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EXHIBIT 1.1.


ENEL S.p.A.


CORPORATE BYLAWS




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| |  | by the Board of Directors on October 21, 2004 (through the
    amendment of articles 6.2, 15.1, 18.1, 21.1 and 22.2);                 
| |  | by the Board of Directors on March 30, 2005 (through
    insertion of article 5.8, now 5.6);                                          
| |  | by the extraordinary Shareholders Meeting of May 26,
    2005 (through the amendment of articles 5 and 14.3);                        
| |  | by the extraordinary Shareholders Meeting of May 26,
    2006 (through the amendment of article 5 and insertion of
    article 20.4).







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Title I


Incorporation, Company name, Registered office, Term


article 1


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| | 1.1 | The Company shall be called ENEL  Società
    per azioni and shall be governed by the rules of the
    present bylaws.

article 2


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| | --- | --------------------------------------------------------------
| | 2.1 | The registered office of the Company shall be located in Rome.

article 3


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| | 3.1 | The Company shall exist until December 31, 2100 and its
    term shall be extendible one or more times by resolution of a
    Shareholders Meeting.

Title II


Corporate Purpose


article 4


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| | 4.1 | The purpose of the Company shall be to acquire and manage equity
    holdings in Italian or foreign companies and firms, as well as
    to provide such subsidiary companies and firms with strategic
    guidelines and coordination with regard to both their industrial
    organization and the business activities in which they engage.

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| | ----------------------------------------------------------------------------
| | Through affiliates or subsidiaries the Company shall operate
    especially:



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| | a) | in the electricity industry, including the activities of
    production, importation and exportation, distribution and sale,
    as well as transmission within the limits of existing
    legislation;
|
| | b) | in the energy industry in general, including fuels, and in the
    field of environmental protection, as well as in the water
    sector;                                                              
|
| | c) | in the communications, telematics and information-technology
    industries and those of multimedia and interactive services;                                                                          



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| | d) | in network-based sectors (electricity, water, gas, district
    heating, telecommunications) or those which, in any case,
    provide urban services locally;

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| | -- | -----------------
| | e) | in other sectors:

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| |  | in any way related to or connected with the activities carried
    out in the sectors mentioned above;                                                                                                                                     
| |  | allowing the facilities, resources and expertise employed in the
    sectors mentioned above (such as, by way of example and without
    limitation: publishing, real estate and services to firms) to be
    enhanced and better utilized;
| |  | allowing the profitable use of the goods produced and the
    services provided in the sectors mentioned above;                                                                                                                            

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| | f) | in the carrying out of activities involving systems and
    installations design, construction, maintenance and management;
    the production and sale of equipment; research, consulting and
    assistance; as well as the acquisition, sale, marketing and
    trading of goods and services, all activities connected with the
    sectors mentioned above under a), b), c) and d).

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| | 4.2 | In the interest of its affiliates or subsidiaries, the Company
    may also carry out directly any activity connected with or
    instrumental to its own business or that of its affiliates or
    subsidiaries themselves.

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| | ----------------------------------------------------
| | To this end, the Company shall in particular see to:

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| |  | the coordination of the managerial resources of its affiliates
    or subsidiaries, including the carrying out of appropriate
    training initiatives;                                                                                                        
| |  | the administrative and financial coordination of its affiliates
    or subsidiaries, effecting in their favour all appropriate
    transactions, including granting loans and, more in general, the
    framework and management of their financial activities;
| |  | the supply of other services in favor of its affiliates or
    subsidiaries in areas of specific business interest.                                                                                                                                            

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| | 4.3 | In order to attain its corporate purpose, the Company may also
    carry out all transactions that are instrumentally necessary or
    useful or at any rate related, such as, by way of example: the
    provision of collateral and/or personal guarantees for both its
    own and third-party commitments; transactions involving movables
    and real-estate and commercial operations; and anything else
    that is connected with its corporate purpose or that allows
    better use of its own facilities and/or resources or those of
    its affiliates or subsidiaries, with the exception of accepting
    monetary deposits from the public and providing investment
    services as defined by legislative decree n. 58 of
    February 24, 1998, as well as the activities referred to in
    section 106 of legislative decree n. 385 of
    September 1, 1993 insofar as they are also exercised
    vis-à-vis the public.

