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Markets for Electric Power Produced in Bulgaria Sofia – March 12, 2007 Krassimir Nenov, Markets for Electric Power Produced in Bulgaria Sofia – March 12, 2007 Krassimir Nenov, Commercial Operations Director Enel Maritza East 3 AD

Integration of European power markets From national markets…. . to regional markets… North Pool Integration of European power markets From national markets…. . to regional markets… North Pool … towards one single European market North Pool UK DE Centrel FR PT ES IT RO EX JUG BG Central EU + Centrel + Italy Iberia UCTE System South East EU GR EU countries Non EU countries An on-going integration process across Europe 2 IPS-UPS System

Sixth market in Europe as regional market 2005 Total internal demand (TWh) Germany 556 Sixth market in Europe as regional market 2005 Total internal demand (TWh) Germany 556 France 482 UK Spain Balkans Macedonia Bosnia 343. 3 Italy Albania Croatia 330 6 8. 1 11. 2 16. 6 32. 5 Bulgaria 252 41. 6 Serbia Romania 221 52. 5 52. 6 Greece Installed capacity (GW) Germany 114. 9 Albania France 116. 7 Macedonia UK 78. 5 Italy 79. 5 Spain Balkans 66. 1 52 3 Source: Enel Analysis on UCTE data Bosnia Croatia Bulgaria Serbia Romania Greece 1. 7 1. 4 3. 7 3. 8 8. 7 9. 5 12. 9 10 A regional market of significant size made up of small and interconnected national markets

An interconnected system Total NTC, GW Net Interchange 2005, TWh 700 MW Bulgaria 2. An interconnected system Total NTC, GW Net Interchange 2005, TWh 700 MW Bulgaria 2. 5 GW 1100 MW SI Romania 750 MW UA 1100 MW HU 800 MW HR 1300 MW 4. 1 GW RO 600 MW Bosnia. Erzegovina MD 650 MW Bi. H 1. 3 GW 900 MW FRY 950 MW 700 MW Albania 300 MW 0. 5 GW 400 MW 150 MW BG 500 MW Serbia Macedonia Grecia 5. 1 GW FYROM AL 200 MW 0. 9 GW 1. 6 GW Croazia 3. 1 GW Source: UCTE, Enel Analysis 4 400 MW GR IT 500 MW TR Net transfer capacity Importing countries Exporting countries Transit Countries

… with a significant mix differential 2005 data Oil & gas Coal/ lignite Nuclear … with a significant mix differential 2005 data Oil & gas Coal/ lignite Nuclear Hydro Capacity mix 100% = 12. 9 1. 7 3. 7 8. 7 3. 8 1. 4 9. 5 10 Ø Differentiated mix in each country Ø Significant role of component of low cost generation (lignite / Hydro / Nuclear) Romania Albania Bosnia Bulgaria Croatia Maced. Serbia. Greece Ø Cost spread reflected in import/export flows … and a further need of interconnections 5 Source: Enel Analysis

A resurging economy GDP USD/per capita, 2005 GDP CAGR ’ 00 -’ 05 actual A resurging economy GDP USD/per capita, 2005 GDP CAGR ’ 00 -’ 05 actual GDP CAGR ’ 06 -’ 10 CAGR ’ 11 -’ 15 expected Greece 4. 1% 2. 8% 2. 5% Croatia 4. 1% 4. 2% Romania 5. 2% 5. 1% 4. 2% Bulgaria 5. 0% 4. 6% 3. 8% Macedonia 1. 7% 4. 5% Albania 6. 0% 5. 5% Bosnia 5. 0% 5. 5% 5. 0% Serbia 4. 8% 5. 0% 6 Source: World Bank, Consensus Economics, Consensus Forecast, EIU § Many countries recovering from 90’s crisis § More aggressive expectation for riskier countries § Slower growth pace for biggest markets (BG, RO, GR)

. . with a significant demand growth potential Electricity Demand (TWh) Expected vs. historical . . with a significant demand growth potential Electricity Demand (TWh) Expected vs. historical growth rate CAGR 250 TWh +2. 4% 193 Twh CAGR +2. 8% 2000 - 2005 Bulgaria 221 Twh Romania Bosnia Greece Croazia Albania Fyrom Serbia. Macedonia Albania Greece Croatia Romania Bosnia Overall Bulgaria 7 Source: 2000 UCTE, Enel Forecasting 2005 2010 2006 - 2010

Project opportunities UA HU Romania: Ø Conversion from oil to coal of Braila Plant Project opportunities UA HU Romania: Ø Conversion from oil to coal of Braila Plant (350 MW) Ø Cernavoda Nuclear power plant, unit 3 and 4 construction (2 x 700 MW) Ø Rehabilitation of Lignite Complexes (Craiova 800 MW, Rovinari 1100 MW, Turceni 1500 MW) SI RO HR Bi. H FRY BG FYROM AL Bulgaria: Ø Extension of Martiza East 3 lignite plant (700 -800 MW) Ø Belene Nuclear power plant construction (2 x 1000 MW) IT TR GR Greece: Ø New CCGT (400 MW) 8 New opportunities account for 7000 MW of additional capacity

Other projects in the ex-Yugoslavia region ► ► ► ► CROZIA CCGT at Zagreb Other projects in the ex-Yugoslavia region ► ► ► ► CROZIA CCGT at Zagreb Coal at Plomin Hydro power plants and wind fields • • SI BOSNIA Lignite at Tuzla, Kakani, Bugojno, Kongora, Uglievik, Gacko Hydro power plants • • • Bi. H • RO FRY • ALBANIA CCGT at Valona and Korca Hydro power plants • Net transfer capacity Importing countries Exporting countries Transit Countries SERBIA/Kosovo/Montenegro ► Lignite at Kolubara, Kostolac, Kosovo and Plevija ► Gas CHP at Novi San, Beograd and Subotica ► Hydro power plants in all regions HU HR • • • FYROM BG ► ► ► MACEDONIA Lignite at Bitola site Gas CHP in Skoplje Hydro power plants in all regions AL Project capacity GW • Lignite Coal 9 Source: Enel Analysis Gas/Oil Hydro Total GR …. but most of these projects are not expected to be in operation before 2015

Regional market: new assets market position (2015) Belene and Maritza East 3 Extension are Regional market: new assets market position (2015) Belene and Maritza East 3 Extension are extremely competitive on a Regional basis where they would serve as a base-load generators Greek CCGTs Romanian Lignite Bulgarian/Serbian Lignite Maritza East 3 Ext. Belene 8232 Hydro+CHP 10 15294 Nuclear 18258 30064 Lignite Coal 37958 46414 Gas Oil

Drivers of an expanding energy market for SEE q Significant demand growth potential q Drivers of an expanding energy market for SEE q Significant demand growth potential q Strong need for investment in new capacity q Additional connection grids with neighbouring countries q Early stages of market liberalization and privatization q Favorable environment for new entrants thanks to EU rules A growing and liberalizing macro-regional market 11