Rome, March 27, 2003 – The board of Enel SpA met today, chaired by Piero Gnudi, and approved 2002 results which were presented to the financial community; along with the strategic goals of the 2003-2007 industrial plan. FINANCIAL RESULTS  Net revenues: 29,977 million euro (29,726 million euro in 2001 pro-forma).  Ebitda: 7,861 million euro (8,079 million euro in 2001 pro-forma).  Net profit: 2,008 million euro (3,961 million euro in 2001).  Dividend per share: 0.36 euro (unchanged from 2001).  Net financial debt on December 31, 2002: 24,467 million euro (21,930 million euro at end 2001). IMPORTANT EVENTS: SEPTEMBER 2002 - MARCH 2003  Focus on core business: power and gas.  New organizational structure, by division: Generation and Energy Management, Infrastructure and Networks, Sales, Telecommunications, Services.  Precise goals set for cost reduction and quality enhancement for the Generation and Energy Management, Infrastructure and Networks, and Sales divisions.  Acquisition of a 900 MW lignite power plant in Bulgaria.  Agreement with BG (British Gas) for the construction of regasification plant in Brindisi . Paolo Scaroni, Enel chief executive said: “Our strategic objective is to become the most efficient integrated supplier of power and gas in Italy, with a focus on the market and quality of service. Enel today has the organizational structure and industrial plan to fulfill this strategy. The plan that I presented today aims to deliver consistent Ebitda growth and 14 billion euro free cashflow by 2007”. STRATEGIC, OPERATIONAL AND FINANCIAL OBJECTIVES Focus on energy:  a detailed industrial plan to become the most efficient integrated supplier of electricity and gas in Italy;  confirmation of Wind as a financial investment;  foreign growth only where strategically relevant and in businesses that are profitable on a stand-alone basis. The goal is to propose to shareholders a payout of 60-70% of ordinary profits and the distribution of 100% of net profits from disposals, subject to the target of a strong “A” credit rating for Enel. Main targets  1 billion euro cost reduction by 2005.  Ebitda CAGR of 8% to 2005.  9 billion euro savings on capital investment, 80% of which from non-core activities.  14 billion euro of free cash generated over the period 2003-2007. Generation and Energy Management  Strategy: in power, our goal is to have the lowest production costs in the market due to the conversion of 5,000 MW to combined cycle by the end of this year and 5,000 MW to competitive fuels (coal and orimulsion) over the period of the industrial plan; to align operating costs to international benchmarks; to optimize production through a balanced fuel mix; growth in the renewable energy sector where Enel is the world leader, and acquisitions; in gas, to have the lowest supply costs in Italy (after the incumbent), as a result of a new regasification terminal at Brindisi and contracts with Gazprom (Russia) and Sonatrach (Algeria);  Targets: in thermoelectric power, to reduce fuel cost and operating costs: in 2005 producing one MWh will cost 20% less than today and 30% less in 2007; in renewable energy, to reduce large hydroelectric production costs by more than 10% by 2005 and pursue growth, with plants dedicated to green certificates and investment, by 2005, of 1 billion euro at an IRR of over 20%; in gas, access to gas at a cost of between 5% and 10% lower than other operators, due to the strategy of fuel supply diversification which has already been implemented; Infrastructure and Networks  Strategy: consistent quality improvement and cost reduction, due to efficiency programs, a new centralized purchasing system, and the development of synergies between electricity distribution and gas distribution.  Targets: Enel aims to be the most efficient operator, reducing the cash cost per customer by 15% by 2005, both in power and gas, in line with international best practice. Sales  Strategy: Enel intends to maintain a share of over 50% in the power market and to grow in gas through commercial penetration, participation in expiring concession tenders and acquisitions. The launch of the dual fuel offer to non-regulated customers and synergies in fuel supply will increase our competitive advantage.  