Title III


Capital Stock  Shares 
Withdrawal  Bonds


article 5


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| | 5.1 | The nominal value of the Companys share capital amounts to
    6,167,056,262 euro, divided into 6,167,056,262 ordinary
    shares, each with a par value of 1 euro.                                                                                                                                                                        
| | 5.2 | The shares shall be registered and every share shall entitle the
    holder to one vote.                                                                                                                                                                                                                                                    
| | 5.3 | The mere fact of being a shareholder shall constitute acceptance
    of these bylaws.                                                                                                                                                                                                                                                       
| | 5.4 | Partially exercising the delegation granted it by the
    Shareholders Meeting of May 25, 2001, on
    April 10, 2003 the Board of Directors resolved to proceed
    with the capital increase by payment for the stock-option Plan
    for the year 2002 in the maximum total amount of
    41,748,500 euro, to be carried out as follows:

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| |  | a maximum amount of 39,245,000 euro through the issue of a
    maximum number of 39,245,000 new ordinary shares with a par
    value of 1 euro each, at the price of 6.426 euro
    determined by the Board of Directors on March 28, 2002;
| |  | a maximum of 2,503,500 euro through the issue of a maximum
    number of 2,503,500 new ordinary shares with a par value of
    1 euro each, at the price of 6.48 euro determined by
    the Board of Directors on September 12, 2002.      





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| | 5.5 | Entirely exercising the delegation granted it by the
    Shareholders Meeting of May 23, 2003, on
    April 7, 2004 the Board of Directors resolved to proceed
    with the capital increase for the stock-option Plan for the year
    2003, to be carried out as follows:

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| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | increase of the share capital by payment by a maximum amount of
    47,624,005 euro through the issue of a maximum number of
    47,624,005 new ordinary shares with a par value of 1 euro
    each, at the price of 5.240 euro, reserved for subscription
    to the executives of ENEL S.p.a. and/or subsidiaries thereof,
    pursuant to section 2359 of the Civil Code, who were
    selected on April 10, 2003 to participate in the aforesaid
    Plan;
| |  | the deadline set for completing the subscription of the increase
    is December 31, 2008; and in the event the increase is not
    totally subscribed by this date, the capital shall be increased
    by an amount equal to the subscriptions received.                                                                                                                                                                                                     

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| | 5.6 | Entirely exercising the delegation granted it by the
    Shareholders Meeting of May 21, 2004, on
    March 30, 2005 the Board of Directors resolved to proceed
    with the capital increase for the stock-option Plan for the year
    2004, to be carried out as follows:

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| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | increase of the share capital by payment by a maximum amount of
    38,527,550 euro through the issue of a maximum number of
    38,527,550 new ordinary shares with a par value of 1 euro
    each, at the price of 6.242 euro, reserved for subscription
    to the executives of ENEL S.p.a. and/or subsidiaries thereof,
    pursuant to section 2359 of the Civil Code, who were
    selected on March 29, 2004 to participate in the aforesaid
    Plan;
| |  | the deadline set for completing the subscription of the increase
    is December 31, 2009; and in the event the increase is not
    totally subscribed by this date, the capital shall be increased
    by an amount equal to the subscriptions received.                                                                                                                                                                                                     

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| | 5.7 | Pursuant to section 2443 of the Civil Code, the Board of
    Directors is authorized, for a period of five years from the
    shareholders resolution of May 26, 2006, to increase
    the share capital one or more times by a maximum total amount of
    31,790,000 euro, through the issue of a maximum of
    31,790,000 ordinary shares with a par value of 1 euro each,
    which shall rank for dividend pari passu, for the stock-option
    Plan for the year 2006 approved by the Shareholders
    Meeting of May 26, 2006.

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| | These shares shall be offered for subscription by payment to the
    executives of ENEL S.p.a. and/or subsidiaries thereof pursuant
    to section 2359 of the Civil Code who are the beneficiaries
    of the Plan, with the exclusion of preemptive rights pursuant to
    the combined provisions of section 2441, last paragraph, of
    the Civil Code and section 134, paragraph 2, of
    legislative decree n. 58 of February 24, 1998.         
| | The right to subscribe to these shares shall be personal and not
    transferable inter vivos. Resolutions of the Board of Directors
    shall set deadlines for subscription of the shares and shall
    provide that, in the event the increase resolved upon is not
    subscribed by the deadline set each time for that purpose, the
    share capital shall be increased by an amount equal to the
    subscriptions received up to such deadline.

article 6


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| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 6.1 | Pursuant to section 3 of decree-law n. 332 of May 31,
    1994, converted with revisions by Law n. 474 of July 30,
    1994, no one, in whatever capacity, may own shares constituting
    more than 3% of the share capital, subject to the provisions of
    the law.

