Enel Group
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Value creation and the business model

The value creation process

The integrated presentation of financial and sustainability information makes it possible to effectively communicate the business model and the value creation process both in terms of results and the short- and medium/long-term outlook. The management of economic, environmental and social aspects is increasingly significant in terms of assessing the ability to create value for stakeholders.
The following graphical representation summarizes the value chain of the Enel Group: the main inputs used, how they are transformed into outcomes and value created for stakeholders.

Value creation and the business model

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Our business model
VALUE CHAIN_2023
Our business model
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Value created for enel and our stakeholders

Business model

Enel’s business model is conceived to maximize long-term value creation for all stakeholders through the achievement of Group growth, development and efficiency objectives while at the same time minimizing business risks. The Enel business model is structured along the entire value chain through global business lines for generation (Enel Green Power and Thermal Generation), commodity portfolio management (Global Energy and Commodity Management), distribution (Enel Grids and Innovability) and customer sales (Enel X Global Retail), supported by the Global Service Function and Staff Functions. The current mission of each global business line can be summarized as follows:

  • Enel Green Power and Thermal Generation is engaged in the generation of electricity from renewables (through Enel Green Power) and conventional sources, seeking to accelerate the energy transition and managing the path of decarbonization;
  • Global Energy and Commodity Management operates in wholesale physical and financial markets for energy commodities (electricity, gas, emissions, oil and many others) and manages the Group’s integrated portfolio through hedging with complex products in order to mitigate the risks of international commodity trading;
  • Enel Grids and Innovability is a world leader in electricity distribution, ensures the supply of electricity through increasingly efficient grids that are ever more resilient and secure against extreme and adverse events and more flexible thanks to enabling new business models for DSOs (distribution system operators).
    In line with these objectives, Enel Grids’ innovation effort has focused on resilience, operational excellence and security, seeking advanced solutions that can guarantee and improve an increasingly safe environment for workers and generate a positive and sustainable impact on the business;
  • Enel X Global Retail operates in the supply of electricity, energy management services and public and private electric mobility, with a portfolio of value-added products and services to encourage more independent and sustainable use of energy.
    Enel X Global Retail offers innovative solutions to improve people’s lives, focusing on residential consumers, companies and government entities with modular and integrated offers built around customer needs, promoting the digitalization and electrification of energy use and transport as drivers to create new value.

By exploiting the synergies between the different business areas and implementing actions through the lever of innovation, the Enel Group seeks to develop solutions to drive sustainable progress, reduce environmental impact, meet the needs of customers and the local communities in which it operates and ensure high safety standards for employees and suppliers.


In order to fully benefit from all the opportunities emerging in the market environment in which it operates, the Group has identified three different business models (Ownership, Partnership and Stewardship) it can deploy depending on the geographical area and expected return:

  • the Ownership business model, in which the Group makes direct investments in renewables, grids and customers, benefitting from the financial performance generated by the continuous use of the assets involved. This model is mainly employed in countries where the entire value chain can already be leveraged, from generation to relationships with end users, especially where expected returns are the highest;
  • the Partnership business model, in which the Group makes investments with a partner in order to lower its exposure to the risks associated with the assets involved, while maintaining control and maximizing the productivity and flexibility of the capital employed;
  • the Stewardship business model, in which the Group invests in existing or new joint ventures and acquires or maintains minority stakes, benefitting from the development of the assets. This model will further enhance financial flexibility while significantly reducing the risk exposure of capital, increasing returns. Three geographical areas (Italy, Iberia and Rest of the World) are incorporated into this approach, each of which operates in its area in a matrix relationship with the broader and more global business lines, managing activities such as relations with local communities, regulation and local communication, while ensuring the integration of the business lines present in the country involved.
Processo di creazione del valore
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