Investor Presentaiton
integrated margin
The integrated management of the liberalised
business optimises value and enables resilient
margins
Energy management
SCVP
purchases
SCVP
sales
Purchases
Potential
upside
Indexed to
pool price
Own
generation
Fixed
price
Sources
Sales
Pass through
Liberalised business
E✓
endesa
Key success factors...
Long term expertise in the liberalized market
■ Know-how and skills in energy management
■ Optimization of fuel procurement
...beneficial under different scenarios
■ Increase price scenario:
60% of hydro + nuclear
Flexibility to increase thermal output.
✓ On-going renewals of customer contracts
■ Decrease price scenario:
✓ Option to purchase (spot or forward) vs. produce
✓ Arbitrage between gas and electricity
✓ On-going renewals of customer contracts
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