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Activity of Enel SpA

In its capacity as an industrial holding company, Enel SpA defines strategic targets for the Group and coordinates activities of subsidiaries.
In addition, Enel SpA manages central treasury operations and insurance risk coverage, providing assistance and guidelines on organization, personnel management and labor relations, accounting, administrative, fiscal, legal, and corporate matters.

Enel also has a contract for the import of electricity with Atel (on the Swiss border, expiring on December 31, 2011). An integral part of the agreement with Atel is the “Settlement Agreement”, which essentially provides for Enel and Atel to split equally any gains or losses on the contract under certain conditions.
The power imported under the contract with Atel is sold to the Single Buyer at a set price and is used to supply the enhanced protection market (the former regulated market).

For the electricity purchased under that contract, with a decree of December 11, 2008, the Minister for Economic Development:

  • set a price of €78/MWh for the 1st Quarter of 2009, providing for the updating of the sales price by the Authority for Electricity and Gas for subsequent quarters with a calculation method based on quarterly indexing of the Single National Price (SNP). The sales price (calculated on the basis of the criterion established at point 4 of Resolution no. 329/07) for the 2nd, 3rd and 4th Quarters of 2009 were set at €65.87/MWh, €48.45/MWh and €56.86/MWh respectively;
  • for 2009, agreed the allocation of capacity on the Italian-Swiss border by common agreement between the Italian and Swiss authorities.


For 2010, with a decree of December 18, 2009, the Minister for Economic Development confirmed the capacity reserve on the Italian-Swiss border in implementation of the long-term energy import contract and set a price for the 1st Quarter of 2010 of €59.5/MWh and confirmed the procedures for updating the price. Unlike previous arrangements, the Single Buyer may elect to not draw the electricity under the long-term contract for all of 2010 if prices are not consistent with its forecast for average provisioning costs. While the option remains, at the end of the year the Single Buyer confirmed its intention to draw the electricity governed by the contract.