Francesco Starace is the CEO of Enel Green Power. Enel Green Power is a global leader in renewable energy with operations spanning Italy, Europe, North America and other parts of the world. In 2010, Enel Green Power had over 6,100 MW of operating capacity producing 21.8 TWh of energy globally. It also had 1.5 GW under construction and 29.2 GW in its development pipeline. Renewable energy is a fast growing industry expected to see average annual growth rates of 8.5-16% through 2020, with total investments in renewable technologies reaching €180 billion in 2010.

1. Enel Green Power Case History
Francesco Starace – CEO of Enel Green Power
Why Italy Matters
San Francisco – March 31st, 2011

2. Global Energy Demand
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3. Graphical Oil Path - 1964 – 2010
OIL ROLLER COASTER RIDE
This chart tracks the relationship 1979 -1980 End 2000
between oil prices and oil Iranian Record demand
consumption since 1964. Global revolution, spurs a run up
oil consumption is shown on the Iran – Iraq war in prices
horizontal axis and oil prices
shown on the vertical axis. So 1980 2008
when consumption is increasing
What’s going on
HIGH
1982 $100
here? Recessions
and prices are flat, the line 1980
In the early 1980s, dampen
moves straight right. And when oil consumption demand
$90
2010
prices are rising and demand fell. This is why 1981
stops growing the line moves the chart seems to $80
Price of oil*
straight up. turn around
$70
2007
1983 1990
Iraq $60
invades 2009
1985
Kuwait $50
Late 1960s, early 1970s 1973 1975
Oil prices are steady and The Arab oil 1978 1990 2004
consumption grows embargo causes
$40
2000
quickly prices to soar 1996
$30
1986
$20
1964 1973
1969 1997-1998
Asian financial 2001 $10
crisis Sept.11 attacks
30 40 50 60 70 80 90
World oil consumption
*Average annual price of West Texas Intermediate crude oil, adjusted for inflation using the Consumer Price Index.
Million barrels a day Posted prices (not spot prices) are shown before 1983.
Source: Energy Information Administration, Federal Reserve, Bureau of Labor Statistics, Rocky Mountain Institute
Barclays Capital Projections (Weekly Oli Data Review 23 June 2010):
• Demand 2009 84,6 mb/d
• Average WTI 2009 62 $/b
• Demand 2010 86,1 mb/d
• Average WTI 2010 85 $/b
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4. Renewable Energy: a growing industry
Expected worldwide growth
By technology By geography
Global Global
Delta Expected Invest- EGP tech. 2020 2020 Expected
Technology installed installed Geography 2010
capacity growth ments presence Min Max growth
base base
2009 (GW) 2010 (GW) 2009-10 (GW) % CAGR 2009-2020(1) 2010 (€bn) (GW) (GW) (GW) CAGR 2009-2020(1)
North
Hydro ~980 ~1,006 +26 3% 2% ~ 65 251 364 550 8%
America
Wind ~159 ~194 +35 +22% 16% ~ 50 Europe 432 616 1,030 9%
~54 ~60 +6 11% 22% ~ 15 Latin
Biomass 172 198 330 7%
America
Solar ~23 ~38 +15 67% 32% ~ 50 Africa 37 57 110 11%
Geothermal ~11 ~11 +0.3 3% 9% ~1 Asia 416 819 1,000 9%
TOTAL ~1,227 GW ~1,309 GW +82 GW 6.7% 8.5% ~ €180bn TOTAL 1,309 2,054 3,020 8.5%
Strong growth in all technologies and across all regions
During 2010, total R&D investments amounted to €28bn (€11bn from corporate)
Source: Enel estimates based on EPIA, GWEC, EER (2010); WEO 2010 New Policies scenario (2020 min); industry reports/McKinsey (2020 max); Ren21
“Rapporto Renewables Global Status” 2010 (2009), EGP estimates based on market capex (investments), Bloomberg New Energy Finance (R&D).
(1) Calculated on 2020 max figures.
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5. A global leader
EGP global footprint – FY 2010
Enel Green Power
Operating 6,102 MW Italy and Europe
Production 21.8 TWh Operating 3,127 MW
In execution 1.5 GW(1) Production 12.7 TWh
Pipeline 29.2 GW(2) In execution 0.6 GW
Pipeline 6.2 GW
North America
Operating 788 MW
Production 2.6 TWh
In execution 0.3 GW
Pipeline 9,1 GW
Iberia and Latin
America
Operating 2,187 MW
Production 6.5 TWh
In execution 0.6 GW
Pipeline 13.7 GW
EGP presence
Unrivalled footprint in 16 countries
across all main renewable technologies
Note: 1) Including ENEOP
2) Including “new markets” (0,2 MW)
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6. Unique generation mix and diversified geographical
presence
EGP portfolio overview
Installed capacity by technology Production by technology
FY 2010 FY 2010
2% 2%
13% 24%
42% 51%
43% 23%
Total = 6.1 GW Total = 21.8 TWh
In execution by technology Pipeline by technology
FY 2010 FY 2010
1% 3% 6%
2%
10% 3%
86% 89%
Total = 1.5 GW Total = 29,2 GW
Hydro Geothermal Wind Other
Well-balanced asset base
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7. FY2010 profit & loss
From EBITDA to net income (€m)
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8. Renewable energies
Technological development status
Development status R&D efforts required
1 Mature •
1 R&D efforts focused on
Hydro improving power
Large
scale On-
Geo generation performances
shore and reducing costs
Wind
Biomass
& biofuel
•
2 R&D required to make
technologies more reliable
Small Solar PV and profitable
scale
Off-shore 2 Early commercial
Pilot Thermal Wind •
3 R&D required to let
solar
technologies leave the labs
Develop H2 Waves
-ment Tides 3 Still in the labs
Time
All the technologies could benefit from R&D effort – Some of them
have yet to leave the labs: huge efforts will be required
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Installed capacity

