**Exhibit 8.1**

| ** **                                                                        | ** ** | **% of Ownership** | ** ** | ** **                                 | ** ** | ** **               | ** ** |
|-----------------------------------------------------------------------------------|------------|------------------------------|------------|--------------------------------------------|------------|--------------------------|------------|
| **Company**                                                                       | ** ** | ** **                   | ** ** | **% of Voting  Power Held** | ** ** | **% of  Ownership** | ** ** | **Country** | ** ** | **Line of Business** | ** ** |
| **Electricity business in Spain  and Portugal**                                   |       | ** **                   | ** ** | ** **                                 | ** ** | ** **               | ** ** | ** ** |   |
| Endesa Generación, S.A.                                                      |       | 100.00                       |       | 100.00                                     |       | Spain                    |       | Electricity  production |   |
| Carboex, S.A.                                                                     |       | 100.00                       |       | 100.00                                     |       | Spain                    |       | Electricity  production |   |
| Gas y Electricidad Generación, S.A.U.                                        |       | 100.00                       |       | 100.00                                     |       | Spain                    |       | Electricity  production |   |
| Unión Eléctrica de  Canarias Generación, S.A.U.                    |       | 100.00                       |       | 100.00                                     |       | Spain                    |       | Electricity  production |   |
| Endesa Red, S.A.                                                                  |       | 100.00                       |       | 100.00                                     |       | Spain                    |       | Distribution  activities |   |
| Endesa Distribución  Eléctrica, S.L                                     |       | 100.00                       |       | 100.00                                     |       | Spain                    |       | Distribution of electricity under the tariff system |   |
| Endesa Operaciones y  Servicios Comerciales, S.L.                                 |       | 100.00                       |       | 100.00                                     |       | Spain                    |       | Provision  of commercial services |   |
| Endesa Energía, S.A.U.                                                       |       | 100.00                       |       | 100.00                                     |       | Spain                    |       | Marketing  of energy products |   |
| Endesa Cogeneración y  Renovables, S.A. (ECyR)                               |       | 100.00                       |       | 100.00                                     |       | Spain                    |       | Cogeneration  and renewable energies |   |
| Finerge—Gesto de  Proyectos Energéticos, S.A.                           |       | 100.00                       |       | 100.00                                     |       | Portugal                 |       | Cogeneration  and renewable energies |   |
| Endesa Gas, S.A.U.                                                                |       | 100.00                       |       | 100.00                                     |       | Spain                    |       | Gas  production, distribution and retailing |   |
| Endesa Servicios, S.L.                                                            |       | 100.00                       |       | 100.00                                     |       | Spain                    |       | Provision  of corporate services |   |
| **Electricity business in the rest  of Europe**                                   | ** ** | ** **                   | ** ** | ** **                                 | ** ** | ** **               | ** ** | ** ** | ** ** |
| Endesa Europa, S.L.                                                               |       | 100.00                       |       | 100.00                                     |       | Spain                    |       | Endesa  business activities in Europe |   |
| Endesa Italia, S.p.A.                                                             |       | 80.00                        |       | 80.00                                      |       | Italy                    |       | Electricity  production |   |
| Societé Nationale  d ́Electricité et de Thermique, S.A. (Snet) |       | 65.00                        |       | 65.00                                      |       | France                   |       | Electricity  production |   |
| **International electricity  business:**                                          | ** ** | ** **                   | ** ** | ** **                                 | ** ** | ** **               | ** ** | ** ** | ** ** |
| Endesa Internacional, S.A.                                                        |       | 100.00                       |       | 100.00                                     |       | Spain                    |       | Endesa  Group international business activities |   |
| Enersis, S.A.                                                                     |       | 60.62                        |       | 60.62                                      |       | Chile                    |       | Electricity  production and distribution |   |
| Empresa Distribuidora  Sur, S.A. (Edesur)                                         |       | 99.45                        |       | 45.69                                      |       | Argentina                |       | Electricity  distribution and retailing |   |
| Chilectra, S.A.                                                                   |       | 98.25                        |       | 59.57                                      |       | Chile                    |       | Electricity  distribution and sale |   |
| Empresa de Distribución  Eléctrica de Lima  Norte, S.A. (Edelnor)  |       | 60.00                        |       | 38.26                                      |       | Peru                     |       | Electricity production, transmission and istribution |   |
| Codensa, S.A.                                                                     |       | 48.48                        |       | 43.95                                      |       | Colombia                 |       | Electricity  distribution and retailing |   |
| Endesa Chile                                                                      |       | 59.98                        |       | 36.36                                      |       | Chile                    |       | Complete  electricity cycle |   |
| Empresa Eléctrica  Pehuenche, S.A.                                           |       | 92.65                        |       | 33.69                                      |       | Chile                    |       | Complete  electricity cycle |   |
| Central Hidroeléctrica de Betania, S.A.                                      |       | 85.62                        |       | 31.13                                      |       | Colombia                 |       | Electricity  production |   |
| Edegel, S.A.                                                                      |       | 63.56                        |       | 13.78                                      |       | Peru                     |       | Electricity  production and retailing |   |
| Empresa Generadora de  Energía Eléctrica, S.A. (Emgesa)                 |       | 48.48                        |       | 35.62                                      |       | Colombia                 |       | Electricity  production |   |
| Endesa Brasil, S.A.                                                               |       | 100.00                       |       | 60.98                                      |       | Brazil                   |       | Holding  company |   |
| Companhía de  Interconexao Energética, S.A. (Cien)                      |       | 100.00                       |       | 60.98                                      |       | Brazil                   |       | Electricity  production, transmission and distribution |   |
| Ampla Energía e  Serviços, S.A. (Ampla)                                 |       | 91.93                        |       | 55.57                                      |       | Brazil                   |       | Electricity production, transmission and distribution |   |
| Companhía  Energética do Ceará, S.A. (Coelce)                      |       | 58.86                        |       | 34.78                                      |       | Brazil                   |       | Complete electricity  cycle |   |
|                                                                                   |            |                              |            |                                            |            |                          |            |  |  |  |  |

 

 

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