Enel Chile S.A. (ENIC): Analyse du pilon [Jan-2025 MISE À JOUR]

Dans le paysage dynamique du secteur des énergies renouvelables du Chili, Enel Chile S.A. est une force transformatrice, naviguant des terrains politiques, économiques et technologiques complexes avec une précision stratégique. Cette analyse complète du pilon dévoile les dimensions à multiples facettes qui façonnent l'écosystème opérationnel de l'entreprise, révélant comment Enel Chili exploite le soutien politique, l'innovation technologique et les engagements de durabilité pour entraîner un changement significatif dans l'infrastructure énergétique nationale. Des incitations gouvernementales aux technologies renouvelables de pointe, le parcours de l'entreprise reflète un récit convaincant d'adaptation, de résilience et de leadership avant-gardiste dans un marché mondial en évolution de l'énergie.

Enel Chile S.A. (ENIC) - Analyse du pilon: facteurs politiques

Les politiques de transition énergétique du Chili

Le Chili s'est engagé à atteindre 70% de production d'énergie renouvelable d'ici 2030 et de neutralité du carbone d'ici 2050. La stratégie nationale énergétique (Estrategia nacional de Energía) soutient explicitement le développement des énergies renouvelables par le biais de cadres législatifs ciblés.

Métrique politique	Cible actuelle	Année de mise en œuvre
Part d'énergie renouvelable	70%	2030
Objectif de neutralité au carbone	100%	2050

Incitations du gouvernement pour l'énergie propre

Le gouvernement chilien fournit de multiples mécanismes financiers pour soutenir les investissements en énergies renouvelables:

• Crédits d'impôt pour les infrastructures d'énergie renouvelable
• Amortissement accéléré pour les projets d'énergie verte
• Mécanismes d'enchères en énergie renouvelable

Type d'incitation	Valeur monétaire	Applicabilité
Crédit d'impôt	35% de l'investissement	Projets solaires et éoliens
Prestation d'amortissement	Réduction de la période d'amortissement à 5 ans	Infrastructure d'énergie renouvelable

Évaluation de la stabilité politique

Le Chili se classe au 22e rang mondial dans l'indice de stabilité politique, fournissant un environnement d'exploitation favorable pour les investissements énergétiques.

Réformes du secteur de l'énergie

Des réformes récentes législatives ont créé des opportunités pour les sociétés d'énergie renouvelable à travers:

• Processus d'autorisation rationalisés
• Règlement sur la connexion de la grille améliorée
• Libéralisation accrue du marché

Zone de réforme	Changement clé	Date de mise en œuvre
Permettre le processus	Réduction du temps d'approbation de 40%	2022
Connexion de la grille	Exigences techniques simplifiées	2023

Enel Chile S.A. (ENIC) - Analyse du pilon: facteurs économiques

Les investissements des infrastructures de reprise économique et de croissance du Chili

Le taux de croissance du PIB du Chili en 2023 était de 1,9%, avec une croissance projetée de 2,3% en 2024. L'investissement total des infrastructures a atteint 8,4 milliards USD en 2023, les infrastructures énergétiques représentant environ 35% des investissements totaux.

Indicateur économique	Valeur 2023	2024 projection
Taux de croissance du PIB	1.9%	2.3%
Investissement total d'infrastructure	8,4 milliards USD	8,7 milliards de dollars
Investissement d'infrastructure énergétique	2,94 milliards USD	3,05 milliards USD

Fluctuant les prix de l'énergie impact les sources de revenus de l'entreprise

Les prix au compliquée de l'électricité au Chili en moyenne CLP 91,5 par kWh en 2023, avec des variations trimestrielles importantes. Les revenus d'Enel Chile contre la production d'électricité étaient de 2,1 milliards de dollars en 2023.

Métrique du prix de l'énergie	2023 moyenne
Prix ​​au point d'électricité	CLP 91,5 par kWh
Revenus de production d'électricité Enel Chile	2,1 milliards USD

Le secteur des énergies renouvelables connaissant une attractivité économique accrue

Les investissements en énergie renouvelable au Chili ont atteint 3,2 milliards USD en 2023, ce qui représente 42% des investissements totaux du secteur de l'énergie. Les projets solaires et éoliens représentaient 65% des nouvelles capacités renouvelables.