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| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | This limit on share ownership shall be calculated taking into
    account the total shareholding of a controlling entity, whether
    a natural or legal person or corporation; of all directly or
    indirectly controlled entities, as well as of the entities under
    a common control; of affiliates as well as natural persons
    related by blood or marriage until the second decree, including
    his or her spouse unless legally separated.

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| | Control shall be deemed to exist, including with regard to
    persons or entities other than companies, in the cases provided
    for by section 2359, paragraphs 1 and 2, of the
    Civil Code. Affiliation shall be deemed to exist in the
    situations mentioned in section 2359, paragraph 3, of
    the Civil Code, as well as among persons or entities that,
    directly or indirectly, through subsidiaries other than
    investment management companies, enter into
    agreements  including those with third
    parties  regarding the exercise of voting rights or
    the transfer of shares of or interests in other companies, or
    any other agreements mentioned in section 122 of
    legislative decree n. 58 of February 24, 1998 with respect
    to third-party companies in the event that such agreements
    regard at least 10% of the voting stock if the companies
    concerned are listed or 20% if the companies concerned are not
    listed.
| | Calculation of the aforesaid limit on stock ownership (3%) shall
    also take into account the shares held through fiduciaries
    and/or nominees, or in general through intermediaries.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | Voting rights attributable to shares held in excess of the
    aforesaid limit may not be exercised and the voting rights of
    each of the parties concerned by the ownership limit will be
    reduced pro rata, unless a different prior indication has been
    jointly given by the shareholders concerned. A resolution passed
    with the votes of shares held in violation of the limit may be
    challenged in court under section 2377 of the Civil Code,
    provided that the resolution would not have been passed without
    the votes relating to shares held in violation of the limit.                                                                                                                                                                                                                                                                                                                                                                              
| | The shares for which voting rights may not be exercised shall be
    counted, however, for the purpose of determining the quorum at
    Shareholders Meetings.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

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| | 6.2 | Pursuant to paragraph 1 of section 2 of decree-law n.
    332 of May 31, 1994, converted with revisions by Law n. 474
    of July 30, 1994, as replaced by section 4,
    paragraph 227 of Law n. 350 of December 24, 2003, the
    Minister of the Economy and Finance  in agreement
    with the Minister of Productive Activities  shall
    hold the following special powers:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | a)  | opposition to the acquisition by persons or entities affected by
    the limit on stock ownership specified in section 3 of
    decree-law n. 332 of May 31, 1994, converted with revisions
    by Law n. 474 of July 30, 1994, of significant holdings, by
    which is meant  as established by a decree of the
    Minister of the Treasury, the Budget and Economic Planning of
    September 17, 1999  those that represent at
    least 3% of the share capital constituted by shares with voting
    rights at ordinary Shareholders Meetings. The opposition
    must be expressed within ten days from the date of notice to be
    given by the Directors when the request is made for registration
    in the shareholders register, in the event the Minister
    considers the transaction to be detrimental to vital national
    interests. Until the deadline for exercising the power of
    opposition has passed, the right to vote and all other rights
    other than economic ones pertaining to the shares that represent
    the significant holding shall be suspended. In the event the
    power of opposition is exercised  through an order
    duly justified with regard to the concrete detriment the
    transaction causes to vital national interests  the
    transferee may not exercise the voting rights nor any other
    right other than economic ones pertaining to the shares that
    represent the significant holding and must dispose of the shares
    in question within one year. In case of failure to comply, upon
    request by the Minister of the Economy and Finance a court will
    order the sale of the shares that represent the significant
    holding according to the procedures specified in
    section 2359-ter of the Civil Code. The transferee may
    challenge the order exercising the power of opposition within
    sixty days before the regional administrative court of Lazio;

