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Enel ('''E'''nte '''N'''azionale per l'energia '''EL'''ettrica) ) is an Italian Energy provider and the third largest energy provider in the world. Formerly a state-owned monopoly, it is now partially privatised with Italian government control. Its stock is traded on the Milan Stock Exchange under the symbol 'Enel' and on the New York Stock Exchange under the symbol 'EN'. COMPANY PROFILE Enel is Italy’s largest power company, and Europe’s third-largest listed utility by market capitalization. Listed on the Milan and New York stock exchanges since 1999, Enel has the largest number of shareholders of any European company, at some 2.3 million. It has a market capitalisation of about EUR 50 billion at current prices. BUSINESS OVERVIEW Enel produces and sells electricity mostly in Europe, North and Latin America. In the power business, Enel has 50,776 Megawatt of generating capacity and has 32 million electricity customers. Enel is also the second-largest Italian distributor and vendor of natural gas, with over 2.3 million customers and a 12% market share. The company has 58,548 employees and operates a wide range of hydroelectric, thermoelectric, nuclear, geothermal, wind-power, and photovoltaic power stations. In 2006, Enel posted revenues of 38.5 billion euros, EBITDA of 8 billion euros and net income of 3 billion euros. Enel was the first utility in the world to replace its customers’ traditional electromechanical meters with modern electronic devices that make it possible to take meter readings in real time and manage contractual relationships remotely. This innovation has enabled Enel to implement time-of-use electricity charges, which offer customer savings for evening and weekend electricity use, an initiative that has attracted interest from many utilities around the world. INTERNATIONAL OPERATIONS Enel is actively engaged in international expansion in the power and gas market after having completed the sale of non-core assets. With 19,000 MW in plants using renewable energy resources (hydro, geothermal, wind, solar and biomass) across the world, Enel is a world leader in the sector. In December 2006, Enel launched a five-year plan (2007–2011) for the development of renewable energy sources and for research and development of new environmentally friendly technologies with an overall investment of 4.1 billion euros. Enel runs operations in Spain in the generation, distribution and sale of electricity with Enel Viesgo, which has about 2,200 MW in installed capacity, and with Enel Union Fenosa Renovables, a company active in the wind and hydro power sector. Enel is one of the largest renewable independent operators in the Americas with Enel North America and Enel Latin America, two companies that have about 1000 MW of installed capacity. In North America Enel has over 400 MW of hydroelectric, wind and biomass power generation and has signed an agreement with the company TradeWind Energy in the US to develop over 1000 MW of new wind power. In March 2007, Enel, through its subsidiary Enel North America, announced the acquisition of AMP Resources. The acquisition includes one operating and four advanced stage geothermal development projects expected to add approximately 150 MW of capacity over the next four years to Enel’s North American operations, as well as access to a number of future opportunities. In Latin America Enel operates over 600 MW of hydroelectric and wind power plants, including third companies operations in El Salvador and Panama respectively in the geothermal and hydroelectric fields. In France, Enel has acquired Erelis, a company that has authorizations in several different fields to build wind plants of up to 500 MW. Over more, it has signed a Memorandum of Understanding with Edf to acquire 12.5% of the new nuclear power project European Pressurized Reactor (EPR). Enel owns 5% of the French power stock exchange Powernext and is one of the main operators in energy trading in the country with 1000 MW exchanged in 2006. In Bulgaria, Enel acquired control of one of the country’s largest power plants, Maritza East III, in March 2003. The Lignite -fired facility has a capacity of 840 MW. In Slovakia, in February 2005, Enel acquired 66% of Slovenské Elektrárne (SE), the largest electricity generator in the country, and the second-largest in Central and Eastern Europe, with a generation capacity of 7000 MW, a mix of nuclear, thermal and hydro assets. In Romania, Enel acquired 51% of two electricity distribution companies in June 2004: Electrica Banat and Electrica Dobrogea, which supply 1.4 million customers, or 20% of the Romanian market. In 2006 Enel