Métrique d'énergie renouvelable	Valeur 2023
Investissements totaux d'énergie renouvelable	3,2 milliards USD
Pourcentage d'investissements du secteur de l'énergie	42%
Part de projet solaire et éolien	65%

L'investissement étranger dans les infrastructures énergétiques reste stable

L'investissement étranger direct dans le secteur de l'énergie du Chili était de 1,5 milliard USD en 2023, les investisseurs internationaux maintenant un intérêt constant pour les projets d'énergie renouvelable.

Métrique d'investissement étranger	Valeur 2023
Investissement étranger du secteur de l'énergie	1,5 milliard USD

Enel Chile S.A. (ENIC) - Analyse du pilon: facteurs sociaux

Conscience du public croissante et demande de solutions énergétiques durables

Selon la stratégie nationale du Chili, la demande d'énergie renouvelable est passée à 25,4% de la consommation totale d'énergie en 2023. Le portefeuille des énergies renouvelables d'Enel Chili a atteint 2 844 MW de capacité installée, représentant 64% de sa capacité de production totale.

Année	Demande d'énergie renouvelable (%)	Perception de la durabilité publique (%)
2022	22.1%	58%
2023	25.4%	72%

Augmentation des préférences sociales pour les entreprises respectueuses de l'environnement

Le score de l'indice de durabilité d'Enel Chile a atteint 85/100 en 2023, avec 78% des parties prenantes évaluant l'engagement environnemental de l'entreprise comme «élevée» ou «très élevée».

Métrique de la durabilité	Valeur 2022	Valeur 2023
Score de l'indice de durabilité	79/100	85/100
Perception environnementale des parties prenantes	65%	78%

Engagement communautaire local critique pour le succès du projet d'énergie renouvelable

Enel Chile a investi 12,6 millions USD dans des programmes de développement communautaire en 2023, s'engageant avec 47 communautés locales à travers des projets d'énergie renouvelable.

Métrique de l'engagement communautaire	Valeur 2022	Valeur 2023
Investissement communautaire (USD)	9,4 millions	12,6 millions
Communautés engagées	38	47

Les changements démographiques de la main-d'œuvre vers des professionnels plus jeunes et axés sur la technologie

La composition de la main-d'œuvre d'Enel Chile montre 42% des employés de moins de 35 ans, avec 65% détenant des certifications de compétences techniques ou numériques avancées en 2023.

Travailleur démographique	Pourcentage de 2022	Pourcentage de 2023
Employés de moins de 35 ans	38%	42%
Certification des compétences avancées	58%	65%

Enel Chile S.A. (ENIC) - Analyse du pilon: facteurs technologiques

Investissements importants dans les technologies d'énergie solaire et éolienne

En 2024, Enel Chile S.A. a investi 1,2 milliard USD dans les technologies des énergies renouvelables. Le portefeuille solaire et éolien de l'entreprise comprend:

Type de technologie	Capacité installée (MW)	Investissement (million USD)
Photovoltaïque solaire	932	612
Énergie éolienne	787	588

Capacités avancées de gestion du réseau et de transformation numérique

Enel Chile a déployé infrastructure numérique avancée avec les mesures technologiques suivantes:

• Mettes intelligents installés: 1,4 million
• Investissement de transformation numérique: 210 millions USD
• Couverture d'automatisation du réseau: 67%

Implémentation des innovations de stockage de réseau intelligent et d'énergie

Technologie de stockage d'énergie	Capacité (MWH)	Année de mise en œuvre
Systèmes de stockage d'énergie de la batterie	124	2023
Stockage hydro pompé	315	2022

Mises à niveau technologiques continues pour améliorer l'efficacité énergétique

Améliorations de l'efficacité technologique:

• Amélioration de l'efficacité du réseau: 4,2%
• Réduction des pertes de transmission: 1,8%
• Investissement technologique d'intégration des énergies renouvelables: 156 millions USD

Intégration de l'IA et de l'apprentissage automatique pour le budget de maintenance prédictive: 45 millions USD en 2024.

