To fully understand the results set forth in terms of the Integrated Strategy, it is necessary to describe what items are contained in this aggregate and how the different businesses converge within it. The Integrated Margin, the first planning object of the Integrated Strategy, stems from the need to leverage the integration of the power business value chain and encompasses much of the value generated by the businesses of power generation (Enel Green Power, Thermal Generation), power trading, and commodity sales and power services (Retail and Enel X).
The calculation starts by determining revenues: first and foremost, commodity revenues, which include both those associated with industrial sourcing (power generation from own plants) and those associated with commercial sourcing (purchases from third parties). To these revenues are added those related to services, such as dispatch services and other revenue streams.
Second, we move on to the determination of costs, which are also separated into costs associated with industrial sourcing (including variable costs, related to beyond commodity goods/services, and fixed costs of power generation) and costs related to commercial sourcing, then purchases from third parties.
In summary, this is a broad cost structure that also includes fixed cost items.