successfully bid for Electrica Muntenia Sud, the distribution company supplying the Bucharest region and serving 1.1 million customers. In Russia, Enel took over the operation – in partnership with the local private group ESN Energo – of the North-West Thermal Power Plant in St. Petersburg in June 2004. The gas-fired combined-cycle plant has a capacity of 900 MW. Enel has also acquired from the ESN Group 49.5% of RusEnergoSbyt, a Russian trader providing electricity to major industrial customers. On April 4, 2007, Enel acquired through the Enineftegaz (a consortium 40% Enel - 60% Eni) a group of gas assets formerly owned by Yukos. Enel also acquired a 29,99% stake in JCS Fifth Generation Company of the Wholesale Electricity Market (“OGK-5). SHAREHOLDING STRUCTURE The Italian Economy Ministry holds 21.4% of the company directly and another 10.2% indirectly through state-run lender Cassa Depositi e Prestiti, leaving a free-float of some 70%. Thanks to its Code of Ethics, Sustainability Report, its environmental protection policy and the adoption of international best practices for transparency and corporate governance, Enel’s shareholders include leading international investment funds, insurance companies and pension funds, ethical funds, along with Italian retail investors. Management Fulvio Conti - Chief Executive Officer and General Manager A graduate of the University of Rome “La Sapienza” with a degree in economics and commerce, in 1969 he joined the Mobil Group, where he held a number of executive positions in Italy and abroad and in 1989-90 was in charge of finance for Europe. The head of the accounting, finance, and control department of Montecatini from 1991 to 1993, he subsequently was in charge of finance at Montedison-Compart (between 1993 and 1996), overseeing the financial restructuring of such Group. The general manager and chief financial officer of the Italian National Railways between 1996 and 1998, he also held important positions in other companies of such Group (including Metropolis and Grandi Stazioni). Vice-chairman of Eurofima in 1997, in 1998-99 he was general manager and chief financial officer of Telecom Italia, holding also in this case important positions in other companies of such Group (including Finsiel, TIM, Sirti, Italtel, Meie and STET International). From 1999 to June 2005 he was Enel’s chief financial officer. He has been chief executive officer and general manager of Enel since May 2005, he is currently director of Barclays plc as well as National Academy of Santa Cecilia. Piero Gnudi - Chairman A graduate in economics and commerce (1962) of the University of Bologna and proprietor of an accounting firm located in Bologna, he has served on the board of directors and board of statutory auditors of numerous important Italian companies, including STET, ENI, Enichem, and Credito Italiano. In 1995 he was appointed economic advisor to the Minister of Industry. Since 1994, he has been on the board of directors of IRI, where he has also held the positions of supervisor of privatizations (1997) and chairman and chief executive officer (1999); later, from 2000 to 2002, he served as chairman of the IRI liquidation committee. A member of the executive of Confindustria, the steering committee of Assonime (an association of Italian corporations), the executive committee of the Aspen Institute, the committee on the corporate governance of listed companies reconstituted on the initiative of Borsa Italiana in April 2005, and president of the Mediterranean Energy Observatory (OME), he currently also holds the positions of chairman of Emittenti Titoli, director of Unicredito Italiano, and government commissioner of the Fochi Group, which is under special management. He has been chairman of the board of directors of Enel since May 2002. Enel: 2006 results Revenues: 38,513 million euros, (33,787 million euros in 2005, +14.0%). Ebitda: 8,019 million euros, (7,745 million euros in 2005, +3.5%); net of a provision of about 400 million euros for an operating excellence plan, in 2006 Ebitda rose by 8.7% compared with 2005. Ebit: 5,819 million euros (5,538 million euros in 2005, +5.1%) Group net income: 3,036 million euros,(3,895 million euros in 2005, - 22.1% Net of Wind and Terna contribution, 2006 Group net income grew 1.4% compared to 2005). Net financial debt: 11,690 million euros (12,312 million euros at 31 December 2005, -5.1%). Total dividend proposed for the full year 2006 of 0.49 euros per share (of which 0,20 euros per share already paid out as interim dividend in November 2006) Guidelines for the stock option plans for 2007 approved EXTERNAL LINKS
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