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| | b) | opposition to the agreements referred to in section 122 of
    the consolidation law referred to in legislative decree
    n. 58 of February 24, 1998 in the event that they
    regard at least one-twentieth of the capital stock consisting of
    shares with voting rights at ordinary Shareholders
    Meetings. For purposes of exercising the power of opposition,
    the CONSOB shall inform the Minister of the Economy and Finance
    of the significant agreements and pacts described in this
    Article of which it has received notice in compliance with the
    above-mentioned section 122 of the consolidation law
    referred to in legislative decree n. 58 of 1998. The power of
    opposition must be exercised within ten days from the date of
    the notice given by the CONSOB. Until the deadline for
    exercising the power of opposition has passed, the right to vote
    and all other rights other than the economic ones of the
    shareholders participating in the agreement shall be suspended.
    In the event the order of opposition  duly justified
    with regard to the concrete detriment the aforesaid agreements
    cause to vital national interests  is issued, such
    agreements shall not be effective. If it can be inferred from
    their conduct at a Shareholders Meeting that the
    shareholders participating in the syndicate are keeping the
    commitments made when they joined the pacts or agreements
    referred to in the above-mentioned section 122 of the
    consolidation law referred to in legislative decree n. 58
    of 1998, resolutions adopted with the decisive vote of the
    aforesaid shareholders may be challenged in court. The order
    exercising the power of opposition may be challenged within
    sixty days by the shareholders participating in the agreements
    before the regional administrative court of Lazio;
| | c) | veto, duly justified with regard to the concrete detriment
    caused to vital national interests, of the adoption of
    resolutions regarding dissolution of the Company; transfer of
    its business, merger or demerger; transfer of the registered
    office abroad; change in the corporate purpose; or modification
    of the bylaws so as to abolish or modify the powers specified
    under the present Article. The order exercising the power of
    veto may be challenged within sixty days by the dissenting
    shareholders before the regional administrative court of Lazio;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | d) | appointment of a Director without the right to vote. In the
    event that the Director appointed in this way is terminated from
    office, the Minister of the Economy and Finance, in agreement
    with the Minister of Productive Activities, will appoint a
    substitute.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          



article 7


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| | 7.1 | Each shareholder is entitled to withdraw from the Company in the
    cases provided for by the law, except as otherwise provided for
    by Article 7.2.
| | 7.2 | There shall be no right of withdrawal in case of:                                                                                                       

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| | -- | -------------------------------------------------------------------------------------
| | a) | extension of the term of the Company;                                                
| | b) | introduction, modification or removal of limits on the
    circulation of the shares.

article 8


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| | --- | -------------------------------------------------------------------------------------
| | 8.1 | The issue of bonds shall be resolved by the Directors in
    accordance with the law.

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Title IV


Shareholders Meetings


article 9


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| | 9.1 | Ordinary and extraordinary Shareholders Meetings shall
    normally be held in the municipality where the Companys
    registered office is located. The Board of Directors may
    determine otherwise, provided the venue is in Italy.                                                                                                                                                                                                 
| | 9.2 | An ordinary Shareholders Meeting must be called at least
    once a year, to approve the financial statements, within one
    hundred and twenty days after the end of the accounting period,
    or within one hundred and eighty days, the Company being
    required to prepare the consolidated financial statements, or in
    any case whenever required by particular needs regarding the
    structure and purpose of the Company.

article 10


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| | 10.1 | Participation in Shareholders Meetings is restricted to
    those who deposit their shares at least two days prior to the
    date set for a given meeting and do not withdraw them before the
    meeting has taken place.

article 11


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| | 11.1 | Any shareholder entitled to participate in a meeting may appoint
    a representative to act in his behalf according to the
    provisions of law by means of a written proxy. In order to
    facilitate the collection of proxies from the shareholders who
    are employees of the Company and its subsidiaries and members of
    shareholder associations satisfying the requirements set by the
    regulations in force, facilities for communication and for the
    collection of proxies shall be made available to the aforesaid
    associations according to the terms and procedures agreed upon
    each time with their legal representatives.
| | 11.2 | Shareholders Meetings shall be conducted according to a
    special regulation approved by a resolution of an ordinary
    Shareholders Meeting.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

article 12


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| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 12.1 | Shareholders Meetings shall be chaired by the Chairman of
    the Board of Directors or, if it happens that he or she is not
    available, by the Deputy Chairman if one has been appointed, or
    if both are absent, the meeting shall be chaired by a person
    designated by the Board, failing which the meeting shall elect
    its Chairman.
| | 12.2 | The Chairman of a Shareholders Meeting shall be assisted
    by a Secretary (who need not be a shareholder) designated by the
    participants in the meeting, and may appoint one or more tellers.                                                                                                                                                   

article 13


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| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 13.1 | Excepting as provided for by Article 20.2, meetings shall
    resolve on all matters authorized by law.                                                                                                   
| | 13.2 | At both ordinary and extraordinary Shareholders Meetings,
    whether held on the first, second or third call, resolutions
    shall be adopted by the majority required by law in each case.            
| | 13.3 | The resolutions approved by a Shareholders Meeting
    according to the law and these bylaws shall be binding upon all
    shareholders, even if they did not attend or voted against the
    resolution.

