nyear and certified by the competent authorities.
\nThey mainly regard guarantees of origin accrued in
\nproportion to electricity generated by renewable re-
\nsource plants.
\nMonetary government grants for energy efficiency
\ncertificates are paid by the Energy and Environmental
\nService Fund (CSEA) to e-distribuzione for energy ef-
\nficiency certificates purchased in the year.
\n\n
\n\n\n| Millions of euro | \n2024 | \n2023 | \n | \nChange | \n\n
\n\n| Grants for environmental certificates | \n | \n | \n | \n | \n\n
\n\n| Non-monetary grants \u2013 Guarantees of origin | \n97 | \n111 | \n(14) | \n-12.6% | \n\n
\n\n| Non-monetary grants \u2013 Other environmental certificates | \n3 | \n4 | \n(1) | \n-25.0% | \n\n
\n\n| Total non-monetary grants for environmental certificates | \n100 | \n115 | \n(15) | \n-13.0% | \n\n
\n\n| Monetary grants \u2013 Energy efficiency certificates | \n194 | \n231 | \n(37) | \n-16.0% | \n\n
\n\n| TOTAL | \n294 | \n346 | \n(52) | \n-15.0% | \n\n
\n\n\n\n
\n\n
The decrease in income from grants for environmen-
\ntal certificates compared with the previous year mainly
\nreflects:
\n\u2022 a decrease in non-monetary grants for guarantees of
\norigin, essentially due to the decrease in the average
\nprices of these certificates in Spain (\u20ac57 million); the
\neffect was partly offset by an increase in grants in Italy
\n(\u20ac42 million) mainly due to the increase in the quantity
\nof energy generated from renewable resources;
\n\u2022 a decrease in monetary grants for energy efficiency
\ncertificates (\u20ac37 million) recognized by e-distribuzi-
\none, mainly due to the decrease in the volume of cer-
\ntificates purchased compared with the previous year,
\nas well a slight decrease in rates.
\nNon-monetary grants to be received
\nfor environmental certificates
\nThe following table reports environmental certificates
\naccrued at the end of the year but not yet accredited
\nby the competent authorities to the Group companies
\nthat produced them. They are recognized under other
\ncurrent assets and mainly regard guarantees of origin.
\n\n
\n\n\n| Millions of euro | \nat Dec. 31, 2024 | \nat Dec. 31, 2023 | \n\n
\n\n| Non-monetary grants to be received for environmental certificates | \n | \n | \n\n
\n\n| Guarantees of origin | \n9 | \n23 | \n\n
\n\n| Other certificates | \n1 | \n1 | \n\n
\n\n| Total | \n10 | \n24 | \n\n
\n\n\n\n
\n\n
The decrease of \u20ac14 million is due to the decrease in
\nnon-monetary grants to be received for guarantees of
\norigin recorded in Italy and Spain.
\nOther items
\nWith regard to the impacts of environmental certifi-
\ncates on the other items of the income statement and
\nstatement of financial position, please see:
\n\u2022 note 9.a \u201cRevenue from sales and services\u201d for reve-
\nnue from the sale of environmental certificates;
\n\u2022 note 10.b \u201cServices and other materials\u201d for pur-
\nchases of environmental certificates not used to
\nmeet the year\u2019s compliance obligation;
\n\u2022 note 31 \u201cInventories\u201d for inventories of certifi-
\ncates not used to meet the year\u2019s compliance ob-
\nligation.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "enel:DiscolureOfEnvironmentalSchemesExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag3": {
"value": "\n57. Future accounting standards \nThe following provides a list of accounting standards, \namendments and interpretations that will take effect \nfor the Group after December 31, 2024.\n\u2022 \u201cIFRS 18 \u2013 Presentation and Disclosure in Financial \nStatements\u201d, issued in April 2024. The new standard, \nregarding the presentation and disclosure in the fi-\nnancial statements, will replace \u201cIAS 1 \u2013 Presentation \nof Financial Statements\u201d, introducing new require-\nments in order to provide users with more relevant \nand transparent information, focusing on updates \nrelating to the income statement. In detail, the key \nconcepts introduced by IFRS 18 are related to:\n\u2022 the structure of the income statement, requiring \nnew and specific subtotals;\n\u2022 the requirement to determine the most functional \ngrouping for the presentation of expenses in the \nincome statement;\n\u2022 the presentation in a single note within the fi-\nnancial statements of disclosure on the man-\nagement-defined performance measures, corre-\nsponding to subtotals of revenue and costs used \nin public communications reported outside the \nfinancial statements; and\n\u2022 improved principles of aggregation and disaggre-\ngation of information.\nThe standard is effective, subject to endorsement, \nretrospectively for annual periods beginning on or \nafter January 1, 2027. Earlier application is permit-\nted. \n\u2022 \u201cIFRS 19 \u2013 Subsidiaries without Public Accountabili-\nty: Disclosures\u201d, issued in May 2024. The new volun-\ntary standard allows eligible subsidiaries to apply re-\nduced disclosures. Subsidiaries are eligible to apply \nthe standard if:\n\u2022 they do not have public accountability; and\n\u2022 its ultimate or intermediate parent prepares con-\nsolidated financial statements available for public \nuse that comply with IFRS Accounting Standards. \nThe standard applies, subject to endorsement, for \nannual periods beginning on or after January 1, 2027. \nEarlier application is permitted.\n\u2022 \u201cAmendments to IFRS 10 and IAS 28 \u2013 Sale or Con-\ntribution of Assets between an Investor and its As-\nsociate or Joint Venture\u201d, issued in September 2014. \nThe amendments clarify the accounting treatment \nfor sales or contribution of assets between an inves-\ntor and its associates or joint ventures. They confirm \nthat the accounting treatment depends on wheth-\ner the assets sold or contributed to an associate or \njoint venture constitute a \u201cbusiness\u201d (as defined in \nIFRS 3). The IASB has deferred the effective date of \nthese amendments indefinitely.\n\u2022 \u201cAmendments to IAS 21 \u2013 The Effects of Changes \nin Foreign Exchange Rates: Lack of Exchangeability\u201d, \nissued in August 2023. The amendments require the \napplication of a consistent approach in determin-\ning whether a currency is exchangeable for another \nand, when it is not, in determining the exchange rate \nto be used and the disclosure to be provided. The \namendments will take effect for annual periods be-\nginning on or after January 1, 2025.\n\u2022 \u201cAmendments to IFRS 9 and IFRS 7 \u2013 Amendments \nto the Classification and Measurement of Financial \nInstruments\u201d, issued in May 2024. The amendments \ninclude new requirements intended to:\n\u2022 clarify the date of recognition and derecogni-\ntion of some financial assets and liabilities, with a \nnew exception for some financial liabilities settled \nthrough an electronic cash transfer system; \n\u2022 clarify and add further guidance for assessing \nwhether a financial asset meets the solely pay-\nments of principal and interest (SPPI) criterion;\n\u2022 add new disclosures for certain instruments with \ncontractual terms that can change cash flows \n(such as some instruments with features linked to \nthe achievement of environment, social and gov-\nernance (ESG) targets); and\n\u2022 update the disclosures for equity instruments \ndesignated at fair value through other compre-\nhensive income (FVOCI).\nThe amendments will apply, subject to endorse-\nment, for annual periods beginning on or after Jan-\nuary 1, 2026.\n\u2022 \u201cAnnual Improvements Volume 11\u201d, issued in July \n2024. The document contains formal amendments \nand clarification for existing standards. In detail, the \nfollowing standards have been modified:\n\u2022 \u201cIAS 7 - Cost method\u201d; the amendment eliminates \nthe term \u201ccost method\u201d, no longer defined in IFRS \naccounting principles;\n\u2022 \u201cIFRS 9 - Lessee derecognition of lease liabili-\nties\u201d; the amendment addresses a potential lack \nof clarity regarding how a lessee accounts for the \nderecognition of a lease liability by clarifying that \nany resulting gain or loss should be recognised in \nprofit or loss;\n\u2022 \u201cIFRS 9 - Transaction price\u201d; the amendment re-\nmoves the reference in Appendix A of IFRS 9 to the \ndefinition of \u201ctransaction price\u201d in IFRS 15, since \nthe term is used in a number of paragraphs of IFRS \n\n\n9 with a meaning that is not necessarily consistent \nwith the definition of that term in IFRS 15;\n\u2022 \u201cIFRS 7 - Gain or loss on derecognition\u201d; the \namendment clarifies potential confusion arising \nfrom an obsolete reference to a paragraph that \nwas removed from the standard when \u201cIFRS 13 - \nFair Value Measurement\u201d was issued;\n\u2022 \u201cIFRS 7 - Disclosure of deferred difference be-\ntween fair value and transaction price\u201d; the \namendment clarifies an inconsistency between \nthe standard and the related implementation \nguidelines, which emerged when an amendment, \nconsequent to the issuance of IFRS 13, was made \nto the standard, but not to the corresponding \nparagraph of the implementation guidelines;\n\u2022 \u201cIFRS 7 - Introduction and credit risk disclosures\u201d; \nthe amendment addresses potential confusion \nby clarifying how to apply the relevant application \nguidance and simplifying some explanations;\n\u2022 \u201cIFRS 10 - Determination of a \u2018de facto agent\u2019\u201d; the \namendment clarifies how an investor must deter-\nmine whether another person is acting on their \nbehalf;\n\u2022 \u201cIFRS 1 - Hedge accounting by a first-time adop-\nter\u201d; the amendment improves consistency be-\ntween hedge accounting requirements in IFRS 9 \nand IFRS 1.\nEach amendment applies, subject to endorsement, \nfor annual periods beginning on or after January 1, \n2026. Earlier application is permitted. \n\u2022 \u201cAmendments to IFRS 9 and IFRS 7 - Contracts Ref-\nerencing Nature-dependent Electricity\u201d, issued in \nDecember 2024. The amendments aim to better \nrepresent the financial effects arising from certain \ncontracts for the purchase or sale of electricity from \nrenewable sources (e.g. wind and solar). Such con-\ntracts involve exposure to the volatility of the under-\nlying quantity of electricity because the source of its \ngeneration depends on uncontrollable natural con-\nditions (e.g. weather conditions). Examples provided \ninclude both contracts for the purchase or sale of \nelectricity from renewable sources, often structured \nas long-term agreements (i.e. physical Power Pur-\nchase Agreements, PPAs), and financial instruments \nthat refer to this type of electricity (i.e. Virtual Power \nPurchase Agreements, VPPAs). \nThe amendments are as follows: \n\u2022 the application of the \u201cown use exception\u201d to \nphysical PPAs is permitted if the company has \nbeen, and plans to be, a net purchaser of elec-\ntricity in the contract period (i.e. purchases of re-\nnewable electricity sufficiently offset any sales of \nunused electricity within the same market);\n\u2022 the application of hedge accounting is permitted \nto Virtual PPAs (i.e. contracts that do not provide \nfor the physical delivery of energy and whose set-\ntlement is based on the difference between the \nmarket price of energy and the strike price pro-\nvided for in the contract) or to PPAs for which it is \nnot possible to apply the own use exemption. In \nparticular, such contracts can be used as hedg-\ning instruments for a variable nominal amount of \nforecast electricity transactions, aligned with the \nvariable amount that is expected to be provided \nby the generation plant to which the hedging in-\nstrument refers. If the cash flows of the hedging \ninstrument are conditional on the occurrence of a \ndesignated forecasted transaction, it is assumed \nthat the transaction is highly probable;\n\u2022 additional disclosure requirements have been in-\ntroduced to clarify the effects of such contracts \non cash flows and financial performance. In addi-\ntion, specific disclosures are required in the event \nof adoption of the own-use exception.\nThe amendments apply for annual periods begin-\nning on or after January 1, 2026. Earlier application \nis permitted.\nThe Group is assessing the potential impact of the fu-\nture application of the new provisions.\n\n",
"dimensions": {
"concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag2": {
"value": "\n58. Events after the reporting period
\nEnel places new \u20ac2 billion perpetual hybrid
\nbonds
\nOn January 7, 2025, Enel SpA has successfully launched
\non the European market new non-convertible, subor-
\ndinated perpetual hybrid bonds for institutional inves-
\ntors, denominated in euros, for an aggregate amount
\nof \u20ac2 billion. The issue is structured in the following
\ntwo series:
\n\u2022 a \u20ac1,000 million bond with annual fixed coupon of
\n4.250% to be paid until (but excluding) the first reset
\ndate of April 14, 2030;
\n\u2022 a \u20ac1,000 million bond with annual fixed coupon of
\n4.5% which will be paid until (but excluding) the first
\nreset date of January 14, 2033.
\nThe issue totaled orders in the amount of about \u20ac6.8
\nbillion; the positive response from investors allowed
\nthe achievement of an average coupon of 4.375%.
\nJoint venture Potentia Energy acquires
\nrenewable portfolio of over 1 GW in
\nAustralia
\nOn February 6, 2025, Potentia Energy, a renewable en-
\nergy company in which Enel Green Power holds a joint
\ncontrol stake, reached an agreement with CVC DIF and
\nCbus Super to acquire controlling stakes in a portfolio
\nof over 1 GW of renewable assets across Australia.
\nThe closing of the acquisition is subject to conditions
\nprecedent typical for these kinds of transactions, in-
\ncluding the approval from Australia\u2019s Foreign Invest-
\nment Review Board (FIRB).
\nEnel launches a triple-tranche \u20ac2 billion
\nsustainability-linked bond in the Eurobond
\nmarket
\nOn February 17, 2025, Enel Finance International NV
\nlaunched a sustainability-linked bond for institutional
\ninvestors in the Eurobond market of a total \u20ac2 billion,
\ntotaling orders for about \u20ac5 billion.
\nThe issue, which has an average duration of approxi-
\nmately six years, has an average coupon lower than 3%
\nand is structured in the following three tranches:
\n\u2022 \u20ac750 million at a fixed rate of 2.625%, with settle-
\nment date set on February 24, 2025, maturing on
\nFebruary 24, 2028;
\n\u2022 \u20ac750 million at a fixed rate of 3%, with settlement
\ndate set on February 24, 2025, maturing on February
\n24, 2031;
\n\u2022 \u20ac500 million at a fixed rate of 3.5%, with settlement
\ndate set on February 24, 2025, maturing on February
\n24, 2036.
\nEnel signs a \u20ac12 billion committed
\nrevolving credit line
\nOn February 19, 2025, Enel SpA and its subsidiary
\nEnel Finance International NV (EFI) signed a commit-
\nted, revolving, sustainability-linked credit facility for an
\namount of \u20ac12 billion and a maturity of five years.
\nThis facility replaces the previous credit line that had
\nbeen signed by Enel and EFI in March 2021, and sub-
\nsequently amended, with an overall value of \u20ac13.5 bil-
\nlion. The cost of the new facility varies on the basis of
\nthe pro-tempore rating assigned to Enel; based on the
\ncurrent rating, it has a spread of 40 bps above Euribor,
\nwith a floor at zero; the commitment fee is equal to
\n35% of the spread.
\nThe new facility, which has a lower cost than the pre-
\nvious one, can be used by Enel itself and/or EFI, in the
\nlatter case with a Parent company guarantee by Enel.
\nClosing of the acquisition from Acciona
\nEnerg\u00eda of a 626 MW portfolio of hydro
\nplants in Spain
\nOn February 26, 2025, Endesa Generaci\u00f3n finalized the
\nacquisition of the entire share capital of Corporaci\u00f3n
\nAcciona Hidr\u00e1ulica SL (CAH) from Corporaci\u00f3n Accio-
\nna Energ\u00edas Renovables, a company of the Acciona
\nGroup, for a total \u20ac1 billion. The amount refers to 100%
\nof CAH, equal to the enterprise value, and includes ad-
\njustments customary for these kinds of transactions.
\nThe portfolio of plants held by CAH is composed of
\n34 hydro plants, located in northeastern Spain, for a
\ntotal installed capacity of 626 MW, most of which can
\nbe modulated, which generated around 1.3 TWh in
\n2023.
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag145": {
"value": "\n59. Fees of the Audit Firm pursuant to Article 149-duodecies of the CONSOB
\nIssuers Regulation
\nFees pertaining to 2024 paid by Enel SpA and its sub-
\nsidiaries at December 31, 2024 to the Audit Firm and
\nentities belonging to its network for services are sum-
\nmarized in the following table, pursuant to the provi-
\nsions of Article 149-duodecies of the CONSOB Issuers
\nRegulation.
\n\n
\n\n\n| Millions of euro | \n | \n | \n
\n\n| Type of service | \nEntity providing the service | \nFees | \n
\n\n| Enel SpA | \n | \n | \n
\n\n | \nof which: | \n | \n
\n\n| Auditing | \n- KPMG SpA | \n0.5 | \n
\n\n | \n- entities of the KPMG network | \n- | \n
\n\n | \nof which: | \n | \n
\n\n| Certification services | \n- KPMG SpA | \n1.9 | \n
\n\n | \n- entities of the KPMG network | \n- | \n
\n\n | \nof which: | \n | \n
\n\n| Other services | \n- KPMG SpA | \n- | \n
\n\n | \n- entities of the KPMG network | \n- | \n
\n\n| Total | \n | \n2.4 | \n
\n\n| Enel SpA subsidiaries | \n | \n | \n
\n\n | \nof which: | \n | \n
\n\n| Auditing | \n- KPMG SpA | \n5.0 | \n
\n\n | \n- entities of the KPMG network | \n6.2 | \n
\n\n | \nof which: | \n | \n
\n\n| Certification services | \n- KPMG SpA | \n1.2 | \n
\n\n | \n- entities of the KPMG network | \n2.0 | \n
\n\n | \nof which: | \n | \n
\n\n| Other services | \n- KPMG SpA | \n- | \n
\n\n | \n- entities of the KPMG network | \n- | \n
\n\n| Total | \n | \n14.4 | \n
\n\n| TOTAL | \n | \n16.8 | \n
\n\n
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"Tag1479": {
"value": "\nBusiness segment Description of business segments
\nGroup holding company
\nCountry holding company
\nEnel Green Power
\nThermal Generation
\nTrading
\nEnel Grids
\nEnd-user Markets
\nEnel X
\ne-Mobility
\nServices
\nFinance
\n\n\nAttachment 1 - Subsidiaries, associates and other
\nsignificant equity investments of the Enel Group at
\nDecember 31, 2024
\nIn compliance with Articles 38 and 39 of Legislative De-
\ncree 127/1991 and CONSOB Notice no. DEM/6064293
\nof July 28, 2006, a list of subsidiaries and associates
\nof Enel SpA at December 31, 2024, pursuant to Article
\n2359 of the Italian Civil Code, and of other significant
\nequity investments is provided below. Enel has full title
\nto all investments. The following information is includ-
\ned for each company: name, registered office, share
\ncapital, currency in which share capital is denomi-
\nnated, business segment, method of consolidation,
\nGroup companies that have a stake in the company
\nand their respective ownership share, and the Group\u2019s
\nownership share. The following provides a key to the
\nicons representing the business segments.
\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n\n
\n\n| Parent | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Enel SpA | \nRome | \nIT | \n10,166,679,946 | \nEUR | \n | \nHolding | \nEnel SpA | \n100% | \n100% | \n\n\n
\n\n| Subsidiaries | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| 10219727 Saskatchewan | \nSaskoon | \nCA | \n1 | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n\n
\n\n| Ltd | \n | \n | \n | \n | \n | \n | \nElmsthorpe Wind LP | \n | \n | \n\n\n
\n\n| 25 Mile Creek Windfarm | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \n25RoseFarms Holdings | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n
\n\n| 25 Mile PPA LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEGP North America | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nPPA LLC | \n | \n | \n\n\n
\n\n| 25RoseFarms Holdings | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n | \n | \n\n\n
\n\n| LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \n25RoseFarms Holdings | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n97% | \n | \n\n\n
\n\n| 3SUN Srl | \nCatania | \nIT | \n1,000,000 | \nEUR | \n | \nLine-by-line | \nItalia Srl | \n | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power SpA | \n3% | \n | \n\n\n
\n\n| 3SUN USA LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel North America Inc. | \n100% | \n100% | \n\n\n
\n\n| 4814 Investments LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n
\n\n| Ables Springs Solar | \n | \n | \n | \n | \n | \n | \nEnel Green Power Ables | \n | \n | \n\n\n
\n\n| Holdings LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nSprings Solar Holdings | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n
\n\n| Ables Springs Solar LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nAbles Springs Solar | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n
\n\n| Ables Springs Storage | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nAbles Springs Solar | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n
\n\n| Abu Renewables India | \nGurugram | \nIN | \n100,000 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n100% | \n100% | \n\n\n
\n\n| Private Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n\n\n
\n\n| Ace High Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Aced Renewables Hidden | \nJohannesburg | \nZA | \n1,000 | \nZAR | \n | \nEquity | \nEnel Green Power RSA 2 | \n55% | \n28% | \n\n\n
\n\n| Valley (RF) (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n(RF) (Pty) Ltd | \n | \n | \n\n\n
\n\n| Acefat AIE | \nBarcelona | \nES | \n793,340 | \nEUR | \n | \n- | \nEdistribuci\u00f3n Redes | \n14% | \n10% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDigitales SLU | \n | \n | \n\n\n
\n\n| Adams Solar PV Project | \nJohannesburg | \nZA | \n10,000,000 | \nZAR | \n | \nLine-by-line | \nEnel Green Power South | \n60% | \n60% | \n\n\n
\n\n| Two (RF) (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nAfrica (Pty) Ltd | \n | \n | \n\n\n
\n\n| Adria Link | \nGorizia | \nIT | \n300,297 | \nEUR | \n | \nEquity | \nEnel Produzione SpA | \n50% | \n50% | \n\n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Aferkat Wind Farm | \nCasablanca | \nMA | \n389,600 | \nMAD | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nMorocco S\u00e0rl | \n | \n | \n\n\n
\n\n| Agassiz Beach LLC | \nMinneapolis | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nChi Minnesota Wind LLC | \n100% | \n100% | \n\n\n
\n\n| Agatos Green Power | \nRome | \nIT | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power Solar | \n100% | \n100% | \n\n\n
\n\n| Trino Srl | \n | \n | \n | \n | \n | \n | \nEnergy Srl | \n | \n | \n\n\n
\n\n| Aguill\u00f3n 20 SA | \nZaragoza | \nES | \n2,682,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n51% | \n36% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n
\n\n| Aidon Oy | \nJyv\u00e4skyl\u00e4 | \nFI | \n5,112,572 | \nEUR | \n | \nEquity | \nGridspertise Srl | \n100% | \n50% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n\n
\n\n| Alba Energia Ltda | \nRio de Janeiro | \nBR | \n16,045,169 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n\n
\n\n| Albany Solar LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nAurora Distributed Solar | \n100% | \n74% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n
\n\n| Almyros Ape Single | \nMaroussi | \nGR | \n270,001 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n\n\n
\n\n| Member PC | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n\n\n
\n\n| Alpe Adria Energia Srl | \nUdine | \nIT | \n900,000 | \nEUR | \n | \nEquity | \nEnel Produzione SpA | \n50% | \n50% | \n\n\n
\n\n| Alta Farms Azure | \nDover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n\n\n
\n\n| Ranchland Holdings LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n\n\n
\n\n| Alta Farms Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \n25RoseFarms Holdings | \n100% | \n100% | \n\n\n
\n\n| II LLC | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n\n
\n\n| Alvorada Energia SA | \nNiter\u00f3i | \nBR | \n42,117,416 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n\n
\n\n| Amber Sage Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Ampla Energia e Servi\u00e7os | \nRio de Janeiro | \nBR | \n6,953,230,392 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n\n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Annandale Solar LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nAurora Distributed Solar | \n100% | \n74% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n
\n\n| Apiac\u00e1s Energia SA | \nRio de Janeiro | \nBR | \n14,216,846 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n\n
\n\n| Aquilla Wind Project LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnergy Inc. | \n | \n | \n\n\n
\n\n| Aragonesa de Actividades | \nTeruel | \nES | \n60,100 | \nEUR | \n | \nLine-by-line | \nEndesa SA | \n100% | \n70% | \n\n\n
\n\n| Energ\u00e9ticas SAU | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Aranort Desarrollos SLU | \nMadrid | \nES | \n1,953 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n 35% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n\n\n
\n\n| Aravalli Surya (Project 1) | \nGurugram | \nIN | \n31,630,000 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n100% | \n100% | \n\n\n
\n\n| Private Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n\n\n
\n\n| Arcadia Power Inc. | \nWashington DC | \nUS | \n- | \nUSD | \n | \n- | \nEnel X North America Inc. | \n0% | \n0% | \n\n\n
\n\n| Arena Green Power 1 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nShark Power SLU | \n100% | \n70% | \n\n\n
\n\n| Arena Green Power 2 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nShark Power SLU | \n100% | \n70% | \n\n\n
\n\n| Arena Green Power 3 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nShark Power SLU | \n100% | \n70% | \n\n\n
\n\n| Arena Green Power 4 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nShark Power SLU | \n100% | \n70% | \n\n\n
\n\n| Arena Green Power 5 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nShark Power SLU | \n100% | \n70% | \n\n\n
\n\n| Arena Power Solar 11 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n
\n\n| Arena Power Solar 12 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n
\n\n| Arena Power Solar 13 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n
\n\n| Arena Power Solar 20 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n
\n\n| Arena Power Solar 33 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n
\n\n| Arena Power Solar 34 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n
\n\n| Arena Power Solar 35 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n
\n\n| Arrow Head Energy | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Storage Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Arrow Hills Solar Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Asociaci\u00f3n Nuclear Asc\u00f3- | \nVandell\u00f3s | \nES | \n19,232,400 | \nEUR | \n | \nProportional | \nEndesa Generaci\u00f3n SAU | \n85% | \n60% | \n\n\n
\n\n| Vandell\u00f3s II AIE | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Ateca Renovables SL | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nEquity | \nEnel Green Power | \n50% | \n35% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n
\n\n| Atl\u00e1ntico Photovoltaic | \nBarranquilla | \nCO | \n50,587,000 | \nCOP | \n | \nLine-by-line | \nEnel Colombia SA ESP | \n100% | \n47% | \n\n\n
\n\n| SAS ESP | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Atwater Solar LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nAurora Distributed Solar | \n100% | \n74% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n
\n\n| Aurora Distributed Solar | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nAurora Solar Holdings | \n74% | \n74% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n
\n\n| Aurora Land Holdings LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Aurora Solar Holdings LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Aurora Wind Holdings LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n\n
\n\n| Aurora Wind Project LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \n | \n | \n | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Autumn Hills LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nChi Minnesota Wind LLC | \n100% | \n100% | \n\n\n
\n\n| Autumn Waltz Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Avikiran Energy India | \nGurugram | \nIN | \n100,000,000 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n100% | \n100% | \n\n\n
\n\n| Private Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n\n\n
\n\n| Avikiran Solar India Private | \nNew Delhi | \nIN | \n4,918,810,370 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n51% | \n51% | \n\n\n
\n\n| Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n\n\n
\n\n| Avikiran Surya India | \nGurugram | \nIN | \n875,350 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n51% | \n51% | \n\n\n
\n\n| Private Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n\n\n
\n\n| Avikiran Vayu India Private | \nGurugram | \nIN | \n100,000 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n100% | \n100% | \n\n\n
\n\n| Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n\n\n
\n\n| Azure Blue Jay Holdings | \nDover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n\n\n
\n\n| Azure Blue Jay Solar | \n | \n | \n | \n | \n | \n | \nEnel Green Power Azure | \n | \n | \n\n\n
\n\n| Holdings LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBlue Jay Solar Holdings | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n
\n\n| Azure Sky Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nAzure Blue Jay Solar | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n
\n\n| Azure Sky Wind Holdings | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Azure Sky Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nAzureRanchII Wind | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n
\n\n| Azure Sky Wind Storage | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| AzureRanchII Wind | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n | \n | \n\n\n
\n\n| Holdings LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nAzureRanchII Wind | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n
\n\n| Baikal Enterprise SLU | \nPalma de | \nES | \n3,006 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n
\n\n | \nMallorca | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n
\n\n| Baleares Energy SLU | \nPalma de | \nES | \n4,509 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n35% | \n\n\n
\n\n | \nMallorca | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n\n\n
\n\n| Barnwell County Solar | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Bath House Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Baylio Solar SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n35% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n\n\n
\n\n| Bayou Blues Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Beacon Harbor Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Beaver Falls Water Power | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nBeaver Valley Holdings | \n68% | \n68% | \n\n\n
\n\n| Company | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n
\n\n| Beaver Valley Holdings | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n\n\n
\n\n| Bejaad Solar Plant | \nCasablanca | \nMA | \n10,000 | \nMAD | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nMorocco S\u00e0rl | \n | \n | \n\n\n
\n\n| Belltail Solar Project LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n | \n | \n\n\n
\n\n| Belomechetskaya WPS | \nMoscow | \nRU | \n3,010,000 | \nRUB | \n | \nLine-by-line | \nRus Limited Liability | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nCompany | \n | \n | \n\n\n
\n\n| Betwa Renewable Energy | \nGurgaon | \nIN | \n100,000 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n100% | \n100% | \n\n\n
\n\n| Private Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n\n\n
\n\n| Bijou Hills Wind LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n
\n\n| Bioenergy Casei Gerola Srl | \nRome | \nIT | \n100,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n\n\n
\n\n| Bison Meadows Storage | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Bison Meadows Wind | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n\n
\n\n| Blair Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n
\n\n| Blanche BESS Holding | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy (Pty) Ltd | \n100% | \n50% | \n\n\n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Blanche BESS Holding | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy Trust | \n100% | \n50% | \n\n\n
\n\n| Trust | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Blanche BESS (Pty) Ltd | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nBlanche BESS Holding | \n100% | \n50% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n\n\n
\n\n| Blanche BESS Trust | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nBlanche BESS Holding | \n100% | \n50% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nTrust | \n | \n | \n\n\n
\n\n| Blue Crab Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Blue Jay Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nAzure Blue Jay Solar | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n
\n\n| Blue Jay Solar II LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Blue Note Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Blue Star Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Bogot\u00e1 ZE | \nBogot\u00e1 | \nCO | \n1,189,706,920 | \nCOP | \n | \nEquity | \nColombia ZE SAS | \n100% | \n9% | \n\n\n
\n\n| SAS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Boitumelo Solar Power | \nGauteng | \nZA | \n100 | \nZAR | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n\n\n
\n\n| Plant (RF) (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Bold Elk Wind Limited | \n | \n | \n | \n | \n | \n | \nEnel Alberta Wind Inc. | \n0% | \n | \n\n\n
\n\n| Partnership | \nCalgary | \nCA | \n100 | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n100% | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n\n
\n\n| Bondia Energia Ltda | \nNiter\u00f3i | \nBR | \n2,950,888 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n\n
\n\n| Boone Stephens Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n\n\n
\n\n| I LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n
\n\n| Bosa del Ebro SL | \nZaragoza | \nES | \n3,010 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n51% | \n36% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n
\n\n| Bottom Grass Solar | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Boujdour Wind Farm | \nCasablanca | \nMA | \n300,000 | \nMAD | \n | \nEquity | \nNareva Enel Green Power | \n90% | \n45% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nMorocco SA | \n | \n | \n\n\n
\n\n| Bouldercombe Solar Farm | \nSydney | \nAU | \n10 | \nAUD | \n | \nEquity | \nBouldercombe Solar | \n100% | \n50% | \n\n\n
\n\n| Trust | \n | \n | \n | \n | \n | \n | \nHolding Trust | \n | \n | \n\n\n
\n\n| Bouldercombe Solar | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy (Pty) Ltd | \n100% | \n50% | \n\n\n