Enel Chile S.A. (ENIC) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations chiliennes sur les énergies renouvelables

En 2024, Enel Chile S.A. opère en vertu de la loi sur les énergies renouvelables du Chili 20,257, ce qui exige que 20% de la production d'électricité soit provenant de sources renouvelables d'ici 2025. Le portefeuille actuel des énergies renouvelables de la société s'élève à 62% de la capacité totale de production.

Règlement sur les énergies renouvelables	Pourcentage de conformité	Année d'obligation légale
Loi 20.257 Quota renouvelable	62%	2025
Conformité à l'énergie éolienne	18.5%	2024
Conformité à l'énergie solaire	23.7%	2024

Cadres juridiques de protection de l'environnement stricts

Enel Chili adhère à Évaluation de l'impact environnemental (EIA) Résolution n ° 1178/2022, qui nécessite une surveillance environnementale complète pour tous les projets énergétiques.

Réglementation environnementale	Coût de conformité	Investissement annuel
Conformité EIA	CLP 15,2 milliards	CLP 22,5 milliards
Programme de réduction des émissions	CLP 8,7 milliards	CLP 12,3 milliards

Adaptation continue à l'évolution de la législation sur le secteur de l'énergie

Enel Chili s'adapte en continu à Loi sur la transition énergétique n ° 21.305, ce qui oblige le déclassement graduel du charbon à charbon d'ici 2040.

• Chronologie de réduction des centrales au charbon: 40% d'ici 2030
• Élimination totale de l'énergie du charbon: 2040
• Investissement de transition d'énergie renouvelable: CLP 350 milliards

Engagement envers les normes et protocoles internationaux de durabilité

La société est conforme aux objectifs de l'accord de Paris et aux objectifs de développement durable des Nations Unies (ODD).

Protocole international	Métrique de conformité	Année cible
Réduction de l'accord de Paris CO2	Réduction de 45%	2030
Engagements énergétiques des OND de l'OND	Alignement à 100%	2050

Enel Chile S.A. (ENIC) - Analyse du pilon: facteurs environnementaux

Engagement fort à réduire les émissions de carbone

En 2024, Enel Chile S.A. Réduction de 74% des émissions de CO2 spécifiques D'ici 2030 par rapport aux niveaux de 2017. Les émissions de carbone actuelles de l'entreprise s'élèvent à 0,18 kg de CO2 / kWh, avec un objectif stratégique de réduire encore cette métrique.

Année	Émissions spécifiques de CO2 (kg CO2 / KWH)	Objectif de réduction (%)
2017 (ligne de base)	0.39	-
2024	0.18	54
2030 (projeté)	0.10	74

Extension du portefeuille d'énergies renouvelables dans le Chili

Enel Chile S.A. a investi 1,3 milliard de dollars dans des infrastructures d'énergie renouvelable, la capacité actuelle des énergies renouvelables atteignant 2 300 MW dans les projets solaires, éoliens et hydroélectriques.

Type d'énergie renouvelable	Capacité installée (MW)	Pourcentage du portefeuille total
Solaire	800	34.8%
Vent	950	41.3%
Hydro-électrique	550	23.9%

Mettre en œuvre des stratégies de développement durable

La société a alloué 450 millions de dollars aux initiatives de développement durable, en se concentrant sur:

• Projets d'économie circulaire
• Technologies de conservation de l'eau
• Programmes de protection de la biodiversité

Participation active aux efforts d'atténuation du changement climatique

Enel Chile S.A. s'est engagé à Émissions de gaz à effet de serre zéro d'ici 2040. La Société a mis en œuvre les stratégies d'atténuation des changements climatiques suivantes:

Stratégie d'atténuation	Investissement (USD)	Impact attendu
Projets de stockage d'énergie	220 millions de dollars	Capacité de stockage supplémentaire de 300 MWh
Modernisation de la grille	180 millions de dollars	15% amélioré l'efficacité du réseau
Infrastructure de véhicules électriques	50 millions de dollars	100 nouvelles bornes de recharge

Enel Chile S.A. (ENIC) - PESTLE Analysis: Social factors

Strong public demand for accelerated decarbonization and coal plant closures

The social license to operate for any major utility in Chile is now inextricably linked to its decarbonization timeline. Public sentiment strongly favors an accelerated transition away from fossil fuels, a trend Enel Chile has already capitalized on to build goodwill. The company became the first in the country to exit coal generation, having shut down its last unit at the Bocamina power plant in September 2022, a full 18 years ahead of the national 2040 deadline.