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Title V


Board of Directors


article 14


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| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 14.1 | The Company shall be managed by a Board of Directors composed of
    no fewer than three and no more than nine members, to which may
    be added a Director appointed pursuant to Article 6.2,
    letter d) of these bylaws. A Shareholders Meeting
    shall determine their number within the aforesaid limits.                    
| | 14.2 | The Board of Directors shall serve for a term of up to three
    accounting periods and its members shall be eligible for
    re-election.                                                                                                                                                                                              
| | 14.3 | With the exception of the one who may be appointed under
    Article 6.2, d) of these bylaws, the Directors
    shall be elected by a Shareholders Meeting on the basis of
    slates presented by the shareholders and by the outgoing Board
    of Directors. Within each slate, the candidates are to be
    numbered progressively.

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| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | In the event the outgoing Board of Directors presents a slate of
    its own, the same is to be lodged at the registered office and
    published in at least three Italian daily newspapers with
    nationwide circulation, including two financial ones, at least
    twenty days before the first meeting date.                                                                                                                                                                    
| | The slates presented by the shareholders are to be lodged at the
    registered office and published in the same way as indicated
    above at least ten days before the first meeting date.                                                                                                                                                                                                                                                                                           
| | Each shareholder may present or participate in presenting only
    one slate and each candidate may be presented on only one slate
    under pain of ineligibility.                                                                                                                                                                                                                                                                                                                    
| | Only those shareholders who, alone or together with other
    shareholders, represent at least 1% of the shares with voting
    rights in the Shareholders Meeting are entitled to present
    slates. In order to prove their right to present slates, at
    least five days prior to the first meeting date shareholders are
    obliged to present and/or deliver to the registered office a
    copy of the documentation proving ownership of the number of
    shares required.
| | The declarations of the individual candidates, in which they
    accept their candidacies and certify, under their own
    responsibility, the inexistence of any cause of ineligibility or
    incompatibility, as well as the satisfaction of the requirements
    prescribed by applicable law for their respective offices, are
    to be lodged together with each slate by the respective
    deadlines specified above.                                                         
| | All those entitled to vote may vote for only one slate.                                                                                                                                                                                                                                                                                                                                                                                                                                
| | The procedure for electing the Directors is to be as follows:                                                                                                                                                                                                                                                                                                                                                                                                                          

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| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) | seven-tenths of the Directors to be elected, rounding down any
    fraction to the unit, shall be drawn from the slate that has
    obtained the most votes cast by the shareholders in the order in
    which they are listed on the slate;                                                                                                                                                                                                                                                                                                                                                                        
| | b) | the remaining Directors shall be drawn from the other slates;
    for this purpose, the votes obtained by these slates shall be
    divided successively by one, two, three and so forth according
    to the number of Directors to be elected. The numbers obtained
    in this way shall be attributed to the candidates of such slates
    in the order in which they rank in the slate. The numbers thus
    attributed to the candidates of the various slates shall be
    arranged in decreasing order in a single ranking. The candidates
    who have obtained the highest numbers shall become Directors.

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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
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| | In the event that more than one candidate has obtained the same
    number, the candidate of the slate that has not yet elected a
    Director or that has elected the fewest Directors shall be
    appointed Director. In the event that no Director has been
    elected yet from any of these slates or that the same number of
    Directors has been elected from each slate, the candidate of the
    slate that has obtained the most votes shall be appointed
    Director. If there is a tie in terms of both numbers assigned
    and votes obtained by each slate, the entire Shareholders
    Meeting shall vote again and the candidate who obtains a simple
    majority of the votes will be appointed Director;

| |    |                                                                                                                                                                                                                        
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | c) | when less than the entire Board of Directors is being elected,
    the Shareholders Meeting will resolve according to the
    majorities provided for by the law, without following the
    procedure specified above.

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| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 14.4 | Even during a Boards term, a Shareholders Meeting
    may change the number of the members of the Board of Directors
    within the limits referred to in 14.1 above and proceed to elect
    them. The term of the Directors so elected is to end at the same
    time as that of the Directors in office.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | 14.5 | Should one or more vacancies occur on the Board during the
    accounting period, steps shall be taken in accordance with
    section 2386 of the Civil Code, except with regard to the
    Director who may be appointed pursuant to Article 6.2,
    d) of these bylaws. If one or more of the Directors leaving
    their offices vacant were drawn from a slate also containing
    unelected candidates, they shall be replaced by appointing, in
    progressive order, persons drawn from the slate to which the
    Director in question belonged, provided that said persons are
    still eligible and willing to accept the directorship. In the
    event that the majority of the offices of the Directors elected
    by the shareholders becomes vacant, the entire Board is to be
    deemed to have resigned and the Directors still in office must
    promptly call a meeting of the shareholders to elect a new Board.

