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Enel Green Power: global leader in the Renewable Energy Sector Roberto Deambrogio Enel Green Power - Head of Italy and Europe Area Rome, November 17 th.

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Presentation on theme: "Enel Green Power: global leader in the Renewable Energy Sector Roberto Deambrogio Enel Green Power - Head of Italy and Europe Area Rome, November 17 th."— Presentation transcript:

1 Enel Green Power: global leader in the Renewable Energy Sector Roberto Deambrogio Enel Green Power - Head of Italy and Europe Area Rome, November 17 th 2010

2 2 Agenda Overview of the RE Sector EGP Key Figures Competitive positioning and strategy The IPO decision Conclusions

3 3 max min Strong fundamentals drive global growth Source:Enel estimates based on WEO 2009; GWEC 2008; WEO 2009 reference scenario (2020 min) and industry reports/McKinsey (2020 max). A growing industry Expected worldwide growth in renewables – by geography (GW) North America Latin America Europe Asia Total World Africa max min max min max min max min max min

4 4 Source:Enel estimates based on WEO 2009/GWEC 2008 (2008); WEO 2009 reference scenario (2020 min); industry reports/McKinsey (2020 max); Ren21 “Rapporto Renewables Global Status” A growing industry Expected worldwide growth in renewables – by technology ~ €175bn ~1,147 GW TOTAL +79 GW ~1,225 GW (GW)% 7.4% ~ 25 Solar +8~2156%32% n.m. Geothermal n.m.~11n.m.9% ~ 50 Wind +38~15931%16% 8.5% ~ 65 Hydro +30~9803%2% ~ 35 ~14 ~10 ~121 ~950 ~52 Biomass +2~544%22% Strong growth in all technologies in (€bn) CAGR (GW)2008 (GW) Technology Global installed base Delta capacity EGP tech. presence Investments Expected growth

5 5 Annual Growth Rate ‘09 –‘20: 4,5% in produced energy Annual Growth Rate ‘08–’09: +9,8% in capacity +9,2% in produced energy Annual Growth Rate ‘09 –‘20: 4,5% in produced energy Annual Growth Rate ‘08–’09: +9,8% in capacity +9,2% in produced energy A growing industry Renewables in Italy – Outlook – 2009/2020

6 6 Agenda Overview of the RE Sector EGP Key Figures Competitive positioning and strategy The IPO decision Conclusions

7 7 Source: Company information. Note:Presentation includes consolidated financial and operating data unless otherwise stated. Capacity as of 30 June Production end 2009 PF - Pipeline and in execution data as of 30 June (1)Includes ENEOP (Portugal), 137 MW in execution. Equity consolidated as of 30 June 2010; full consolidation is expected in (2)Ongoing disposal process of Bulgarian assets, which are included in the figures. EGP presence North America Operating788 MW Production2.4 TWh In execution0.3 GW Pipeline8.3 GW Global leader in a growing industry EGP global footprint – H Unrivalled footprint in 16 countries across all main renewable technologies Iberia and Latin America Operating2,076 MW Production6.4 TWh In execution0.5 GW (1) Pipeline15.6 GW Italy and Europe (2) Operating2,897 MW Production12.0 TWh In execution0.4 GW Pipeline5.8 GW Enel Green Power Operating5,761 MW Production20.9 TWh In execution1.2 GW (1) Pipeline29.9 GW

8 8 Pipeline by technology H1 2010, GW Installed capacity by technology H1 2010, GW 2% 13% 44% 41% Production by technology 2009 PF, TWh Unique generation mix and diversified geographical presence EGP portfolio overview Source: Company information. (1)Including ENEOP. Total = 5.8 GW Well-balanced asset base 3% 52% 21% 25% Total = 20.9 TWh 3% 2% 90% Total = 29.9 GW In execution by technology (1) H1 2010, GW 12% 3% 82% Total = 1.2 GW OtherWindGeothermalHydro 6%