Targets: in power, to complete the Customer Relationship Management system in the first half of 2003; to open over 1,900 Enel.Si outlets under franchise by 2005; to continue to improve the quality of customer service through contact centers and the Internet; in gas, our target is to sell 7 billion cubic meters of gas (3.9 in 2002) to 3 million customers by 2007 (1.7 million in 2002). *** *** *** 2002 RESULTS IN SUMMARY Demand for power in Italy grew by 1.8% in 2002, growing from 304.8 kWh in 2001 to 310.4 kWh. Energy dispatched on Enel’s distribution network was equal to 258 billion kWh (255.9 billion kWh in 2001). Sales on the regulated market and on the non-regulated market came to 194.3 billion kWh (-5.7% from 2001), as a consequence of the expansion of the non-regulated market and the sale of significant urban grids during 2001 and 2002 (Milan, Rome, Turin, and Verona). On a pro-forma basis, Enel’s net production for the period, equal to 145.1 billion kWh, was in line (-0.6%) with 2001. Thermoelectric production grew by 3.2%, hydroelectric production fell 13.6% because of decreased water availability in the first months of 2002. 2002 consolidated results For a homogeneous comparison with 2001 data, the latter are presented on a pro-forma basis: excluding Elettrogen and Valgen from January 1 and Eurogen from July 1, and including Infostrada from January 1. Revenues in 2002 amounted to 29,977 million euro, substantially in line with 2001 (29,726 million euro). Ebitda (gross operating margin) amounted to 7,861 million euro compared with 8,079 million euro in 2001 (-2.7%). Group net profit in 2002 was 2,008 million euro (3,961 million euro in 2001) due to lower net extraordinary income (736 million euro in 2002 against 2,403 million euro in 2001) and included the 1,511 million euro writedown of Wind. The net profit includes 608 million euro in tax payments, representing 26% of the net profit. The consolidated balance sheet registered total net assets of 20,842 million euro (21,109 in 2001) and net financial debt equal to 24,467 million euro (21,930 in 2001) due mainly to substantial investments, payment of the last instalment of a one-time payment to the Fondo Previdenza Elettrici (industry pension fund) of 611 million euro and the first instalment of the substitute tax paid upon the freeing up of the reserves for accelerated depreciations of 402 million euro. The ratio of debt to assets at the end of 2002 was 1.17 (1.04 at end 2001). Total investment for the period was 5,717 million, an increase of 776 million euro from 2001 due to work on the combined cycle turbogas conversion of power plants, the installation of about 6 million electronic meters, and the expansion of Wind’s network. Group Employees at the end of 2002 numbered 71,204 (72,661 at end 2001). The balance of new hires and employees leaving the group was a negative 3,061, while acquisitions, mainly Camuzzi and Viesgo, brought a net increase of 1,604 employees. Parent group 2002 results Revenues in 2002 amounted to 1,971 million euro (3,928 million euro 2001). The decrease (-1,957 million euro) compared with the previous year is due to the gradual reduction of operational activities directly under Enel SpA’s control. EBIT amounted to 162 million euro (334 million euro in 2001) mainly due to a reduction in the margins on imported energy. Income from participations, net of value adjustments, amounted to 365 million euro (2,006 million euro in 2001). Net financial liabilities fell from 385 million euro in 2001 to 242 million euro in 2002 due to a reduction of debt and a fall in interest rates. Net profit amounted to 2,405 million euro (3,578 million in 2001) Net extraordinary income amounted to 2,882 million euro (3,006 million euro in 2001) mainly due to the disposal of Eurogen. Net financial debt fell by 2,053 million euro, from 7,819 million at the end of 2001 to 5,766 million euro at the end of 2002. The Board has called a shareholders’ meeting for May 23 and 24, 2003. The Board will propose to shareholders the distribution of a dividend of 0.36 euro per share, unchanged from 2001. The Board has proposed June 23 as the dividend’s “coupon” date and June 26 as the date of dividend payment (to which is attributed an ordinary tax credit of 56.25%). At 2PM, Italian time, at Enel’s Auditorium on Viale Regina Margherita 125, Rome, Enel’s 2002 results and the objectives of the industrial plan will be presented to financial analysts and investors. This presentation will be followed by a press conference. The event will be transmitted live via the Internet on www.enel.it. Support material for the presentation is available at the same Internet site in the Investor relations section. Attached are the reclassified consolidated and parent company balance sheet and financial statement tables which have been forwarded to the internal audit committee and auditing companies for their evaluation.

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