Long-term Climate Strategy and Financial Performance

The last three years have highlighted the importance enel of good energy markets design 2020 2021 2022 COVID -19 Russia - Ukraine conflict Prices extreme M volatility +250% YTD gas prices in EU Dependence of supply 70% EU energy covered by imported fossil fuels. Climate EU coal consumption change +7% Mt yoy increase Governments ST intervention > EU GDP to ST interventions 4% against tariffs surge 3

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