9 9 Low dependence on incentive frameworks EGP incentive exposure – 2009 PF Source: Company information. (1)Percentage of production supported by incentive schemes. SBU Italy and Europe SBU Iberia and Latin America 2,859 2,020 SBU North America 788PTC, ITC, MACRS 28% 31% 55% Total 5,667 MW 39% % Italy Europe 2,637 Feed-in, Green Certificates 26% 66712% 1,353100% High share of not incentivised hydro and geothermal production Fully incentivised production from wind assets Mostly fully incentivised production from wind assets Exploiting abundant hydro resources High share of production sold through PPAs Iberia Latin America Feed-in, Market +Premium Auction, mandatory quota Country Capacity (MW) Incentivized production (1) Incentive mechanismComments

10 10 Strong and sustainable cash flow generation EBITDA net of capex (€bn) Company 3 Company 2 Company ROACE (1) Source: Company filings. (1)ROACE defined as operating profit divided by the sum of net debt, shareholder equity and minority interest. Net debt excludes derivatives financial assets/liabilities. EGP’s operating profit does not include net income/(charges) from commodity risk management. Figures as per company filings. (2)As of 30 Jun Company 2 Company 1 Company 3 H net debt (2) /LTM EBITDA Company 3Company 2 Company 1

11 11 Agenda Overview of the RE Sector EGP Key Figures Competitive positioning and strategy The IPO decision Conclusions

12 12 Low dependence on incentive frameworks Unique generation mix and diversified geographical presence Strong and sustainable cash flow generation Global leader in a growing industry EGP competitive positioning

13 13 Energy production 09 (TWh) Load factor 09 1 Installed capacity 09 (GW) n.a. 1.Load factor is calculated on average installed capacity between 2008 and 2009 Source: Company reports 24% 47% 25% 25% n.a. 34% Comparables - Operational KPIs December 2009 Asset Diversification

14 14 Comparables - Financial KPIs December EBITDA/MW is calculated on average installed capacity between 2008 and EBITDA margin from generation activities: 63%; EBITDA margin from other activities: 2% 3.Average EBITDA margin includes both generation and development and sale of structured assets (DVAS), the last one accounting for 42% of total revenues Source: Company reports EBITDA 09 (M€) EBITDA/MW 09 1 (k€/MW) Revenues 09 (M€) EBITDA margin 09 (%) 66% 63% 84% 50% 2 28% 3 51%

15 15 Consolidate and enhance presence in Italy Grow in Southern Europe (France and Greece) Exploit excellent combination of resources and Enel’s presence in the Romanian electricity distribution sector Italy and Europe EGP Growth Strategic guidelines Enel.si Capture growth in the distributed renewable generation market, in particular solar PV Iberia and Latin America Consolidate and enhance presence in Iberia Exploit synergies through the integration of ECyR’s activities Pursue growth in selected Latam countries with favourable environmental, macroeconomic and regulatory conditions (Brazil, Mexico and Chile) Leverage on the current technologically diversified footprint Pursue a target growth strategy in selected attractive States North America Selective investments for profitable growth

16 16 Agenda Overview of the RE Sector EGP Key Figures Competitive positioning and strategy The IPO decision Conclusions

17 17 IPO Stock Exchange Scenario FTSE MIB Index (Italy) IBEX 35 Index (Spain) 2009: Global Financial Crisis 2010: Still uncertainty in the markets

18 18 IPO Enel Green Power Case Enel Green Power (EGPW) listed on November 4th on Italian MTA Market and Spanish Stock Exchanges With 2.6 billion Euro raised, the biggest IPO in Europe (UK included) since With a share price of 1.6 euro, the capitalization of the company reaches around 8 billion euro. High presence of retail investors (1.260 million stocks requested from people in Italy and Spain) 520 million stocks requested from institutional investors. Figures confirm the success of the listing

19 19 Agenda Overview of the RE Sector EGP Key Figures Competitive positioning and strategy The IPO decision Conclusions

20 20 The next evolution path… Renewables are already creating value for main stakeholders The sector will soon become mature and competitive Main value creation levers are: Pipeline management Enhanced projects execution capabilities and technological competencies Global synergies in procurement Excellence in O&M Getting Ready for Real Competition

21 21 Thanks for your attention!


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