Enel Chile Corporate Presentation
Company Representatives Paolo Pallotti Chief Executive Officer Enel Chile Giuseppe Turchiarelli Chief Financial Officer Enel Chile Isabela Klemes Head of Investor Relations Enel Chile 2 Ollague Chile
Key investment considerations Diversified and resilient long-term investment vehicle in energy sector in the country ESG fully integrated into the corporate long- term strategy Leading the decarbonization process with no coal exposure by 2022 First renewable operator in Chile with 76% renewable capacity by 2022 Diversified long-term contract position Boosting energy transition through Enel X business 3
Enel Chile Diversified long-term investment vehicle Lalackama Chile
Enel Chile as part of Enel Group Enel Group is leading the new energy world… 1 st network 46 GW 40 GW 6.1 GW 70 mn operator 1 Conventional capacity 3 customers 4 Renewable capacity 2 Demand response Leading decarbonization New services enable World’s largest private player Largest retail customer base in 73 mn end users process , phasing out of coal decarbonization and in renewables Europe production electrification of consumption 1. By number of customers. Publicly owned operators not included 5 2. By installed capacity. Includes managed capacity for 3.6 GW 3. It includes nuclear 4. Includes customers of free and regulated power and gas markets
Our positioning We are the largest utility in Chile with a strong, unique and resilient portfolio 1 4.7 GW renewable capacity 65% emission free Largest renewable player 17.1 TWh energy distributed 13.8 TWh generation 4.7 GW renewable capacity 2.0 mn end users 66% emission free Benchmark EBITDA in the region 1.5 2.5 GW thermal capacity 2019 (USD bn) 7.2 TWh generation The company is leading Highly flexible & efficient Market Cap 4.8 Based on LNG the decarbonization Sep 21, 2020 (USD bn) +2GW new renewable capacity Capex 2.5 2020-2022 (USD bn) Electric mobility 285 electric buses 454 charging points Largest electricity distributor Growth through new services, 12.7 TWh regulated customers 2 In terms of energy distributed products and solutions 10.8 TWh free customers 2 Better positioned to face the liberalization of Chilean market 1. As of Dec 31, 2019 6 2. Energy sold by our generation business line
Strategy Rationale Leading energy transition, boosting renewables and electrification at a national level Generation Distribution Enel X +2GW 2019 2022 2019 2022 Renewable capacity 454 SAIDI LTM 1 2,954 Charging points 4 184 160 8.7 (minutes) 7.2 Smart lighting 2,148 2,969 277 348 Telecontrol equipmen t 2 (000’) Capex US$ 6.6 4.7 +2.5 bn Energy distributed 3 E-home services 5 17.9 17.1 78 259 (000’) (TWh) 2.5 2020-2022 2.1 5.0 4.9 Energy losses (%) 2019 2022 Thermal Renewables 1. SAIDI LTM: System Average Interruption Duration Index during the last twelve months 2. Cumulated figures 7 3. Energy distributed only in Enel Distribución concession area 4. Public and private charging points. Also include e-buses charging points 5. Includes insurance services, air conditioning, and photovoltaic panels
Strategy Rationale Capital allocation aiming to reduce time to EBITDA and with direct impact on SDGs Capex purposes allocation SDGs impacts at 2022 Capex that generates Capex to SDGs EBITDA by 2022 2019 2022 Renewable capacity (GW) 4.7 6.6 Coal Thermal capacity (GW) 0.4 0.0 2.5 2.5 US$ bn US$ bn Digitalization 2,148 2,969 (Telecontrol equipment - #) 82% 95% Charging points(#)¹ 454 2,954 Public Lighting (#000) 277 348 1. Public and private charging points. Also include e-buses charging points 8
Enel Chile Leading the decarbonization process
Decarbonization & renewables Speeding up decarbonization process Early disconnection to promote decarbonization of our fleet Tarapacá Bocamina I Bocamina II 158 MW 128 MW 350 MW First Chilean electric company to phase out its coal fleet by 2022 Closed on Closure date Closure date Dec 31 st 2019 Dec 31 st , 2020 May 31 st , 2022 Voluntary acceleration of exiting coal process, earlier than committed in the National Decarbonization Plan 10
Decarbonization & renewables Coal-free fleet by 2022 (1/3) Consolidating our leadership as first renewable operator in Chile Positive outlook arising from coal phase out Net installed capacity by 2022 Increase attractiveness and visibility by a 24% new ESG better profile 24% Thermal 0% 42% coal 8.7 Potential increase on liquidity and value GW 9% 76% 1% renewable Reduce commodities volatility and environmental risks, bringing better margins 24% New financing instruments and better risk- Hydro Solar Geothermal Wind Thermal profile 0% revenues from coal from 2023 onwards 11