\n\n| Holding (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Bouldercombe Solar | \nSydney | \nAU | \n10 | \nAUD | \n | \nEquity | \nPotentia Energy Trust | \n100% | \n50% | \n\n\n
\n\n| Holding Trust | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Bouldercombe Solar | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nBouldercombe Solar | \n100% | \n50% | \n\n\n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nHolding (Pty) Ltd | \n | \n | \n\n\n
\n\n| Box Canyon Energy | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Storage Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| BP Hydro Finance | \n | \n | \n | \n | \n | \n | \nEnel Green Power North | \n24% | \n | \n\n\n
\n\n| Partnership | \nSalt Lake City | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nAmerica Inc. | \n | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Kansas LLC | \n76% | \n | \n\n\n
\n\n| Brandonville Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n
\n\n| Bravo Dome Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Brazatortas 220 | \n | \n | \n | \n | \n | \n | \nBaylio Solar SLU | \n17% | \n | \n\n\n
\n\n| Renovables SL | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nEquity | \n | \n | \n12% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nFuratena Solar 1 SLU | \n17% | \n | \n\n\n
\n\n| Brazoria West Solar | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Brazos Flat Solar Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Brick Road Solar Holdings | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n\n
\n\n| Bronco Hills Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Brush County Solar | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Buck Canyon Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Buckshutem Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n
\n\n| Buckshutem Solar II LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n
\n\n| Buffalo Dunes Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Buffalo Dunes Wind | \nTopeka | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEGPNA Development | \n75% | \n75% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Alberta Wind Inc. | \n0% | \n | \n\n\n
\n\n| Buffalo Jump LP | \nAlberta | \nCA | \n10 | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n100% | \n | \n\n\n
\n\n| Buffalo Spirit Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Bungala One FinCo | \nSydney | \nAU | \n1,000 | \nAUD | \n | \nEquity | \nBungala One Property | \n100% | \n26% | \n\n\n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nTrust | \n | \n | \n\n\n
\n\n| Bungala One Operation | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nBungala Solar (Pty) Ltd | \n50% | \n25% | \n\n\n
\n\n| Holding Trust | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Bungala One Operations | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nBungala Solar (Pty) Ltd | \n51% | \n26% | \n\n\n
\n\n| Holding (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Bungala One Operations | \nSydney | \nAU | \n1,000 | \nAUD | \n | \nEquity | \nBungala One Operations | \n100% | \n26% | \n\n\n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nHolding (Pty) Ltd | \n | \n | \n\n\n
\n\n| Bungala One Operations | \nSydney | \nAU | \n- | \nAUD | \n | \nEquity | \nBungala One Operations | \n100% | \n26% | \n\n\n
\n\n| Trust | \n | \n | \n | \n | \n | \n | \nHolding (Pty) Ltd | \n | \n | \n\n\n
\n\n| Bungala One Property | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nBungala Solar (Pty) Ltd | \n51% | \n26% | \n\n\n
\n\n| Holding (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Bungala One Property | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nBungala Solar (Pty) Ltd | \n50% | \n25% | \n\n\n
\n\n| Holding Trust | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Bungala One Property | \nSydney | \nAU | \n1,000 | \nAUD | \n | \nEquity | \nBungala One Property | \n100% | \n26% | \n\n\n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nHolding (Pty) Ltd | \n | \n | \n\n\n
\n\n| Bungala One Property | \nSydney | \nAU | \n- | \nAUD | \n | \nEquity | \nBungala One Property | \n100% | \n26% | \n\n\n
\n\n| Trust | \n | \n | \n | \n | \n | \n | \nHolding (Pty) Ltd | \n | \n | \n\n\n
\n\n| Bungala Solar (Pty) Ltd | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy Group | \n100% | \n50% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n\n\n
\n\n| Bungala Solar Trust | \nSydney | \nAU | \n- | \nAUD | \n | \nEquity | \nPotentia Energy | \n100% | \n50% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nTrust | \n | \n | \n\n\n
\n\n| Bungala Two FinCo | \nSydney | \nAU | \n- | \nAUD | \n | \nEquity | \nBungala Two Property | \n100% | \n26% | \n\n\n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nTrust | \n | \n | \n\n\n
\n\n| Bungala Two Operations | \nSydney | \nAU | \n- | \nAUD | \n | \nEquity | \nBungala Solar (Pty) Ltd | \n51% | \n26% | \n\n\n
\n\n| Holding (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Bungala Two Operations | \nSydney | \nAU | \n- | \nAUD | \n | \nEquity | \nBungala Solar (Pty) Ltd | \n50% | \n25% | \n\n\n
\n\n| Holding Trust | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Bungala Two Operations | \nSydney | \nAU | \n- | \nAUD | \n | \nEquity | \nBungala Two Operations | \n100% | \n26% | \n\n\n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nHolding (Pty) Ltd | \n | \n | \n\n\n
\n\n| Bungala Two Operations | \nSydney | \nAU | \n- | \nAUD | \n | \nEquity | \nBungala Two Operations | \n100% | \n26% | \n\n\n
\n\n| Trust | \n | \n | \n | \n | \n | \n | \nHolding (Pty) Ltd | \n | \n | \n\n\n
\n\n| Bungala Two Property | \nSydney | \nAU | \n- | \nAUD | \n | \nEquity | \nBungala Solar (Pty) Ltd | \n51% | \n26% | \n\n\n
\n\n| Holding (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Bungala Two Property | \nSydney | \nAU | \n- | \nAUD | \n | \nEquity | \nBungala Solar (Pty) Ltd | \n50% | \n25% | \n\n\n
\n\n| Holding Trust | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Bungala Two Property | \nSydney | \nAU | \n- | \nAUD | \n | \nEquity | \nBungala Two Property | \n100% | \n26% | \n\n\n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nHolding (Pty) Ltd | \n | \n | \n\n\n
\n\n| Bungala Two Property | \nSydney | \nAU | \n1 | \nAUD | \n | \nEquity | \nBungala Two Property | \n100% | \n26% | \n\n\n
\n\n| Trust | \n | \n | \n | \n | \n | \n | \nHolding (Pty) Ltd | \n | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Alberta Solar Inc. | \n0% | \n | \n\n\n
\n\n| Burgundy Spruce Solar LP | \nCalgary | \nCA | \n100 | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n100% | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n\n
\n\n| Business Venture | \nJohannesburg | \nZA | \n100 | \nZAR | \n | \nLine-by-line | \nEnel Green Power South | \n100% | \n100% | \n\n\n
\n\n| Investments 1468 (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nAfrica (Pty) Ltd | \n | \n | \n\n\n
\n\n| Butterfly Meadows Solar | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| C&C Castelvetere Srl | \nRome | \nIT | \n100,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n\n\n
\n\n| C&C Uno Energy Srl | \nRome | \nIT | \n118,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n\n\n
\n\n| Cactus Mesa Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Campos Promotores | \nElche | \nES | \n3,000 | \nEUR | \n | \nEquity | \nEnel Green Power | \n25% | \n18% | \n\n\n
\n\n| Renovables SL | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n
\n\n| Canastota Wind Power | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nFenner Wind Holdings | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n
\n\n| Caney River Wind Project | \nOverland Park | \nUS | \n- | \nUSD | \n | \nEquity | \nRocky Caney Wind LLC | \n100% | \n10% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Canyon Top Energy | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Storage Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Capricorn BESS Holding | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy (Pty) Ltd | \n100% | \n50% | \n\n\n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Capricorn BESS Holding | \nBarangaroo | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy Trust | \n100% | \n50% | \n\n\n
\n\n| Trust | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Capricorn BESS (Pty) Ltd | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nCapricorn BESS Holding | \n100% | \n50% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n\n\n
\n\n| Capricorn BESS Trust | \nBarangaroo | \nAU | \n100 | \nAUD | \n | \nEquity | \nCapricorn BESS Holding | \n100% | \n50% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nTrust | \n | \n | \n\n\n
\n\n| Capricorn Solar Hybrid | \nBarangaroo | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy (Pty) Ltd | \n100% | \n50% | \n\n\n
\n\n| Holding (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Capricorn Solar Hybrid | \nBarangaroo | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy Trust | \n100% | \n50% | \n\n\n
\n\n| Holding Trust | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Capricorn Solar Hybrid | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nCapricorn Solar Hybrid | \n100% | \n50% | \n\n\n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nHolding (Pty) Ltd | \n | \n | \n\n\n
\n\n| Capricorn Solar Hybrid | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nCapricorn Solar Hybrid | \n100% | \n50% | \n\n\n
\n\n| Trust | \n | \n | \n | \n | \n | \n | \nHolding Trust | \n | \n | \n\n\n
\n\n| Castle Rock Ridge Limited | \n | \n | \n | \n | \n | \n | \nEnel Alberta Wind Inc. | \n0% | \n | \n\n\n
\n\n| Partnership | \nAlberta | \nCA | \n- | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n100% | \n | \n\n\n
\n\n| Catalana d\u2019Iniciatives SA | \nBarcelona | \nES | \n30,862,800 | \nEUR | \n | \n- | \nEndesa SA | \n1% | \n1% | \n\n\n
\n\n| in liquidation | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Cattle Drive Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Cdec - Sic Ltda | \nSantiago de | \nCL | \n709,783,206 | \nCLP | \n | \n- | \nEnel Green Power | \n6% | \n4% | \n\n\n
\n\n | \nChile | \n | \n | \n | \n | \n | \nChile SA | \n | \n | \n\n\n
\n\n| Cedar Run Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Central Geradora | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n\n
\n\n| Fotovoltaica Bom Nome | \nSalvador | \nBR | \n11,841,217 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n\n
\n\n| Ltda | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n\n
\n\n| Central Geradora | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n0% | \n | \n\n\n
\n\n| Fotovoltaica S\u00e3o | \nNiter\u00f3i | \nBR | \n385,128,917 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n\n
\n\n| Francisco Ltda | \n | \n | \n | \n | \n | \n | \nEnel X Brasil SA | \n100% | \n | \n\n\n
\n\n| Central Hidr\u00e1ulica G\u00fcejar- | \nGranada | \nES | \n364,213 | \nEUR | \n | \nEquity | \nEnel Green Power | \n33% | \n23% | \n\n\n
\n\n| Sierra SL | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n
\n\n| Central T\u00e9rmica de | \nMadrid | \nES | \n595,000 | \nEUR | \n | \nEquity | \nEndesa Generaci\u00f3n SAU | \n33% | \n23% | \n\n\n
\n\n| Anllares AIE | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Central Vuelta de | \nBuenos Aires | \nAR | \n500,000 | \nARS | \n | \n- | \nEnel Generaci\u00f3n El | \n33% | \n18% | \n\n\n
\n\n| Obligado SA | \n | \n | \n | \n | \n | \n | \nChoc\u00f3n SA | \n | \n | \n\n\n
\n\n| Centrales Nucleares | \nMadrid | \nES | \n- | \nEUR | \n | \nEquity | \nEndesa Generaci\u00f3n SAU | \n24% | \n17% | \n\n\n
\n\n| Almaraz-Trillo AIE | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Centrum Pre Vedu A | \nKaln\u00e1 Nad | \nSK | \n6,639 | \nEUR | \n | \nEquity | \nSlovensk\u00e9 elektr\u00e1rne AS | \n100% | \n33% | \n\n\n
\n\n| Vyskum Sro | \nHronom | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| CES 2 Single Member | \nMaroussi | \nGR | \n503 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n\n\n
\n\n| Private Company | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n\n
\n\n| CES 3 Single Member | \nMaroussi | \nGR | \n505 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n\n\n
\n\n| Private Company | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n\n\n
\n\n| CES 4 Single Member | \nMaroussi | \nGR | \n503 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n\n\n
\n\n| Private Company | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n\n\n
\n\n| CES 5 Single Member | \nMaroussi | \nGR | \n505 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n\n\n
\n\n| Private Company | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n\n\n
\n\n| CES 6 Single Member | \nMaroussi | \nGR | \n502 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n\n\n
\n\n| Private Company | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n\n\n
\n\n| CES 7 Single Member | \nMaroussi | \nGR | \n503 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n\n\n
\n\n| Private Company | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n\n\n
\n\n| CES 8 Single Member | \nMaroussi | \nGR | \n505 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n\n\n
\n\n| Private Company | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n\n\n
\n\n| CESI - Centro | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Elettrotecnico | \nMilan | \nIT | \n8,550,000 | \nEUR | \n | \nEquity | \nEnel SpA | \n43% | \n43% | \n\n\n
\n\n| Sperimentale Italiano | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Giacinto Motta SpA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Energy Storage | \n | \n | \n\n\n
\n\n| Champagne Storage LLC | \nWilmington | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nHoldings LLC (formerly | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEGP Energy Storage | \n | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC) | \n | \n | \n\n\n
\n\n| Checkerboard Plains | \n | \n | \n | \n | \n | \n | \nEnel Alberta Solar Inc. | \n0% | \n | \n\n\n
\n\n| Solar Project Limited | \nCalgary | \nCA | \n- | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n | \n100% | \n\n\n
\n\n| Partnership | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n100% | \n | \n\n\n
\n\n| Cheyenne Ridge II Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Cheyenne Ridge Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Chi Black River LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n\n\n
\n\n| Chi Minnesota Wind LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEGPNA Project HoldCo | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n1 LLC | \n | \n | \n\n\n
\n\n| Chi Operations Inc. | \nAndover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n\n\n
\n\n| Chi Power Inc. | \nNaples | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n\n\n
\n\n| Chi Power Marketing Inc. | \nWilmington | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n\n\n
\n\n| Chi West LLC | \nSan Francisco | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n\n\n
\n\n| Chisago Solar LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nAurora Distributed Solar | \n100% | \n74% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n
\n\n| Chisholm View II Holding | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Chisholm View Wind | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nChisholm View II Holding | \n63% | \n63% | \n\n\n
\n\n| Project II LLC | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n
\n\n| Chisholm View Wind | \nNew York | \nUS | \n- | \nUSD | \n | \nEquity | \nEGPNA REP Wind | \n100% | \n10% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nCimarron Bend Wind | \n49% | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nProject I LLC | \n | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nCimarron Bend Wind | \n49% | \n | \n\n\n
\n\n| Cimarron Bend | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nProject II LLC | \n | \n100% | \n\n\n
\n\n| Assets LLC | \n | \n | \n | \n | \n | \n | \nCimarron Bend Wind | \n | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nProject III LLC | \n1% | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Kansas LLC | \n1% | \n | \n\n\n
\n\n| Cimarron Bend III HoldCo | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n | \n | \n\n\n
\n\n| LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nCimarron Bend Wind | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings III LLC | \n | \n | \n\n\n
\n\n| Cimarron Bend Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Cimarron Bend Wind | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nCimarron Bend Wind | \n100% | \n100% | \n\n\n
\n\n| Holdings I LLC | \n | \n | \n | \n | \n | \n | \nHoldings II LLC | \n | \n | \n\n\n
\n\n| Cimarron Bend Wind | \nDover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nCimarron Bend Wind | \n100% | \n100% | \n\n\n
\n\n| Holdings II LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n
\n\n| Cimarron Bend Wind | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Holdings III LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n\n
\n\n| Cimarron Bend Wind | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEGPNA Preferred Wind | \n100% | \n100% | \n\n\n
\n\n| Holdings LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n
\n\n| Cimarron Bend Wind | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nCimarron Bend Wind | \n100% | \n100% | \n\n\n
\n\n| Project I LLC | \n | \n | \n | \n | \n | \n | \nHoldings I LLC | \n | \n | \n\n\n
\n\n| Cimarron Bend Wind | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nCimarron Bend Wind | \n100% | \n100% | \n\n\n
\n\n| Project II LLC | \n | \n | \n | \n | \n | \n | \nHoldings I LLC | \n | \n | \n\n\n
\n\n| Cimarron Bend Wind | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nCimarron Bend Wind | \n100% | \n100% | \n\n\n
\n\n| Project III LLC | \n | \n | \n | \n | \n | \n | \nHoldings III LLC | \n | \n | \n\n\n
\n\n| Cinch Top Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Clear Fork Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Clear Sky Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Clinton Farms Battery | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Clinton Farms Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Clinton Farms Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Cloudwalker Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Cogein Sannio Srl | \nRome | \nIT | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n\n\n
\n\n| Cogeneraci\u00f3n El Salto SL | \nZaragoza | \nES | \n36,061 | \nEUR | \n | \nEquity | \nEnel Green Power | \n20% | \n14% | \n\n\n
\n\n| in liquidation | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n
\n\n| Cogenio Iberia SL | \nMadrid | \nES | \n2,874,622 | \nEUR | \n | \nEquity | \nEndesa Energ\u00eda SAU | \n20% | \n14% | \n\n\n
\n\n| Cogenio Srl | \nRome | \nIT | \n2,310,000 | \nEUR | \n | \nEquity | \nEnel X Italia Srl | \n20% | \n20% | \n\n\n
\n\n| Cohuna Solar Holding | \nSydney | \nAU | \n3,419,700 | \nAUD | \n | \nEquity | \nPotentia Energy Group | \n100% | \n50% | \n\n\n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n\n\n
\n\n| Cohuna Solar Holding | \nSydney | \nAU | \n- | \nAUD | \n | \nEquity | \nPotentia Energy Trust | \n100% | \n50% | \n\n\n
\n\n| Trust | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Cohuna Solar (Pty) Ltd | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nCohuna Solar Holding | \n100% | \n50% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n\n\n
\n\n| Cohuna Solar Trust | \nSydney | \nAU | \n1 | \nAUD | \n | \nEquity | \nCohuna Solar Holding | \n100% | \n50% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nTrust | \n | \n | \n\n\n
\n\n| Colombia ZE SAS | \nBogot\u00e1 | \nCO | \n11,872,499,000 | \nCOP | \n | \nEquity | \nEnel Colombia SA ESP | \n20% | \n9% | \n\n\n
\n\n| Comanche Crest Ranch | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Comercializadora | \nC\u00e1diz | \nES | \n600,000 | \nEUR | \n | \nEquity | \nEndesa SA | \n34% | \n23% | \n\n\n
\n\n| El\u00e9ctrica de C\u00e1diz SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Compagnia Porto di | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Civitavecchia SpA in | \nRome | \nIT | \n15,130,800 | \nEUR | \n | \nEquity | \nEnel Produzione SpA | \n24% | \n24% | \n\n\n
\n\n| liquidation | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Companhia Energ\u00e9tica do | \nFortaleza | \nBR | \n1,968,926,886 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n74% | \n61% | \n\n\n
\n\n| Cear\u00e1 - Coelce | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n74% | \n | \n\n\n
\n\n| Compa\u00f1\u00eda de Trasmisi\u00f3n | \nBuenos Aires | \nAR | \n2,025,191,313 | \nARS | \n | \nLine-by-line | \nEnel CIEN SA | \n26% | \n82% | \n\n\n
\n\n| del Mercosur SA - CTM | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel SpA | \n0% | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nCompa\u00f1\u00eda E\u00f3lica Tierras | \n5% | \n | \n\n\n
\n\n| Compa\u00f1\u00eda E\u00f3lica Tierras | \nSoria | \nES | \n13,222,000 | \nEUR | \n | \nEquity | \nAltas SA | \n | \n26% | \n\n\n
\n\n| Altas SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n36% | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n
\n\n| Compass Rose Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Concert Srl | \nRome | \nIT | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n\n\n
\n\n| Concho Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n
\n\n| Concord Vine Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n\n
\n\n| Consolidated Hydro | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n\n\n
\n\n| Southeast LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n\n\n
\n\n| Consolidated Pumped | \nWilmington | \nUS | \n550,000 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n82% | \n82% | \n\n\n
\n\n| Storage Inc. | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n\n\n
\n\n| Conza Green Energy Srl | \nRome | \nIT | \n73,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n\n\n
\n\n| Copper Landing Solar | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Corporaci\u00f3n Empresarial | \nBadajoz | \nES | \n44,538,000 | \nEUR | \n | \n- | \nEndesa SA | \n1% | \n1% | \n\n\n
\n\n| de Extremadura SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Corporaci\u00f3n E\u00f3lica de | \nLa Puebla de | \nES | \n271,652 | \nEUR | \n | \nEquity | \nEnel Green Power | \n25% | \n18% | \n\n\n
\n\n| Zaragoza SL | \nAlfind\u00e9n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n
\n\n| Country Blue Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Country Roads Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Cow Creek Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Crawfish Solar Project LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Cr\u00e9dito F\u00e1cil Codensa | \n | \n | \n | \n | \n | \n | \nColombia ZE SAS | \n0% | \n | \n\n\n
\n\n| SA Compa\u00f1\u00eda de | \nBogot\u00e1 | \nCO | \n32,000,000,000 | \nCOP | \n | \nEquity | \nEnel Colombia SA ESP | \n49% | \n23% | \n\n\n
\n\n| Financiamiento | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| in liquidation | \n | \n | \n | \n | \n | \n | \nEnel X Colombia SAS ESP | \n0% | \n | \n\n\n
\n\n| Crockett Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n
\n\n| Crystal Bridge Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Dairy Meadows Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Daisy Patch Solar Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Danax Energy (Pty) Ltd | \nSandton | \nZA | \n100 | \nZAR | \n | \nLine-by-line | \nEnel Green Power South | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nAfrica (Pty) Ltd | \n | \n | \n\n\n
\n\n| Dappled Colt Storage | \n | \n | \n | \n | \n | \n | \nEnel Alberta Storage Inc. | \n0% | \n | \n\n\n
\n\n| Project Limited | \nCalgary | \nCA | \n- | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n | \n100% | \n\n\n
\n\n| Partnership | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n100% | \n | \n\n\n
\n\n| Dauphin Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n
\n\n| Daybreak Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Decimalfigure Unipessoal | \n | \n | \n | \n | \n | \n | \nTejo Energia - Produ\u00e7\u00e3o | \n | \n | \n\n\n
\n\n| Ltda | \nPego | \nPT | \n2,000 | \nEUR | \n | \nEquity | \ne Distribui\u00e7\u00e3o de Energia | \n100% | \n31% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEl\u00e9ctrica SA | \n | \n | \n\n\n
\n\n| Dehesa de los Guadalupes | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n35% | \n\n\n
\n\n| Solar SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n\n\n
\n\n| Dehesa PV Farm 03 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n
\n\n| Dehesa PV Farm 04 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n
\n\n| Derivex SA | \nBogot\u00e1 | \nCO | \n938,734,000 | \nCOP | \n | \n- | \nEnel Colombia SA ESP | \n5% | \n2% | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n100% | \n | \n\n\n
\n\n| Desarrollo de Fuerzas | \nMexico City | \nMX | \n53,104,350 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n | \n100% | \n\n\n
\n\n| Renovables S de RL de Cv | \n | \n | \n | \n | \n | \n | \nEnel Services M\u00e9xico | \n0% | \n | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nSA de Cv | \n | \n | \n\n\n
\n\n| Desert Willow Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| DI.T.N.E. - Distretto | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Tecnologico Nazionale | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| sull\u2019Energia - | \nRome | \nIT | \n451,878 | \nEUR | \n | \n- | \nEnel Produzione SpA | \n2% | \n2% | \n\n\n
\n\n| Societ\u00e0 Consortile a | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Responsabilit\u00e0 Limitata | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Diamond Vista Holdings | \nWilmington | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Diamond Vista Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Dispatch Renewable | \nMaroussi | \nGR | \n2,240,000 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n
\n\n| Energy Single Member SA | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n
\n\n| Distretto Tecnologico | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Sicilia Micro e Nano | \nCatania | \nIT | \n628,978 | \nEUR | \n | \n- | \n3SUN Srl | \n6% | \n6% | \n
\n\n| Sistemi Scarl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Distribuidora de Energ\u00eda | \n | \n | \n | \n | \n | \n | \nEndesa SA | \n55% | \n | \n
\n\n| El\u00e9ctrica del Bages SA | \nBarcelona | \nES | \n108,240 | \nEUR | \n | \nLine-by-line | \nHidroel\u00e9ctrica de | \n | \n70% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nCatalunya SLU | \n45% | \n | \n
\n\n| Distribuidora El\u00e9ctrica del | \nSanta Cruz de | \nES | \n12,621,210 | \nEUR | \n | \nLine-by-line | \nEndesa SA | \n100% | \n70% | \n
\n\n| Puerto de La Cruz SAU | \nTenerife | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Distrilec Inversora | \nBuenos Aires | \nAR | \n497,612,021 | \nARS | \n | \nLine-by-line | \nEnel Am\u00e9ricas SA | \n52% | \n42% | \n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Dodge Center Distributed | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nAurora Distributed Solar | \n100% | \n74% | \n
\n\n| Solar LLC | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n1% | \n | \n
\n\n| Dolores Wind SA de Cv | \nMexico City | \nMX | \n4,151,197,627 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Rinnovabile SA | \n99% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nde Cv | \n | \n | \n
\n\n| Dominica Energ\u00eda Limpia | \n | \n | \n | \n | \n | \n | \nTenedora de Energ\u00eda | \n | \n | \n
\n\n| SA de Cv | \nMexico City | \nMX | \n2,070,600,646 | \nMXN | \n | \nEquity | \nRenovable Sol y Viento | \n61% | \n20% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nSAPI de Cv | \n | \n | \n
\n\n| Dorset Ridge Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Dragonfly Fields Solar | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Drift Sand Wind Holdings | \nWilmington | \nUS | \n- | \nUSD | \n | \nEquity | \nEnel Kansas LLC | \n50% | \n50% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Drift Sand Wind Project | \nWilmington | \nUS | \n- | \nUSD | \n | \nEquity | \nDrift Sand Wind Holdings | \n100% | \n50% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n
\n\n| Duereti Srl | \nMilan | \nIT | \n125,000,000 | \nEUR | \n | \n- | \ne-distribuzione SpA | \n10% | \n10% | \n
\n\n| Dwarka Vayu 1 Private | \nGurgaon | \nIN | \n100,000 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n100% | \n100% | \n
\n\n| Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n
\n\n| E.S.CO. Comuni Srl | \nBergamo | \nIT | \n1,000,000 | \nEUR | \n | \nLine-by-line | \nEnel X Italia Srl | \n60% | \n60% | \n
\n\n| Earthly Reflections Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Eastern Blue Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Eastern Rise Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Eastwood Solar LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nAurora Distributed Solar | \n100% | \n74% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n
\n\n| Ebenezer Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nPrincipia Energy | \n | \n | \n
\n\n| EcoSolar2 SA | \nGrevena | \nGR | \n25,000 | \nEUR | \n | \n- | \nGeneration Single | \n0% | \n0% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nMember SA | \n | \n | \n
\n\n| Edistribuci\u00f3n Redes | \nMadrid | \nES | \n1,204,540,060 | \nEUR | \n | \nLine-by-line | \nEndesa SA | \n100% | \n70% | \n
\n\n| Digitales SLU | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| e-distribuzione SpA | \nRome | \nIT | \n2,600,000,000 | \nEUR | \n | \nLine-by-line | \nEnel Italia SpA | \n100% | \n100% | \n
\n\n| EF Divesture LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Efficientya Srl | \nBergamo | \nIT | \n100,000 | \nEUR | \n | \nEquity | \nEnel X Italia Srl | \n50% | \n50% | \n
\n\n| EGP BESS 1 (RF) (Pty) Ltd | \nGauteng | \nZA | \n1,000 | \nZAR | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n
\n\n| EGP Bioenergy Srl | \nRome | \nIT | \n1,000,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nPuglia Srl | \n | \n | \n
\n\n| EGP Estonian Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Holdings LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGP Fotovoltaica La Loma | \nBogot\u00e1 | \nCO | \n8,000,000 | \nCOP | \n | \nLine-by-line | \nEnel Colombia SA ESP | \n100% | \n47% | \n
\n\n| SAS in liquidation | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n
\n
\n
\n
\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| EGP Geronimo Holding | \nWilmington | \nUS | \n1,000 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n| Company Inc. | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| EGP GulfStar Solar PPA | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEGP North America | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nPPA LLC | \n | \n | \n
\n\n| EGP HoldCo 1 LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| EGP HoldCo 10 LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| EGP HoldCo 11 LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| EGP HoldCo 12 LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| EGP HoldCo 13 LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| EGP HoldCo 14 LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| EGP HoldCo 15 LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| EGP HoldCo 16 LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| EGP HoldCo 17 LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| EGP HoldCo 18 LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| EGP HoldCo 2 LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| EGP HoldCo 3 LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| EGP HoldCo 4 LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| EGP HoldCo 5 LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| EGP HoldCo | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 6 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGP HoldCo 7 LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| EGP HoldCo 8 LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| EGP HoldCo 9 LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n100% | \n | \n
\n\n| EGP Magdalena Solar SA | \nMexico City | \nMX | \n1,258,077,873 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n | \n100% | \n
\n\n| de Cv | \n | \n | \n | \n | \n | \n | \nEnel Rinnovabile SA | \n1% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nde Cv | \n | \n | \n
\n\n| EGP Matimba NewCo 1 Srl | \nRome | \nIT | \n10,000 | \nEUR | \n | \nEquity | \nEnel Green Power SpA | \n50% | \n50% | \n
\n\n| EGP Matimba NewCo 2 Srl | \nRome | \nIT | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n
\n\n| EGP North America PPA | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| EGP Sabaudia Srl | \nRome | \nIT | \n1,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n
\n\n| EGP Salt Wells Solar LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| EGP San Leandro | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n| Microgrid I LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| EGP Solar Services LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| EGP Solar V SAU | \nSan Salvador | \nAR | \n500,000 | \nARS | \n | \nLine-by-line | \nEnel Am\u00e9ricas SA | \n100% | \n82% | \n
\n\n | \nde Jujuy | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGP Solar VI SAU | \nSan Salvador | \nAR | \n500,000 | \nARS | \n | \nLine-by-line | \nEnel Am\u00e9ricas SA | \n100% | \n82% | \n
\n\n | \nde Jujuy | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGP Terracina 01 Srl | \nRome | \nIT | \n1,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n
\n\n
\n
\n
\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| EGP Terracina 02 Srl | \nRome | \nIT | \n1,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n
\n\n| EGP Timber Hills Project | \nLos Angeles | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nPadoma Wind Power LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPE Solar 2 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 1 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 10 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 11 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 12 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 13 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 14 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 15 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 16 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 17 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 18 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 19 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 2 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 20 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 21 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 22 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 23 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 24 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 25 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 26 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 27 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 28 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 29 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 3 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 30 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 4 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 5 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 6 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 7 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 8 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n