This early move positions Enel Chile favorably against competitors who are still working to meet the national goal of closing the remaining 17 coal plants, which represent a combined 3.8 GW of capacity, by 2040. The broader Enel Group's global strategy aims for a complete coal phase-out by 2027, which sets a high internal standard for continued clean energy investment in Chile.

However, the social challenge now shifts to a 'Just Transition.' The new national decarbonization framework includes a social pillar, requiring that 5% of the investment value from fast-tracked decarbonization projects be used to finance social energy initiatives for communities affected by plant closures. This is a direct response to public demand for equitable economic development in former coal zones like Coronel.

Increased scrutiny on community relations and indigenous land rights for new projects

The social scrutiny on new energy infrastructure, particularly transmission lines and large-scale renewable projects, is intense. Any perceived disregard for local communities or indigenous land rights can lead to significant project delays and reputational damage. Enel Chile operates across 11 regions, engaging with nearly 300 communities and over 60 municipalities on a permanent basis.

The company has tried to set a benchmark by formally adopting the UN Guiding Principles on Business and Human Rights and aligning its policy with the UN Declaration on the Rights of Indigenous Peoples. To be fair, this is a complex operating environment. The firm's internal grievance mechanism received over 135 reports from stakeholders in 2023, with 88% of those cases being addressed by the end of the period. Transparency and speed in resolving these issues are paramount. You simply cannot afford to let local disputes fester.

A concrete example of proactive community engagement is the return of ancestral lands to the Mapu Pilmaiquén community for the development of the La Isla - Salto La Olla Park, which serves as a global benchmark for the company.

Growing adoption of electric vehicles (EVs) changes long-term power demand profiles

The electrification of transport is rapidly changing the demand side of the power equation, moving the social focus from generation to distribution and infrastructure. Data from early 2025 shows a clear inflection point: registrations of light and medium electrified vehicles surged by 196.8% year-over-year in January and February 2025. This is a massive jump.

While the total fleet penetration is still low, the market signal is strong. As of February 2025, electrified units accounted for 8.7% of all light and medium vehicle sales. This shift is a direct opportunity for Enel Chile's distribution business, as the National Energy Commission (CNE) forecasts an expected increase of energy demand by +41% between 2023 and 2035, driven largely by this electrification trend.

The infrastructure build-out is critical to sustaining this growth. The total number of public charging stations in the country reached 1,668 as of February 2025, a number that must continue to grow exponentially to meet consumer expectations. The company's investment in its grids must anticipate this new profile of peak demand, or it risks becoming a social bottleneck for the country's climate goals.

Digitalization of customer service and billing is now a core expectation

The digital age has fundamentally reset customer expectations for utilities. Customers now demand instant, self-service channels for everything from billing to outage reporting. For Enel Chile, which serves over 2.2 million clients as of H1 2025, digital capability is no longer a feature-it's a core utility function.

The numbers from H1 2025 show a significant migration to digital channels: 71% of all client interactions are now digital, and digital payments account for 81% of total payments. That's a huge efficiency gain. The company's mobile application is a key driver, with 1,141k (1.141 million) clients actively using the App.

Here's the quick math on customer adoption:

The next step is moving beyond simple transactions to delivering personalized energy services through these same digital platforms. If that onboarding takes 14+ days, churn risk rises, especially in the growing free market segment. The focus must be on maintaining a seamless, defintely reliable digital experience.