Decarbonization & renewables Coal-free fleet by 2022 (2/3) Consolidating our leadership as first renewable operator in Chile Rational arguments 1 National coal fired power plants closure timeline Official decarbonization agreement (1,397 2 MW) and COP25 announcements Higher installed capacity and production of renewables sources in the National Electric Bocamina 1 System Bocamina 2 299 Clousure Capacity 141 606 Natural gas price reduction and availability 350 +2,174 208 Installed capacity available vs. projected 128 114 demand 328 2019 2020 2021 2022 2023 2024 3 4 5 2025 2026 1. Net impact of the Bocamina II impairment (595 USD mn) booked in June 2020 2. Official decarbonization agreement (1,047 MW) adds the early closure of Bocamina II (350 MW) 12 3. Includes: Mejillones 1 (166 MW); Mejillones 2 (172 MW); U14 (136 MW) and U15 (132 MW) 4. Includes: Nueva Tocopilla (141 MW) 5. Includes: Guacolda U1 and U2 (299 MW)
Decarbonization & renewables Coal-free fleet by 2022 (3/3) Consolidating our leadership as first renewable operator in Chile Higher penetration of renewable energy Country installed capacity Country installed capacity Estimates as of 2020 Estimates as of 2019 (GW) (GW) 33.4 30.8 33.4 32.3 29.8 28.3 3.6 3.6 3.0 0.1 3.6 3.0 0.1 0.1 0.1 0.7 0.7 0.5 0.1 3.0 0.7 0.5 0.1 4.5 4.5 4.1 0.5 3.9 3.9 3.3 5.9 5.1 6.9 7.8 7.8 4.2 5.1 5.1 5.2 5.0 4.4 4.4 7.4 7.6 7.6 7.6 7.7 7.7 4.6 4.6 4.6 4.5 4.5 4.5 2021 2022 2023 2021 2022 2023 +2.7 GW +0.6 GW Diesel Biomass Wind Solar Coal Geo. Gas Hydro in additional in additional Solar projects Wind projects 13
Decarbonization & renewables Speeding up decarbonization process Renewables expansion to enhance commercial strategy Net installed capacity (GW) +1GW +1GW 8.7 (0.4) 7.2 Coal phase out 6.6 acceleration +2GW 4.7 (Bocamina I and II) Renewable expansion Mature pipeline 2.5 2.1 +1GW +3GW jun-20 In execution Mature Bocamina 2020-22 1 (construction) (COD by 2022) Disconnection COD by 2022 Under development Thermal Renewables 1. Excludes Los Cóndores Hydro Power Plant (150 MW) 14
Decarbonization & renewables Renewables expansion Projects under construction + 61 MW Solar Renewables expansion to enhance commercial strategy + 126 MW Solar + 375 MW Solar Finis Terrae Azabache Campos del Sol Solar power plant. Capacity expansion Solar power plant. First hybrid plant Solar power plant 61 MW Net Installed 375 MW Net Installed 126 MW Net Installed Capacity Capacity Capacity 2020/21 2020/21 2021 COD COD COD Updates (Jul/20) Updates (Jul/20) Updates (Jul/20) • Environmental license already • Environmental license already • Environmental license issued issued already issued • 61MW of PV modules already on • 253MW of PV modules already • 16% overall progress site on site • 28% overall progress • 32% overall progress 15
Decarbonization & renewables Renewables expansion Projects under construction +28 MW Geothermal Renewables expansion to enhance commercial strategy + 150 MW Hydro + 144 MW Wind Los Cóndores Renaico II Cerro Pabellón III Run of the river power plant Wind farm Geothermal plant expansion 150 MW Net Installed 144 MW Net Installed 28 MW Net Installed Capacity Capacity Capacity 2023 2020/21 2021 End of Construction COD COD Updates (Jul/20) Updates (Jul/20) Updates (Jul/20) • Completed 10.5 km of project • Environmental permit already • Environmental permit already tunnel out of 14km issued issued • 1 st batch (out of 4) fabrication of • End of construction in 2023 • All required turbines already on wind turbines already concluded site • 18% overall progress • 55% overall progress 16
Decarbonization, renewables & enabling ecosystem Customer centricity Energy transition comes with new consumption trends Energy transition sets a new consumption trend Renewable sources have been demanded by customers New trends towards conscientious energy consumption worldwide Scaling ecosystem by Enel X to drive new revenue streams opportunities Up to PPA’s Enel Chile as a customer-engagement platform 100% Renewable signed with mining 7 TWh /year companies during 2019 17
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