\n
\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| EGPNA 2020 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 9 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 1 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 10 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 11 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 12 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 13 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 14 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 15 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 16 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 17 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 18 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 19 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 2 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 20 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 3 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 4 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 5 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 6 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 7 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 8 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA 2023 HoldCo | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 9 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA Development | \n | \n | \n | \n | \n | \n | \nEnel Green Power North | \n | \n | \n
\n\n| Holdings LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nAmerica Development | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n
\n\n| EGPNA Hydro Holdings | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| EGPNA Preferred Wind | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n| Holdings II LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| EGPNA Preferred Wind | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n| Holdings LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| EGPNA Project HoldCo | \nDover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| 1 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| EGPNA Project HoldCo | \nDover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n| 2 LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| EGPNA Project HoldCo | \nDover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n| 5 LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| EGPNA Project HoldCo | \nDover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n| 6 LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| EGPNA Project HoldCo | \nDover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n| 7 LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| EGPNA Renewable Energy | \nWilmington | \nUS | \n- | \nUSD | \n | \nEquity | \nEGPNA REP Holdings LLC | \n10% | \n10% | \n
\n\n| Partners LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| EGPNA REP Holdings LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| EGPNA REP Solar | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n| Holdings LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| EGPNA REP Wind | \nWilmington | \nUS | \n- | \nUSD | \n | \nEquity | \nEGPNA Renewable | \n100% | \n10% | \n
\n\n| Holdings LLC | \n | \n | \n | \n | \n | \n | \nEnergy Partners LLC | \n | \n | \n
\n\n| EGPNA Wind Holdings | \nWilmington | \nUS | \n- | \nUSD | \n | \nEquity | \nEGPNA REP Wind | \n100% | \n10% | \n
\n\n| 1 LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n
\n\n| EGPNA-SP Seven Cowboy | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Holdings LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Elcogas SA | \n | \n | \n | \n | \n | \n | \nEndesa Generaci\u00f3n SAU | \n41% | \n | \n
\n\n| in liquidation | \nPuertollano | \nES | \n809,690 | \nEUR | \n | \nEquity | \n | \n | \n33% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel SpA | \n4% | \n | \n
\n\n| Elecgas SA | \nPego | \nPT | \n50,000 | \nEUR | \n | \nEquity | \nEndesa Generaci\u00f3n | \n50% | \n35% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nPortugal SA | \n | \n | \n
\n\n| Electra Capital (RF) (Pty) | \nJohannesburg | \nZA | \n10,000,000 | \nZAR | \n | \nLine-by-line | \nEnel Green Power South | \n60% | \n60% | \n
\n\n| Ltd | \n | \n | \n | \n | \n | \n | \nAfrica (Pty) Ltd | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEndesa SA | \n53% | \n | \n
\n\n| El\u00e9ctrica de Jafre SA | \nBarcelona | \nES | \n165,876 | \nEUR | \n | \nLine-by-line | \nHidroel\u00e9ctrica de | \n | \n 70% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nCatalunya SLU | \n47% | \n | \n
\n\n| El\u00e9ctrica de Lijar SL | \nAlgodonales | \nES | \n1,081,822 | \nEUR | \n | \nEquity | \nEndesa SA | \n50% | \n35% | \n
\n\n| El\u00e9ctrica del Ebro SAU | \nBarcelona | \nES | \n500,000 | \nEUR | \n | \nLine-by-line | \nEndesa SA | \n100% | \n70% | \n
\n\n| Electricidad de Puerto | \nPuerto Real | \nES | \n4,960,246 | \nEUR | \n | \nEquity | \nEndesa SA | \n50% | \n35% | \n
\n\n| Real SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Electro Metal\u00fargica del | \nMadrid | \nES | \n2,906,862 | \nEUR | \n | \n- | \nEnel Green Power | \n0% | \n0% | \n
\n\n| Ebro SL | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Electrotest | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Instalaciones, Montajes y | \nPuerto Real | \nES | \n10,000 | \nEUR | \n | \n- | \nEpresa Energ\u00eda SA | \n50% | \n18% | \n
\n\n| Mantenimientos SL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Eletropaulo Metropolitana | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Eletricidade de S\u00e3o | \nS\u00e3o Paulo | \nBR | \n4,532,524,934 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| Paulo SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Emerald Crescent Solar | \n | \n | \n | \n | \n | \n | \nEnel Alberta Solar Inc. | \n0% | \n | \n
\n\n| Limited Partnership | \nCalgary | \nCA | \n100 | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n100% | \n | \n
\n\n| Emeroo BESS Holding | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy (Pty) Ltd | \n100% | \n50% | \n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Emeroo BESS Holding | \nBarangaroo | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy Trust | \n100% | \n50% | \n
\n\n| Trust | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Emeroo BESS (Pty) Ltd | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nEmeroo BESS Holding | \n100% | \n50% | \n
\n\n | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n
\n\n| Emeroo BESS Trust | \nBarangaroo | \nAU | \n100 | \nAUD | \n | \nEquity | \nEmeroo BESS Holding | \n100% | \n50% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nTrust | \n | \n | \n
\n\n| Emintegral Cycle SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n35% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n
\n\n| Empresa Carbon\u00edfera del | \nMadrid | \nES | \n18,030,000 | \nEUR | \n | \nLine-by-line | \nEndesa Generaci\u00f3n SAU | \n100% | \n70% | \n
\n\n| Sur Encasur SAU | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Empresa de Alumbrado | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| El\u00e9ctrico de Ceuta | \nCeuta | \nES | \n16,562,250 | \nEUR | \n | \nLine-by-line | \nEndesa SA | \n96% | \n68% | \n
\n\n| Distribuci\u00f3n SAU | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Empresa de Alumbrado | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| El\u00e9ctrico de Ceuta | \nCeuta | \nES | \n10,000 | \nEUR | \n | \nLine-by-line | \nEndesa Energ\u00eda SAU | \n100% | \n70% | \n
\n\n| Energ\u00eda SLU | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Empresa Distribuidora Sur | \n | \n | \n | \n | \n | \n | \nDistrilec Inversora SA | \n56% | \n | \n
\n\n| SA - Edesur | \nBuenos Aires | \nAR | \n898,585,028 | \nARS | \n | \nLine-by-line | \n | \n | \n59% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Argentina SA | \n43% | \n | \n
\n\n| Empresa El\u00e9ctrica | \nSantiago | \nCL | \n175,774,920,733 | \nCLP | \n | \nLine-by-line | \nEnel Generaci\u00f3n | \n93% | \n56% | \n
\n\n| Pehuenche SA | \nde Chile | \n | \n | \n | \n | \n | \nChile SA | \n | \n | \n
\n\n| Empresa Propietaria de | \nPanama City | \nPA | \n58,500,000 | \nUSD | \n | \n- | \nEnel SpA | \n11% | \n11% | \n
\n\n| la Red SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| En. Solar4 Single Member | \nMaroussi | \nGR | \n3,581,150 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n
\n\n| Private Company | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n
\n\n| Endesa Capital | \nMadrid | \nES | \n60,200 | \nEUR | \n | \nLine-by-line | \nEndesa SA | \n100% | \n70% | \n
\n\n| SAU | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n
\n
\n
\n
\n
\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Endesa Energ\u00eda | \nMadrid | \nES | \n14,445,576 | \nEUR | \n | \nLine-by-line | \nEndesa SA | \n100% | \n70% | \n
\n\n| SAU | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Endesa Financiaci\u00f3n | \nMadrid | \nES | \n4,621,003,006 | \nEUR | \n | \nLine-by-line | \nEndesa SA | \n100% | \n70% | \n
\n\n| Filiales SAU | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEndesa Energ\u00eda SAU | \n0% | \n | \n
\n\n| Endesa Generaci\u00f3n | \nLisbon | \nPT | \n50,000 | \nEUR | \n | \nLine-by-line | \nEndesa Generaci\u00f3n SAU | \n99% | \n70% | \n
\n\n| Portugal SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n1% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Endesa Generaci\u00f3n SAU | \nSeville | \nES | \n1,940,379,735 | \nEUR | \n | \nLine-by-line | \nEndesa SA | \n100% | \n70% | \n
\n\n| Endesa Ingenier\u00eda SLU | \nSeville | \nES | \n965,305 | \nEUR | \n | \nLine-by-line | \nEndesa SA | \n100% | \n70% | \n
\n\n| Endesa Medios y Sistemas | \nMadrid | \nES | \n89,999,790 | \nEUR | \n | \nLine-by-line | \nEndesa SA | \n100% | \n70% | \n
\n\n| SLU | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Endesa Mobility | \nMadrid | \nES | \n10,000,000 | \nEUR | \n | \nLine-by-line | \nEndesa SA | \n100% | \n70% | \n
\n\n| SLU | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Endesa Operaciones y | \nMadrid | \nES | \n10,138,580 | \nEUR | \n | \nLine-by-line | \nEndesa Energ\u00eda SAU | \n100% | \n70% | \n
\n\n| Servicios Comerciales SLU | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEndesa Mobility SLU | \n49% | \n | \n
\n\n| Endesa X Way SL | \nMadrid | \nES | \n600,000 | \nEUR | \n | \nLine-by-line | \n | \n | \n85% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel X Way Srl | \n51% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEndesa SA | \n0% | \n | \n
\n\n| Endesa SA | \nMadrid | \nES | \n1,270,502,540 | \nEUR | \n | \nLine-by-line | \n | \n | \n70% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Iberia SRLU | \n70% | \n | \n
\n\n| Enel Alberta Solar Inc. | \nCalgary | \nCA | \n1 | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n | \n | \n
\n\n| Enel Alberta Storage Inc. | \nCalgary | \nCA | \n1 | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n | \n | \n
\n\n| Enel Alberta Wind Inc. | \nAlberta | \nCA | \n16,251,021 | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n | \n | \n
\n\n| Enel Am\u00e9ricas SA | \nSantiago de | \nCL | \n15,799,226,825 | \nUSD | \n | \nLine-by-line | \nEnel SpA | \n82% | \n82% | \n
\n\n | \nChile | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Am\u00e9ricas SA | \n100% | \n | \n
\n\n| Enel Argentina SA | \nBuenos Aires | \nAR | \n2,297,711,908 | \nARS | \n | \nLine-by-line | \n | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Generaci\u00f3n Chile SA | \n0% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Energy Storage | \n | \n | \n
\n\n| Enel Bella Energy Storage | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nHoldings LLC (formerly | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nEGP Energy Storage | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC) | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Am\u00e9ricas SA | \n100% | \n | \n
\n\n| Enel Brasil SA | \nS\u00e3o Paulo | \nBR | \n52,037,115,742 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n0% | \n | \n
\n\n| Enel Chile SA | \nSantiago de | \nCL | \n3,882,103,470,184 | \nCLP | \n | \nLine-by-line | \nEnel SpA | \n65% | \n65% | \n
\n\n | \nChile | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel CIEN SA | \nRio de Janeiro | \nBR | \n285,044,682 | \nBRL | \n | \nLine-by-line | \nEnel Brasil | \n100% | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nSA | \n | \n | \n
\n\n | \nSantiago de | \n | \n | \n | \n | \n | \nEnel Chile SA | \n0% | \n | \n
\n\n| Enel Colina SA | \nChile | \nCL | \n82,222,000 | \nCLP | \n | \nLine-by-line | \nEnel Distribuci\u00f3n Chile | \n | \n64% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nSA | \n100% | \n | \n
\n\n| Enel Colombia SA ESP | \nBogot\u00e1 | \nCO | \n655,222,312,800 | \nCOP | \n | \nLine-by-line | \nEnel Am\u00e9ricas | \n57% | \n47% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nSA | \n | \n | \n
\n\n| Enel Costa Rica CAM SA | \nSan Jos\u00e9 | \nCR | \n27,500,000 | \nUSD | \n | \nLine-by-line | \nEnel Colombia SA ESP | \n100% | \n47% | \n
\n\n| Enel Distribuci\u00f3n Chile SA | \nSantiago de | \nCL | \n177,568,664,063 | \nCLP | \n | \nLine-by-line | \nEnel Chile SA | \n99% | \n64% | \n
\n\n | \nChile | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Energia | \nRome | \nIT | \n10,000,000 | \nEUR | \n | \nLine-by-line | \nEnel Italia SpA | \n100% | \n100% | \n
\n\n| SpA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n100% | \n | \n
\n\n| Enel Energia SA | \nMexico City | \nMX | \n25,000,100 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n | \n100% | \n
\n\n| de Cv | \n | \n | \n | \n | \n | \n | \nEnel Rinnovabile SA | \n0% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nde Cv | \n | \n | \n
\n\n| Enel Energy North | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Energy North | \n100% | \n100% | \n
\n\n| America Illinois LLC | \n | \n | \n | \n | \n | \n | \nAmerica LLC | \n | \n | \n
\n\n| Enel Energy North | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Energy North | \n100% | \n100% | \n
\n\n| America Ohio LLC | \n | \n | \n | \n | \n | \n | \nAmerica LLC | \n | \n | \n
\n\n| Enel Energy North | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Energy North | \n100% | \n100% | \n
\n\n| America Pennsylvania LLC | \n | \n | \n | \n | \n | \n | \nAmerica LLC | \n | \n | \n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Enel Energy North | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Energy North | \n100% | \n100% | \n
\n\n| America Texas LLC | \n | \n | \n | \n | \n | \n | \nAmerica LLC | \n | \n | \n
\n\n| Enel Energy North | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel X North America Inc. | \n100% | \n100% | \n
\n\n| America LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Energy South Africa | \nWilmington | \nZA | \n100 | \nZAR | \n | \nLine-by-line | \nEnel X International Srl | \n100% | \n100% | \n
\n\n| Enel Energy Storage | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Holdings LLC (formerly | \nAndover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n| EGP Energy Storage | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| Holdings LLC) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Finance America LLC | \nWilmington | \nUS | \n200,000,000 | \nUSD | \n | \nLine-by-line | \nEnel North America Inc. | \n100% | \n100% | \n
\n\n| Enel Finance International | \n | \n | \n | \n | \n | \n | \nEnel Holding Finance Srl | \n75% | \n | \n
\n\n| NV | \nAmsterdam | \nNL | \n1,478,810,371 | \nEUR | \n | \nLine-by-line | \n | \n | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel SpA | \n25% | \n | \n
\n\n| Enel Fortuna SA | \nPanama City | \nPA | \n100,000,000 | \nUSD | \n | \nLine-by-line | \nEnel Panam\u00e1 CAM Srl | \n50% | \n24% | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #1 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #10 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #11 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #12 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #13 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #14 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #15 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #16 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #17 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #18 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #19 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #2 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #20 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #3 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #4 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #5 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #6 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #7 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #8 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Future Project 2020 | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| #9 LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Generaci\u00f3n Chile SA | \nSantiago de | \nCL | \n552,777,320,871 | \nCLP | \n | \nLine-by-line | \nEnel Chile SA | \n94% | \n61% | \n
\n\n | \nChile | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Generaci\u00f3n El | \n | \n | \n | \n | \n | \n | \nEnel Argentina SA | \n9% | \n | \n
\n\n| Choc\u00f3n SA | \nBuenos Aires | \nAR | \n11,401,954,061 | \nARS | \n | \nLine-by-line | \n | \n | \n54% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nHidroinvest SA | \n59% | \n | \n
\n\n| Enel Generaci\u00f3n Piura SA | \nSan Miguel | \nPE | \n249,202,667 | \nPEN | \n | \nHeld for sale | \nEnel Per\u00fa SAC | \n96% | \n79% | \n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n100% | \n | \n
\n\n| Enel Generaci\u00f3n SA de Cv | \nMexico City | \nMX | \n7,100,100 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Rinnovabile SA | \n0% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nde Cv | \n | \n | \n
\n\n| Enel Global Services Srl | \nRome | \nIT | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel SpA | \n100% | \n100% | \n
\n\n| Enel Global Trading SpA | \nRome | \nIT | \n90,885,000 | \nEUR | \n | \nLine-by-line | \nEnel SpA | \n100% | \n100% | \n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| 25RoseFarms Holdings | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power Ables | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Springs Solar Holdings | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power Aroeira | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| 01 SA | \nRio de Janeiro | \nBR | \n334,518,402 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Aroeira | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| 02 SA | \nRio de Janeiro | \nBR | \n324,928,400 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Aroeira | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| 03 SA | \nRio de Janeiro | \nBR | \n324,501,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Aroeira | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| 04 SA | \nRio de Janeiro | \nBR | \n430,299,146 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Aroeira | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| 05 SA | \nRio de Janeiro | \nBR | \n284,501,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Aroeira | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| 06 SA | \nRio de Janeiro | \nBR | \n284,511,002 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Aroeira | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| 07 SA | \nRio de Janeiro | \nBR | \n323,520,630 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Aroeira | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| 08 SA | \nRio de Janeiro | \nBR | \n284,501,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Azure | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Blue Jay Solar Holdings | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power Azure | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Ranchland Holdings LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| AzureRanchII Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Holdings LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power Boa | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| Vista 01 Ltda | \nSalvador | \nBR | \n3,554,607 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Boa | \nRio de Janeiro | \nBR | \n104,890,000 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| Vista E\u00f3lica SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power Cabe\u00e7a | \nNiter\u00f3i | \nBR | \n270,114,539 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| de Boi SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power | \nCachoeira | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| Cachoeira Dourada | \nDourada | \nBR | \n64,339,836 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n| SA | \n | \n | \n | \n | \n | \n | \nCachoeira Dourada SA | \n0% | \n | \n
\n\n| Enel Green Power Canada | \nMontreal | \nCA | \n85,681,857 | \nCAD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n| Inc. | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| Enel Green Power Cerrado | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| Solar SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Chile | \nSantiago de | \n | \n | \n | \n | \n | \nEnel Chile SA | \n100% | \n | \n
\n\n| SA | \nChile | \nCL | \n599,261,770 | \nUSD | \n | \nLine-by-line | \n | \n | \n65% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel SpA | \n0% | \n | \n
\n\n
\n
\n
\n
\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Cimarron Bend Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Holdings III LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power Cove | \nWilmington | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Fort Solar LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power Cristal | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n99% | \n | \n
\n\n| E\u00f3lica SA | \nRio de Janeiro | \nBR | \n87,784,899 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n1% | \n | \n
\n\n| Enel Green Power Cumaru | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| 01 SA | \nNiter\u00f3i | \nBR | \n204,653,591 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Cumaru | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| 02 SA | \nNiter\u00f3i | \nBR | \n107,601,273 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Cumaru | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| 03 SA | \nRio de Janeiro | \nBR | \n225,021,296 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Cumaru | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| 04 SA | \nRio de Janeiro | \nBR | \n100,869,708 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Cumaru | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| 05 SA | \nRio de Janeiro | \nBR | \n180,208,001 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Cumaru | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| Participa\u00e7\u00f5es SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Cumaru | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| Solar 01 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Cumaru | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| Solar 02 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n99% | \n | \n
\n\n| Damascena E\u00f3lica SA | \nRio de Janeiro | \nBR | \n83,709,003 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n1% | \n | \n
\n\n| Enel Green Power Delfina | \nRio de Janeiro | \nBR | \n284,062,483 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| A E\u00f3lica SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power Delfina | \nRio de Janeiro | \nBR | \n93,068,000 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| B E\u00f3lica SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power Delfina | \nRio de Janeiro | \nBR | \n31,105,000 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| C E\u00f3lica SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power Delfina | \nRio de Janeiro | \nBR | \n105,864,000 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| D E\u00f3lica SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power Delfina | \nNiter\u00f3i | \nBR | \n105,936,000 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| E E\u00f3lica SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power | \nRio de Janeiro | \nBR | \n207,822,302 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| Desenvolvimento Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power | \nRome | \nIT | \n20,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n
\n\n| Development Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \nDiamond Vista Holdings | \n | \n | \n
\n\n| Diamond Vista Wind | \nWilmington | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nLLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power Dois | \nRio de Janeiro | \nBR | \n83,347,009 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| Riachos E\u00f3lica SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power Egypt | \nCairo | \nEG | \n250,000 | \nEGP | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n
\n\n| SAE | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power El | \n | \n | \n | \n | \n | \n | \nEnel Am\u00e9ricas SA | \n0% | \n | \n
\n\n| Salvador SA de Cv | \nEl Salvador | \nSV | \n22,860 | \nUSD | \n | \nLine-by-line | \n | \n | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power SpA | \n100% | \n | \n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \nEnel Alberta Wind Inc. | \n1% | \n | \n
\n\n| Elkwater Wind Limited | \nAlberta | \nCA | \n1,000 | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n | \n100% | \n
\n\n| Partnership | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n99% | \n | \n
\n\n
\n
\n
\n
\n
\n
\n
\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \nEnel Alberta Wind Inc. | \n0% | \n | \n
\n\n| Elmsthorpe Wind LP | \nCalgary | \nCA | \n1,000 | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n100% | \n | \n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n99% | \n | \n
\n\n| Emiliana E\u00f3lica SA | \nRio de Janeiro | \nBR | \n119,791,530 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n1% | \n | \n
\n\n| Enel Green Power Espa\u00f1a | \nMadrid | \nES | \n81,106 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n50% | \n35% | \n
\n\n| Solar 1 SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Enel Green Power Espa\u00f1a | \nMadrid | \nES | \n11,153 | \nEUR | \n | \nLine-by-line | \nEndesa Generaci\u00f3n SAU | \n100% | \n70% | \n
\n\n| SLU | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n99% | \n | \n
\n\n| Esperan\u00e7a E\u00f3lica SA | \nRio de Janeiro | \nBR | \n99,418,174 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n1% | \n | \n
\n\n| Enel Green Power | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEstonian Solar Holdings | \n100% | \n100% | \n
\n\n| Estonian Solar Project LLC | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n
\n\n| Enel Green Power | \nNiter\u00f3i | \nBR | \n264,141,174 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| Fazenda SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power Fence | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Post Solar Holdings LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power Fontes | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| dos Ventos 2 SA | \nRio de Janeiro | \nBR | \n133,315,219 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Fontes | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| dos Ventos 3 SA | \nRio de Janeiro | \nBR | \n131,001,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Fontes | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| II Participa\u00e7\u00f5es SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Fontes | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| Solar SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Enel Green Power Ganado | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Solar Holdings LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power | \nBerlin | \nDE | \n25,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n
\n\n| Germany GmbH | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power Global | \nAmsterdam | \nNL | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n
\n\n| Investment BV | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power Gulfstar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Solar Holdings LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power Hadros | \n | \n | \n | \n | \n | \n | \nEnel Alberta Wind Inc. | \n1% | \n | \n
\n\n| Wind Limited Partnership | \n- | \nCA | \n1,000 | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n99% | \n | \n
\n\n| Enel Green Power HF101 | \nBerlin | \nDE | \n50,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n
\n\n| GmbH & Co. KG | \n | \n | \n | \n | \n | \n | \nGermany GmbH | \n | \n | \n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Hilltopper Wind LLC | \nDover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nHilltopper Wind Holdings | \n100% | \n100% | \n
\n\n| (formerly Hilltopper Wind | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n
\n\n| Power LLC) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \nAlba Energia Ltda | \n0% | \n | \n
\n\n| Horizonte MP Solar SA | \nRio de Janeiro | \nBR | \n431,566,053 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| Enel Green Power India | \nNew Delhi | \nIN | \n200,000,000 | \nINR | \n | \nHeld for sale | \nEnel Green Power | \n100% | \n100% | \n
\n\n| Private Limited | \n | \n | \n | \n | \n | \n | \nDevelopment Srl | \n | \n | \n
\n\n| Enel Green Power | \nRome | \nIT | \n272,000,000 | \nEUR | \n | \nLine-by-line | \nEnel Italia SpA | \n100% | \n100% | \n
\n\n| Italia Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \nBondia Energia Ltda | \n0% | \n | \n
\n\n| Ituverava Norte Solar SA | \nRio de Janeiro | \nBR | \n219,806,646 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \nBondia Energia Ltda | \n0% | \n | \n
\n\n| Ituverava Solar SA | \nRio de Janeiro | \nBR | \n227,810,333 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \nBondia Energia Ltda | \n0% | \n | \n
\n\n| Ituverava Sul Solar SA | \nRio de Janeiro | \nBR | \n408,949,643 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n
\n
\n
\n
\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n
\n\n| Enel Green Power Joana | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n98% | \n | \n\n
\n\n| E\u00f3lica SA | \nRio de Janeiro | \nBR | \n90,259,530 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n2% | \n | \n\n
\n\n| Enel Green Power Kenya | \n | \n | \n | \n | \n | \n | \nEnel Green Power SpA | \n99% | \n | \n\n
\n\n| Limited | \nNairobi | \nKE | \n100,000 | \nKES | \n | \nLine-by-line | \nEnel Green Power South | \n | \n100% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nAfrica (Pty) Ltd | \n1% | \n | \n\n
\n\n| Enel Green Power Korea | \nSeoul | \nKR | \n8,796,000,000 | \nKRW | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power Lagoa | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| do Sol 01 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Lagoa | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| do Sol 02 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Lagoa | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| do Sol 03 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Lagoa | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| do Sol 04 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Lagoa | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| do Sol 05 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Lagoa | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| do Sol 06 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Lagoa | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| do Sol 07 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Lagoa | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| do Sol 08 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n 82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Lagoa | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| do Sol 09 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Lagoa | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| do Sol 10 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Lagoa | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| do Sol 11 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Lagoa | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| do Sol 12 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Lagoa | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| do Sol 13 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Lagoa | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Participa\u00e7\u00f5es SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Lagoa II | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Participa\u00e7\u00f5es SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Lagoa III | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Participa\u00e7\u00f5es SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Lily | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n
\n\n| Solar Holdings LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n99% | \n | \n\n
\n\n| Mani\u00e7oba E\u00f3lica SA | \nRio de Janeiro | \nBR | \n90,722,530 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n1% | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \nEnel Green Power Solar | \n | \n | \n\n
\n\n| Metehara Solar Private | \n- | \nET | \n5,600,000 | \nETB | \n | \nLine-by-line | \nMetehara SpA | \n80% | \n80% | \n\n
\n\n| Limited Company | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power M\u00e9xico | \n | \n | \n | \n | \n | \n | \nEnel Green Power SpA | \n100% | \n | \n\n
\n\n| S de RL de Cv | \nMexico City | \nMX | \n10,595,218,475 | \nMXN | \n | \nLine-by-line | \nEnel Rinnovabile SA | \n | \n100% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nde Cv | \n0% | \n | \n\n
\n\n| Enel Green Power MM | \nBerlin | \nDE | \n50,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n 100% | \n\n
\n\n| GmbH & Co. KG | \n | \n | \n | \n | \n | \n | \nGermany GmbH | \n | \n | \n\n
\n\n| Enel Green Power Modelo | \nRio de Janeiro | \nBR | \n108,476,000 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n
\n\n| I E\u00f3lica SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power Modelo | \nRio de Janeiro | \nBR | \n100,170,000 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n
\n\n| II E\u00f3lica SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n| Enel Green Power | \nCasablanca | \nMA | \n839,000,000 | \nMAD | \n | \nLine-by-line | \nDevelopment Srl | \n | \n100% | \n\n
\n\n| Morocco S\u00e0rl | \n | \n | \n | \n | \n | \n | \nEnel Green Power SpA | \n100% | \n | \n\n
\n\n| Enel Green Power Morro | \nRio de Janeiro | \nBR | \n248,138,287 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n
