Published on Tuesday, 3 February 2004

Rome, 3 February 2004 – Enel expects the new tariff mechanism for the transportation, distribution, metering and sale of electricity for the period 2004-2007, as defined by the sector’s Authority, will have the following principle effects.


On the basis of initial prudent estimates, the impact on tariff revenues for 2004 is an estimated fall of about 4.3% for the activities of Enel Distribuzione (from over 4.9 billion euro in 2003 to over 4.7 billion euro in 2004). For Terna, revenues should remain unchanged at about 780 million euro.


On the basis of the abovementioned tariff levels and sector values provided by the Authority, it is possible to estimate a value of Enel’s Regulated Asset Base (RAB) of :


-                     4.9 billion euro for Terna;

-                     20 billion euro for Enel Distribuzione.


At the Ebitda level, the effect of reduced regulated revenues for the activities of distribution, metering and sales will be offset by ongoing cost containment and increased efficiency in all of Enel’s activities.


For a more detailed analysis of the effects of the new tariff mechanism, there will be a conference-call for the financial community with Enel’s Chief Financial Officer Fulvio Conti at 6.00 pm. Journalists wishing to listen to the conference-call can obtain the telephone number from the press office.

Price Sensitive | February, 03 2004



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