Enel Chile S.A. (ENIC) - PESTLE Analysis: Technological factors

The technological landscape for Enel Chile S.A. is defintely a story of aggressive, targeted investment, moving the company from a traditional utility model to a hybrid, flexible energy platform. You are seeing a clear shift in capital expenditure (CapEx) away from large-scale, single-source generation and directly into grid flexibility and storage. This is a crucial move to maximize returns from their massive renewable portfolio.

Investment in Battery Energy Storage Systems (BESS) to firm up intermittent renewables

The single most dominant technological factor for Enel Chile in the 2025 fiscal year is the massive push into Battery Energy Storage Systems (BESS). This is the company's answer to the intermittency of solar and wind, especially in the transmission-constrained north of Chile. The 2025-2027 Strategic Plan earmarks 60% of the total development CapEx for BESS, a significant capital allocation.

The total development CapEx for the 2025-2027 period is $800 million, meaning approximately $480 million is dedicated to BESS capacity. This investment is focused on installing almost 500 MW of new storage capacity in the north. These new systems are being designed with an average injection duration of four hours, a key upgrade from the original two-hour systems, making them far better suited for energy shifting and optimizing resource use.

The BESS business model was significantly strengthened in August 2025 when a regulatory resolution came into effect, authorizing BESS to provide ancillary services (grid support functions) for remuneration. This adds a third revenue stream beyond energy shifting and capacity provision, improving the financial viability of these capital-intensive projects.

Metric (H1 2025)	Value	Significance
Total Clients Served	Over 2.2 million	Large, regulated customer base.
Clients App Users	1,141k (1.141 million)	Represents over half the customer base using the core digital channel.
Digital Payments	81% of total payments	High adoption rate for a critical self-service function.
Digital Interactions	71% of total interactions	Shift from call centers to self-service channels.

BESS Investment Metric	2025-2027 Strategic Plan Data	Context
Total Development CapEx (2025-2027)	$800 million	Planned outlay for new projects.
BESS Share of Development CapEx	60% (approx. $480 million)	Highlights BESS as the top investment priority.
Planned New BESS Capacity	Almost 500 MW	Capacity primarily focused on the northern region.
New BESS Injection Duration	Four hours	Enables better energy shifting and market optimization.

Rapid deployment of smart grid infrastructure to manage decentralized generation

The transition to a decentralized generation model, where power comes from many smaller, distributed sources like solar farms and BESS units, requires a much smarter grid to manage the two-way flow of power. For the first nine months of 2025, Enel Chile allocated a substantial part of its CapEx to the grid business, demonstrating this priority.

The company spent $101 million on grid investments during the first nine months of 2025, representing 41% of the total CapEx for that period. This investment is focused on a resiliency program to strengthen the grid and ensure service continuity, especially during adverse weather. They are also implementing smart tools to localize and reduce energy losses, which have been slightly above 6%. That's a direct action to improve efficiency and reduce costs using technology.

Digitalization of power plants and networks improves operational efficiency

Digitalization isn't just about smart meters; it's about optimizing the entire fleet. The results are already visible in the financial statements. In the first quarter of 2025, the company reported an 11.4% increase in net income, which was directly attributed to reduced operating costs in its Generation Segment. This kind of cost reduction often stems from predictive maintenance, real-time data analytics, and automated plant controls-all hallmarks of digitalization.

The CapEx allocation also reflects this focus on existing assets, with a portion of the investment supporting the 'maintenance and performance enhancement of the power plant fleet,' particularly in the thermal segment to ensure reliability during the transition. This is critical because thermal and hydro plants still provide the bulk of the cash flow and operational stability.

Exploration of green hydrogen pilot projects for long-duration storage

While BESS handles the near-term storage needs (four hours), green hydrogen is the long-duration technology for the future. Enel Chile is involved in a significant pilot project that positions them at the forefront of this emerging sector in Chile.

The company's subsidiary, Enel Green Power, is a partner in the Southern Lighthouse Project (Faro del Sur) in the Magallanes Region. This project is one of the six green hydrogen initiatives selected by the government's economic development agency, CORFO. The facility is required to begin operating by December 2025 at the latest. The scale is notable:

• Project will produce 25,000 tons of green hydrogen per year.
• The hydrogen will be converted into e-fuels for export to Europe.