\n\n| do Chap\u00e9u I E\u00f3lica SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power Morro | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| do Chap\u00e9u Solar 01 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Morro | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Norte 02 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Morro | \nRio de Janeiro | \nBR | \n206,050,114 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n
\n\n| do Chap\u00e9u II E\u00f3lica SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power Morro | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Norte 03 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Morro | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Norte 04 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Mour\u00e3o | \nRio de Janeiro | \nBR | \n25,600,100 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power Namibia | \nWindhoek | \nNA | \n10,000 | \nNAD | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n\n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power North | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| America Development | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel North America Inc. | \n100% | \n100% | \n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power North | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel North America Inc. | \n100% | \n100% | \n\n
\n\n| America Inc. | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power Nova | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Olinda 01 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Nova | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Olinda 02 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Nova | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Olinda 03 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Nova | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Olinda 04 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Nova | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Olinda 05 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Nova | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Olinda 06 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Nova | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Olinda 07 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n
\n\n| Enel Green Power Nova | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Olinda 08 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Nova | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Olinda 09 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Nova | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Olinda 10 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Nova | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Olinda 11 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Nova | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Olinda 12 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Nova | \nRio de Janeiro | \nBR | \n10,000 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n
\n\n| Olinda 13 SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power Novo | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Lapa 01 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Novo | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Lapa 02 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Novo | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Lapa 03 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Novo | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Lapa 04 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Novo | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Lapa 05 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Novo | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Lapa 06 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Novo | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Lapa 07 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Novo | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Lapa 08 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power O&M | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n
\n\n| Solar LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power | \nNiter\u00f3i | \nBR | \n162,567,500 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n
\n\n| Paranapanema SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power | \nRome | \nIT | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n\n
\n\n| Partecipazioni Speciali Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power Pau | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n99% | \n | \n\n
\n\n| Ferro E\u00f3lica SA | \nRio de Janeiro | \nBR | \n110,390,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n1% | \n | \n\n
\n\n| Enel Green Power Pedra | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n99% | \n | \n\n
\n\n| do Ger\u00f4nimo E\u00f3lica SA | \nRio de Janeiro | \nBR | \n156,201,528 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n1% | \n | \n\n
\n\n| Enel Green Power PO11 | \nBerlin | \nDE | \n50,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n
\n\n| GmbH & Co. KG | \n | \n | \n | \n | \n | \n | \nGermany GmbH | \n | \n | \n\n
\n\n| Enel Green Power PO133 | \nBerlin | \nDE | \n50,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n
\n\n| GmbH & Co. KG | \n | \n | \n | \n | \n | \n | \nGermany GmbH | \n | \n | \n\n
\n\n| Enel Green Power PO25 | \nBerlin | \nDE | \n50,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n
\n\n| GmbH & Co. KG | \n | \n | \n | \n | \n | \n | \nGermany GmbH | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n98% | \n | \n\n
\n\n| Primavera E\u00f3lica SA | \nRio de Janeiro | \nBR | \n95,674,900 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n2% | \n | \n\n
\n\n| Enel Green Power Puglia | \nRome | \nIT | \n1,000,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n\n
\n\n| Enel Green Power RA SAE | \nCairo | \nEG | \n15,000,000 | \nEGP | \n | \nLine-by-line | \nEnel Green Power Egypt | \n100% | \n100% | \n\n
\n\n| in liquidation | \n | \n | \n | \n | \n | \n | \nSAE | \n | \n | \n\n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Rattlesnake Creek Wind | \n | \n | \n | \n | \n | \n | \nRattlesnake Creek | \n | \n | \n\n
\n\n| Project LLC (formerly | \nDelaware | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nHoldings LLC | \n100% | \n100% | \n\n
\n\n| Rattlesnake Creek Wind | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Project LLC) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Roadrunner Solar Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n
\n\n| Holdings II LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Roadrunner Solar Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n
\n\n| Holdings LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \nEnel Roadrunner Solar | \n | \n | \n\n
\n\n| Roadrunner Solar Project | \nDover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nProject Holdings II LLC | \n100% | \n100% | \n\n
\n\n| II LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Rockhaven Ranchland | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n
\n\n| Holdings LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \n25RoseFarms Holdings | \n100% | \n100% | \n\n
\n\n| Roseland Solar LLC | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n
\n\n| Enel Green Power RSA | \nJohannesburg | \nZA | \n1,000 | \nZAR | \n | \nEquity | \nEGP Matimba | \n100% | \n50% | \n\n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nNewCo 1 Srl | \n | \n | \n\n
\n\n| Enel Green Power RSA 2 | \nJohannesburg | \nZA | \n120 | \nZAR | \n | \nEquity | \nEnel Green Power RSA | \n100% | \n50% | \n\n
\n\n| (RF) (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n | \n | \n\n
\n\n| Enel Green Power Rus | \n | \n | \n | \n | \n | \n | \nPartecipazioni Speciali | \n1% | \n | \n\n
\n\n| Limited Liability Company | \nMoscow | \nRU | \n60,500,000 | \nRUB | \n | \nEquity | \nSrl | \n | \n100% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power SpA | \n99% | \n | \n\n
\n\n| Enel Green Power SpA | \nRome | \nIT | \n272,000,000 | \nEUR | \n | \nLine-by-line | \nEnel SpA | \n100% | \n100% | \n\n
\n\n| Enel Green Power Salto | \nRio de Janeiro | \nBR | \n274,420,832 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n
\n\n| Apiac\u00e1s SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power Sannio | \nRome | \nIT | \n750,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \nRio de Janeiro | \nBR | \n91,300,000 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n
\n\n| Abra\u00e3o E\u00f3lica SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Cirilo 02 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Cirilo 03 SA | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nAlba Energia Ltda | \n0% | \n | \n\n
\n\n| Gon\u00e7alo 02 SA | \nTeresina | \nBR | \n82,268,019 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \nTeresina | \nBR | \n183,602,691 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n
\n\n| Gon\u00e7alo 6 SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| S\u00e3o Gon\u00e7alo 07 SA | \nTeresina | \nBR | \n114,522,005 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Gon\u00e7alo 08 SA | \nTeresina | \nBR | \n109,281,818 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nAlba Energia Ltda | \n0% | \n | \n\n
\n\n| Gon\u00e7alo 1 SA | \nTeresina | \nBR | \n235,654,397 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \nTeresina | \nBR | \n82,871,484 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n
\n\n| Gon\u00e7alo 10 SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \nTeresina | \nBR | \n114,475,155 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n
\n\n| Gon\u00e7alo 11 SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Gon\u00e7alo 12 SA | \nTeresina | \nBR | \n108,022,915 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Gon\u00e7alo 14 | \nTeresina | \nBR | \n203,190,488 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Gon\u00e7alo 15 | \nTeresina | \nBR | \n158,657,469 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Gon\u00e7alo 17 SA | \nTeresina | \nBR | \n122,007,043 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Gon\u00e7alo 18 SA | \nTeresina | \nBR | \n169,039,744 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Gon\u00e7alo 19 SA | \nTeresina | \nBR | \n122,467,789 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nAlba Energia Ltda | \n0% | \n | \n\n
\n\n| Gon\u00e7alo 21 SA | \nTeresina | \nBR | \n99,994,198 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nAlba Energia Ltda | \n0% | \n | \n\n
\n\n| Gon\u00e7alo 22 SA | \nTeresina | \nBR | \n99,787,960 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nAlba Energia Ltda | \n0% | \n | \n\n
\n\n| Gon\u00e7alo 3 SA | \nTeresina | \nBR | \n178,124,686 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nAlba Energia Ltda | \n0% | \n | \n\n
\n\n| Gon\u00e7alo 4 SA | \nTeresina | \nBR | \n137,917,258 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nAlba Energia Ltda | \n0% | \n | \n\n
\n\n| Gon\u00e7alo 5 SA | \nTeresina | \nBR | \n98,230,525 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n98% | \n | \n\n
\n\n| Judas E\u00f3lica SA | \nNiter\u00f3i | \nBR | \n82,674,900 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n2% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nAlba Energia Ltda | \n0% | \n | \n\n
\n\n| Micael 01 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nAlba Energia Ltda | \n0% | \n | \n\n
\n\n| Micael 02 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nAlba Energia Ltda | \n0% | \n | \n\n
\n\n| Micael 03 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Micael 04 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power S\u00e3o | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Micael 05 SA | \nTeresina | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power | \nWilmington | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n\n
\n\n| Services LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n\n
\n\n| Enel Green Power SHU | \nCairo | \nEG | \n15,000,000 | \nEGP | \n | \nLine-by-line | \nEnel Green Power Egypt | \n100% | \n100% | \n\n
\n\n| SAE in liquidation | \n | \n | \n | \n | \n | \n | \nSAE | \n | \n | \n\n
\n\n| Enel Green Power | \nSingapore | \nSG | \n8,000,000 | \nSGD | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n\n
\n\n| Singapore Pte Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power Solar | \nRome | \nIT | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n
\n\n| Energy Srl | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n\n
\n\n| Enel Green Power Solar | \nRome | \nIT | \n50,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n\n
\n\n| Metehara SpA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n
\n\n| Enel Green Power Solar | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Ngonye SpA | \nRome | \nIT | \n50,000 | \nEUR | \n | \nLine-by-line | \nEGP Matimba NewCo | \n100% | \n100% | \n\n
\n\n| (formerly Enel Green | \n | \n | \n | \n | \n | \n | \n2 Srl | \n | \n | \n\n
\n\n| Power Africa Srl) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power South | \nJohannesburg | \nZA | \n1,000 | \nZAR | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n\n
\n\n| Africa (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power South | \nGauteng | \nZA | \n1,000 | \nZAR | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n\n
\n\n| Africa 3 (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Stampede Solar Holdings | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Alberta Wind Inc. | \n0% | \n | \n\n
\n\n| Enel Green Power Swift | \nCalgary | \nCA | \n1,000 | \nCAD | \n | \nLine-by-line | \n | \n | \n100% | \n\n
\n\n| Wind LP | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n100% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n98% | \n | \n\n
\n\n| Enel Green Power Tacaic\u00f3 | \nRio de Janeiro | \nBR | \n62,321,360 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| E\u00f3lica SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n2% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n| Enel Green Power Tefnut | \nCairo | \nEG | \n15,000,000 | \nEGP | \n | \nLine-by-line | \nEnel Green Power Egypt | \n100% | \n100% | \n\n
\n\n| SAE in liquidation | \n | \n | \n | \n | \n | \n | \nSAE | \n | \n | \n\n
\n\n| Enel Green Power Turkey | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enerj\u00ed Yatirimlari Anon\u00edm | \nIstanbul | \nTR | \n37,141,108 | \nTRY | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n\n
\n\n| \u015e\u00edrket\u00ed | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power UB33 | \nBerlin | \nDE | \n75,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n
\n\n| GmbH & Co. KG | \n | \n | \n | \n | \n | \n | \nGermany GmbH | \n | \n | \n\n
\n\n| Enel Green Power UB43 | \nBerlin | \nDE | \n50,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n
\n\n| GmbH & Co. KG | \n | \n | \n | \n | \n | \n | \nGermany GmbH | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n127,540,006 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa \u00c2ngela 1 SA | \n | \n | \n | \n | \n | \n | \nVentos de Santa \u00c2ngela | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnergias Renov\u00e1veis SA | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n110,732,205 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa \u00c2ngela 4 SA | \n | \n | \n | \n | \n | \n | \nVentos de Santa \u00c2ngela | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnergias Renov\u00e1veis SA | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n132,100,849 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa \u00c2ngela 10 SA | \n | \n | \n | \n | \n | \n | \nVentos de Santa \u00c2ngela | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnergias Renov\u00e1veis SA | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n142,786,606 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa \u00c2ngela 11 SA | \n | \n | \n | \n | \n | \n | \nVentos de Santa \u00c2ngela | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnergias Renov\u00e1veis SA | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n208,554,956 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa \u00c2ngela 14 SA | \n | \n | \n | \n | \n | \n | \nVentos de Santa \u00c2ngela | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnergias Renov\u00e1veis SA | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n135,100,849 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa \u00c2ngela 15 SA | \n | \n | \n | \n | \n | \n | \nVentos de Santa \u00c2ngela | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnergias Renov\u00e1veis SA | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n162,022,288 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa \u00c2ngela 17 SA | \n | \n | \n | \n | \n | \n | \nVentos de Santa \u00c2ngela | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnergias Renov\u00e1veis SA | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n105,587,248 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa \u00c2ngela 19 SA | \n | \n | \n | \n | \n | \n | \nVentos de Santa \u00c2ngela | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnergias Renov\u00e1veis SA | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n202,922,006 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa \u00c2ngela 2 SA | \n | \n | \n | \n | \n | \n | \nVentos de Santa \u00c2ngela | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnergias Renov\u00e1veis SA | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n102,895,409 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa \u00c2ngela 20 SA | \n | \n | \n | \n | \n | \n | \nVentos de Santa \u00c2ngela | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnergias Renov\u00e1veis SA | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n97, 307,410 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa \u00c2ngela 21 SA | \n | \n | \n | \n | \n | \n | \nVentos de Santa \u00c2ngela | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnergias Renov\u00e1veis SA | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n109,786,606 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa \u00c2ngela 3 SA | \n | \n | \n | \n | \n | \n | \nVentos de Santa \u00c2ngela | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnergias Renov\u00e1veis SA | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n94,786,606 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa \u00c2ngela 5 SA | \n | \n | \n | \n | \n | \n | \nVentos de Santa \u00c2ngela | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnergias Renov\u00e1veis SA | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n93,786,606 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa \u00c2ngela 6 SA | \n | \n | \n | \n | \n | \n | \nVentos de Santa \u00c2ngela | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnergias Renov\u00e1veis SA | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n120,482,806 | \nBRL | \n | \nLine-by-line | \nVentos de Santa | \n | \n82% | \n\n
\n\n| de Santa \u00c2ngela 7 SA | \n | \n | \n | \n | \n | \n | \nEsperan\u00e7a Energias | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nRenov\u00e1veis SA | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n132,457,606 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa \u00c2ngela 8 SA | \n | \n | \n | \n | \n | \n | \nVentos de Santa \u00c2ngela | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnergias Renov\u00e1veis SA | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n128,786,606 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa \u00c2ngela 9 SA | \n | \n | \n | \n | \n | \n | \nVentos de Santa \u00c2ngela | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnergias Renov\u00e1veis SA | \n | \n | \n\n
\n\n| Enel Green Power Ventos | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| de Santa \u00c2ngela ACL | \nTeresina | \nBR | \n130,900,364 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n| 12 SA | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Ventos | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| de Santa \u00c2ngela ACL | \nTeresina | \nBR | \n77,496,725 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n| 13 SA | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Ventos | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| de Santa \u00c2ngela ACL | \nTeresina | \nBR | \n89,917,563 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n| 16 SA | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Green Power Ventos | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| de Santa \u00c2ngela ACL | \nTeresina | \nBR | \n86,496,703 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n| 18 SA | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nRio de Janeiro | \nBR | \n173,154,501 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa Esperan\u00e7a 08 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa Esperan\u00e7a 1 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nRio de Janeiro | \nBR | \n221,832,010 | \nBRL | \n | \nLine-by-line | \nVentos de Santa | \n | \n82% | \n\n
\n\n| de Santa Esperan\u00e7a 13 SA | \n | \n | \n | \n | \n | \n | \nEsperan\u00e7a Energias | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nRenov\u00e1veis SA | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nRio de Janeiro | \nBR | \n152,494,014 | \nBRL | \n | \nLine-by-line | \nVentos de Santa | \n | \n82% | \n\n
\n\n| de Santa Esperan\u00e7a 15 SA | \n | \n | \n | \n | \n | \n | \nEsperan\u00e7a Energias | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nRenov\u00e1veis SA | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nRio de Janeiro | \nBR | \n252,240,013 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa Esperan\u00e7a 16 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nRio de Janeiro | \nBR | \n252,240,013 | \nBRL | \n | \nLine-by-line | \nVentos de Santa | \n | \n82% | \n\n
\n\n| de Santa Esperan\u00e7a 17 SA | \n | \n | \n | \n | \n | \n | \nEsperan\u00e7a Energias | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nRenov\u00e1veis SA | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n62% | \n | \n\n
\n\n| Enel Green Power Ventos | \nRio de Janeiro | \nBR | \n276,814,829 | \nBRL | \n | \nLine-by-line | \n | \n | \n51% | \n\n
\n\n| de Santa Esperan\u00e7a 21 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nRio de Janeiro | \nBR | \n124,625,154 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa Esperan\u00e7a 22 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nRio de Janeiro | \nBR | \n171,324,008 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa Esperan\u00e7a 25 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nRio de Janeiro | \nBR | \n344,251,126 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa Esperan\u00e7a 26 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa Esperan\u00e7a 3 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santa Esperan\u00e7a 7 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n| Enel Green Power Ventos | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| de Santa Esperan\u00e7a | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n| Participa\u00e7\u00f5es SA | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santo Orestes 1 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nRio de Janeiro | \nBR | \n1,000 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de Santo Orestes 2 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n383,436,551 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de S\u00e3o Roque 01 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n369,758,651 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de S\u00e3o Roque 02 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n262,576,701 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de S\u00e3o Roque 03 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n379,980,531 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de S\u00e3o Roque 04 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n362,501,000 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de S\u00e3o Roque 05 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n262,501,000 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de S\u00e3o Roque 06 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n262,501,000 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de S\u00e3o Roque 07 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n337,473,758 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de S\u00e3o Roque 08 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n318,740,451 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de S\u00e3o Roque 11 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n262,501,000 | \nBRL | \n | \nLine-by-line | \n | \n | \n 82% | \n\n
\n\n| de S\u00e3o Roque 13 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n353,284,551 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de S\u00e3o Roque 16 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n298,952,101 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de S\u00e3o Roque 17 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n332,473,759 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de S\u00e3o Roque 18 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n309,989,707 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de S\u00e3o Roque 19 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n262,501,000 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de S\u00e3o Roque 22 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n262,501,000 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de S\u00e3o Roque 26 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Ventos | \nTeresina | \nBR | \n262,501,000 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| de S\u00e3o Roque 29 SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n| Enel Green Power | \nBerlin | \nDE | \n25,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n
\n\n| Verwaltungs GmbH | \n | \n | \n | \n | \n | \n | \nGermany GmbH | \n | \n | \n\n
\n\n| Enel Green Power | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Vietnam LLC (C\u00f4ng ty | \nHo Chi Minh | \nVN | \n2,431,933 | \nUSD | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n\n
\n\n| TNHH Enel Green Power | \nCity | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Vi\u00eat Nam) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Green Power Villoresi | \nRome | \nIT | \n1,200,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n51% | \n51% | \n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n\n
\n\n| Enel Green Power Volta | \nNiter\u00f3i | \nBR | \n565,756,528 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n
\n\n| Grande SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n1% | \n | \n\n
\n\n| Enel Green Power Zambia | \n | \n | \n | \n | \n | \n | \nDevelopment Srl | \n | \n | \n\n
\n\n| Limited | \nLusaka | \nZM | \n15,000 | \nZMW | \n | \nLine-by-line | \n | \n | \n100% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power South | \n99% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nAfrica (Pty) Ltd | \n | \n | \n\n
\n\n| Enel Green Power Zeus | \nRio de Janeiro | \nBR | \n77,939,980 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n
\n\n| II - Delfina 8 SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Enel Green Power Zeus | \nRio de Janeiro | \nBR | \n6,986,993 | \nBRL | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n| Sul 1 Ltda | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n | \n | \n\n
\n\n| Enel Grids | \nRome | \nIT | \n10,100,000 | \nEUR | \n | \nLine-by-line | \nEnel SpA | \n100% | \n100% | \n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Am\u00e9ricas SA | \n0% | \n | \n\n
\n\n| Enel Guatemala SA | \nGuatemala City | \nGT | \n67,208,000 | \nGTQ | \n | \nLine-by-line | \n | \n | \n47% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Colombia SA ESP | \n100% | \n | \n\n
\n\n| Enel Holding Finance Srl | \nRome | \nIT | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel SpA | \n100% | \n100% | \n\n
\n\n| Enel Iberia | \nMadrid | \nES | \n336,142,500 | \nEUR | \n | \nLine-by-line | \nEnel SpA | \n100% | \n100% | \n\n
\n\n| SRLU | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Innovation Hubs Srl | \nRome | \nIT | \n1,100,000 | \nEUR | \n | \nLine-by-line | \nEnel SpA | \n100% | \n100% | \n\n
\n\n| Enel Investment Holding | \nAmsterdam | \nNL | \n1,000,000 | \nEUR | \n | \nLine-by-line | \nEnel SpA | \n100% | \n100% | \n\n
\n\n| BV | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Italia | \nRome | \nIT | \n100,000,000 | \nEUR | \n | \nLine-by-line | \nEnel SpA | \n100% | \n100% | \n\n
\n\n| SpA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Kansas Development | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n
\n\n| Holdings LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Kansas LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n\n
\n\n| Enel Land HoldCo | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Libra Flexsys | \nRome | \nIT | \n1,000,000 | \nEUR | \n | \nLine-by-line | \nEnel Italia SpA | \n51% | \n51% | \n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Logistics | \nRome | \nIT | \n1,000,000 | \nEUR | \n | \nLine-by-line | \nEnel Italia SpA | \n100% | \n100% | \n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Minnesota Holdings | \nMinneapolis | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEGP Geronimo Holding | \n100% | \n100% | \n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nCompany Inc. | \n | \n | \n\n
\n\n| Enel Mobility Chile | \nSantiago de | \nCL | \n504,094,780 | \nCLP | \n | \nLine-by-line | \nEnel Chile SA | \n100% | \n65% | \n\n
\n\n| SpA | \nChile | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Nevkan Inc. | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n\n
\n\n| Enel North America Inc. | \nAndover | \nUS | \n50 | \nUSD | \n | \nLine-by-line | \nEnel SpA | \n100% | \n100% | \n\n
\n\n| Enel Operations Canada | \nAlberta | \nCA | \n1,000 | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n
\n\n| Ltd | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Am\u00e9ricas SA | \n0% | \n | \n\n
\n\n| Enel Panam\u00e1 CAM Srl | \nPanama City | \nPA | \n3,001 | \nUSD | \n | \nLine-by-line | \n | \n | \n47% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Colombia SA ESP | \n100% | \n | \n\n
\n\n| Enel Per\u00fa | \nSan Miguel | \nPE | \n1,000 | \nPEN | \n | \nLine-by-line | \nEnel Am\u00e9ricas SA | \n100% | \n82% | \n\n
\n\n| SAC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Produzione | \nRome | \nIT | \n1,800,000,000 | \nEUR | \n | \nLine-by-line | \nEnel Italia SpA | \n100% | \n100% | \n\n
\n\n| SpA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n
\n\n| Enel Reinsurance | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| - Compagnia di | \nRome | \nIT | \n3,000,000 | \nEUR | \n | \nLine-by-line | \nEnel SpA | \n100% | \n100% | \n\n
\n\n| Riassicurazione SpA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Colombia SA ESP | \n1% | \n | \n\n
\n\n| Enel Renovable Srl | \nPanama City | \nPA | \n60,320 | \nUSD | \n | \nLine-by-line | \n | \n | \n47% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Panam\u00e1 CAM Srl | \n99% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power Global | \n100% | \n | \n\n
\n\n| Enel Rinnovabile SA de Cv | \nMexico City | \nMX | \n12,645,490,022 | \nMXN | \n | \nLine-by-line | \nInvestment BV | \n | \n100% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nS de RL de Cv | \n | \n | \n\n
\n\n| Enel Roadrunner Solar | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n | \n | \n\n
\n\n| Project Holdings II LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nRoadrunner Solar Project | \n100% | \n100% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings II LLC | \n | \n | \n\n
\n\n| Enel Roadrunner Solar | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n | \n | \n\n
\n\n| Project Holdings LLC | \nDover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nRoadrunner Solar Project | \n100% | \n100% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n46% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nS de RL de Cv | \n | \n | \n\n
\n\n| Enel Services M\u00e9xico SA | \n | \n | \n | \n | \n | \n | \nEnel Green Power SpA | \n54% | \n | \n\n
\n\n| de Cv | \nMexico City | \nMX | \n6,339,849 | \nMXN | \n | \nLine-by-line | \n | \n | \n100% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Guatemala SA | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Rinnovabile SA | \n0% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nde Cv | \n | \n | \n\n
\n\n| Enel Sole | \nRome | \nIT | \n4,600,000 | \nEUR | \n | \nLine-by-line | \nEnel Italia SpA | \n100% | \n100% | \n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Solu\u00e7\u00f5es Energ\u00e9ticas | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n\n
\n\n| Ltda | \nRio de Janeiro | \nBR | \n42,863,000 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n\n
\n\n| Enel Texkan | \nWilmington | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nChi Power Inc. | \n100% | \n100% | \n\n
\n\n| Inc. | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Trading | \n | \n | \n | \n | \n | \n | \nEnel Am\u00e9ricas SA | \n55% | \n | \n\n
\n\n| Argentina Srl | \nBuenos Aires | \nAR | \n14,012,000 | \nARS | \n | \nLine-by-line | \n | \n | \n82% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Argentina SA | \n45% | \n | \n\n
\n\n| Enel Trading Brasil SA | \nRio de Janeiro | \nBR | \n54,280,312 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n
\n\n| Enel Trading North | \nWilmington | \nUS | \n10,000,000 | \nUSD | \n | \nLine-by-line | \nEnel North America Inc. | \n100% | \n100% | \n\n
\n\n| America LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Uruguay | \nMontevideo | \nUY | \n20,000 | \nUYU | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel Vayu (Project 2) | \nGurugram | \nIN | \n45,000,000 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n100% | \n100% | \n\n
\n\n| Private Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n\n
\n\n| Enel X Advisory Services | \nFrankfurt | \nDE | \n50,000 | \nEUR | \n | \nLine-by-line | \nEnel X Advisory Services | \n100% | \n100% | \n\n
\n\n| Germany GmbH | \n | \n | \n | \n | \n | \n | \nSrl | \n | \n | \n\n
\n\n| Enel X Advisory Services | \nTokyo | \nJP | \n100,000,000 | \nJPY | \n | \nLine-by-line | \nEnel X Advisory Services | \n100% | \n100% | \n\n
\n\n| Japan GK | \n | \n | \n | \n | \n | \n | \nSrl | \n | \n | \n\n
\n\n| Enel X Advisory Services | \nBoston | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel X Advisory Services | \n100% | \n100% | \n\n
\n\n| North America Inc. | \n | \n | \n | \n | \n | \n | \nSrl | \n | \n | \n\n
\n\n| Enel X Advisory Services | \nRome | \nIT | \n- | \nEUR | \n | \nLine-by-line | \nEnel X Srl | \n100% | \n100% | \n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel X Advisory Services | \nLondon | \nGB | \n30,000 | \nGBP | \n | \nLine-by-line | \nEnel X Advisory Services | \n100% | \n100% | \n\n
\n\n| UK Limited | \n | \n | \n | \n | \n | \n | \nSrl | \n | \n | \n\n
\n\n| Enel X Advisory Services | \nBoston | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel X Advisory Services | \n100% | \n100% | \n\n