article 15


| |      |                                                                                                                                                                                                                                                                                                                                                                                                                           
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 15.1 | If a Shareholders Meeting has not elected a Chairman of
    the Board, the Board shall elect one of its members to that
    position. It may elect a Deputy Chairman, who shall stand in for
    the Chairman in the event of his or her unavailability. In no
    case shall the office of Chairman or Deputy Chairman be held by
    the Director who may be appointed pursuant to Article 6.2,
    d) of these bylaws.
| | 15.2 | Upon the Chairmans proposal, the Board shall appoint a
    Secretary, who need not have any connection with the Company.                                                                                                                                                                                                                                                                                                 

article 16


| |      |                                                                                                                                                                                                                                                                  
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 16.1 | The Board shall meet at the place designated in the notice
    whenever the Chairman or, in case the latter is unavailable, the
    Deputy Chairman deems necessary. The Board may also be convened
    in the ways provided for in Article 25.5 of these bylaws.

| |                                                                                                                                                                                                                                                                                                                                           
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The Board of Directors must also be convened when at least two
    Directors  or one if the Board consists of three
    members  so request in writing to resolve on a
    specific matter (to be indicated in the aforesaid request)
    regarding the management of the Company that they consider to be
    of particular importance.

| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 16.2 | Board meetings may also be held by means of telecommunications
    provided that all the participants can be identified and such
    identification is acknowledged in the minutes of the meeting,
    and that they are allowed to follow and participate in real time
    in the discussion of the matters considered, exchanging
    documents if need be; in such case, the meeting of the Board of
    Directors shall be deemed held in the place where whoever chairs
    the meeting is and where the Secretary must also be in order to
    allow the related minutes to be drawn up and signed.

9



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##### 



| |      |                                                                                                                                                                                                                                                     
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 16.3 | The Board shall normally be called at least five days before the
    date on which the meeting is to be held. This period may be
    shorter in urgent cases. The Board of Directors shall decide the
    procedures for convening its own meetings.

article 17


| |      |                                                                                                                                                                                                                                                     
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 17.1 | Board meetings shall be chaired by the Chairman or, if the
    latter is absent or detained, by the Deputy Chairman if one has
    been appointed. If the latter is also absent, they are to be
    chaired by the oldest Director entitled to vote.

article 18


| |      |                                                                                                                                                                                                 
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 18.1 | The quorum for meetings of the Board shall be a majority of the
    Directors in office who are entitled to vote.                                                                               
| | 18.2 | Resolutions shall be adopted by an absolute majority of the
    Directors present who are entitled to vote; in case of a tie,
    the vote of the person chairing the meeting shall be decisive.

article 19


| |      |                                                                                                                                                                                                                            
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 19.1 | The resolutions of the Board of Directors shall appear in
    minutes which, signed by whoever chairs the meeting and by the
    Secretary, are to be transcribed in a book kept according to the
    law for this purpose.
| | 19.2 | Copies of the minutes shall be fully certified if signed by the
    Chairman or whoever acts in his or her behalf, and by the
    Secretary.                                                                               

article 20


| |      |                                                                                                                                                                
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 20.1 | Management of the Company is the exclusive responsibility of the
    Directors, who shall carry out the actions necessary to achieve
    the corporate purpose.
| | 20.2 | In addition to exercising the powers entrusted to it by the law,
    the Board of Directors shall have the power to adopt resolutions
    concerning:          

| |    |                                                            
| | -- | -----------------------------------------------------------
| | a) | mergers and demergers in the cases provided for by the law;

| |    |                                                            
| | -- | -----------------------------------------------------------
| | b) | the establishment or elimination of secondary headquarters;

| |    |                                                    
| | -- | ---------------------------------------------------
| | c) | which of the Directors shall represent the Company;

| |    |                                                                                              
| | -- | ---------------------------------------------------------------------------------------------
| | d) | the reduction of the share capital in case of the withdrawal of
    one or more shareholders;

| |    |                                                            
| | -- | -----------------------------------------------------------
| | e) | the harmonization of the bylaws with provisions of the law;

| |    |                                                    
| | -- | ---------------------------------------------------
| | f) | the transfer of the registered office within Italy.

| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 20.3 | The delegated bodies shall promptly report to the Board of
    Directors and the Board of Statutory Auditors  or,
    absent the delegated bodies, the Directors shall promptly report
    to the Board of Statutory Auditors  at least
    quarterly, and in any case during the meetings of the Board of
    Directors, on the activity carried out, the management of the
    Company in general and the prospects for the future, as well as
    the most important transactions affecting the income statement,
    cash flow and the balance sheet, or in any case that are most
    important because of their size or characteristics carried out
    by the Company and its subsidiaries; they shall specifically
    report on transactions in which they have an interest themselves
    or on behalf of third parties or that are influenced by the
    entity  if there is one  who directs and
    coordinates the Company.