9. Renewable Technologies: Wind
State of the art and future evolutions Factors affecting development
Factors affecting development
• Greater turbines resulting in reduction
in costs of production
• Incentive schemes in many
countries
1981 2008
0,06 MW 3,0 MW
• On-shore: new materials and more
efficient designs allow for a greater
dimension and efficiency of the turbines
• Off-shore: the dimensions tend to be
increased (up to 5-6 MW) in order to
exploit the stronger winds available
* Enel Analysis
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10. WIND - In the past few years, turbine efficiency
has increased significantly
Higher efficiency at same wind speed conditions
Capacity factor % Annual power production from 20 MW
capacity at 6 m/s
70
GWh
60
50
M1
40 M1 53
30
M2
20
10 M2 30
0
0 1 2 3 4 5 6 7 8 9 10
+77%
IEC* III IEC* II IEC* I
(low wind) (med) (high)
Average wind speed, m/s
Note: Capacity factor for M1 is 30,1%; Capacity factor for M2 is 17% at 6 m/s wind
* IEC classifications: IEC III (0-7.5 m/s); IEC II (7.5-8.5 m/s); IEC I (8.5-10.0 m/s)
Source: http://www.windpower.org/en/tour/wres/pow/index.htm; 10

11. Renewable Technologies:
Photovoltaic Solar and Concentrated Solar
State of the art and future evolutions Factors affecting development
Factors affecting development
• Technological developments
(incremental or discontinuous)
reduce the costs of the panels and
increase efficiency, getting closer to
“grid parity”.
• Incentive schemes in many countries
• Traditional technologies: silicon
“mono-” and “poli- cristalline”
• New “thin film” technology: reduces
the use of silicon (main cost component
of the system) and the cost of energy
production
• Enel’s commitment to developing
concentrated solar
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12. EXAMPLE
Price decrease expected in solar PV lower but similar
to the high tech industry examples
CAGR
Percent
37-inch LCD*
LCD*, PDP** price development
42-inch PDP**
USD, at 2003 prices
• The price reduction
5,000 path expected for
solar PV module
between 2008 and
4,000
2020 is lower but
similar to the high tech
3,000 industry
-21%
-21% • As an example, LCD*
2,000 and PDP** technology
-24%
-24% price decreased ~20-
25% p.a. over the last
1,000
4 years
2003 2004 2005 2006 2007
* Liquid Crystal Display
** Plasma Display Panel
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Source: ICFAI