\n\n| USA LLC | \n | \n | \n | \n | \n | \n | \nNorth America Inc. | \n | \n | \n\n
\n\n| Enel X Argentina SAU | \nBuenos Aires | \nAR | \n127,800,000 | \nARS | \n | \nLine-by-line | \nEnel X International Srl | \n100% | \n100% | \n\n
\n\n| Enel X Australia Holding | \nMelbourne | \nAU | \n45,424,578 | \nAUD | \n | \nLine-by-line | \nEnel X International Srl | \n100% | \n100% | \n\n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel X Australia (Pty) Ltd | \nMelbourne | \nAU | \n24,209,880 | \nAUD | \n | \nLine-by-line | \nEnergy Response | \n100% | \n100% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings (Pty) Ltd | \n | \n | \n\n
\n\n| Enel X Brasil | \n | \n | \n | \n | \n | \n | \nEnel X Advisory Services | \n | \n | \n\n
\n\n| Gerenciamento de | \nSorocaba | \nBR | \n5,538,403 | \nBRL | \n | \nLine-by-line | \nSrl | \n100% | \n100% | \n\n
\n\n| Energia Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel X Brasil | \nS\u00e3o Paulo | \nBR | \n903,325,892 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel X Canada Ltd | \nMississauga | \nCA | \n1,000 | \nCAD | \n | \nLine-by-line | \nEnel North America Inc. | \n100% | \n100% | \n\n
\n\n| Enel X Chile SpA | \nSantiago de | \nCL | \n2,837,737,149 | \nCLP | \n | \nLine-by-line | \nEnel Chile SA | \n100% | \n65% | \n\n
\n\n | \nChile | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Enel X Colombia SAS ESP | \nBogot\u00e1 | \nCO | \n230,368,000 | \nCOP | \n | \nLine-by-line | \nEnel Colombia SA | \n100% | \n47% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nESP | \n | \n | \n\n
\n\n| Enel X Demand Response | \nS\u00e3o Paulo | \nBR | \n2,000,000 | \nBRL | \n | \nLine-by-line | \nEnel X Brasil SA | \n100% | \n82% | \n\n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n\n\n\n\n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n\n\n\n\n\n
\n\n| Enel X Demand Response | \nBoston | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel X North America Inc. | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Enel X Federal LLC | \nBoston | \nUS | \n5,000 | \nUSD | \n | \nLine-by-line | \nEnel X North America Inc. | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n| Enel X Germany GmbH | \nBerlin | \nDE | \n25,000 | \nEUR | \n | \nLine-by-line | \nEnel X International Srl | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n| Enel X International Srl | \nRome | \nIT | \n100,000 | \nEUR | \n | \nLine-by-line | \nEnel X Srl | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n| Enel X Ireland Limited | \nDublin | \nIE | \n10,841 | \nEUR | \n | \nLine-by-line | \nEnel X International Srl | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n| Enel X Italia | \nRome | \nIT | \n200,000 | \nEUR | \n | \nLine-by-line | \nEnel Italia SpA | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Enel X Japan KK | \nTokyo | \nJP | \n1,030,000,000 | \nJPY | \n | \nLine-by-line | \nEnel X International Srl | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n| Enel X KOMIPO Solar | \nSeoul | \nKR | \n11,054,000,000 | \nKRW | \n | \nLine-by-line | \nEnel X Korea Limited | \n80% | \n80% | \n\n\n\n\n\n\n
\n\n| Limited | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Enel X Korea Limited | \nSeoul | \nKR | \n11,800,000,000 | \nKRW | \n | \nLine-by-line | \nEnel X International Srl | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n0% | \n | \n\n\n\n\n\n\n
\n\n| Enel X M\u00e9xico S de RL | \nMexico City | \nMX | \n264,303,595 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n | \n100% | \n\n\n\n\n\n\n
\n\n| de Cv | \n | \n | \n | \n | \n | \n | \nEnel X International Srl | \n100% | \n | \n\n\n\n\n\n\n
\n\n| Enel X Mobilidade Urbana | \nS\u00e3o Paulo | \nBR | \n163,642,000 | \nBRL | \n | \nLine-by-line | \nEnel X Brasil SA | \n100% | \n82% | \n\n\n\n\n\n\n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Enel X New Zealand | \nWellington | \nNZ | \n313,606 | \nAUD | \n | \nLine-by-line | \nEnergy Response | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n| Limited | \n | \n | \n | \n | \n | \n | \nHoldings (Pty) Ltd | \n | \n | \n\n\n\n\n\n\n
\n\n| Enel X North America Inc. | \nBoston | \nUS | \n1,000 | \nUSD | \n | \nLine-by-line | \nEnel North America Inc. | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n| Enel X Polska Sp. | \nWarsaw | \nPL | \n12,275,150 | \nPLN | \n | \nLine-by-line | \nEnel X Ireland Limited | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n| zo o | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Enel X Rus LLC | \nMoscow | \nRU | \n8,000,000 | \nRUB | \n | \nLine-by-line | \nEnel X International Srl | \n99% | \n99% | \n\n\n\n\n\n\n
\n\n| Enel X | \nRome | \nIT | \n1,050,000 | \nEUR | \n | \nLine-by-line | \nEnel SpA | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Enel X Services India | \n | \n | \n | \n | \n | \n | \nEnel X International Srl | \n100% | \n | \n\n\n\n\n\n\n
\n\n| Private Limited | \nMumbai | \nIN | \n1,497,290 | \nINR | \n | \nLine-by-line | \n | \n | \n100% | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel X North America Inc. | \n0% | \n | \n\n\n\n\n\n\n
\n\n| Enel X Taiwan Co. | \nTaipei | \nTW | \n271,100,000 | \nTWD | \n | \nLine-by-line | \nEnel X Ireland Limited | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n| Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Enel X UK Limited | \nLondon | \nGB | \n32,638 | \nGBP | \n | \nLine-by-line | \nEnel X International Srl | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n| Enel X Way (Shanghai) | \nShanghai | \nCN | \n14,287,305 | \nCNY | \n | \nLine-by-line | \nEnel X Way Srl | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n| Co. Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n20% | \n | \n\n\n\n\n\n\n
\n\n| Enel X Way Brasil SA | \nRio de Janeiro | \nBR | \n37,045,337 | \nBRL | \n | \nLine-by-line | \n | \n | \n96% | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel X Way Srl | \n80% | \n | \n\n\n\n\n\n\n
\n\n| Enel X Way Canada | \nVancouver | \nCA | \n- | \nCAD | \n | \nLine-by-line | \nEnel X Way Srl | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n| Holding Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Enel X Way Chile | \nSantiago de | \n | \n | \n | \n | \n | \nEnel Chile SA | \n62% | \n | \n\n\n\n\n\n\n
\n\n| SpA | \nChile | \nCL | \n19,329,589,733 | \nCLP | \n | \nLine-by-line | \n | \n | \n78% | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel X Way Srl | \n38% | \n | \n\n\n\n\n\n\n
\n\n| Enel X Way | \n | \n | \n | \n | \n | \n | \nEnel Colombia SA ESP | \n40% | \n | \n\n\n\n\n\n\n
\n\n| Colombia SAS | \nBogot\u00e1 | \nCO | \n15,036,000,000 | \nCOP | \n | \nLine-by-line | \n | \n | \n79% | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel X Way Srl | \n60% | \n | \n\n\n\n\n\n\n
\n\n| Enel X Way Germany | \nBerlin | \nDE | \n25,000 | \nEUR | \n | \nLine-by-line | \nEnel X Way Srl | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n| GmbH | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Enel X Way Italia | \nRome | \nIT | \n5,000,000 | \nEUR | \n | \nLine-by-line | \nEnel X Way Srl | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n0% | \n | \n\n\n\n\n\n\n
\n\n| Enel X Way M\u00e9xico SA | \nMexico City | \nMX | \n6,479,171 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n | \n100% | \n\n\n\n\n\n\n
\n\n| de Cv | \n | \n | \n | \n | \n | \n | \nEnel X Way Srl | \n100% | \n | \n\n\n\n\n\n\n
\n\n| Enel X Way North America | \nSan Carlos | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel X Way Srl | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n| Inc. | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Enel X Way Per\u00fa | \n | \n | \n | \n | \n | \n | \nEnel Per\u00fa SAC | \n20% | \n | \n\n\n\n\n\n\n
\n\n| SAC | \nLima | \nPE | \n13,395,500 | \nPEN | \n | \nLine-by-line | \n | \n | \n96% | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel X Way Srl | \n80% | \n | \n\n\n\n\n\n\n
\n\n| Enel X Way | \nRome | \nIT | \n6,026,000 | \nEUR | \n | \nLine-by-line | \nEnel SpA | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n\n
\n\n| Enel X Way USA LLC | \nSan Carlos | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel X Way North | \n100% | \n100% | \n\n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n\n\n\n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n\n\n\n\n
\n\n| Enelpower Contractor | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| and Development Saudi | \nRiyadh | \nSA | \n5,000,000 | \nSAR | \n | \nLine-by-line | \nEnelpower Srl | \n51% | \n51% | \n\n\n\n\n\n
\n\n| Arabia Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Enelpower do Brasil Ltda | \nRio de Janeiro | \nBR | \n55,449,064 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n\n\n\n\n
\n\n| Enelpower | \nMilan | \nIT | \n2,000,000 | \nEUR | \n | \nLine-by-line | \nEnel SpA | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Energ\u00eda Base Natural SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n35% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n\n\n\n\n\n
\n\n| Energ\u00eda Ceuta XXI | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Comercializadora de | \nCeuta | \nES | \n65,000 | \nEUR | \n | \nLine-by-line | \nEndesa Energ\u00eda SAU | \n100% | \n70% | \n\n\n\n\n\n
\n\n| Referencia SAU | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Energ\u00eda E\u00f3lica \u00c1brego SLU | \nMadrid | \nES | \n3,576 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| Energ\u00eda E\u00f3lica Galerna | \nMadrid | \nES | \n3,413 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n| SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| Energ\u00eda E\u00f3lica Gregal SLU | \nMadrid | \nES | \n3,250 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| Energ\u00eda Global de M\u00e9xico | \nMexico City | \nMX | \n50,000 | \nMXN | \n | \nLine-by-line | \nEnel Green Power SpA | \n99% | \n99% | \n\n\n\n\n\n
\n\n| (Enermex) SA de Cv | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Energ\u00eda Limpia de | \n | \n | \n | \n | \n | \n | \nTenedora de Energ\u00eda | \n | \n | \n\n\n\n\n\n
\n\n| Amistad SA de Cv | \nMexico City | \nMX | \n33,452,769 | \nMXN | \n | \nEquity | \nRenovable Sol y Viento | \n61% | \n20% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nSAPI de Cv | \n | \n | \n\n\n\n\n\n
\n\n| Energ\u00eda Limpia de Palo | \n | \n | \n | \n | \n | \n | \nTenedora de Energ\u00eda | \n | \n | \n\n\n\n\n\n
\n\n| Alto SA de Cv | \nMexico City | \nMX | \n673,583,489 | \nMXN | \n | \nEquity | \nRenovable Sol y Viento | \n61% | \n20% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nSAPI de Cv | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n0% | \n | \n\n\n\n\n\n
\n\n| Energ\u00eda Limpia de Puerto | \nMexico City | \nMX | \n2,953,980 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n | \n100% | \n\n\n\n\n\n
\n\n| Libertad S de RL de Cv | \n | \n | \n | \n | \n | \n | \nEnel Rinnovabile SA | \n100% | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nde Cv | \n | \n | \n\n\n\n\n\n
\n\n| Energ\u00eda Marina SpA | \nSantiago de | \nCL | \n2,404,240,000 | \nCLP | \n | \nEquity | \nEnel Green Power | \n25% | \n16% | \n\n\n\n\n\n
\n\n | \nChile | \n | \n | \n | \n | \n | \nChile SA | \n | \n | \n\n\n\n\n\n
\n\n| Energ\u00eda Neta Sa Caseta | \nPalma | \nES | \n9,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n35% | \n\n\n\n\n\n
\n\n| Llucmajor SLU | \nde Mallorca | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n\n\n\n\n\n
\n\n| Energ\u00eda XXI | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Comercializadora de | \nMadrid | \nES | \n2,000,000 | \nEUR | \n | \nLine-by-line | \nEndesa Energ\u00eda SAU | \n100% | \n70% | \n\n\n\n\n\n
\n\n| Referencia SLU | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Energ\u00eda y Naturaleza SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n35% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n\n\n\n\n\n
\n\n| Energ\u00edas Alternativas del | \nLas Palmas de | \nES | \n546,919 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n55% | \n39% | \n\n\n\n\n\n
\n\n| Sur SL | \nGran Canaria | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| Energ\u00edas de Arag\u00f3n I SLU | \nZaragoza | \nES | \n3,200,000 | \nEUR | \n | \nLine-by-line | \nEndesa SA | \n100% | \n70% | \n\n\n\n\n\n
\n\n| Energ\u00edas de Graus | \nZaragoza | \nES | \n1,298,160 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n67% | \n47% | \n\n\n\n\n\n
\n\n| SL | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| Energ\u00edas Especiales de | \nSantiago de | \nES | \n270,450 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n97% | \n68% | \n\n\n\n\n\n
\n\n| Care\u00f3n SA | \nCompostela | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| Energ\u00edas Especiales del | \nMadrid | \nES | \n9,210,840 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n| Alto Ulla SAU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| Energ\u00edas Especiales del | \nTorre | \nES | \n1,635,000 | \nEUR | \n | \nEquity | \nEnel Green Power | \n50% | \n35% | \n\n\n\n\n\n
\n\n| Bierzo SA | \ndel Bierzo | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnvatios Promoci\u00f3n I SLU | \n8% | \n | \n\n\n\n\n\n
\n\n| Energ\u00edas Limpias de | \nSeville | \nES | \n5,688 | \nEUR | \n | \nEquity | \nEnvatios Promoci\u00f3n | \n8% | \n16% | \n\n\n\n\n\n
\n\n| Carmona SL | \n | \n | \n | \n | \n | \n | \nII SLU | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnvatios Promoci\u00f3n | \n8% | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nIII SLU | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n100% | \n | \n\n\n\n\n\n
\n\n| Energ\u00edas Renovables La | \nMexico City | \nMX | \n3,011,133,575 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n | \n100% | \n\n\n\n\n\n
\n\n| Mata SA de Cv | \n | \n | \n | \n | \n | \n | \nEnel Rinnovabile | \n0% | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nSA de Cv | \n | \n | \n\n\n\n\n\n
\n\n| Energie Electrique de | \nTangier | \nMA | \n306,160,000 | \nMAD | \n | \nEquity | \nEndesa Generaci\u00f3n SAU | \n32% | \n22% | \n\n\n\n\n\n
\n\n| Tahaddart SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Energotel AS | \nBratislava | \nSK | \n2,191,200 | \nEUR | \n | \n- | \nSlovensk\u00e9 elektr\u00e1rne AS | \n20% | \n7% | \n\n\n\n\n\n
\n\n| Energy Podium Single | \nMaroussi | \nGR | \n4,003 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n\n\n\n\n\n
\n\n| Member Private Company | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n\n\n\n\n\n
\n\n| Energy Response | \nMelbourne | \nAU | \n52,128,517 | \nAUD | \n | \nLine-by-line | \nEnel X Australia Holding | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Holdings (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n\n\n\n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n\n\n\n\n
\n\n| EnergyQ1BESS Srl | \nRome | \nIT | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel Libra Flexsys Srl | \n100% | \n51% | \n\n\n\n\n\n
\n\n| EnerNOC GmbH | \nMunich | \nDE | \n25,000 | \nEUR | \n | \nLine-by-line | \nEnel X North | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n\n\n\n\n\n
\n\n| EnerNOC Ireland Limited | \nDublin | \nIE | \n10,589 | \nEUR | \n | \nLine-by-line | \nEnel X Ireland Limited | \n100% | \n100% | \n\n\n\n\n\n
\n\n| EnerNOC UK II | \nLondon | \nGB | \n21,000 | \nGBP | \n | \nLine-by-line | \nEnel X UK Limited | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Limited | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Enigma Green Power | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nShark Power SLU | \n100% | \n70% | \n\n\n\n\n\n
\n\n| 1 SLU | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Entech Utility Service | \nLutherville | \nUS | \n1,500 | \nUSD | \n | \nLine-by-line | \nEnel X North | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Bureau Inc. | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n\n\n\n\n\n
\n\n| Envatios Promoci\u00f3n I SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| Envatios Promoci\u00f3n II SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| Envatios Promoci\u00f3n III SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| Envatios Promoci\u00f3n | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n| XX SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| Eojin Wind Power Co. Ltd | \nSeoul | \nKR | \n301,000,000 | \nKRW | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n\n\n\n\n\n
\n\n| E\u00f3lica Valle del Ebro SA | \nZaragoza | \nES | \n3,561,343 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n50% | \n35% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n57% | \n | \n\n\n\n\n\n
\n\n| E\u00f3lica Zopiloapan | \n | \n | \n | \n | \n | \n | \nS de RL de Cv | \n | \n | \n\n\n\n\n\n
\n\n| SA de Cv | \nMexico City | \nMX | \n1,877,201,544 | \nMXN | \n | \nLine-by-line | \nEnel Green Power | \n | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nPartecipazioni Speciali | \n43% | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nSrl | \n | \n | \n\n\n\n\n\n
\n\n| E\u00f3licas de Agaete SL | \nLas Palmas de | \nES | \n240,400 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n80% | \n56% | \n\n\n\n\n\n
\n\n | \nGran Canaria | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| E\u00f3licas de Fuencaliente | \nLas Palmas de | \nES | \n216,360 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n55% | \n39% | \n\n\n\n\n\n
\n\n| SA | \nGran Canaria | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| E\u00f3licas de Fuerteventura | \nPuerto del | \nES | \n4,558,427 | \nEUR | \n | \nEquity | \nEnel Green Power | \n40% | \n28% | \n\n\n\n\n\n
\n\n| AIE | \nRosario | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| E\u00f3licas de la Patagonia SA | \nBuenos Aires | \nAR | \n480,930 | \nARS | \n | \nEquity | \nEnel Green Power | \n50% | \n35% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| E\u00f3licas de Lanzarote SL | \nLas Palmas de | \nES | \n1,758,226 | \nEUR | \n | \nEquity | \nEnel Green Power | \n40% | \n28% | \n\n\n\n\n\n
\n\n | \nGran Canaria | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| E\u00f3licas de Tenerife AIE | \nSanta Cruz de | \nES | \n420,708 | \nEUR | \n | \nEquity | \nEnel Green Power | \n50% | \n35% | \n\n\n\n\n\n
\n\n | \nTenerife | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| E\u00f3licos de Tirajana SL | \nLas Palmas de | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n60% | \n42% | \n\n\n\n\n\n
\n\n | \nGran Canaria | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| Epresa Energ\u00eda | \nPuerto Real | \nES | \n2,500,000 | \nEUR | \n | \nEquity | \nEndesa SA | \n50% | \n35% | \n\n\n\n\n\n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nPrincipia Energy | \n | \n | \n\n\n\n\n\n
\n\n| Ermis 2 Energeiaki SA | \nGrevena | \nGR | \n25,000 | \nEUR | \n | \nEquity | \nGeneration Single | \n0% | \n0% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nMember SA | \n | \n | \n\n\n\n\n\n
\n\n| E-Solar 2 Srl | \nRome | \nIT | \n2,500 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n\n\n\n\n\n
\n\n| E-Solar 4 Srl | \nRome | \nIT | \n2,500 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n\n\n\n\n\n
\n\n| E-Solar Srl | \nRome | \nIT | \n2,500 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n\n\n\n\n\n
\n\n| Essaouira Wind Farm | \nCasablanca | \nMA | \n300,000 | \nMAD | \n | \nEquity | \nNareva Enel Green Power | \n70% | \n35% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nMorocco SA | \n | \n | \n\n\n\n\n\n
\n\n| Estonian Solar Holdings | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEGP Estonian Solar | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n\n\n\n
\n\n| Estonian Solar PPA LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEGP North America | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nPPA LLC | \n | \n | \n\n\n\n\n\n
\n\n| European Energy | \nLeipzig | \nDE | \n40,050,000 | \nEUR | \n | \n- | \nEnel Global Trading SpA | \n2% | \n2% | \n\n\n\n\n\n
\n\n| Exchange AG | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| EV Gravitational Energy | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Storage LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n\n\n\n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnvatios Promoci\u00f3n I SLU | \n3% | \n | \n\n\n\n\n\n
\n\n| Evacuaci\u00f3n Carmona | \n | \n | \n | \n | \n | \n | \nEnvatios Promoci\u00f3n | \n | \n | \n\n\n\n\n\n
\n\n| 400-220 kV Renovables | \nSeville | \nES | \n9,066 | \nEUR | \n | \nEquity | \nII SLU | \n3% | \n7% | \n\n\n\n\n\n
\n\n| SL | \n | \n | \n | \n | \n | \n | \nEnvatios Promoci\u00f3n | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nIII SLU | \n3% | \n | \n\n\n\n\n\n
\n\n| Evolution Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Ewiva | \nMilan | \nIT | \n1,000,000 | \nEUR | \n | \nEquity | \nEnel X Way Srl | \n50% | \n50% | \n\n\n\n\n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Expedition Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Explorer Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Explotaciones E\u00f3licas de | \nZaragoza | \nES | \n3,505,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n70% | \n49% | \n\n\n\n\n\n
\n\n| Escucha SA | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| Explotaciones E\u00f3licas El | \nZaragoza | \nES | \n3,230,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n74% | \n52% | \n\n\n\n\n\n
\n\n| Puerto SA | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| Explotaciones E\u00f3licas | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n | \n | \n\n\n\n\n\n
\n\n| Santo Domingo de | \nZaragoza | \nES | \n100,000 | \nEUR | \n | \nLine-by-line | \nEspa\u00f1a SLU | \n51% | \n36% | \n\n\n\n\n\n
\n\n| Luna SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Explotaciones E\u00f3licas | \nZaragoza | \nES | \n5,488,500 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n65% | \n46% | \n\n\n\n\n\n
\n\n| Saso Plano SA | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| Explotaciones E\u00f3licas | \nZaragoza | \nES | \n8,046,800 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n90% | \n63% | \n\n\n\n\n\n
\n\n| Sierra Costera SA | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| Explotaciones E\u00f3licas | \nZaragoza | \nES | \n4,200,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n90% | \n63% | \n\n\n\n\n\n
\n\n| Sierra La Virgen SA | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| Falls Park Energy Storage | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Farrier Station Energy | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Storage Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Fayette Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n\n\n\n
\n\n| Fazenda Aroeira | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Empreendimento de | \nRio de Janeiro | \nBR | \n2,362,046 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n\n\n\n\n
\n\n| Energia Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Fence Post Solar Holdings | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Green Power Fence | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nPost Solar Holdings LLC | \n | \n | \n\n\n\n\n\n
\n\n| Fence Post Solar Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nFence Post Solar | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n\n\n\n
\n\n| Fenner Wind Holdings | \nDover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Field Day Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Finocchiara Solar Srl | \nRome | \nIT | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n\n\n\n\n\n
\n\n| Flat Rock Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nCohuna Solar Trust | \n33% | \n | \n\n\n\n\n\n
\n\n| Flat Rocks Girgarre | \nSydney | \nAU | \n120 | \nAUD | \n | \nEquity | \nFlat Rocks One Wind | \n33% | \n50% | \n\n\n\n\n\n
\n\n| Cohuna FinCo (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nTrust | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nGirgarre Solar Trust | \n33% | \n | \n\n\n\n\n\n
\n\n| Flat Rocks One Wind | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy (Pty) Ltd | \n100% | \n50% | \n\n\n\n\n\n
\n\n| Holding (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Flat Rocks One Wind | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy Trust | \n100% | \n50% | \n\n\n\n\n\n
\n\n| Holding Trust | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Flat Rocks One Wind | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nFlat Rocks One Wind | \n100% | \n50% | \n\n\n\n\n\n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nHolding (Pty) Ltd | \n | \n | \n\n\n\n\n\n
\n\n| Flat Rocks One Wind | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nFlat Rocks One Wind | \n100% | \n50% | \n\n\n\n\n\n
\n\n| Trust | \n | \n | \n | \n | \n | \n | \nHolding Trust | \n | \n | \n\n\n\n\n\n
\n\n| Flat Top Solar Project LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Flint Rock Solar Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Florence Hills LLC | \nMinneapolis | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nChi Minnesota Wind LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n\n\n\n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n\n\n\n\n
\n\n| Flowing Spring Farms LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n\n\n\n
\n\n| Fontib\u00f3n ZE | \nBogot\u00e1 | \nCO | \n434,359,750 | \nCOP | \n | \nEquity | \nBogot\u00e1 ZE SAS | \n100% | \n9% | \n\n\n\n\n\n
\n\n| SAS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| F\u00f3tons de Santo Anchieta | \nRio de Janeiro | \nBR | \n577,000 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n\n\n\n\n
\n\n| Energias Renov\u00e1veis SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Fotovoltaica Yunclillos SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n35% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n\n\n\n\n\n
\n\n| Fourmile Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Fox Run Energy Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Franklintown Farm LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Energy Storage | \n | \n | \n\n\n\n\n\n
\n\n| Freedom Energy Storage | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nHoldings LLC (formerly | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nEGP Energy Storage | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC) | \n | \n | \n\n\n\n\n\n
\n\n| French Quarter Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Front Mar\u00edtim del Bes\u00f2s | \nBarcelona | \nES | \n9,000 | \nEUR | \n | \nEquity | \nEndesa Generaci\u00f3n SAU | \n61% | \n43% | \n\n\n\n\n\n
\n\n| SL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Frontiersman Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| FRV Corchitos I SLU | \nMadrid | \nES | \n75,800 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n35% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n\n\n\n\n\n
\n\n| FRV Corchitos II Solar SLU | \nMadrid | \nES | \n22,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| FRV Gibalb\u00edn - Jerez SLU | \nMadrid | \nES | \n23,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| FRV Tarifa SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| FRV Villalobillos SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| FRV Zamora Solar 1 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| FRV Zamora Solar 3 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| FRWF Stage 1 (Pty) Ltd | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy Group | \n100% | \n50% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n\n\n\n\n\n
\n\n| Fundamental Recognized | \nAndorra | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n| Systems SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| Furatena Solar 1 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n35% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n\n\n\n\n\n
\n\n| FV Andrea Solar SLU | \nMadrid | \nES | \n3,006 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| FV Campos Solar SLU | \nMadrid | \nES | \n3,006 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| FV La Cerca SLU | \nMadrid | \nES | \n3,006 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| FV Menaute SLU | \nMadrid | \nES | \n3,006 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| FV Santa Mar\u00eda SLU | \nMadrid | \nES | \n3,006 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n| Ganado Solar Holdings | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n | \n | \n\n\n\n\n\n
\n\n| LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nGanado Solar Holdings | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n\n\n\n
\n\n| Ganado Solar LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nGanado Solar Holdings | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n\n\n\n
\n\n| Ganado Storage LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Garob Wind Farm (RF) | \nJohannesburg | \nZA | \n100 | \nZAR | \n | \nEquity | \nEnel Green Power RSA 2 | \n55% | \n28% | \n\n\n\n\n\n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n(RF) (Pty) Ltd | \n | \n | \n\n\n\n\n\n
\n\n| Gas y Electricidad | \nPalma de | \nES | \n213,775,700 | \nEUR | \n | \nLine-by-line | \nEndesa Generaci\u00f3n SAU | \n100% | \n70% | \n\n\n\n\n\n
\n\n| Generaci\u00f3n SAU | \nMallorca | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n\n\n\n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n\n\n\n\n
\n\n| Gauley Hydro | \nWilmington | \nUS | \n- | \nUSD | \n | \nEquity | \nGRPP Holdings LLC | \n100% | \n50% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Gauley River Management | \nWillison | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n\n\n\n\n\n
\n\n| Generadora de Occidente | \n | \n | \n | \n | \n | \n | \nEnel Colombia SA ESP | \n99% | \n | \n\n\n\n\n\n
\n\n| SA | \nGuatemala City | \nGT | \n16,262,000 | \nGTQ | \n | \nLine-by-line | \n | \n | \n47% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Guatemala SA | \n1% | \n | \n\n\n\n\n\n
\n\n| Generadora Montecristo | \n | \n | \n | \n | \n | \n | \nEnel Colombia SA ESP | \n100% | \n | \n\n\n\n\n\n
\n\n| SA | \nGuatemala City | \nGT | \n3,820,000 | \nGTQ | \n | \nLine-by-line | \n | \n | \n47% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Guatemala SA | \n0% | \n | \n\n\n\n\n\n
\n\n| Generadora Solar Austral | \nPanama City | \nPA | \n10,000 | \nUSD | \n | \nLine-by-line | \nEnel Panam\u00e1 CAM Srl | \n100% | \n47% | \n\n\n\n\n\n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Generadora Solar de | \nPanama City | \nPA | \n10,000 | \nUSD | \n | \nLine-by-line | \nEnel Panam\u00e1 CAM Srl | \n100% | \n47% | \n\n\n\n\n\n
\n\n| Occidente SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Generadora Solar El | \nPanama City | \nPA | \n10,000 | \nUSD | \n | \nLine-by-line | \nEnel Panam\u00e1 CAM Srl | \n100% | \n47% | \n\n\n\n\n\n
\n\n| Puerto SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Geot\u00e9rmica del Norte SA | \nSantiago de | \nCL | \n326,577,419,702 | \nCLP | \n | \nLine-by-line | \nEnel Green Power | \n85% | \n55% | \n\n\n\n\n\n
\n\n | \nChile | \n | \n | \n | \n | \n | \nChile SA | \n | \n | \n\n\n\n\n\n
\n\n| Gibson Bay Wind Farm | \nJohannesburg | \nZA | \n1,000 | \nZAR | \n | \nLine-by-line | \nEnel Green Power South | \n60% | \n60% | \n\n\n\n\n\n
\n\n| (RF) (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nAfrica (Pty) Ltd | \n | \n | \n\n\n\n\n\n
\n\n| Girgarre Solar Holding | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy (Pty) Ltd | \n100% | \n50% | \n\n\n\n\n\n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Girgarre Solar Holding | \nSydney | \nAU | \n10 | \nAUD | \n | \nEquity | \nPotentia Energy Trust | \n100% | \n50% | \n\n\n\n\n\n
\n\n| Trust | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Girgarre Solar (Pty) Ltd | \nSydney | \nAU | \n- | \nAUD | \n | \nEquity | \nGirgarre Solar Holding | \n100% | \n50% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n\n\n\n\n\n
\n\n| Girgarre Solar Trust | \nSydney | \nAU | \n10 | \nAUD | \n | \nEquity | \nGirgarre Solar Holding | \n100% | \n50% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nTrust | \n | \n | \n\n\n\n\n\n
\n\n| Glass Top Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Global Commodities | \nLondon | \nGB | \n4,042,375 | \nGBP | \n | \n- | \nEnel Global Trading SpA | \n5% | \n5% | \n\n\n\n\n\n
\n\n| Holdings Limited | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Globyte SA | \nSan Jos\u00e9 | \nCR | \n910,000 | \nCRC | \n | \n- | \nEnel Costa Rica CAM SA | \n10% | \n5% | \n\n\n\n\n\n
\n\n| Gloucester Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n\n\n\n
\n\n| GNL Chile SA | \nSantiago de | \nCL | \n3,026,160 | \nUSD | \n | \nEquity | \nEnel Generaci\u00f3n Chile SA | \n33% | \n20% | \n\n\n\n\n\n
\n\n | \nChile | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Golden Terrace Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Goodwell Wind Project | \nWilmington | \nUS | \n- | \nUSD | \n | \nEquity | \nOrigin Goodwell Holdings | \n100% | \n10% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n\n\n\n
\n\n| Goose Foot Energy | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Storage Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Gooseneck Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Gorona del Viento El | \n | \n | \n | \n | \n | \n | \nUni\u00f3n El\u00e9ctrica de | \n | \n | \n\n\n\n\n\n
\n\n| Hierro SA | \nValverde | \nES | \n30,936,736 | \nEUR | \n | \nEquity | \nCanarias Generaci\u00f3n | \n23% | \n16% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nSAU | \n | \n | \n\n\n\n\n\n
\n\n| Grand Prairie Solar Project Andover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Gridspertise Iberia | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nEquity | \nGridspertise Srl | \n100% | \n50% | \n\n\n\n\n\n
\n\n| SL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Gridspertise India Private | \nGurugram | \nIN | \n19,759,130 | \nINR | \n | \nEquity | \nGridspertise Srl | \n100% | \n50% | \n\n\n\n\n\n
\n\n| Limited | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n0% | \n | \n\n\n\n\n\n
\n\n| Gridspertise Latam SA | \nS\u00e3o Paulo | \nBR | \n2,010,000 | \nBRL | \n | \nEquity | \n | \n | \n50% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nGridspertise Srl | \n100% | \n | \n\n\n\n\n\n
\n\n| Gridspertise | \nRome | \nIT | \n7,500,000 | \nEUR | \n | \nEquity | \nEnel Grids Srl | \n50% | \n50% | \n\n\n\n\n\n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Gridspertise | \nDover | \nUS | \n160,000 | \nUSD | \n | \nEquity | \nGridspertise Srl | \n100% | \n50% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| GRPP Holdings LLC | \nAndover | \nUS | \n2 | \nUSD | \n | \nEquity | \nEGPNA REP Holdings LLC | \n50% | \n50% | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n\n\n\n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n\n\n\n\n
\n\n| Guayepo Solar III SAS ESP | \nBogot\u00e1 | \nCO | \n1,000,000 | \nCOP | \n | \nLine-by-line | \nEnel Colombia SA ESP | \n100% | \n47% | \n\n\n\n\n\n
\n\n| Guayepo Solar | \nBogot\u00e1 | \nCO | \n1,000,000 | \nCOP | \n | \nLine-by-line | \nEnel Colombia SA ESP | \n100% | \n47% | \n\n\n\n\n\n
\n\n| SAS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Guir Wind Farm | \nCasablanca | \nMA | \n10,000 | \nMAD | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nMorocco S\u00e0rl | \n | \n | \n\n\n\n\n\n