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| |      |                                                                                                                                                                                                                          
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 20.4 | The Board of Directors shall appoint, and revoke the appointment
    of, an executive in charge of preparing the corporate accounting
    documents, after the Board of Statutory Auditors has expressed
    its opinion.

article 21


| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 21.1 | Within the limits set forth in section 2381 of the Civil
    Code, the Board of Directors may delegate powers to one of its
    members, determining the content, the limits and any procedures
    of exercise of the delegation. Upon proposal by the Chairman and
    in agreement with the Chief Executive Officer, the Board may
    delegate powers to others among its members for single acts or
    classes of acts. No powers or particular offices, even on a
    supplementary or temporary basis, may be assigned to the
    Director who may be appointed pursuant to Article 6.2,
    d) of these bylaws.
| | 21.2 | Within the limits of the authority conferred on him, the Chief
    Executive Officer shall have the power to delegate single acts
    or classes of acts to employees of the Company or to third
    parties, authorizing sub-delegation.                                                                                                                                                                                                                                                                                                                                                                               

article 22


| |      |                                                                                                                                                                                                                                                                                                                                                                                                     
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 22.1 | The legal authority to represent the Company and sign documents
    on its behalf is vested in both the Chairman of the Board of
    Directors and the Chief Executive Officer and, in the event that
    the former is unavailable, the Deputy Chairman if one has been
    appointed. The signature of the Deputy Chairman shall attest
    vis-à-vis third parties the Chairmans unavailability.
| | 22.2 | The above legal representatives may delegate the power to
    represent the Company, including in court, to third parties, who
    may also be authorized to sub-delegate. In no case, even with
    regard to single matters, shall the legal authority to represent
    the Company be assigned to the Director who may be appointed
    pursuant to Article 6.2, d) of these bylaws.             

article 23


| |      |                                                                                                                                                                                                                                                                                          
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 23.1 | The members of the Board of Directors shall be entitled to
    compensation in an amount to be determined by a meeting of the
    shareholders. Once adopted, the resolution shall apply during
    subsequent accounting periods until a Shareholders Meeting
    determines otherwise.
| | 23.2 | The compensation of Directors entrusted with specific tasks in
    accordance with the bylaws shall be established by the Board of
    Directors after receiving the opinion of the Board of Statutory
    Auditors.                                                                     

article 24


| |      |                    
| | ---- | -------------------
| | 24.1 | The Chairman shall:

| |    |                                                                      
| | -- | ---------------------------------------------------------------------
| | a) | have the power to represent the Company pursuant to
    Article 22.1;

| |    |                                                                      
| | -- | ---------------------------------------------------------------------
| | b) | preside at meetings of the shareholders pursuant to
    Article 12.1;

| |    |                                                                                                                                                                                                                                                        
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | c) | call and preside at meetings of the Board of Directors pursuant
    to Articles 16 and 17.1, establish the agenda, coordinate
    the proceedings, and see that adequate information on the
    matters on the agenda is provided to all the Directors;

| |    |                                                             
| | -- | ------------------------------------------------------------
| | d) | ascertain that the resolutions of the Board are carried out.

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##### 



Title VI


Board of Statutory Auditors


article 25


| |      |                                                                                                                                                                                                                                                   
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 25.1 | A Shareholders Meeting shall elect the Board of Statutory
    Auditors, which is to be composed of three regular members, and
    shall determine their compensation. Two alternate members shall
    also be elected by a Shareholders Meeting.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The members of the Board of Statutory Auditors must possess the
    requisites of professionalism and honorableness specified in the
    Ministry of Justices decree n. 162 of
    March 30, 2000. For the purposes of the provisions of
    section 1, paragraph 2, b) and c) of this
    decree, the following are considered closely connected with the
    scope of the Companys business activities: subjects
    pertaining to commercial law and tax law, business economics and
    business finance, as well as subjects and fields of activity
    pertaining to energy in general, communications, telematics and
    information technology, and network structures.
| | In addition to the situations of ineligibility specified by the
    law, those who are regular members of the Board of Statutory
    Auditors in five or more companies not controlled by ENEL S.p.a.
    issuing securities in the regulated markets may not be elected
    to the Board of Statutory Auditors, and if elected shall be
    debarred from office.                                                                                                                                                                                                                                                                                                                

