Annual Report 2010 - Enel.com

International Division
Internationally, 2010 was a year of renewed economic growth and energy consumption, although
in many cases demand remains well below its level just two years ago.
Nevertheless, the foreign companies have contributed to the Group’s result with their excellent
performance, thanks largely to continued emphasis on improving the operational management of
assets. They also remained firm in their commitment to complete investments under way.
In 2010, Slovenské elektrárne posted a gross operating margin of €712 million. This result was
achieved thanks to increased generation (particularly nuclear and hydroelectric power) and cost
optimization. The total net installed capacity in Slovakia amounted to 5,401 MW, of which 152 MW
as a result of the repowering of the Bohunice nuclear power plant, and will be further increased
by 880 MW in 2013 with the entry into service of units 3 and 4 of Mochovce nuclear power plant.
In Russia, Enel’s activities were focused on integrating and enhancing the efficiency of systems,
structures and processes and laid the foundations for a 72% increase in EBITDA compared with
2009. The Group also reached the final stage in the construction of two new 400 MW CCGT power
plants in Nevinnomiskaya and Sredneuralskaya, which are scheduled to enter operation in the second
quarter of 2011, and work to modernize and environmentally upgrade the Reftinskaya coal
plant was begun.
In Romania, Enel has increased its investment to modernize its network assets, reduce its commercial
losses and improve service quality, fully respecting the commitments made to the regulator, for
a total of about €220 million. Our main objective is to improve efficiency and increase the number
of customers.
In France, alongside the partnership with EDF to build third-generation nuclear power plants, the
platform for the sale of electricity in the country continued to expand, with Enel France selling 7.1
TWh of electricity thanks to the availability of a further 200 MW under the anticipated capacity
contract with EDF.
Enel is prepared to strengthen its position, taking advantage of the opportunities offered by the
gradual liberalization of the market in 2011, which should occur following the introduction of the
new “NOME” law.
In Belgium, the construction of the Marcinelle CCGT plant has reached the final stage and it is expected
to enter service in the second half of 2011.
Finally, in Bulgaria, the process of selling the Enel Maritza East 3 plant has begun.
Renewable Energy Division
Enel Green Power ended the year with installed capacity of 6,102 MW, of which hydroelectric for
2,539 MW (42%), wind for 2,654 MW (43%), geothermal for 775 MW (13%) and other renewables
(solar, biomass and cogeneration) for 134 MW (2%). With more than 600 plants operating in
Europe and America, the Group’s net generation in 2010 amounted to 21.8 TWh. This production
covers the consumption of more than 8 million households and avoids the emission of more than
15 million metric tons of CO each year.
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Enel Green Power España was formed and began operation in 2010 and combines Enel Green
Power’s and Endesa’s renewable energies activities in Iberia. During the year, Enel Green Power
España also signed an agreement with Gas Natural Fenosa to split the assets of the joint venture
Enel Union Fenosa Renovables (EUFER). Once this is completed in 2011, each company will become
the exclusive owner of about 550 MW of installed capacity, a project pipeline of about 2,000 MW
and will hold half of the net debt of EUFER.
In 2010, the global offering of Enel Green Power shares was successfully completed. As a result,
18 Enel Annual Report 2010 Report on operations