\n\n| GulfStar Power LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nGulfstar Solar Holdings | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n\n\n\n
\n\n| Gulfstar Solar Holdings | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n | \n | \n\n\n\n\n\n
\n\n| LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nGulfstar Solar Holdings | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n\n\n\n
\n\n| Gusty Hill Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Hadley Ridge LLC | \nMinneapolis | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nChi Minnesota Wind LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Hamilton County Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Hamlet Mill Storage | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Hansborough Valley Solar | \n- | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Harmony Plains Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n\n\n\n
\n\n| Harrogate BESS Holding | \nBarangaroo | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy (Pty) Ltd | \n100% | \n50% | \n\n\n\n\n\n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Harrogate BESS Holding | \nBarangaroo | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy Trust | \n100% | \n50% | \n\n\n\n\n\n
\n\n| Trust | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Harrogate BESS (Pty) Ltd | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nHarrogate BESS Holding | \n100% | \n50% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n\n\n\n\n\n
\n\n| Harrogate BESS Trust | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nHarrogate BESS Holding | \n100% | \n50% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nTrust | \n | \n | \n\n\n\n\n\n
\n\n| Hastings Solar LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nAurora Distributed Solar | \n100% | \n74% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n\n\n\n
\n\n| Heartland Farms Wind | \nWilmington | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Heywood BESS Holding | \nBarangaroo | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy (Pty) Ltd | \n100% | \n50% | \n\n\n\n\n\n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Heywood BESS Holding | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy Trust | \n100% | \n50% | \n\n\n\n\n\n
\n\n| Trust | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Heywood BESS (Pty) Ltd | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nHeywood BESS Holding | \n100% | \n50% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n\n\n\n\n\n
\n\n| Heywood BESS Trust | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nHeywood BESS Holding | \n100% | \n50% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nTrust | \n | \n | \n\n\n\n\n\n
\n\n| Hidroel\u00e9ctrica de | \nBarcelona | \nES | \n126,210 | \nEUR | \n | \nLine-by-line | \nEndesa SA | \n100% | \n70% | \n\n\n\n\n\n
\n\n| Catalunya SLU | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Hidroel\u00e9ctrica de Ourol SL | \nLa Coru\u00f1a | \nES | \n1,608,200 | \nEUR | \n | \nEquity | \nEnel Green Power | \n30% | \n21% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n100% | \n | \n\n\n\n\n\n
\n\n| Hidroelectricidad del | \nColima | \nMX | \n30,889,736,000 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n | \n100% | \n\n\n\n\n\n
\n\n| Pac\u00edfico S de RL de Cv | \n | \n | \n | \n | \n | \n | \nEnel Rinnovabile SA | \n0% | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nde Cv | \n | \n | \n\n\n\n\n\n
\n\n| Hidroflamicell SL | \nBarcelona | \nES | \n78,120 | \nEUR | \n | \nLine-by-line | \nHidroel\u00e9ctrica de | \n75% | \n53% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nCatalunya SLU | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Am\u00e9ricas SA | \n42% | \n | \n\n\n\n\n\n
\n\n| Hidroinvest SA | \nBuenos Aires | \nAR | \n55,312,093 | \nARS | \n | \nLine-by-line | \n | \n | \n80% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Argentina SA | \n55% | \n | \n\n\n\n\n\n
\n\n| HIF H2 SpA | \nSantiago de | \nCL | \n6,303,000 | \nUSD | \n | \nEquity | \nEnel Green Power | \n50% | \n32% | \n\n\n\n\n\n
\n\n | \nChile | \n | \n | \n | \n | \n | \nChile SA | \n | \n | \n\n\n\n\n\n
\n\n| High Chaparral Solar | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| High Lonesome Storage | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| High Lonesome Wind | \nWilmington | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Holdings LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n
\n\n| High Lonesome Wind | \nBoston | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nHigh Lonesome Wind | \n100% | \n100% | \n\n
\n\n| Power LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n
\n\n| High Noon Solar Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Hilltopper Wind Holdings | \nWilmington | \nUS | \n1,000 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Hispano Generaci\u00f3n de | \nJerez de los | \nES | \n3,500 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n51% | \n36% | \n\n
\n\n| Energ\u00eda Solar SL | \nCaballeros | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n
\n\n| Honey Stone Solar Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Honeybee Solar Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Honeywine Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Hope Creek LLC | \nCrestview | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nChi Minnesota Wind LLC | \n100% | \n100% | \n\n
\n\n| Hope Ridge Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Horse Run Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n
\n\n| Horse Wrangler Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Hubject eRoaming | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Technology (Shanghai) | \nShangai | \nCN | \n12,668,016 | \nCNY | \n | \n- | \nHubject GmbH | \n100% | \n13% | \n\n
\n\n| Co. Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Hubject Financial Services | \nBerlin | \nDE | \n25,000 | \nEUR | \n | \n- | \nHubject GmbH | \n100% | \n13% | \n\n
\n\n| GmbH | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Hubject GmbH | \nBerlin | \nDE | \n65,943 | \nEUR | \n | \n- | \nEnel X Way Srl | \n13% | \n13% | \n\n
\n\n| Hubject Inc. | \nSanta Monica | \nUS | \n100,000 | \nUSD | \n | \n- | \nHubject GmbH | \n100% | \n13% | \n\n
\n\n| Ice Fotovoltaicos | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nEquity | \nEnel Green Power | \n50% | \n35% | \n\n
\n\n| Villameca SL | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n\n
\n\n| Idalia Park Solar Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Idrosicilia | \nMilan | \nIT | \n22,520,000 | \nEUR | \n | \nEquity | \nEnel SpA | \n1% | \n1% | \n\n
\n\n| SpA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n0% | \n | \n\n
\n\n| IIK Energ\u00eda de Dzemul SA | \nMexico City | \nMX | \n6,204,259 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n | \n100% | \n\n
\n\n| de Cv | \n | \n | \n | \n | \n | \n | \nEnel Rinnovabile SA | \n100% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nde Cv | \n | \n | \n\n
\n\n| Ilary Energia Srl | \nRome | \nIT | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel Libra Flexsys Srl | \n100% | \n51% | \n\n
\n\n| Impofu Cluster Investment | \nGauteng | \nZA | \n2,000,000 | \nZAR | \n | \nEquity | \nEnel Green Power RSA | \n51% | \n25% | \n\n
\n\n| SPV (RF) (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n\n
\n\n| Infraestructura de | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n | \n | \n\n
\n\n| Evacuaci\u00f3n Pe\u00f1aflor 220 | \nMadrid | \nES | \n3,500 | \nEUR | \n | \nEquity | \nEspa\u00f1a SLU | \n41% | \n29% | \n\n
\n\n| kV SL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nPuerto Santa Mar\u00eda | \n50% | \n | \n\n
\n\n| Infraestructuras Palos | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnerg\u00eda I SLU | \n | \n70% | \n\n
\n\n| 220 SL | \n | \n | \n | \n | \n | \n | \nPuerto Santa Mar\u00eda | \n50% | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnerg\u00eda II SLU | \n | \n | \n\n
\n\n| Infraestructuras San | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n | \n | \n\n
\n\n| Serv\u00e1n 220 | \nMadrid | \nES | \n12,000 | \nEUR | \n | \nEquity | \nEspa\u00f1a Solar 1 SLU | \n31% | \n11% | \n\n
\n\n| SL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nAranort Desarrollos SLU | \n6% | \n | \n\n
\n\n| Infraestructuras San | \nMadrid | \nES | \n90,000 | \nEUR | \n | \nEquity | \nBaylio Solar SLU | \n6% | \n7% | \n\n
\n\n| Serv\u00e1n Set 400 SL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nFuratena Solar 1 SLU | \n6% | \n | \n\n
\n\n| Ingwe Solar Power Plant | \nGauteng | \nZA | \n1,000 | \nZAR | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n\n
\n\n| (RF) (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Inkolan Informaci\u00f3n y | \n | \n | \n | \n | \n | \n | \nEdistribuci\u00f3n Redes | \n | \n | \n\n
\n\n| Coordinaci\u00f3n de Obras | \nBilbao | \nES | \n84,142 | \nEUR | \n | \n- | \nDigitales SLU | \n14% | \n10% | \n\n
\n\n| AIE | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nAranort Desarrollos SLU | \n8% | \n | \n\n
\n\n| Instalaciones San Serv\u00e1n | \nMadrid | \nES | \n11,026 | \nEUR | \n | \nEquity | \nBaylio Solar SLU | \n8% | \n8% | \n\n
\n\n| II 400 SL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \nFuratena Solar 1 SLU | \n8% | \n | \n\n
\n\n\n\n
\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n\n\n\n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n\n\n\n\n
\n\n| International Multimedia | \n- | \nIT | \n24,000 | \nEUR | \n | \n- | \nEnel Italia SpA | \n13% | \n13% | \n\n\n\n\n\n
\n\n| University Srl in bankruptcy | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Ipsomata DPGU Single | \nMaroussi | \nGR | \n30,000 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n\n\n\n\n\n
\n\n| Member Private Company | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n\n\n\n\n\n
\n\n| Iris Bloom Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Iron Belt Energy Storage | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Iron Bull Solar Project LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Irradiance Draw Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Isamu Ikeda Energia SA | \nNiter\u00f3i | \nBR | \n31,753,476 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n\n\n\n\n
\n\n| Italgest Energy (Pty) Ltd | \nJohannesburg | \nZA | \n1,000 | \nZAR | \n | \nLine-by-line | \nEnel Green Power South | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nAfrica (Pty) Ltd | \n | \n | \n\n\n\n\n\n
\n\n| Jack River LLC | \nMinneapolis | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nChi Minnesota Wind LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Jackrabbit Energy Storage | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Jade Energia | \nRio de Janeiro | \nBR | \n7,283,953 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n\n\n\n\n\n
\n\n| Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Jamboree Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Jessica Mills LLC | \nMinneapolis | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nChi Minnesota Wind LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Julep Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Julia Hills LLC | \nMinneapolis | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nChi Minnesota Wind LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Junia Insurance Srl | \nMosciano | \nIT | \n10,000 | \nEUR | \n | \nEquity | \nMooney Group SpA | \n100% | \n50% | \n\n\n\n\n\n
\n\n | \nSant\u2019Angelo | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Juniper Canyon Energy | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Storage Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Keeneys Creek Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n\n\n\n
\n\n| Ken Renewables India | \nGurugram | \nIN | \n12,100,000 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Private Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n\n\n\n\n\n
\n\n| King Branch Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Energy Storage | \n | \n | \n\n\n\n\n\n
\n\n| Kingston Energy Storage | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nHoldings LLC (formerly | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nEGP Energy Storage | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC) | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n100% | \n | \n\n\n\n\n\n
\n\n| Kino Contractor SA de Cv | \nMexico City | \nMX | \n1,000,100 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Rinnovabile SA | \n0% | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nde Cv | \n | \n | \n\n\n\n\n\n
\n\n| Knickerbocker Energy | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Storage Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Kokkinari DPGU Single | \nMaroussi | \nGR | \n41,000 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n\n\n\n\n\n
\n\n| Member Private Company | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n\n\n\n\n\n
\n\n| Korea Line Corporation | \nSeoul | \nKR 122,132,520,000 | \nKRW | \n | \n- | \nEnel Global Trading SpA | \n0% | \n0% | \n\n\n\n\n\n
\n\n| Koukos Energy Single | \nMaroussi | \nGR | \n4,006 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n\n\n\n\n\n
\n\n| Member Private Company | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n\n\n\n\n\n
\n\n| Kromschroeder SA | \nL\u2019Hospitalet de | \nES | \n627,126 | \nEUR | \n | \nEquity | \nEndesa Medios y | \n29% | \n21% | \n\n\n\n\n\n
\n\n | \nLlobregat | \n | \n | \n | \n | \n | \nSistemas SLU | \n | \n | \n\n\n\n\n\n
\n\n| Kutlwano Solar Power | \nGauteng | \nZA | \n1,000 | \nZAR | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Plant (RF) (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Lake Emily Solar LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nAurora Distributed Solar | \n100% | \n74% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n\n\n\n
\n\n| Lake Pulaski Solar LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nAurora Distributed Solar | \n100% | \n74% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n\n\n\n
\n\n| Land Run Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n\n\n\n\n\n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n\n\n\n\n\n
\n\n| Land Run Wind Project | \nDover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nSundance Wind Project | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n\n\n\n
\n\n| Lantana Springs | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Hydrogen Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Lantern Trail Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Lariat Energy Storage | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Lasso Solar Project LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Latam Solar Energ\u00edas | \nBogot\u00e1 | \nCO | \n8,000,000 | \nCOP | \n | \nLine-by-line | \nEnel Colombia SA ESP | \n100% | \n47% | \n\n\n\n\n\n
\n\n| Renovables SAS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Latam Solar Fotovoltaica | \nBogot\u00e1 | \nCO | \n8,000,000 | \nCOP | \n | \nLine-by-line | \nEnel Colombia SA ESP | \n100% | \n47% | \n\n\n\n\n\n
\n\n| Fundaci\u00f3n SAS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Latam Solar Fotovoltaica | \nBogot\u00e1 | \nCO | \n8,000,000 | \nCOP | \n | \nLine-by-line | \nEnel Colombia SA ESP | \n100% | \n47% | \n\n\n\n\n\n
\n\n| Sahagun SAS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Lathrop Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n\n\n\n
\n\n| Laural Grove Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Lawrence Creek Solar LLC | \nMinneapolis | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nAurora Distributed Solar | \n100% | \n74% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n\n\n\n
\n\n| Lebanon Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n\n\n\n
\n\n| Legacy Blossom | \n | \n | \n | \n | \n | \n | \nEnel Alberta Storage Inc. | \n0% | \n | \n\n\n\n\n\n
\n\n| Storage Project Limited | \nCalgary | \nCA | \n- | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n | \n100% | \n\n\n\n\n\n
\n\n| Partnership | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n100% | \n | \n\n\n\n\n\n
\n\n| Lemonade Solar Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Lerato Solar Power Plant | \nGauteng | \nZA | \n1,000 | \nZAR | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n\n\n\n\n\n
\n\n| (RF) (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Energy Storage | \n | \n | \n\n\n\n\n\n
\n\n| Liberty Energy Storage | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nHoldings LLC (formerly | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nEGP Energy Storage | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC) | \n | \n | \n\n\n\n\n\n
\n\n| Light Cirrus Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Lily Solar Holdings LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Green Power Lily | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nSolar Holdings LLC | \n | \n | \n\n\n\n\n\n
\n\n| Lily Solar LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nLily Solar Holdings LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| Lindahl Wind Holdings | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEGPNA Preferred Wind | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n\n\n\n\n\n
\n\n| Lindahl Wind Project LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nLindahl Wind Holdings | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n\n\n\n
\n\n| Little Elk Wind Holdings | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Little Elk Wind Project LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nLittle Elk Wind Holdings | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n\n\n\n\n\n
\n\n| Little Salt Solar Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n\n\n\n\n\n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Energy Storage | \n | \n | \n\n\n\n\n\n
\n\n| Litus Energy Storage LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nHoldings LLC (formerly | \n100% | \n100% | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nEGP Energy Storage | \n | \n | \n\n\n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC) | \n | \n | \n\n\n\n\n\n
\n\n| Loira de Log\u00edstica 10 SL | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEndesa Energ\u00eda SAU | \n100% | \n70% | \n\n\n\n\n\n
\n\n| (Sociedad Unipersonal) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Loira de Log\u00edstica 2 SL | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEndesa Energ\u00eda SAU | \n100% | \n70% | \n\n\n\n\n\n
\n\n| (Sociedad Unipersonal) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Loira de Log\u00edstica 3 SL | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEndesa Energ\u00eda SAU | \n100% | \n70% | \n\n\n\n\n\n
\n\n| (Sociedad Unipersonal) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Loira de Log\u00edstica 4 SL | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEndesa Energ\u00eda SAU | \n100% | \n70% | \n\n\n\n\n\n
\n\n| (Sociedad Unipersonal) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Loira de Log\u00edstica 5 SL | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEndesa Energ\u00eda SAU | \n100% | \n70% | \n\n\n\n\n\n
\n\n| (Sociedad Unipersonal) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n| Loira de Log\u00edstica 6 SL | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEndesa Energ\u00eda SAU | \n100% | \n70% | \n\n\n\n\n\n
\n\n| (Sociedad Unipersonal) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Loira de Log\u00edstica 7 SL | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEndesa Energ\u00eda SAU | \n100% | \n70% | \n
\n\n| (Sociedad Unipersonal) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Loira de Log\u00edstica 8 SL | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEndesa Energ\u00eda SAU | \n100% | \n70% | \n
\n\n| (Sociedad Unipersonal) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Loira de Log\u00edstica 9 SL | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEndesa Energ\u00eda SAU | \n100% | \n70% | \n
\n\n| (Sociedad Unipersonal) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Loira de Log\u00edstica SL | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEndesa Energ\u00eda SAU | \n100% | \n70% | \n
\n\n| (Sociedad Unipersonal) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Lone Pine Wind Inc. | \nAlberta | \nCA | \n- | \nCAD | \n | \n- | \nEnel Green Power | \n10% | \n10% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n | \n | \n
\n\n| Lone Pine Wind Project LP | \nAlberta | \nCA | \n- | \nCAD | \n | \nEquity | \nEnel Green Power | \n10% | \n10% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n | \n | \n
\n\n| Lucas Sostenible SL | \nMadrid | \nES | \n1,099,775 | \nEUR | \n | \nEquity | \nEnel Green Power | \n35% | \n12% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n
\n\n| Luminary Highlands Solar | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Luz de Alagoinhas | \nAlagoinhas | \nBR | \n9,350,000 | \nBRL | \n | \nLine-by-line | \nEnel X Brasil SA | \n80% | \n66% | \n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Luz de Angra Energia SA | \nRio de Janeiro | \nBR | \n14,304,790 | \nBRL | \n | \nLine-by-line | \nEnel X Brasil SA | \n51% | \n42% | \n
\n\n| Luz de Caruaru Energia | \nRio de Janeiro | \nBR | \n21,027,600 | \nBRL | \n | \nLine-by-line | \nEnel X Brasil SA | \n51% | \n42% | \n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Luz de Cataguases | \nCataguases | \nBR | \n4,800,000 | \nBRL | \n | \nLine-by-line | \nEnel X Brasil SA | \n60% | \n49% | \n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Luz de Caxias do Sul SA | \nRio de Janeiro | \nBR | \n31,017,000 | \nBRL | \n | \nLine-by-line | \nEnel X Brasil SA | \n80% | \n66% | \n
\n\n| Luz de Itanha\u00e9m | \nItanha\u00e9m | \nBR | \n22,700,000 | \nBRL | \n | \nLine-by-line | \nEnel X Brasil SA | \n60% | \n49% | \n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Luz de Jaboat\u00e3o Energia | \nRio de Janeiro | \nBR | \n21,114,200 | \nBRL | \n | \nLine-by-line | \nEnel X Brasil SA | \n51% | \n42% | \n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Luz de Macap\u00e1 Energia | \nRio de Janeiro | \nBR | \n24,338,000 | \nBRL | \n | \nLine-by-line | \nEnel X Brasil SA | \n51% | \n42% | \n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Luz de Maring\u00e1 | \nRio de Janeiro | \nBR | \n35,109,625 | \nBRL | \n | \nLine-by-line | \nEnel X Brasil SA | \n80% | \n66% | \n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Luz de Ponta Grossa SA | \nRio de Janeiro | \nBR | \n17,889,000 | \nBRL | \n | \nLine-by-line | \nEnel X Brasil SA | \n80% | \n66% | \n
\n\n| Libyan Italian Joint | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Company - Azienda | \nTripoli | \nLY | \n1,350,000 | \nEUR | \n | \n- | \nEnelpower Srl | \n0% | \n0% | \n
\n\n| Libico-Italiana (A.L.I) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Maicor Wind Srl | \nRome | \nIT | \n20,850,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n
\n\n| Mansar Renewable Energy | \nGurgaon | \nIN | \n100,000 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n100% | \n100% | \n
\n\n| Private Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n
\n\n| Maple Run Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Mar\u00eda Renovables SL | \nZaragoza | \nES | \n3,000 | \nEUR | \n | \nEquity | \nEnel Green Power | \n45% | \n32% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel X Advisory Services | \n100% | \n | \n
\n\n| Marshoy Energy Advisory | \nMumbai | \nIN | \n313,709,000 | \nINR | \n | \nLine-by-line | \nSrl | \n | \n100% | \n
\n\n| Services Private Limited | \n | \n | \n | \n | \n | \n | \nEnel X Advisory Services | \n0% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nUK Limited | \n | \n | \n
\n\n| Marte Srl | \nRome | \nIT | \n6,100,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n
\n\n| Marudhar Wind Energy | \nGurugram | \nIN | \n100,000 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n100% | \n100% | \n
\n\n| Private Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n67% | \n | \n
\n\n| M\u00e1s Energ\u00eda S de RL | \nMexico City | \nMX | \n61,873,926 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n | \n100% | \n
\n\n| de Cv | \n | \n | \n | \n | \n | \n | \nEnel Rinnovabile SA | \n33% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nde Cv | \n | \n | \n
\n\n| Mason Jar Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Mason Mountain Wind | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nPadoma Wind Power LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Matrigenix (Pty) Ltd | \nJohannesburg | \nZA | \n1,000 | \nZAR | \n | \nLine-by-line | \nEnel Green Power South | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nAfrica (Pty) Ltd | \n | \n | \n
\n\n| Maty Energia Srl | \nRome | \nIT | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n
\n\n| McBride Wind Project LLC | \nWilmington | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n
\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Merit Wind Project LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Metro Wind LLC | \nMinneapolis | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nChi Minnesota Wind LLC | \n100% | \n100% | \n
\n\n| Mexicana de | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n | \n | \n
\n\n| Hidroelectricidad | \nMexico City | \nMX | \n181,726,501 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n100% | \n100% | \n
\n\n| Mexhidro S de RL de Cv | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Mibgas | \nMadrid | \nES | \n3,000,000 | \nEUR | \n | \n- | \nEndesa SA | \n1% | \n1% | \n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Midelt Wind Farm SA | \nCasablanca | \nMA | \n145,000,000 | \nMAD | \n | \nEquity | \nNareva Enel Green Power | \n70% | \n35% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nMorocco SA | \n | \n | \n
\n\n| Millstone Junction Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnerg\u00eda Base Natural SLU | \n5% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnerg\u00eda E\u00f3lica \u00c1brego | \n8% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nSLU | \n | \n | \n
\n\n| Minglanilla Renovables | \nValencia | \nES | \n- | \nEUR | \n | \nProportional | \nEnerg\u00eda E\u00f3lica Galerna | \n9% | \n22% | \n
\n\n| 400 kV AIE | \n | \n | \n | \n | \n | \n | \nSLU | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnerg\u00eda E\u00f3lica Gregal | \n9% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nSLU | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnerg\u00eda y Naturaleza SLU | \n5% | \n | \n
\n\n| Minicentrales Acequia | \nEjea de Los | \nES | \n3,346,993 | \nEUR | \n | \n- | \nEnel Green Power | \n5% | \n4% | \n
\n\n| Cinco Villas AIE | \nCaballeros | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Minicentrales del Canal de | \nEjea de Los | \nES | \n1,202,000 | \nEUR | \n | \n- | \nEnel Green Power | \n15% | \n11% | \n
\n\n| Las B\u00e1rdenas AIE | \nCaballeros | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Minicentrales del Canal | \nZaragoza | \nES | \n1,820,000 | \nEUR | \n | \nEquity | \nEnel Green Power | \n37% | \n26% | \n
\n\n| Imperial-Gallur SL | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Mira Energy (Pty) Ltd | \nJohannesburg | \nZA | \n100 | \nZAR | \n | \nLine-by-line | \nEnel Green Power South | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nAfrica (Pty) Ltd | \n | \n | \n
\n\n| MO Land Holdings 1358 | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Mologa BESS Holding | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy (Pty) Ltd | \n100% | \n50% | \n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Mologa BESS Holding | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy Trust | \n100% | \n50% | \n
\n\n| Trust | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Mologa BESS (Pty) Ltd | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nMologa BESS Holding | \n100% | \n50% | \n
\n\n | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n
\n\n| Mologa BESS Trust | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nMologa BESS Holding | \n100% | \n50% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nTrust | \n | \n | \n
\n\n| Monte Reina Renovables | \nMadrid | \nES | \n4,000 | \nEUR | \n | \nEquity | \nFRV Zamora Solar 1 SLU | \n21% | \n14% | \n
\n\n| SL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Montrose Solar LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nAurora Distributed Solar | \n100% | \n74% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n
\n\n| Moonbeam Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Mooney Group SpA | \nMilan | \nIT | \n10,050,000 | \nEUR | \n | \nEquity | \nEnel X Srl | \n50% | \n50% | \n
\n\n| Mooney | \nMilan | \nIT | \n87,833,331 | \nEUR | \n | \nEquity | \nMooney Group SpA | \n100% | \n50% | \n
\n\n| SpA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Mooney Servizi | \nMilan | \nIT | \n8,549,999 | \nEUR | \n | \nEquity | \nMooney Group SpA | \n100% | \n50% | \n
\n\n| SpA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Morgan Branch Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n
\n\n| Morning Light Energy | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Storage Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Mountrail Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Mucho Viento Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Mule Bit Wind Project LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Muskegon County Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Muskegon Green Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n
\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Mustang Run Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nMooney Servizi SpA | \n30% | \n | \n
\n\n| myCicero Srl | \nSenigallia | \nIT | \n1,142,857 | \nEUR | \n | \nEquity | \n | \n | \n39% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nPluservice Srl | \n70% | \n | \n
\n\n| Nabb Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n
\n\n| Napolean Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Nareva Enel Green Power | \nCasablanca | \nMA | \n98,750,000 | \nMAD | \n | \nEquity | \nEnel Green Power | \n50% | \n50% | \n
\n\n| Morocco SA | \n | \n | \n | \n | \n | \n | \nMorocco S\u00e0rl | \n | \n | \n
\n\n| Neugemacht | \nFrankfurt | \nDE | \n25,000 | \nEUR | \n | \nEquity | \nGridspertise Srl | \n51% | \n26% | \n
\n\n| GmbH | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Nevkan Renewables LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Nevkan Inc. | \n100% | \n100% | \n
\n\n| New York Distributed | \nBoston | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel X North America Inc. | \n100% | \n100% | \n
\n\n| Storage Projects LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power Solar | \n | \n | \n
\n\n| Ngonye Power Company | \nLusaka | \nZM | \n10 | \nZMW | \n | \nLine-by-line | \nNgonye SpA (formerly | \n80% | \n80% | \n
\n\n| Limited | \n | \n | \n | \n | \n | \n | \nEnel Green Power Africa | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nSrl) | \n | \n | \n
\n\n| Nojoli Wind Farm (RF) | \nJohannesburg | \nZA | \n10,000,000 | \nZAR | \n | \nLine-by-line | \nEnel Green Power South | \n60% | \n60% | \n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nAfrica (Pty) Ltd | \n | \n | \n
\n\n| North English Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| North Rock Wind LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Northland Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Northstar Wind Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Northwest Hydro | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nChi West LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Notch Butte Hydro | \nWilmington | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n| Company Inc. | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| Novolitio Recuperaci\u00f3n de | \nPonferrada | \nES | \n180,000 | \nEUR | \n | \nEquity | \nEndesa Generaci\u00f3n SAU | \n45% | \n32% | \n
\n\n| Bater\u00edas SL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Nuclenor SA | \nValle de | \nES | \n5,406,000 | \nEUR | \n | \nEquity | \nEndesa Generaci\u00f3n SAU | \n50% | \n35% | \n
\n\n | \nTobalina | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Nuove Energie Srl | \nPorto | \nIT | \n5,204,029 | \nEUR | \n | \nLine-by-line | \nEnel Global Trading SpA | \n100% | \n100% | \n
\n\n | \nEmpedocle | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Nxuba Wind Farm (RF) | \nJohannesburg | \nZA | \n1,000 | \nZAR | \n | \nEquity | \nEnel Green Power RSA 2 | \n51% | \n26% | \n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n(RF) (Pty) Ltd | \n | \n | \n
\n\n| Ochrana A Bezpecnost | \nKaln\u00e1 Nad | \nSK | \n33,194 | \nEUR | \n | \nEquity | \nSlovensk\u00e9 elektr\u00e1rne AS | \n100% | \n33% | \n
\n\n| Se Sro | \nHronom | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Olathe Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n
\n\n| Old Sport Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Olivum PV Farm 01 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n35% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n
\n\n| OMIP - Operador do | \n | \n | \n | \n | \n | \n | \nEndesa Generaci\u00f3n | \n | \n | \n
\n\n| Mercado Ib\u00e9rico (Portugal) | \nLisbon | \nPT | \n2,610,000 | \nEUR | \n | \n- | \nPortugal SA | \n5% | \n4% | \n
\n\n| SGPS SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Open Range Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Operador del Mercado | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Ib\u00e9rico de Energ\u00eda - Polo | \nMadrid | \nES | \n1,999,998 | \nEUR | \n | \n- | \nEndesa SA | \n5% | \n4% | \n
\n\n| Espa\u00f1ol SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Operadora Distrital de | \nBogot\u00e1 | \nCO | \n12,500,000,000 | \nCOP | \n | \nEquity | \nEnel Colombia SA ESP | \n20% | \n9% | \n
\n\n| Transporte SAS | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Orchid Acres Solar Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Origin Goodwell Holdings | \nWilmington | \nUS | \n- | \nUSD | \n | \nEquity | \nEGPNA Wind Holdings | \n100% | \n10% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n1 LLC | \n | \n | \n
\n\n| Origin Wind Energy LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nEquity | \nOrigin Goodwell Holdings | \n100% | \n10% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n
\n\n
\n
\n
\n
\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Osage Wind Holdings LLC | \nWilmington | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Osage Wind LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nOsage Wind Holdings | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n
\n\n| Oxagesa AIE in liquidation | \nAlca\u00f1iz | \nES | \n6,010 | \nEUR | \n | \nEquity | \nEnel Green Power | \n33% | \n23% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Oyster Bay Wind Farm (RF) | \nJohannesburg | \nZA | \n1,000 | \nZAR | \n | \nEquity | \nEnel Green Power RSA 2 | \n55% | \n28% | \n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n(RF) (Pty) Ltd | \n | \n | \n
\n\n| Padoma Wind Power LLC | \nElida | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| Painted Rose Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Paliolivada Storage Single | \nMaroussi | \nGR | \n174,001 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n