| |      |                                                                                                                                                                                                                                                    
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 25.2 | Regular members of the Board of Statutory Auditors and alternate
    members shall be elected by Shareholders Meetings on the
    basis of the slates presented by the shareholders, on which the
    candidates are to be numbered progressively.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The procedures of Article 14.3 of these bylaws shall apply
    to the presentation, lodgment and publication of the slates.                                                                                                                                                                                                                                                                                                                                                 
| | The slates are to be divided into two sections: one for the
    candidates for the office of regular auditor and the other for
    candidates for the office of alternate auditor. The first
    candidate in each section must be a registered auditor and have
    practiced the profession of legal auditor for a period of no
    less than three years.                                                                                                                
| | Two regular members of the Board of Statutory Auditors and an
    alternate member are to be drawn, in the numerical order in
    which they were listed in each section, from the slate that has
    obtained the most votes. The remaining regular member and the
    remaining alternate are to be elected according to the
    procedures specified in Article 14.3, b), to be applied
    separately to each of the sections in which the other slates are
    divided.
| | When less than the entire Board is being elected, the
    Shareholders Meeting shall resolve according to the
    majorities provided for by the law, without following the
    procedure specified above, but in any case in such a way as to
    ensure that the composition of the Board of Statutory Auditors
    is in accordance with the provisions of section 1,
    paragraph 1, of the Ministry of Justices decree n.
    162 of March 30, 2000.                
| | In the event that one of the members drawn from the slate that
    obtained the most votes is substituted, his or her place shall
    be taken by the alternate member drawn from the same slate. In
    the event that the member drawn from other slates is
    substituted, his or her place shall be taken by the alternate
    member elected according to the procedure specified by
    Article 14.3, b).                                                            
| | The chairmanship of the Board of Statutory Auditors shall fall
    to the first candidate on the slate that has obtained the most
    votes. In the event the Chairman is substituted, this office
    shall be filled by the other regular Auditor drawn from the same
    slate.                                                                                                                                                                                          

| |      |                                                                       
| | ---- | ----------------------------------------------------------------------
| | 25.3 | Auditors whose term has expired shall be eligible for
    re-election.

12



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##### 



| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 25.4 | The meetings of the Board of Statutory Auditors may also be held
    by means of telecommunications provided that all the
    participants can be identified and such identification is
    acknowledged in the minutes of the meeting, and that they are
    allowed to follow and participate in real time in the discussion
    of the matters considered, exchanging documents if need be; in
    such case, the meeting of the Board of Statutory Auditors shall
    be deemed held in the place where whoever chairs the meeting is.
| | 25.5 | Upon notice to the Chairman of the Board of Directors, the Board
    of Statutory Auditors may call a Shareholders Meeting and
    a Board of Directors meeting. The power of calling a
    meeting may also be exercised by at least two members of the
    Board of Statutory Auditors.                                                                                                                                                                                                                                               

Title VII


Financial Statements and Earnings


article 26


| |      |                                                                                                                                          
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------
| | 26.1 | The accounting period shall end on December 31 of every
    year.                                                                        
| | 26.2 | At the end of each accounting period, the Board of Directors
    shall draw up the Companys financial statements as
    required by law.
| | 26.3 | The Board of Directors is authorized to distribute interim
    dividends to shareholders during the course of the year.                  

article 27


| |      |                                                                                                                                                           
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------
| | 27.1 | Dividends not collected within five years from the day they
    become payable shall lapse in favor of the Company and be posted
    directly to reserves.

Title VIII


Dissolution and Liquidation of the Company


article 28


| |      |                                                                                                                                                                                             
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 28.1 | Should the Company be dissolved, a Shareholders Meeting is
    to determine the liquidation procedures and appoint one or more
    liquidators, establishing their powers and compensation.

Title IX


Transitory and General Rules


article 29


| |      |                                                                                                                                 
| | ---- | --------------------------------------------------------------------------------------------------------------------------------
| | 29.1 | Any matters not expressly provided for herein shall be governed
    by the provisions of the Civil Code and applicable statutes.

article 30


| |      |                                                                                                                                                                                                                                                                                                                                             
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 30.1 | The Company is to continue to carry out all the activities
    that  under legislative decree n. 79 of
    March 16, 1999, published in the Gazzetta Ufficiale,
    issue 75 of March 31, 1999  have been
    temporarily entrusted to it pending their award to other
    entities according to the provisions of the legislative decree.

13