Wind Energy

Enel Green Power results for first half of 2011

Francesco Starace, Chief Executive Officer and General Manager of Enel Green Power, remarked: “We are very satisfied with the results for the first half, which underscore the effectiveness of our strategy of technological and geographical diversification. At the operational level, as at June 30th we registered a total installed capacity of 6,372 MW, which together with projects under way in Italy and the rest of the world will enable us to achieve our targets for the year comfortably. We can therefore confirm all our financial and growth targets for the full year as announced to investors in March when we presented our business plan.”

The net financial debt at December 31ST, 2010 does not include the debt associated with assets classified as held for sale, relating to the plants owned by Enel Union Fenosa Renovables (EUFER) included in the assets to be transferred to Gas Natural Fenosa, for a total of 284 million euros. At June 30th, 2011, following completion of the agreement for the division of the EUFER assets, the lot allocated to Gas Natural Fenosa was transferred, including the associated debt.

Following the completion of the acquisition of 60% of Endesa Cogeneracion y Renovables ("ECyR") from Endesa Generacion on March 22nd, 2010, Enel Green Power acquired control of the company (subsequently renamed Enel Green Power España), which as from that date has therefore been consolidated on a full line-by-line basis. As regards the main effects of the acquisition on the consolidated income statement of Enel Green Power, the EBITDA of ECyR for the first quarter of 2011 (equal to 64 million euros) reported in the interim financial report at June 30th, 2011, represents 7% of the EBITDA of the Enel Green Power Group for the first half of 2011 (equal to 878 million euros).

Net installed capacity of the Enel Green Power Group (the "Group") at June 30th, 2011 amounted to 6,372 MW, of which 2,538 MW (39.8%) of hydroelectric, 2,893 MW (45.4%) of wind energy , 775 MW (12.2%) of geothermal energy and 166 MW (2.6%) of other renewable resources (solar power , biomass and cogeneration).

Compared with June 30th, 2010, installed capacity expanded by 611 MW (up 10.6%), with most of the rise accounted for by wind power (538 MW). The increase comprises growth of 330 MW in Italy and Europe, of which 54% in the rest of Europe, and 283 MW in Spain. Compared with December 31st, 2010, the net installed capacity of the Group rose by 270 MW or 4.4%, mainly in the wind segment in Italy and Europe and in Iberia and Latin America.

Power generation

Group net electricity generation in the first half of 2011 amounted to 11.8 TWh, of which 5.6 TWh (47.5%) of hydroelectric power, 3.0 TWh (25.4%) of wind power, 2.8 TWh (23.7%) of geothermal energy generation and 0.4 TWh (3.4%) from other renewable energy sources (solar energy , biomass and co-generation). The average load factor (i.e. the ratio between the net annual production and the theoretic production attainable in one year – 8,760 hours – at the nominal MW) was equal to 43.6%.

www.enelgreenpower.com/eWCM/salastampa/comunicati_eng/1646225-1_PDF-1.pdf