13. PV Business Model
Committed to the PV sector
3SUN
(EGP, SHARP, STM) EGP EGP EGP
Large scale
Large scale
Manufacturing
Manufacturing Development
Development EPC
EPC plants O&M
plants O&M
IPP – ESSE(1)
(EGP, SHARP) IPP – ESSE(1) IPP – ESSE(1)
Large scale
Large scale
Development
Development EPC
EPC plants O&M
plants O&M
Retail channel (Enel.si)
Turn-key
installation to
domestic/business
customers
EGP is strategically positioned across the whole PV value chain
(1) EGP Sharp Solar Energy.
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14. 3Sun
PV Factory Joint Venture
• Enel Green Power
Partners
(each 1/3) • Sharp
• ST Microelectronics
Location • Catania, at STM M6 premises
Technology • Sharp triple-junction thin-film
Partners’ contributions
Capacity
Enel Green Power :
At start • 160 MW/y (Q4 2011)
• Business Development
• Retail Sales Network
Ramp-up • + 320 MW/y (2012-14)
Sharp:
• Technology
• ~ 320 M€ (160 MW/y) • International Sales Network
Capex
• ~ 770 M€ (480 MW/y) STMicroelectronics:
• Manufacturing Experience and Site
• Trained Personnel
• ~280 people (160 MW/y)
Employment • ~700 people (480 MW/y)
• Over 400 people during
construction
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15. Enel.si: EGP Retail Arm
1 Turn Key PV and other distributed renewable
Solar PV and installations (mini-wind, geo-thermal heat pumps,
other solar-thermal) to domestic and business customers
distributed
renewables Leadership in the Italian fast growing retail PV
market
Business
2
lines
Energy efficiency and energy savings solutions for
Energy domestic and business customers
Efficiency
Partnerships with products and technology leaders
Business A strong growing franchising network with over
Franchising 500 entrepreneurs franchisees with EGP brand
model
A unique approach to renewable distributed generation
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16. Enel.si: access to the fast growing retail market
Business model
Business model Over 550 franchisees
locally distributed over Italy
• Franchising: local entrepreneurs supported by
Enel.si
• Enel.si offers to retail market - through its franchising
network - distributed renewable energy generation
products and services and energy efficiency solutions
• Enel.si provides to franchisees centralized
communications, products, technical assistance,
finance solutions, sales and technical training platform
Opportunities
Opportunities
• Over 550 franchisees with local distributed points of
sale
• Over 250 MW photovoltaic plants installed
• Refueling product pipeline with new innovative retail
applications and bundle offers for residential, SOHO,
small-industrials segments
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17. Innovation in renewables
Solar thermodynamic – Archimede
Thermodynamic innovative system developed
with ENEA patent, integrated with a modern
combined cycle
Using molten salts (fertilizers) as a fluid that can
reach temperatures of about 550 °C
Molten salts store the sun's heat to produce
electricity even in low sunlight (even during the
night)
Net capacity: 4,7 MWe
Gross annual production: 9,7 GWh
Being constructed in Priolo Gargallo (Siracusa)
Enter into exercise: July 2010
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18. Geothermal
Global Resources Availability and EGP presence
• 40 plants - 775 MW* - 5,000 GWh
• 460+ people involved in operation
• Types: dry steam, flash steam and binary cycle
• Operations since 1904
US - Nevada
In operation Tenerife /Greece / Turkey
47 MW Resource evaluation
US - Utah
Drilling
17 MW
El Salvador
In operation
200 MW Italy
In operation 730 MW
Chile
Drilling
80 MW
* Consolidated MW as of December 2010. 18

19. Enel Green Power Geothermal plants
Binary cycle - North America
Salt Wells
Salt Wells and Still Water are the world largest binary cycle plants (14 MW)
They are the benchmark in binary geothermal energy generation
•A binary system with two fluids, hot water from underground wells
heats an organic fluid and turns it into a vapor that makes the turbine
generate power.
•They are “Closed-loop” systems that continually replenishe the
Stillwater
Stillwater
geothermal resource used in the power generation process, without use
(33 MW)
of other Natural Resources (water)
•They will also be the first hybrid solar-geothermal applications in
the world.
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