This pilot is a strategic move to gain operational experience in a technology that could eventually provide seasonal or multi-day energy storage, something BESS cannot do economically. It's a low-cost option to explore a high-potential future market.

Enel Chile S.A. (ENIC) - PESTLE Analysis: Legal factors

New transmission law framework is redefining grid access and expansion rules

The legal framework for Chile's electricity grid is undergoing a significant overhaul with the Energy Transition Law (Law 21.721), promulgated in December 2024. This law fundamentally changes how transmission projects are developed and financed, which is a huge deal for a vertically integrated company like Enel Chile S.A. (ENIC).

The core change is a move to accelerate infrastructure development to integrate the massive influx of renewable energy. The law now tasks asset owners with directly auctioning expansion projects and allows them to propose and finance expansion works within their own facilities. This essentially cuts through some of the historical bureaucratic delays.

The National Electric Coordinator (CEN) proposed a 2025 grid expansion plan that comprises 46 projects with a total investment value of approximately US$845 million. This investment is critical to resolving grid saturation issues, especially in the north where Enel Chile has significant solar and wind capacity. If the grid cannot keep up, the company faces higher curtailment risk-meaning they generate power they cannot sell.

Complex and lengthy environmental permitting processes for generation projects

For years, the complex and lengthy environmental permitting process has been a major bottleneck, inflating project costs and delaying the connection of new generation capacity. Honestly, this was one of the biggest risks to Chile's decarbonization goals.

However, the recently approved Sectoral Permit Law (Ley Marco de Autorizaciones Sectoriales, LMAS), which became effective in mid-2025, is a game-changer. The new legislation aims to reduce overall permitting times by a dramatic range of 30% to 70% by streamlining overlapping sectoral approvals and establishing fixed deadlines for government agencies. This predictability is defintely the most valuable part for investors.

The impact is already visible. For example, the Kimal-Lo Aguirre transmission project, a crucial piece of infrastructure, received its environmental permit in under 12 months, which is a remarkably fast timeline under the new coordinated push. This new legal certainty directly lowers the execution risk for Enel Chile's substantial renewable project pipeline.

Strict labor regulations regarding contractor safety and union negotiations

Chile maintains a robust and strict labor code, particularly concerning workplace safety and the rights of labor unions, both of which are critical for a company with extensive field operations and contractors like Enel Chile. The legal focus is on ensuring compliance across the entire supply chain, including third-party contractors.

A new regulation, Decree 44, effective February 1, 2025, imposes significant preventive management obligations on employers related to occupational risks, requiring substantial investment in safety audits and training. Also, the pension reform, published in March 2025, establishes a gradual increase in the mandatory employer contribution, which will eventually amount to 8.5% of the employee's remuneration, starting August 1, 2025.

Union negotiation is another constant legal factor. The Ministry of Labor published a new procedure in May 2025 for designating 'strategic companies'-a status that restricts the right to strike. Given the essential nature of electricity supply, Enel Chile must navigate this process carefully, as a successful application would provide operational stability but requires rigorous justification by the May 31, 2025, application deadline.

Here's the quick math on one key labor cost: The monthly minimum wage in Chile, effective January 1, 2025, is CLP 510,636, or approximately $532.

Compliance with international anti-corruption and financial reporting standards

As a subsidiary of a major international energy group, Enel Chile is subject to stringent international anti-corruption and financial reporting standards, including the US Foreign Corrupt Practices Act (FCPA) and the Chilean Criminal Risk Prevention Model (Law 20,393). Compliance is non-negotiable.

The legal landscape tightened significantly with the enactment of Law No 21,595 on Economic and Environmental Crimes in August 2023. This law exponentially expanded the list of offenses that can trigger corporate criminal liability, notably including commercial bribery and collusion. This means the company's internal controls and 'Zero Tolerance Plan for Corruption' must be more comprehensive than ever before.

Enel Chile's compliance framework is extensive, covering multiple policies:

• Criminal Risk Prevention Model
• Zero Tolerance Plan for Corruption
• Compliance Program for Free Competition Regulations
• Manual for the management of information of interest to the market

The company also adheres to Law 20,730, which mandates institutional transparency and registration of all meetings with public officials. This level of scrutiny requires a substantial, ongoing investment in the compliance function.

