Investor Presentaiton

Macro scenario Commodities' prices 2019 2020 2021 2022 Gas TTF (€/MWh) 13.5 Gas Henry Hub ($/mm btu) 2.5 23 19.2 3.1 23 19.5 19.7 3.1 3.1 Gas PSV (€/MWh) 16.0 20.9 21.1 21.3 Oil Brent ($/bbl) 64.1 65.0 65.0 66.0 Coal AP12 ($/ton) 61.0 75.0 76.0 78.0 CO₂ (€/ton) 24.8 23.5 24.0 24.5 enel 123

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