\n\n| Member SA | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n
\n\n| Palo Alto Farms Wind | \nDallas | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Pampinus PV Farm 01 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Paradise Creek Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Paravento SL | \nParadela | \nES | \n3,006 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n90% | \n63% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Parc E\u00f2lic La Tossa-La | \nMadrid | \nES | \n1,183,100 | \nEUR | \n | \nEquity | \nEnel Green Power | \n30% | \n21% | \n
\n\n| Mola d\u2019en Pascual SL | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Parc E\u00f2lic Los Aligars SL | \nMadrid | \nES | \n1,313,100 | \nEUR | \n | \nEquity | \nEnel Green Power | \n30% | \n21% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Parco Eolico Monti | \nRome | \nIT | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n
\n\n| Sicani Srl | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n1% | \n | \n
\n\n| Parque Amistad II SA | \nMexico City | \nMX | \n2,589,177,005 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n | \n100% | \n
\n\n| de Cv | \n | \n | \n | \n | \n | \n | \nEnel Rinnovabile SA | \n100% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nde Cv | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n1% | \n | \n
\n\n| Parque Amistad III SA | \nMexico City | \nMX | \n1,706,287,200 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n | \n100% | \n
\n\n| de Cv | \n | \n | \n | \n | \n | \n | \nEnel Rinnovabile SA | \n100% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nde Cv | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n1% | \n | \n
\n\n| Parque Amistad IV SA | \nMexico City | \nMX | \n2,728,499,160 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n | \n100% | \n
\n\n| de Cv | \n | \n | \n | \n | \n | \n | \nEnel Rinnovabile SA | \n100% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nde Cv | \n | \n | \n
\n\n| Parque E\u00f3lico A Capelada | \nSantiago de | \nES | \n5,857,704 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n| SLU | \nCompostela | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Parque E\u00f3lico Belmonte | \nMadrid | \nES | \n120,400 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n50% | \n35% | \n
\n\n| SA | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n0% | \n | \n
\n\n| Parque E\u00f3lico BR-1 SA | \nMexico City | \nMX | \n50,000 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n | \n25% | \n
\n\n| de Cv | \n | \n | \n | \n | \n | \n | \nEnel Rinnovabile SA | \n100% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nde Cv | \n | \n | \n
\n\n| Parque E\u00f3lico Carretera | \nLas Palmas de | \nES | \n1,007,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n80% | \n56% | \n
\n\n| de Arinaga SA | \nGran Canaria | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Parque E\u00f3lico de | \nSantiago de | \nES | \n3,606,073 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n75% | \n53% | \n
\n\n| Barbanza SA | \nCompostela | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Parque E\u00f3lico de San | \nSantiago de | \nES | \n552,920 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n82% | \n57% | \n
\n\n| Andr\u00e9s SA | \nCompostela | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n66% | \n | \n
\n\n| Parque E\u00f3lico de Santa | \nLas Palmas de | \nES | \n901,500 | \nEUR | \n | \nLine-by-line | \nEspa\u00f1a SLU | \n | \n47% | \n
\n\n| Luc\u00eda SA | \nGran Canaria | \n | \n | \n | \n | \n | \nParque E\u00f3lico de Santa | \n1% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nLuc\u00eda SA | \n | \n | \n
\n\n| Parque E\u00f3lico Finca de | \nSanta Cruz de | \nES | \n3,810,340 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n90% | \n63% | \n
\n\n| Mog\u00e1n SA | \nTenerife | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Parque E\u00f3lico Montes de | \nMadrid | \nES | \n6,540,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n76% | \n53% | \n
\n\n| Las Navas SA | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Parque E\u00f3lico Muniesa | \nMadrid | \nES | \n3,006 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n| SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n
\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Parque E\u00f3lico Palmas dos | \n | \n | \n | \n | \n | \n | \nEnel Brasil SA | \n100% | \n | \n
\n\n| Ventos Ltda | \nSalvador | \nBR | \n4,096,626 | \nBRL | \n | \nLine-by-line | \nEnel Green Power | \n | \n82% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDesenvolvimento Ltda | \n0% | \n | \n
\n\n| Parque E\u00f3lico Pampa SA | \nBuenos Aires | \nAR | \n477,139,364 | \nARS | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n
\n\n| Parque E\u00f3lico Punta de | \nSanta Cruz de | \nES | \n528,880 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n52% | \n36% | \n
\n\n| Teno SA | \nTenerife | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Parque E\u00f3lico Sierra del | \nMadrid | \nES | \n7,193,970 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n58% | \n41% | \n
\n\n| Madero SA | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nTenedora de Energ\u00eda | \n | \n | \n
\n\n| Parque Salitrillos SA de Cv | \nMexico City | \nMX | \n100 | \nMXN | \n | \nEquity | \nRenovable Sol y Viento | \n61% | \n20% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nSAPI de Cv | \n | \n | \n
\n\n| Parque Solar Cauchari | \nSan Salvador | \nAR | \n500,000 | \nARS | \n | \nLine-by-line | \nEnel Am\u00e9ricas SA | \n100% | \n82% | \n
\n\n| IV SAU | \nde Jujuy | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Parque Solar Don Jos\u00e9 | \n | \n | \n | \n | \n | \n | \nTenedora de Energ\u00eda | \n | \n | \n
\n\n| SA de Cv | \nMexico City | \nMX | \n100 | \nMXN | \n | \nEquity | \nRenovable Sol y Viento | \n61% | \n20% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nSAPI de Cv | \n | \n | \n
\n\n| Parque Solar Villanueva | \n | \n | \n | \n | \n | \n | \nTenedora de Energ\u00eda | \n | \n | \n
\n\n| Tres SA de Cv | \nMexico City | \nMX | \n306,024,631 | \nMXN | \n | \nEquity | \nRenovable Sol y Viento | \n61% | \n20% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nSAPI de Cv | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n61% | \n | \n
\n\n| Parque Talinay | \nSantiago de | \nCL | \n66,092,165,174 | \nCLP | \n | \nLine-by-line | \nChile SA | \n | \n79% | \n
\n\n| Oriente SA | \nChile | \n | \n | \n | \n | \n | \nEnel Green Power SpA | \n39% | \n | \n
\n\n| Pastis - Centro Nazionale | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| per la ricerca e lo sviluppo | \nBrindisi | \nIT | \n2,065,000 | \nEUR | \n | \n- | \nEnel Italia SpA | \n1% | \n1% | \n
\n\n| dei materiali SCPA in | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| liquidation | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Paynesville Solar | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nAurora Distributed Solar | \n100% | \n74% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n
\n\n| PDP Technologies | \nKfar Saba | \nIL | \n1,129,252 | \nILS | \n | \n- | \nEnel Grids Srl | \n5% | \n5% | \n
\n\n| Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Pearl Star Wind Limited | \n | \n | \n | \n | \n | \n | \nEnel Alberta Wind Inc. | \n0% | \n | \n
\n\n| Partnership | \nCalgary | \nCA | \n100 | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n100% | \n | \n
\n\n| Pebble Stream Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Peel Valley Solar Farm | \nSydney | \nAU | \n10 | \nAUD | \n | \nEquity | \nPotentia Energy Group | \n100% | \n50% | \n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n
\n\n| Peel Valley Solar Hybrid | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy (Pty) Ltd | \n100% | \n50% | \n
\n\n| Holding (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Peel Valley Solar Hybrid | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy Trust | \n100% | \n50% | \n
\n\n| Holding Trust | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Peel Valley Solar Hybrid | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPeel Valley Solar Hybrid | \n100% | \n50% | \n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nHolding (Pty) Ltd | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEndesa Generaci\u00f3n | \n0% | \n | \n
\n\n| Pegop - Energia El\u00e9ctrica | \nPego | \nPT | \n50,000 | \nEUR | \n | \nEquity | \nPortugal SA | \n | \n35% | \n
\n\n| SA | \n | \n | \n | \n | \n | \n | \nEndesa Generaci\u00f3n SAU | \n50% | \n | \n
\n\n| PH Chuc\u00e1s SA | \nSan Jos\u00e9 | \nCR | \n100,000 | \nCRC | \n | \nLine-by-line | \nEnel Costa Rica CAM SA | \n65% | \n31% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Costa Rica CAM SA | \n33% | \n | \n
\n\n| PH Don Pedro SA | \nSan Jos\u00e9 | \nCR | \n100,001 | \nCRC | \n | \nLine-by-line | \n | \n | \n19% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nGlobyte SA | \n67% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Costa Rica CAM SA | \n34% | \n | \n
\n\n| PH R\u00edo Volc\u00e1n SA | \nSan Jos\u00e9 | \nCR | \n100,001 | \nCRC | \n | \nLine-by-line | \n | \n | \n19% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nGlobyte SA | \n66% | \n | \n
\n\n| Piebald Hill Energy | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Storage Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Pike Den Solar Project LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Pilesgrove Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n51% | \n | \n
\n\n| Pincher Creek LP | \nAlberta | \nCA | \n- | \nCAD | \n | \nLine-by-line | \nCanada Inc. | \n | \n51% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nPincher Creek | \n1% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nManagement Inc. | \n | \n | \n
\n\n
\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Pincher Creek | \nCalgary | \nCA | \n100 | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n51% | \n51% | \n
\n\n| Management Inc. | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n | \n | \n
\n\n| Pine Bluff Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Pine Island Distributed | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nAurora Distributed Solar | \n100% | \n74% | \n
\n\n| Solar LLC | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n
\n\n| Playa Flat Energy Storage | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Pluservice Srl | \nSenigallia | \nIT | \n450,000 | \nEUR | \n | \nEquity | \nMooney Servizi SpA | \n70% | \n35% | \n
\n\n| Point Bar Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Point Rider Solar Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Polka Dot Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Energy Storage | \n | \n | \n
\n\n| Pomerado Energy Storage | \nWilmington | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nHoldings LLC (formerly | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nEGP Energy Storage | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC) | \n | \n | \n
\n\n| Potentia Energy Group | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nEnel Green Power SpA | \n50% | \n50% | \n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Potentia Energy Markets | \nMelbourne | \nAU | \n2 | \nAUD | \n | \nEquity | \nPotentia Energy Group | \n100% | \n50% | \n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n
\n\n| Potentia Energy (Pty) Ltd | \nSydney | \nAU | \n10,000 | \nAUD | \n | \nEquity | \nPotentia Energy Group | \n100% | \n50% | \n
\n\n | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n
\n\n| Potentia Energy Retail | \nSydney | \nAU | \n200,100 | \nAUD | \n | \nEquity | \nPotentia Energy Group | \n100% | \n50% | \n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n
\n\n| Potentia Energy Ridgey | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nRidgey Creek BESS | \n100% | \n50% | \n
\n\n| Creek BESS (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nHolding (Pty) Ltd | \n | \n | \n
\n\n| Potentia Energy Trust | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nEnel Green Power SpA | \n50% | \n50% | \n
\n\n| PowerCrop Macchiareddu | \nRussi | \nIT | \n100,000 | \nEUR | \n | \nEquity | \nPowerCrop SpA (formerly | \n100% | \n50% | \n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \nPowerCrop Srl) | \n | \n | \n
\n\n| PowerCrop Russi Srl | \nRussi | \nIT | \n100,000 | \nEUR | \n | \nEquity | \nPowerCrop SpA (formerly | \n100% | \n50% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nPowerCrop Srl) | \n | \n | \n
\n\n| PowerCrop SpA (formerly | \nRussi | \nIT | \n4,000,000 | \nEUR | \n | \nEquity | \nEnel Green Power | \n50% | \n50% | \n
\n\n| PowerCrop Srl) | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n
\n\n| Prairie Rose Transmission | \nMinneapolis | \nUS | \n- | \nUSD | \n | \nEquity | \nPrairie Rose Wind LLC | \n100% | \n10% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Prairie Rose Wind LLC | \nAlbany | \nUS | \n- | \nUSD | \n | \nEquity | \nEGPNA REP Wind | \n100% | \n10% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n
\n\n| Primavera Energia | \nNiter\u00f3i | \nBR | \n36,965,445 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Principia Energy 1 Single | \nMaroussi | \nGR | \n2,000 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n
\n\n| Member PC | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n
\n\n| Principia Energy 2 Single | \nMaroussi | \nGR | \n2,000 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n
\n\n| Member PC | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n
\n\n| Principia Energy 3 Single | \nMaroussi | \nGR | \n2,000 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n
\n\n| Member PC | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n
\n\n| Principia Energy 4 Single | \nMaroussi | \nGR | \n2,000 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n
\n\n| Member PC | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n
\n\n| Principia Energy 5 Single | \nMaroussi | \nGR | \n2,000 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n
\n\n| Member PC | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n
\n\n| Principia Energy | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Generation Single | \nMaroussi | \nGR | \n473,335,000 | \nEUR | \n | \nEquity | \nPrincipia Energy SA | \n100% | \n50% | \n
\n\n| Member SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Principia Energy Services | \nMaroussi | \nGR | \n28,737,920 | \nEUR | \n | \nEquity | \nPrincipia Energy SA | \n100% | \n50% | \n
\n\n| Single Member SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Principia Energy SA | \nMaroussi | \nGR | \n498,160,086 | \nEUR | \n | \nEquity | \nEnel Green Power SpA | \n50% | \n50% | \n
\n\n| Principia Energy South | \n | \n | \n | \n | \n | \n | \nPrincipia Energy | \n | \n | \n
\n\n| Evia Single Member SA | \nMaroussi | \nGR | \n100,669,641 | \nEUR | \n | \nEquity | \nGeneration Single | \n100% | \n50% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nMember SA | \n | \n | \n
\n\n| Productive Solar Systems | \nAndorra | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n| SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n
\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Productora de Energ\u00edas | \nBarcelona | \nES | \n60,101 | \nEUR | \n | \nEquity | \nEnel Green Power | \n30% | \n21% | \n
\n\n| SA | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Productora El\u00e9ctrica | \nLa Seu d\u2019Urgell | \nES | \n8,400,000 | \nEUR | \n | \n- | \nEndesa SA | \n8% | \n6% | \n
\n\n| Urgellenca SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Promociones Energ\u00e9ticas | \nMadrid | \nES | \n12,020 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n| del Bierzo SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n25% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Promotores Mud\u00e9jar 400 | \nZaragoza | \nES | \n3,000 | \nEUR | \n | \nEquity | \nRenovables La Pedrera | \n7% | \n24% | \n
\n\n| kV SL | \n | \n | \n | \n | \n | \n | \nSLU | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nRenovables Mediavilla | \n6% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nSLU | \n | \n | \n
\n\n| Proveedora de | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n | \n | \n
\n\n| Electricidad de Occidente | \nMexico City | \nMX | \n89,706,035 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n100% | \n100% | \n
\n\n| S de RL de Cv | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Proyectos Universitarios | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n | \n | \n
\n\n| de Energ\u00edas Renovables | \nAlicante | \nES | \n27,000 | \nEUR | \n | \nEquity | \nEspa\u00f1a SLU | \n33% | \n23% | \n
\n\n| SL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n | \n | \n
\n\n| Proyectos y Soluciones | \n | \n | \n | \n | \n | \n | \nPartecipazioni Speciali | \n100% | \n | \n
\n\n| Renovables SAC | \nSan Miguel | \nPE | \n12,528,789 | \nPEN | \n | \nLine-by-line | \nSrl | \n | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Per\u00fa SAC | \n0% | \n | \n
\n\n| PSG Energy Private | \n- | \nIN | \n100,000 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n100% | \n100% | \n
\n\n| Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n
\n\n| PT Enel Green Power | \nJakarta | \nID | \n10,002,740 | \nUSD | \n | \nLine-by-line | \nEnel Green Power SpA | \n90% | \n90% | \n
\n\n| Optima Way Ratai | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Puerto Santa Mar\u00eda | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n| Energ\u00eda I SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Puerto Santa Mar\u00eda | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n| Energ\u00eda II SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Pulida Energy (RF) (Pty) Ltd | \nJohannesburg | \nZA | \n10,000,000 | \nZAR | \n | \nLine-by-line | \nEnel Green Power South | \n53% | \n53% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nAfrica (Pty) Ltd | \n | \n | \n
\n\n| Pumpkin Vine Wind | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| QPSF (Pty) | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy Trust | \n100% | \n50% | \n
\n\n| Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Quatiara Energia | \nNiter\u00f3i | \nBR | \n24,144,119 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Energy Storage | \n | \n | \n
\n\n| Queens Energy Storage | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nHoldings LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n(formerly EGP Energy | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nStorage Holdings LLC) | \n | \n | \n
\n\n| Quorn Park FinCo (Pty) Ltd | \nBarangaroo | \nAU | \n100 | \nAUD | \n | \nEquity | \nQuorn Park Solar Hybrid | \n100% | \n50% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nTrust | \n | \n | \n
\n\n| Quorn Park Solar Hybrid | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy (Pty) Ltd | \n100% | \n50% | \n
\n\n| Holding (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Quorn Park Solar Hybrid | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy Trust | \n100% | \n50% | \n
\n\n| Holding Trust | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Quorn Park Solar Hybrid | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nQuorn Park Solar Hybrid | \n100% | \n50% | \n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nHolding (Pty) Ltd | \n | \n | \n
\n\n| Quorn Park Solar Hybrid | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nQuorn Park Solar Hybrid | \n100% | \n50% | \n
\n\n| Trust | \n | \n | \n | \n | \n | \n | \nHolding Trust | \n | \n | \n
\n\n| Raleigh Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n
\n\n| Ranchland Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Ranchland Wind Holdings | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Ranchland Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nAzureRanchII Wind | \n100% | \n100% | \n
\n\n| II LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n
\n\n| Ranchland Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEGP North America | \n100% | \n100% | \n
\n\n| PPA LLC | \n | \n | \n | \n | \n | \n | \nPPA LLC | \n | \n | \n
\n\n| Ranchland Wind Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nRockhaven Ranchland | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n
\n\n| Ranchland Wind Storage | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n
\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Rattlesnake Creek | \nDelaware | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Holdings LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Rausch Creek Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Razorback Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| RC Wind Srl | \nMilan | \nIT | \n10,000 | \nEUR | \n | \n- | \nEnel Green Power | \n1% | \n1% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n
\n\n| RE Arroyo LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Reaktortest Sro | \nTrnava | \nSK | \n66,389 | \nEUR | \n | \n- | \nSlovensk\u00e9 elektr\u00e1rne AS | \n49% | \n16% | \n
\n\n| Rebuilding Agente | \nMadrid | \nES | \n250,000 | \nEUR | \n | \nEquity | \nEndesa Energ\u00eda SAU | \n50% | \n35% | \n
\n\n| Rehabilitador SL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nImpofu Cluster | \n | \n | \n
\n\n| Red Cap Impofu (Pty) Ltd | \nSandton | \nZA | \n120,000 | \nZAR | \n | \nEquity | \nInvestment SPV (RF) | \n100% | \n25% | \n
\n\n | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n
\n\n| Red Cap Impofu East | \n | \n | \n | \n | \n | \n | \nImpofu Cluster | \n | \n | \n
\n\n| (Pty) Ltd | \nGauteng | \nZA | \n35,059,068 | \nZAR | \n | \nEquity | \nInvestment SPV (RF) | \n100% | \n25% | \n
\n\n | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n
\n\n| Red Cap Impofu West | \n | \n | \n | \n | \n | \n | \nImpofu Cluster | \n | \n | \n
\n\n| (Pty) Ltd | \nGauteng | \nZA | \n10,000 | \nZAR | \n | \nEquity | \nInvestment SPV (RF) | \n100% | \n25% | \n
\n\n | \n | \n | \n | \n | \n | \n | \n(Pty) Ltd | \n | \n | \n
\n\n| Red Cardinal Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Red Centroamericana de | \nPanama City | \nPA | \n2,700,000 | \nUSD | \n | \n- | \nEnel SpA | \n11% | \n11% | \n
\n\n| Telecomunicaciones SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Red Dirt Wind Holdings | \nDover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n| I LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| Red Dirt Wind Holdings | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Red Dirt Wind Project LLC | \nDover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nRed Dirt Wind Holdings | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n
\n\n| Red Fox Wind Project LLC | \nWilmington | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Red Stag Energy Storage | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Red Top Solar Project LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Red Yucca Energy Storage | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Regal Rising Solar Project | \n | \n | \n | \n | \n | \n | \nEnel Alberta Solar Inc. | \n0% | \n | \n
\n\n| Limited Partnership | \nCalgary | \nCA | \n- | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n100% | \n | \n
\n\n| Ren Alfajar\u00edn Solar SLU | \nMadrid | \nES | \n3,006 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Ren Wave Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Renovables Andorra SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nBaylio Solar SLU | \n6% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nDehesa de los | \n6% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nGuadalupes Solar SLU | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEmintegral Cycle SLU | \n17% | \n | \n
\n\n| Renovables Brovales 400 | \nSeville | \nES | \n5,000 | \nEUR | \n | \nEquity | \nEnel Green Power | \n6% | \n28% | \n
\n\n| kV SL | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n16% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nFuratena Solar 1 SLU | \n6% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nSeguidores Solares | \n6% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nPlanta 2 SLU | \n | \n | \n
\n\n| Renovables Brovales | \n | \n | \n | \n | \n | \n | \nEmintegral Cycle SLU | \n33% | \n | \n
\n\n| Segura de Le\u00f3n 400 | \nSeville | \nES | \n5,000 | \nEUR | \n | \nEquity | \nEnel Green Power | \n | \n33% | \n
\n\n| kV SL | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n31% | \n | \n
\n\n
\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Renovables de Guatemala | \n | \n | \n | \n | \n | \n | \nEnel Colombia SA ESP | \n100% | \n | \n
\n\n| SA | \nGuatemala City | \nGT | \n1,924,465,600 | \nGTQ | \n | \nLine-by-line | \n | \n | \n47% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Guatemala SA | \n0% | \n | \n
\n\n| Renovables La Pedrera | \nZaragoza | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n| SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n28% | \n | \n
\n\n| Renovables Manzanares | \nMadrid | \nES | \n5,000 | \nEUR | \n | \nEquity | \nEspa\u00f1a SLU | \n | \n25% | \n
\n\n| 400 kV SL | \n | \n | \n | \n | \n | \n | \nStonewood Desarrollos | \n16% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nSLU | \n | \n | \n
\n\n| Renovables Mediavilla SLU | \nZaragoza | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n35% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n
\n\n| Renovables Teruel SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Reservoir Falls Energy | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Storage Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Rhinestone Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Ribina Renovables 400 SL | \nPozuelo de | \nES | \n3,000 | \nEUR | \n | \nEquity | \nEnel Green Power | \n40% | \n28% | \n
\n\n | \nAlarc\u00f3n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Ridgey Creek BESS | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy (Pty) Ltd | \n100% | \n50% | \n
\n\n| Holding (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Ridgey Creek BESS | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy Trust | \n100% | \n50% | \n
\n\n| Holding Trust | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Ridgey Creek BESS Trust | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nRidgey Creek BESS | \n100% | \n50% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nHolding Trust | \n | \n | \n
\n\n| River Mill Solar Project LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| River Point Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Riverbend Farms Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n51% | \n | \n
\n\n| Riverview LP | \nAlberta | \nCA | \n- | \nCAD | \n | \nLine-by-line | \nCanada Inc. | \n | \n51% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nRiverview Management | \n1% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nInc. | \n | \n | \n
\n\n| Riverview Management | \nCalgary | \nCA | \n100 | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n51% | \n51% | \n
\n\n| Inc. | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n | \n | \n
\n\n| Riverview Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n
\n\n| Roadrunner Solar Project | \nAndover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Roadrunner Solar | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nProject Holdings LLC | \n | \n | \n
\n\n| Roadrunner Storage LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Rock Creek Wind | \nDover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n| Holdings I LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| Rock Creek Wind | \nDover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nRock Creek Wind | \n100% | \n100% | \n
\n\n| Holdings II LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n
\n\n| Rock Creek Wind | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEGPNA Preferred Wind | \n100% | \n100% | \n
\n\n| Holdings LLC | \n | \n | \n | \n | \n | \n | \nHoldings II LLC | \n | \n | \n
\n\n| Rock Creek Wind Project | \nClayton | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nRock Creek Wind | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n
\n\n| Rock Prairie Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Rockhaven Ranchland | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Holdings LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Rockhaven Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nRockhaven Ranchland | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n
\n\n| Rocky Caney Holdings | \nOklahoma City | \nUS | \n1 | \nUSD | \n | \nEquity | \nEnel Kansas LLC | \n10% | \n10% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Rocky Caney Wind LLC | \nAlbany | \nUS | \n- | \nUSD | \n | \nEquity | \nRocky Caney Holdings | \n100% | \n10% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n
\n\n| Rocky Ridge Wind Project | \nOklahoma City | \nUS | \n- | \nUSD | \n | \nEquity | \nRocky Caney Wind LLC | \n100% | \n10% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n | \n | \n
\n\n| Rodnikovskaya WPS | \nMoscow | \nRU | \n6,010,000 | \nRUB | \n | \nLine-by-line | \nRus Limited Liability | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nCompany | \n | \n | \n
\n\n
\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Roha Renewables India | \nGurugram | \nIN | \n100,000 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n100% | \n100% | \n
\n\n| Private Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n
\n\n| Rolling Farms Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Rosy Range Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Ruthton Ridge LLC | \nMinneapolis | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nChi Minnesota Wind LLC | \n100% | \n100% | \n
\n\n| S4ma Developments | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Sp\u00f3\u0142ka Z Ograniczon\u0105 | \nWroc\u0142aw | \nPL | \n5,000 | \nPLN | \n | \nLine-by-line | \nEnel Green Power SpA | \n100% | \n100% | \n
\n\n| Odpowiedzialno\u015bci\u0105 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Sacme SA | \nBuenos Aires | \nAR | \n12,000 | \nARS | \n | \nEquity | \nEmpresa Distribuidora | \n50% | \n30% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nSur SA - Edesur | \n | \n | \n
\n\n| Saddle House Solar | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Salt Springs Wind Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Salto de San Rafael SL | \nSeville | \nES | \n462,186 | \nEUR | \n | \nEquity | \nEnel Green Power | \n50% | \n35% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| San Francisco de Borja SA | \nZaragoza | \nES | \n60,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n67% | \n47% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| San Juan Mesa Wind | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nPadoma Wind Power LLC | \n100% | \n100% | \n
\n\n| Project II LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Sanosari Energy Private | \nGurugram | \nIN | \n100,000 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n100% | \n100% | \n
\n\n| Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n
\n\n| Santo Rostro | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n | \n | \n
\n\n| Cogeneraci\u00f3n SA in | \nSeville | \nES | \n207,340 | \nEUR | \n | \nEquity | \nEspa\u00f1a SLU | \n45% | \n32% | \n
\n\n| liquidation | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Sardhy Green Hydrogen | \nSarroch | \nIT | \n10,000 | \nEUR | \n | \nEquity | \nEnel Green Power | \n50% | \n50% | \n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Energy Storage | \n | \n | \n
\n\n| Saugus River Energy | \nDover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nHoldings LLC (formerly | \n100% | \n100% | \n
\n\n| Storage LLC | \n | \n | \n | \n | \n | \n | \nEGP Energy Storage | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC) | \n | \n | \n
\n\n| Savanna Power Solar | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n| 10 SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Savanna Power Solar | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n| 12 SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Savanna Power Solar | \nSeville | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n| 13 SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Savanna Power Solar | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n| 4 SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Savanna Power Solar | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n| 5 SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Savanna Power Solar | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n| 6 SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Savanna Power Solar | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n| 9 SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Seaway Landing Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Seccionadora Almod\u00f3var | \nM\u00e1laga | \nES | \n5,000 | \nEUR | \n | \nEquity | \nEnel Green Power | \n38% | \n26% | \n
\n\n| Renovables SL | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Seguidores Solares Planta | \nMadrid | \nES | \n3,010 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n35% | \n
\n\n| 2 SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n
\n\n| Servizio Elettrico | \nRome | \nIT | \n10,000,000 | \nEUR | \n | \nLine-by-line | \nEnel Italia SpA | \n100% | \n100% | \n
\n\n| Nazionale SpA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Set Carmona 400 kV | \nSeville | \nES | \n10,000 | \nEUR | \n | \nEquity | \nEnel Green Power | \n16% | \n11% | \n
\n\n| Renovables SL | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Setyl Srl | \nBergamo | \nIT | \n100,000 | \nEUR | \n | \nEquity | \nEnel X Italia | \n28% | \n28% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nSrl | \n | \n | \n
\n\n| Seven Cowboy PPA LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEGP North America | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nPPA LLC | \n | \n | \n
\n\n| Seven Cowboy Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project Holdings LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Seven Cowboy Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project II LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n
\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Seven Cowboy Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nSeven Cowboy Wind | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \nProject Holdings LLC | \n | \n | \n
\n\n| Seven Cowboys Solar | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Shark Power REN 10 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nShark Power SLU | \n100% | \n70% | \n
\n\n| Shark Power REN 4 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nShark Power SLU | \n100% | \n70% | \n
\n\n| Shark Power REN 5 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nShark Power SLU | \n100% | \n70% | \n
\n\n| Shark Power REN 6 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nShark Power SLU | \n100% | \n70% | \n
\n\n| Shark Power REN 7 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nShark Power SLU | \n100% | \n70% | \n
\n\n| Shark Power REN 8 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nShark Power SLU | \n100% | \n70% | \n