Enel Chile S.A. (ENIC) - PESTLE Analysis: Environmental factors

Severe, multi-year drought significantly impacts hydroelectric generation output.

You're operating in a country where a severe, multi-year drought is now a baseline risk, not an anomaly. This prolonged dry spell directly impacts Enel Chile S.A.'s (ENIC) hydroelectric generation, forcing a more complex energy mix management. For the nine months ended September 2025 (9M 2025), net energy generation decreased 9.2% to 16,866 GWh compared to the same period in 2024, primarily because of lower hydroelectric dispatch.

To be fair, this drop is being effectively offset by a flexible generation fleet. The company's strategy involves increasing thermal generation and leveraging gas optimization activities. Here's the quick math: Gas optimization activities generated $74 million in 9M 2025, which is a key financial buffer against hydro volatility. This diversification is crucial because the drought period continues to pressure the financial results; the financial expense increased from US$ 113 million in 9M 2024 to US$ 157 million in 9M 2025. A solid and diversified portfolio supports commercial commitments, still.

Corporate commitment to full decarbonization by 2040, requiring coal plant shutdowns.

Enel Chile has already moved past the major hurdle of coal phase-out, a significant environmental and reputational advantage. The company shut down its last coal-fired unit, Bocamina II, in September 2022. This action achieved the national 2040 decarbonization target 18 years ahead of schedule. The company's CapEx plan is now fully aligned with the 2040 Net Zero targets, focusing investment almost exclusively on non-thermal assets. The national energy matrix reflects this shift: by January 2025, electricity generation from coal in Chile had dropped to less than 20%.

The current investment focus is on creating a resilient, flexible, and emission-free portfolio. The development Capital Expenditure (CapEx) for the 2025-2027 period is set at $800 million, with the majority front-loaded for 2025. This capital is heavily skewed toward storage, which is the defintely the right move to manage intermittent renewables.

2025-2027 Development CapEx Allocation (Total: $800M)	Percentage of Total	Technology Focus
Battery Energy Storage Systems (BESS)	60%	Grid flexibility and ancillary services
Wind	29%	New renewable capacity
Hydro, Thermal, and Trading	11%	Asset management and minor thermal/hydro maintenance

Climate change risk assessment is mandatory for new infrastructure planning.

The regulatory environment in Chile mandates a rigorous approach to environmental risk. When developing new projects, Enel Chile must comply with the Environmental Impact Assessment System (SEIA), which formally requires public participation. This elevates the importance of a credible climate change risk assessment (CCRA) for all new infrastructure.

The company has an active Resilience program designed to strengthen grid infrastructure against potential climatic events, like the freak windstorms that have caused power outages. Beyond just compliance, Enel Chile integrates biodiversity and water management into its long-term planning:

• Apply the mitigation hierarchy from project design.
• Target No Net Loss (NNL) and No Net Deforestation by 2030.
• Maintain the Water Value Enhancement (WAVE) program to reduce water consumption.

Strict waste management and emissions standards for existing thermal assets.

Even with the coal fleet fully retired, the remaining thermal assets (Combined Cycle Gas Turbines or CCGTs) face strict emissions and waste mandates. Enel Chile's long-term environmental targets reflect this: the projected CO2 emissions range for 2027 is between 105-135 gCO2eq/kWh. For 2025, the target for absolute Scope 1 emissions is less than 90 MtCO2eq.

Waste management is shifting from coal ash disposal to asset repurposing, in line with circular economy principles. For instance, the company is studying alternatives for reusing the assets of the closed Bocamina plant to inject new life into the site. Water management is also a critical metric. Total water consumption in 2023 was 3.9 million m3, with a net water consumption intensity of 0.3 liters/kWh.

What this estimate hides is the execution risk. If onboarding new renewable capacity takes 14+ days longer than planned due to permitting, the revenue realization from the CapEx is delayed.

Finance: Track the actual CapEx spend against the $800 million target and model the interest rate sensitivity by Friday.