Outlook

The size that the Group has achieved and the validity of the strategies adopted have enabled Enel, despite the adverse macroeconomic environment, to maintain its performance and represent a sound foundation for pursuing its objectives as well a tool for exploiting the advantages of any acceleration in the economic recovery.
On this basis, the Group will continue its programs to affirm its leadership in the areas in which it operates, benefiting from the optimal diversification of its plants by type of generation technology and by geographical area and from a competitive cost structure.
In addition, the Group will continue to invest in research and development in the renewables sector, pursuing technological excellence without neglecting environmental issues. Enel will also continue programs for the return of nuclear power in Italy, in line with developments in the regulatory framework.
The operational excellence programs under way and the synergies generated by the ever closer integration with Endesa will strengthen Enel’s cost leadership and help boost operating cash flow.
The contribution of these programs and all the other actions that have been undertaken is expected to enable Enel to achieve the targets announced for 2010 in the new business plan. In particular, it is estimated that the portfolio optimization efforts already planned and the generation of operational cash flow are sufficient to reduce the level of debt, with a consequent improvement in the Group's financial structure. In this regard, the Renewable Energy Division is undergoing a reorganization, the benefits of which will also be leveraged with the sale of a minority stake in Enel Green Power.