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Enel remains leading group in the energy sector, with a presence in 43 countries on five continents, vertically integrated along the entire value chain.

The business model is focused on sustainability and built to seize the opportunities that come with the changing environment. It outlines how the Company’s organizational units, linked to its three main businesses (Generation, Distri- bution and Customer sales), must work to capture all possible benefits related to emerging trends, in particular the energy and digital transition, and to be able to effectively manage all the risks related to the rapidly changing energy sector environment.

In order to benefit fully from all the opportunities emerging from the market in which it operates, the Group has iden- tified three different business models, Ownership, Partner- ship and Stewardship, that it can leverage to achieve its de- fined ambitions.
Exploiting synergies between the different business areas and implementing actions also through the lever of Innovation, Enel promotes solutions to drive sustainable progress, reduce environmental impact, meet the needs of customers and the local communities in which it operates, and strives to ensure high safety standards for Enel people and suppliers.

At the basis of its activities, the Enel Group has a solid, dynamic and constantly oriented ethical system that incorporates best practices at national and international level, which all people working in and for Enel must respect and apply in their daily activities. The system is based on specific compliance programs including: the Code of Ethics, the Human Rights Policy, the Zero Tolerance of Corruption Plan, the Enel Global Compliance Program, the Organization and Management Model pursuant to Legislative Decree No. 231/2001, plus other national compliance models that may have been adopted by Group companies in accordance with local regulations.

Enel is the largest global private operator in the renew- able energy sector, with 55.5 GW of installed capacity(1), accounting for 68.2% of the entire generation capacity (Enel Green Power and Thermal Generation). It is the largest private electricity distribution company globally, with more than 70 million end-users connected to the grids (Enel Grids and Innovability), of which 45 million have active smart meters. Finally, it has the largest customer base among private companies (Enel X Global Retail), with more than 61 million customers. To guarantee a stable energy supply, the Group operates in wholesale energy markets (Global Energy & Commodity Management). 

With the help of its stakeholders (including Enel people, suppliers, partners, communities, customers, the financial community, institutions, the media, businesses, trade associations, etc.) Enel is dedicated to creating a transition path that is equitable and that generates shared value in the contexts in which it operates. In order to achieve sustainable financial environmental and social results, it is important to build solid and lasting relationships in the countries in which the Group operates. An ongoing dialogue with individual stakeholders and their representative organizations makes it possible to identify priorities for action and define the contribution to the UN Sustainable Development Goals (SDGs). 

⁽¹⁾ Including managed renewable capacity and BESS (Battery Energy Storage System), in 2023 63 GW of installed capacity was reached.

The integrated presentation of financial and sustainability information makes it possible to effectively communicate the business model and the value creation process in terms of both results and short- and medium-term prospects. The management of economic, environmental and social aspects is increasingly significant in assessing a company’s ability to create value for the benefit of its stakeholders. 

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The economic value generated and distributed directly by Enel provides a useful indication of how the Group has created wealth for all stakeholders. The reduction in the economic value generated directly is mainly related to the decrease in sales revenues of energy commodities, in particular gas and electricity, due to both the lower quantities brokered in the wholesale and retail markets and the reduction in average prices.
The decrease in operating costs is mainly due to the reduction in energy and gas purchase costs due to the decrease in volumes and average prices, as well as the drop in costs for transportation and CO₂ quotas.
Payments to capital providers increased mainly due to higher interest expense, mainly as a result of rising interest rates. In addition, there was an increase in dividends paid compared to the previous year.