Company Overview

Enel, Italy’s largest power company, started in 1962 as a government-run monopoly, serves 29 million electricity customers. In November 1999, in the world’s biggest IPO, the Italian government offered more than a third of Enel to the public and raised $18.9 billion. The company provides electric power production, transmission, and distribution and sales; designs and builds electric plants and water networks; and offers real estate management, telecommunications services, and Internet service. Enel was forced to divest 25 percent of its holdings under the 1999 Bersani Decree to allow diversification of Italy’s power market. With its core business reduced, Enel transformed itself into a holding company, with a broader portfolio of business areas including construction, research, informatics, and combustibles. As part of its diversification process throughout 2002, Enel acquired several water and gas companies in Europe, and power plants in other continents including Africa, the Middle East, and North America. However, in 2005 it sold off control of its telecom unit, Wind Telecomunicazioni.