\n\n| Shark Power REN 9 SLU | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nShark Power SLU | \n100% | \n70% | \n
\n\n| Shark Power SLU | \nMadrid | \nES | \n143,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n70% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Shepherd Pass Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Shiawassee Wind Project | \nWilmington | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Energy Storage | \n | \n | \n
\n\n| Shield Energy Storage | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nHoldings LLC (formerly | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \nEGP Energy Storage | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC) | \n | \n | \n
\n\n| Shikhar Surya (One) | \nGurugram | \nIN | \n340,100,000 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n100% | \n100% | \n
\n\n| Private Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n
\n\n| Sicilhy Srl | \nRome | \nIT | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n
\n\n| SIET - Societ\u00e0 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Informazioni Esperienze | \nPiacenza | \nIT | \n697,820 | \nEUR | \n | \nEquity | \nEnel Innovation Hubs Srl | \n42% | \n42% | \n
\n\n| Termoidrauliche SpA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Silt Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n
\n\n| Silver Dollar Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Silverware Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Sinergia EWR4 | \nRome | \nIT | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n
\n\n| Sinergia GP6 Srl | \nRome | \nIT | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n
\n\n| Sinergia GP7 Srl | \nRome | \nIT | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n
\n\n| Sistema El\u00e9ctrico de | \nMadrid | \nES | \n175,200 | \nEUR | \n | \nEquity | \nEnel Green Power | \n28% | \n20% | \n
\n\n| Conexi\u00f3n Valcaire SL | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Sistemas Energ\u00e9ticos | \nSantiago de | \nES | \n2,007,750 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n96% | \n67% | \n
\n\n| Ma\u00f1\u00f3n Ortigueira SA | \nCompostela | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Six String Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Skyview Solar Project LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Skyview Wind Project LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Sleep Hollow Solar I LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nBrick Road Solar | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n
\n\n| Slovak Power Holding BV | \nAmsterdam | \nNL | \n25,010,000 | \nEUR | \n | \nEquity | \nEnel Produzione SpA | \n50% | \n50% | \n
\n\n| Slovensk\u00e9 elektr\u00e1rne - | \nBratislava | \nSK | \n4,505,000 | \nEUR | \n | \nEquity | \nSlovensk\u00e9 elektr\u00e1rne AS | \n100% | \n33% | \n
\n\n| Energetick\u00e9 Slu\u017eby Sro | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Slovensk\u00e9 elektr\u00e1rne AS | \nBratislava | \nSK | \n1,269,295,725 | \nEUR | \n | \nEquity | \nSlovak Power Holding BV | \n66% | \n33% | \n
\n\n
\n
\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Slovensk\u00e9 elektr\u00e1rne | \nMoravsk\u00e1 | \nCZ | \n295,819 | \nCZK | \n | \nEquity | \nSlovensk\u00e9 elektr\u00e1rne AS | \n100% | \n33% | \n
\n\n| \u010cesk\u00e1 Republika Sro | \nOstrava | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Slu\u017eby in\u017einierskych | \nKaln\u00e1 Nad | \nSK | \n200,000 | \nEUR | \n | \nEquity | \nSlovensk\u00e9 elektr\u00e1rne AS | \n100% | \n33% | \n
\n\n| stavieb v likvid\u00e1cii | \nHronom | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Smoky Hill Holdings II LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Smoky Hills Wind Farm | \nTopeka | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEGPNA Project HoldCo | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n1 LLC | \n | \n | \n
\n\n| Smoky Hills Wind Project | \nLenexa | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEGPNA Project HoldCo | \n100% | \n100% | \n
\n\n| II LLC | \n | \n | \n | \n | \n | \n | \n1 LLC | \n | \n | \n
\n\n| Snowy Knoll Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Snyder Wind Farm LLC | \nHermleigh | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTexkan Wind LLC | \n100% | \n100% | \n
\n\n| Socibe Energia | \nNiter\u00f3i | \nBR | \n12,969,032 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Sociedad Agr\u00edcola de | \nSantiago de | \nCL | \n5,738,046,495 | \nCLP | \n | \nLine-by-line | \nEnel Chile SA | \n57% | \n37% | \n
\n\n| Cameros Ltda | \nChile | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Sociedad E\u00f3lica de | \nSeville | \nES | \n4,507,591 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n65% | \n45% | \n
\n\n| Andaluc\u00eda SA | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Sociedad E\u00f3lica El Puntal | \nSeville | \nES | \n1,643,000 | \nEUR | \n | \nEquity | \nEnel Green Power | \n50% | \n35% | \n
\n\n| SL | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Sociedad E\u00f3lica Los | \nSeville | \nES | \n2,404,048 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n60% | \n42% | \n
\n\n| Lances SA | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Societ\u00e0 Elettrica Trigno Srl | \nRome | \nIT | \n100,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n
\n\n| Soetwater Wind Farm (RF) | \nJohannesburg | \nZA | \n1,000 | \nZAR | \n | \nEquity | \nEnel Green Power RSA 2 | \n55% | \n28% | \n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n(RF) (Pty) Ltd | \n | \n | \n
\n\n| Solana Renovables SL | \nMadrid | \nES | \n6,246 | \nEUR | \n | \nEquity | \nEnel Green Power | \n40% | \n28% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Soliloquoy Ridge LLC | \nMinneapolis | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nChi Minnesota Wind LLC | \n100% | \n100% | \n
\n\n| Sona Enerj\u00ed \u00dcret\u00edm | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n | \n | \n
\n\n| Anon\u00edm \u015e\u00edrket\u00ed | \nIstanbul | \nTR | \n50,000 | \nTRY | \n | \nLine-by-line | \nTurkey Enerj\u00ed Yatirimlari | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nAnon\u00edm \u015e\u00edrket\u00ed | \n | \n | \n
\n\n| Sonak Solar Project LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Sone Renewable Energy | \nGurgaon | \nIN | \n100,000 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n100% | \n100% | \n
\n\n| Private Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n
\n\n| Sotavento Galicia SA | \nSantiago de | \nES | \n601,000 | \nEUR | \n | \nEquity | \nEnel Green Power | \n36% | \n25% | \n
\n\n | \nCompostela | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| South Italy Green | \nRome | \nIT | \n10,000 | \nEUR | \n | \nEquity | \nEnel Green Power | \n50% | \n50% | \n
\n\n| Hydrogen Srl | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n
\n\n| South Rock Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| South Sky Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Southern Holly Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Southern Star Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Southwest Transmission | \nCedar Bluff | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nChi Minnesota Wind LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Southwestern Rays Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Spartan Hills LLC | \nMinneapolis | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nChi Minnesota Wind LLC | \n100% | \n100% | \n
\n\n| Spinazzola SPV Srl | \nRome | \nIT | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n
\n\n| Spring Wheat Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Square Dance Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Sreeja Infrastructure | \nHyderabad | \nIN | \n100,000 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n100% | \n100% | \n
\n\n| Private Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n
\n\n
\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Stable Brook Storage | \n | \n | \n | \n | \n | \n | \nEnel Alberta Storage Inc. | \n0% | \n | \n
\n\n| Project Limited | \nCalgary | \nCA | \n- | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n | \n100% | \n
\n\n| Partnership | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n100% | \n | \n
\n\n| Stampede Solar Holdings | \n | \n | \n | \n | \n | \n | \nEnel Green Power | \n | \n | \n
\n\n| LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nStampede Solar Holdings | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n
\n\n| Stampede Solar Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nStampede Solar Holdings | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n
\n\n| Star Catcher Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Star Energy Single | \nMaroussi | \nGR | \n213,010 | \nEUR | \n | \nEquity | \nPrincipia Energy Services | \n100% | \n50% | \n
\n\n| Member PC | \n | \n | \n | \n | \n | \n | \nSingle Member SA | \n | \n | \n
\n\n| Station Tales Solar Limited | \n | \n | \n | \n | \n | \n | \nEnel Alberta Solar Inc. | \n0% | \n | \n
\n\n| Partnership | \nCalgary | \nCA | \n100 | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n100% | \n | \n
\n\n| Sterling and Wilson Enel X | \nMumbai | \nIN | \n107,352,420 | \nINR | \n | \nEquity | \nEnel X Way Srl | \n50% | \n50% | \n
\n\n| e-Mobility Private Limited | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Stillman Valley Solar LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n55% | \n | \n
\n\n| Stipa Naya\u00e1 SA | \n | \n | \n | \n | \n | \n | \nS de RL de Cv | \n | \n | \n
\n\n| de Cv | \nMexico City | \nMX | \n1,811,016,347 | \nMXN | \n | \nLine-by-line | \nEnel Green Power | \n | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nPartecipazioni Speciali | \n45% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nSrl | \n | \n | \n
\n\n| Stockyard Solar Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Stone Belt Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Stonewood Desarrollos | \nMadrid | \nES | \n4,053,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n35% | \n
\n\n| SLU | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n
\n\n| Storey Plains Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Stormy Hills Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Green Power M\u00e9xico | \n0% | \n | \n
\n\n| Suave Energ\u00eda S de RL | \nMexico City | \nMX | \n1,000 | \nMXN | \n | \nLine-by-line | \nS de RL de Cv | \n | \n100% | \n
\n\n| de Cv | \n | \n | \n | \n | \n | \n | \nEnel Rinnovabile SA | \n100% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nde Cv | \n | \n | \n
\n\n| Sublunary Trading (RF) | \nBryanston | \nZA | \n13,750,000 | \nZAR | \n | \nLine-by-line | \nEnel Green Power South | \n57% | \n57% | \n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nAfrica (Pty) Ltd | \n | \n | \n
\n\n| Sugar Pine Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Suggestion Power | \nPa\u00e7o de Arcos | \nPT | \n50,000 | \nEUR | \n | \nLine-by-line | \nEndesa Generaci\u00f3n | \n100% | \n70% | \n
\n\n| Unipessoal Ltda | \n | \n | \n | \n | \n | \n | \nPortugal SA | \n | \n | \n
\n\n| Suministradora El\u00e9ctrica | \nC\u00e1diz | \nES | \n12,020,240 | \nEUR | \n | \nEquity | \nEndesa SA | \n34% | \n23% | \n
\n\n| de C\u00e1diz SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Suministro de Luz y | \nBarcelona | \nES | \n2,800,000 | \nEUR | \n | \nLine-by-line | \nHidroel\u00e9ctrica de | \n60% | \n42% | \n
\n\n| Fuerza SL | \n | \n | \n | \n | \n | \n | \nCatalunya SLU | \n | \n | \n
\n\n| Summit Energy Storage | \nWilmington | \nUS | \n1,000 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n75% | \n75% | \n
\n\n| Inc. | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| Sun River LLC | \nBend | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nChi Minnesota Wind LLC | \n100% | \n100% | \n
\n\n| Sun Rock Solar Limited | \n | \n | \n | \n | \n | \n | \nEnel Alberta Solar Inc. | \n0% | \n | \n
\n\n| Partnership | \nCalgary | \nCA | \n- | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n100% | \n | \n
\n\n| Sun Up Solar Project LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Sun4 Torzym Sp\u00f3\u0142ka | \n | \n | \n | \n | \n | \n | \nS4ma Developments | \n | \n | \n
\n\n| Z Ograniczon\u0105 | \nWroc\u0142aw | \nPL | \n5,750 | \nPLN | \n | \nLine-by-line | \nSp\u00f3\u0142ka Z Ograniczon\u0105 | \n80% | \n80% | \n
\n\n| Odpowiedzialno\u015bci\u0105 | \n | \n | \n | \n | \n | \n | \nOdpowiedzialno\u015bci\u0105 | \n | \n | \n
\n\n| Sundance Wind Project | \nDover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Sunflower Prairie Solar | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Swather Solar Project LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n
\n
\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Sweet Apple Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Tae Technologies | \nPauling | \nUS | \n53,207,936 | \nUSD | \n | \n- | \nEnel Produzione SpA | \n1% | \n1% | \n
\n\n| Inc. | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Tallawang Solar Hybrid | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy (Pty) Ltd | \n100% | \n50% | \n
\n\n| Holding (Pty) Ltd | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Tallawang Solar Hybrid | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nPotentia Energy Trust | \n100% | \n50% | \n
\n\n| Holding Trust | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Tallawang Solar Hybrid | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nTallawang Solar Hybrid | \n100% | \n50% | \n
\n\n| (Pty) Ltd | \n | \n | \n | \n | \n | \n | \nHolding (Pty) Ltd | \n | \n | \n
\n\n| Tallawang Solar Hybrid | \nSydney | \nAU | \n100 | \nAUD | \n | \nEquity | \nTallawang Solar Hybrid | \n100% | \n50% | \n
\n\n| Trust | \n | \n | \n | \n | \n | \n | \nHolding Trust | \n | \n | \n
\n\n| Tasseling Jewel Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Tauste Energ\u00eda Distribuida | \nZaragoza | \nES | \n60,508 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n51% | \n36% | \n
\n\n| SL | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Teal Canoe | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Solar Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Tecnoguat SA | \nGuatemala City | \nGT | \n30,948,000 | \nGTQ | \n | \nLine-by-line | \nEnel Colombia SA ESP | \n75% | \n35% | \n
\n\n| Tejo Energia - Produ\u00e7\u00e3o | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| e Distribui\u00e7\u00e3o de Energia | \nLisbon | \nPT | \n5,025,000 | \nEUR | \n | \nEquity | \nEndesa Generaci\u00f3n SAU | \n44% | \n31% | \n
\n\n| El\u00e9ctrica SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Tenedora de Energ\u00eda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Renovable Sol y Viento | \nMexico City | \nMX | \n2,892,643,576 | \nMXN | \n | \nEquity | \nEnel Green Power SpA | \n33% | \n33% | \n
\n\n| SAPI de Cv | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Tera Renewables India | \nGurugram | \nIN | \n100,000 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n100% | \n100% | \n
\n\n| Private Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n
\n\n| Termica Colleferro SpA | \nBologna | \nIT | \n6,100,000 | \nEUR | \n | \nEquity | \nCogenio Srl | \n60% | \n12% | \n
\n\n| Termoel\u00e9ctrica Jos\u00e9 de | \nBuenos Aires | \nAR | \n500,000 | \nARS | \n | \n- | \nEnel Generaci\u00f3n El | \n6% | \n3% | \n
\n\n| San Mart\u00edn SA | \n | \n | \n | \n | \n | \n | \nChoc\u00f3n SA | \n | \n | \n
\n\n| Termoel\u00e9ctrica Manuel | \nBuenos Aires | \nAR | \n500,000 | \nARS | \n | \n- | \nEnel Generaci\u00f3n El | \n6% | \n3% | \n
\n\n| Belgrano SA | \n | \n | \n | \n | \n | \n | \nChoc\u00f3n SA | \n | \n | \n
\n\n| Termotec Energ\u00eda AIE in | \nLa Pobla de | \nES | \n481,000 | \nEUR | \n | \nEquity | \nEnel Green Power | \n45% | \n32% | \n
\n\n| liquidation | \nVallbona | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Terrer Renovables SL | \nMadrid | \nES | \n5,000 | \nEUR | \n | \nEquity | \nEnel Green Power | \n30% | \n21% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Texas Sage Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Texkan Wind | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Texkan Inc. | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Thar Surya 1 Private | \nGurgaon | \nIN | \n1,127,840 | \nINR | \n | \nHeld for sale | \nAvikiran Surya India | \n100% | \n51% | \n
\n\n| Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n
\n\n| Thunder Ranch Wind | \nDover | \nUS | \n100 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n| Holdings I LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| Thunder Ranch Wind | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Holdings LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Thunder Ranch Wind | \nDover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nThunder Ranch Wind | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n
\n\n| Thunderegg Storage | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Thunderegg Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Tico Solar 1 SLU | \nZaragoza | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n35% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n
\n\n| Tico Solar 2 SLU | \nZaragoza | \nES | \n3,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n35% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n
\n\n| Tieton Storage Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Tobivox (RF) (Pty) Ltd | \nJohannesburg | \nZA | \n10,000,000 | \nZAR | \n | \nLine-by-line | \nEnel Green Power South | \n60% | \n60% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nAfrica (Pty) Ltd | \n | \n | \n
\n\n| Toledo PV AIE | \nMadrid | \nES | \n26,888 | \nEUR | \n | \nEquity | \nEnel Green Power | \n33% | \n23% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Toro Renovables 400 | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nEquity | \nFRV Zamora Solar 1 SLU | \n8% | \n6% | \n
\n\n| kV SL | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n
\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Torrepalma Energy 1 SLU | \nMadrid | \nES | \n3,100 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n35% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a Solar 1 SLU | \n | \n | \n
\n\n| Tradewind Energy | \nWilmington | \nUS | \n1,000 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Inc. | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Trading Post Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Trail Ride Canyon Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Transformadora | \nSeville | \nES | \n5,000 | \nEUR | \n | \nEquity | \nEnel Green Power | \n61% | \n42% | \n
\n\n| Almod\u00f3var Renovables SL | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Argentina SA | \n0% | \n | \n
\n\n| Transportadora de Energ\u00eda | \nBuenos Aires | \nAR | \n2,584,473,416 | \nARS | \n | \nLine-by-line | \nEnel Brasil SA | \n60% | \n82% | \n
\n\n| SA - Tesa | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel CIEN SA | \n40% | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nFuratena Solar 1 SLU | \n18% | \n | \n
\n\n| Tr\u00e9vago Renovables SL | \nMadrid | \nES | \n3,000 | \nEUR | \n | \nEquity | \nSeguidores Solares | \n | \n12% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nPlanta 2 SLU | \n18% | \n | \n
\n\n| Trotline Solar Project LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Tsar Nicholas LLC | \nMinneapolis | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nChi Minnesota Wind LLC | \n100% | \n100% | \n
\n\n| Tulip Grove Solar Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Tumbleweed Flat Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Tunga Renewable Energy | \nGurugram | \nIN | \n96,300,000 | \nINR | \n | \nHeld for sale | \nAvikiran Energy India | \n100% | \n100% | \n
\n\n| Private Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n
\n\n| TWE Franklin Solar Project | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| TWE ROT DA LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Twin Lake Hills LLC | \nMinneapolis | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nChi Minnesota Wind LLC | \n100% | \n100% | \n
\n\n| Twin Saranac Holdings | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| Tyme | \nBergamo | \nIT | \n100,000 | \nEUR | \n | \nEquity | \nEnel X Italia Srl | \n50% | \n50% | \n
\n\n| Srl | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Uni\u00f3n El\u00e9ctrica de | \nLas Palmas de | \nES | \n190,171,521 | \nEUR | \n | \nLine-by-line | \nEndesa Generaci\u00f3n SAU | \n100% | \n70% | \n
\n\n| Canarias Generaci\u00f3n SAU | \nGran Canaria | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Upington Solar (Pty) Ltd | \nJohannesburg | \nZA | \n1,000 | \nZAR | \n | \nLine-by-line | \nEnel Green Power South | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nAfrica (Pty) Ltd | \n | \n | \n
\n\n| Usina E\u00f3lica Pedra Pintada | \nRio de Janeiro | \nBR | \n540,332,962 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| A Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Usina E\u00f3lica Pedra Pintada | \nRio de Janeiro | \nBR | \n418,542,805 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| B Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Usina E\u00f3lica Pedra Pintada | \nRio de Janeiro | \nBR | \n387,721,932 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| C Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Usina E\u00f3lica Pedra Pintada | \nRio de Janeiro | \nBR | \n436,753,327 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| D Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Usina E\u00f3lica Pedra Pintada | \nRio de Janeiro | \nBR | \n653,327 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| E Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Usina E\u00f3lica Pedra Pintada | \nRio de Janeiro | \nBR | \n653,327 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| F Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Usina E\u00f3lica Pedra Pintada | \nRio de Janeiro | \nBR | \n653,327 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| G Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Usina Fotovoltaica Arinos | \nRio de Janeiro | \nBR | \n402,133,267 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| E 11 Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Usina Fotovoltaica Arinos | \nRio de Janeiro | \nBR | \n221,724,006 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| E 12 Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Usina Fotovoltaica Arinos | \nRio de Janeiro | \nBR | \n221,724,006 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| E 13 Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Usina Fotovoltaica Arinos | \nRio de Janeiro | \nBR | \n221,724,006 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| E 14 Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n
\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Usina Fotovoltaica Arinos | \nRio de Janeiro | \nBR | \n221,724,006 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| E 15 Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Usina Fotovoltaica Arinos | \nRio de Janeiro | \nBR | \n221,724,006 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| E 16 Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Usina Fotovoltaica Arinos | \nRio de Janeiro | \nBR | \n221,724,006 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| E 17 Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Usina Fotovoltaica Arinos | \nRio de Janeiro | \nBR | \n221,724,006 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| E 21 Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Usina Fotovoltaica Arinos | \nRio de Janeiro | \nBR | \n221,724,006 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| E 22 Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Usina Fotovoltaica Arinos | \nRio de Janeiro | \nBR | \n221,724,006 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| E 23 Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Usina Fotovoltaica Arinos | \nRio de Janeiro | \nBR | \n221,724,006 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| E 24 Ltda | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| USME ZE SAS | \nBogot\u00e1 | \nCO | \n739,653,977 | \nCOP | \n | \nEquity | \nBogot\u00e1 ZE SAS | \n100% | \n9% | \n
\n\n| Ustav Jadern\u00e9ho V\u00fdzkumu | \n\u0158e\u017e | \nCZ | \n524,139,000 | \nCZK | \n | \n- | \nSlovensk\u00e9 | \n28% | \n9% | \n
\n\n| \u0158e\u017e AS | \n | \n | \n | \n | \n | \n | \nelektr\u00e1rne AS | \n | \n | \n
\n\n| Vayu (Project 1) Private | \nGurugram | \nIN | \n30,000,000 | \nINR | \n | \nHeld for sale | \nEnel Green Power India | \n100% | \n100% | \n
\n\n| Limited | \n | \n | \n | \n | \n | \n | \nPrivate Limited | \n | \n | \n
\n\n| Vekt\u00f6r Enerj\u00ed \u00dcret\u00edm | \nIstanbul | \nTR | \n3,500,000 | \nTRY | \n | \nLine-by-line | \nEnel SpA | \n100% | \n100% | \n
\n\n| Anon\u00edm \u015e\u00edrket\u00ed | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Velvet Wheat Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Ventos de Santa \u00c2ngela | \nRio de Janeiro | \nBR | \n7,315,000 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| Energias Renov\u00e1veis SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Ventos de Santa | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Esperan\u00e7a Energias | \nRio de Janeiro | \nBR | \n4,727,414 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| Renov\u00e1veis SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Ventos de Santo Orestes | \nRio de Janeiro | \nBR | \n1,754,031 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| Energias Renov\u00e1veis SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Ventos de S\u00e3o Cirilo | \nRio de Janeiro | \nBR | \n2,572,010 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| Energias Renov\u00e1veis SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Ventos de S\u00e3o M\u00e1rio | \nRio de Janeiro | \nBR | \n2,492,000 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| Energias Renov\u00e1veis SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Ventos de S\u00e3o Roque | \nRio de Janeiro | \nBR | \n10,188,722 | \nBRL | \n | \nLine-by-line | \nEnel Brasil SA | \n100% | \n82% | \n
\n\n| Energias Renov\u00e1veis SA | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Vientos del Altiplano SA | \n | \n | \n | \n | \n | \n | \nTenedora de Energ\u00eda | \n | \n | \n
\n\n| de Cv | \nMexico City | \nMX | \n1,455,854,094 | \nMXN | \n | \nEquity | \nRenovable Sol y Viento | \n61% | \n20% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nSAPI de Cv | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nTenedora de Energ\u00eda | \n | \n | \n
\n\n| Villanueva Solar SA de Cv | \nMexico City | \nMX | \n205,316,027 | \nMXN | \n | \nEquity | \nRenovable Sol y Viento | \n61% | \n20% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nSAPI de Cv | \n | \n | \n
\n\n| Viruleiros SL | \nSantiago de | \nES | \n160,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n67% | \n47% | \n
\n\n | \nCompostela | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Wagon Train Solar Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Walking Horse Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Wapella Bluffs Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Waseca Solar LLC | \nWaseca | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nAurora Distributed Solar | \n100% | \n74% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n
\n\n| Waypost Solar Project LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Energy Storage | \n | \n | \n
\n\n| Weber Energy Storage | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nHoldings LLC (formerly | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \nEGP Energy Storage | \n | \n | \n
\n\n | \n | \n | \n | \n | \n | \n | \nHoldings LLC) | \n | \n | \n
\n\n| West Faribault Solar LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nAurora Distributed Solar | \n100% | \n74% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n
\n\n| West Waconia Solar LLC | \nWilmington | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nAurora Distributed Solar | \n100% | \n74% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nLLC | \n | \n | \n
\n\n| Western New York Wind | \nAlbany | \nUS | \n300 | \nUSD | \n | \nLine-by-line | \nEnel Green Power North | \n100% | \n100% | \n
\n\n| Corporation | \n | \n | \n | \n | \n | \n | \nAmerica Inc. | \n | \n | \n
\n\n| Western Trails Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n
\n
\n\n\n\n\n
\n\n\n | \n | \n | \n | \n | \n | \nConsolidation | \n | \n | \nGroup % | \n
\n\n| Company name | \nHeadquarters | \nCountry | \nShare capital | \nCurrency | \nSegment | \nmethod | \nHeld by | \n% holding | \nholding | \n
\n\n| Wharton-El Campo Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| White Cloud Wind | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Holdings LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| White Cloud Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nWhite Cloud Wind | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n
\n\n| White Peaks Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Whitetail Trails Solar | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Whitney Hill Wind Power | \nAndover | \nUS | \n99 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Holdings LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Whitney Hill Wind Power | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nWhitney Hill Wind Power | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \nHoldings LLC | \n | \n | \n
\n\n| Whittle\u2019s Ferry Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Wild Ox Solar Project LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nEnel Alberta Wind Inc. | \n0% | \n | \n
\n\n| Wild Run LP | \nAlberta | \nCA | \n10 | \nCAD | \n | \nLine-by-line | \nEnel Green Power | \n | \n100% | \n
\n\n | \n | \n | \n | \n | \n | \n | \nCanada Inc. | \n100% | \n | \n
\n\n| Wild Six Solar Project LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Wildcat Flats Wind | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Wilderness Range Solar | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Wildflower Flats Battery | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Wildflower Flats Solar | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Wind Belt Transco LLC | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n| Wind Parks Anatolis - | \nMaroussi | \nGR | \n15,803,388 | \nEUR | \n | \nEquity | \nPrincipia Energy South | \n100% | \n50% | \n
\n\n| Prinias Single Member SA | \n | \n | \n | \n | \n | \n | \nEvia Single Member SA | \n | \n | \n
\n\n| Wind Parks Katharas | \nMaroussi | \nGR | \n19,932,048 | \nEUR | \n | \nEquity | \nPrincipia Energy South | \n100% | \n50% | \n
\n\n| Single Member SA | \n | \n | \n | \n | \n | \n | \nEvia Single Member SA | \n | \n | \n
\n\n| Wind Parks Kerasias | \nMaroussi | \nGR | \n26,107,790 | \nEUR | \n | \nEquity | \nPrincipia Energy South | \n100% | \n50% | \n
\n\n| Single Member SA | \n | \n | \n | \n | \n | \n | \nEvia Single Member SA | \n | \n | \n
\n\n| Wind Parks Milias Single | \nMaroussi | \nGR | \n19,909,374 | \nEUR | \n | \nEquity | \nPrincipia Energy South | \n100% | \n50% | \n
\n\n| Member SA | \n | \n | \n | \n | \n | \n | \nEvia Single Member SA | \n | \n | \n
\n\n| Wind Parks Mitikas Single | \nMaroussi | \nGR | \n22,268,039 | \nEUR | \n | \nEquity | \nPrincipia Energy South | \n100% | \n50% | \n
\n\n| Member SA | \n | \n | \n | \n | \n | \n | \nEvia Single Member SA | \n | \n | \n
\n\n| Wind Parks Platanos | \nMaroussi | \nGR | \n13,342,867 | \nEUR | \n | \nEquity | \nPrincipia Energy South | \n100% | \n50% | \n
\n\n| Single Member SA | \n | \n | \n | \n | \n | \n | \nEvia Single Member SA | \n | \n | \n
\n\n| Wind Parks Spilias Single | \nMaroussi | \nGR | \n28,267,490 | \nEUR | \n | \nEquity | \nPrincipia Energy South | \n100% | \n50% | \n
\n\n| Member SA | \n | \n | \n | \n | \n | \n | \nEvia Single Member SA | \n | \n | \n
\n\n| Windbreaker Storage | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| Project LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Winter\u2019s Spawn LLC | \nMinneapolis | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nChi Minnesota Wind LLC | \n100% | \n100% | \n
\n\n| WKN Basilicata | \nRome | \nIT | \n10,000 | \nEUR | \n | \nLine-by-line | \nEnel Green Power | \n100% | \n100% | \n
\n\n| Development PE1 Srl | \n | \n | \n | \n | \n | \n | \nItalia Srl | \n | \n | \n
\n\n| X-bus Italia Srl | \nMilan | \nIT | \n15,000 | \nEUR | \n | \nEquity | \nEnel X Italia Srl | \n20% | \n20% | \n
\n\n| Yacylec SA | \nBuenos Aires | \nAR | \n20,000,000 | \nARS | \n | \nEquity | \nEnel Am\u00e9ricas SA | \n33% | \n27% | \n
\n\n| Yedesa Cogeneraci\u00f3n SA | \nAlmer\u00eda | \nES | \n234,395 | \nEUR | \n | \nEquity | \nEnel Green Power | \n40% | \n28% | \n
\n\n| in liquidation | \n | \n | \n | \n | \n | \n | \nEspa\u00f1a SLU | \n | \n | \n
\n\n| Yellow Rose Wind Project | \nAndover | \nUS | \n1 | \nUSD | \n | \nLine-by-line | \nEnel Kansas LLC | \n100% | \n100% | \n
\n\n| LLC | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n\n| Zacapa Topco S\u00e0rl | \nLuxembourg | \nLU | \n29,970,000 | \nEUR | \n | \n- | \nEnel X International Srl | \n20% | \n20% | \n
\n\n| Zoo Solar Project LLC | \nAndover | \nUS | \n- | \nUSD | \n | \nLine-by-line | \nTradewind Energy Inc. | \n100% | \n100% | \n
\n\n
\n
\n\n\n",
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"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "Enel SpA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:WOCMU6HCI0OJWNPRZS33",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"footnote0": {
"value": "(1) In order to improve presentation, two separate lines have been inserted under cash flows from financing activities to report gross issues and
\nredemptions of hybrid bonds
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote0",
"language": "en"
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"footnote1": {
"value": "(2) Of which cash and cash equivalents equal to \u20ac6,801 million at January 1, 2024 (\u20ac11,041 million at January 1, 2023), short-term securities equal
\nto \u20ac81 million at January 1, 2024 (\u20ac78 million at January 1, 2023) and cash and cash equivalents pertaining to \u201cAssets classified as held for sale\u201d
\nin the amount of \u20ac261 million at January 1, 2024 (\u20ac98 million at January 1, 2023) and cash and cash equivalents pertaining to \u201cDiscontinued
\noperations\u201d equal to \u20ac326 million at January 1, 2023
",
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"noteId": "footnote1",
"language": "en"
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},
"footnote2": {
"value": "(3) Of which cash and cash equivalents equal to \u20ac8,051 million at December 31, 2024 (\u20ac6,801 million at December 31, 2023), short-term securities
\nequal to \u20ac138 million at December 31, 2024 (\u20ac81 million at December 31, 2023) and cash and cash equivalents pertaining to \u201cAssets classified
\nas held for sale\u201d in the amount of \u20ac6 million at December 31, 2024 (\u20ac261 million at December 31, 2023).
",
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