Endesa (Spain)

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Endesa, S.A.
Type Public (NYSE: ELE)
Founded 1944
Headquarters Madrid, Spain
Key people Manuel Pizarro, President
Rafael Miranda, COO
José L.P. Alvarez, CFO.
Industry Public utility
Revenue $24.647 billion USD (2004)
Operating income $4.462 billion USD (2004)
Net income $2.150 billion USD (2004)
Website http://www.endesa.es/

Endesa, S.A. (Empresa Nacional de Electricidad, S.A.) (NYSE: ELE), (IBEX-35:ELE) is the largest electric utility company in Spain. It has 10 million customers in Spain, with domestic annual generation of over 97,600 GWh from nuclear, fossil-fueled, hydroelectric, and renewable resource power plants. Internationally, it serves another 10 million customers and provides over 80,100 GWh annually. Total customers numbered 22.2 million as of December 31, 2004. It also markets energy in Europe. The company has additional interests in Spanish natural gas and telecommunications companies.

The company was formed in 1944 as Empresa Nacional de Electricidad, S.A. and changed its name to Endesa, S.A. in 1997. In September 2004, it took control of the French company SNET (Société nationale d'électricité et de thermique). This was followed by the downsizing of 30% of SNET's employees [1].

In 2006 Endesa has been (and still is) the target of a takeover bid by Gas Natural and Germany's E.ON and Italian ENEL. Curiously, the foreign E.On is preferred as new owner by Endesa right-oriented bosses and some media. Gas Natural is a catalonian company. It is seen now too close to left politics and separatist powers. The Gas Natural reference bank -La Caixa- condomned € 6 million to Partido Socialista de Cataluña before the bid. When this was discovered, a media frenzy attacked the questionable interests in the affair. It has been noted too, that Gas Natural is very small compared to the other main actors in this story.

In 2/2/2007 E.On offered 38.75 € for each share of Endesa.

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