**Exhibit 8.1**

 
| ** **                                                               | ** ** | **Percentage participation in  voting rights as of December 31,** | ** ** |
|--------------------------------------------------------------------------|------------|------------------------------------------------------------------------|------------|
| ** **                                                               | ** ** | **2003**                                                               | ** ** | **2004** | ** ** | **2005** | ** ** |
| ** **                                                               | ** ** | **Total**                                                              | ** ** | **Total** | ** ** | **Direct** | ** ** | **Indirect** | ** ** | **Total** | ** ** |
| Enigesa S.A.  (Chile)                                               |       | 100.00                                                                 |       | 100.00 |   | 99.51 |   | 0.49 |   | 100.00 |   |
| Ingendesa S.A.  (1) (Chile)                                    |       | 97.64                                                                  |       | 97.64 |   | 98.75 |   | 1.25 |   | 100.00 |   |
| Pehuenche S.A.  (Chile)                                             |       | 92.65                                                                  |       | 92.65 |   | 92.65 |   | — |   | 92.65 |   |
| Endesa  Argentina S.A. (2) (Argentina)                         |       | 99.99                                                                  |       | 99.99 |   | 97.99 |   | 2.00 |   | 99.99 |   |
| Endesa Chile  Internacional (Chile)                                      |       | 100.00                                                                 |       | 100.00 |   | 100.00 |   | — |   | 100.00 |   |
| Pangue S.A.  (Chile)                                                |       | 94.99                                                                  |       | 94.99 |   | 94.97 |   | 0.02 |   | 94.99 |   |
| Hidroinvest S.A.  (Argentina)                                       |       | 69.93                                                                  |       | 69.93 |   | — |   | 69.93 |   | 69.93 |   |
| Hidroeléctrica  El Chocón S.A. (Argentina)           |       | 65.19                                                                  |       | 65.19 |   | — |   | 65.19 |   | 65.19 |   |
| Endesa Costanera  S.A. (Argentina)                                  |       | 64.26                                                                  |       | 62.26 |   | 12.33 |   | 51.93 |   | 64.26 |   |
| Endesa  Brasil Participacoes Ltda. (Brasil)                              |       | 100.00                                                                 |       | 100.00 |   | 5.00 |   | 95.00 |   | 100.00 |   |
| Túnel El  Melón S.A. (Chile)                              |       | 99.95                                                                  |       | 95.95 |   | 99.95 |   | — |   | 99.95 |   |
| Compañia  Eléctrica Cono Sur S.A. (Chile)                 |       | 100.00                                                                 |       | 100.00 |   | 100.00 |   | — |   | 100.00 |   |
| Central Hidroeléctrica  Betania S.A. (Colombia)                |       | 85.62                                                                  |       | 85.62 |   | 0.44 |   | 85.18 |   | 85.62 |   |
| Endesa de  Colombia S.A. (3) (Colombia)                        |       | 100.00                                                                 |       | — |   | — |   | — |   | — |   |
| Lajas  Inversora S.A. (4) (Brasil)                             |       | 100.00                                                                 |       | 100.00 |   | — |   | — |   | — |   |
| Cachoeira  Dourada S.A. (1), (5) (Brasil)                      |       | 99.61                                                                  |       | 99.61 |   | — |   | — |   | — |   |
| Capital de  Energía S.A. (6) (Colombia)                   |       | 50.90                                                                  |       | 51.00 |   | 0.05 |   | 50.95 |   | 51.00 |   |
| Emgesa S.A.  (7) (Colombia)                                    |       | 51.32                                                                  |       | 51.32 |   | — |   | 51.32 |   | 51.32 |   |
| Edegel S.A.  (Perú)                                            |       | 63.56                                                                  |       | 63.56 |   | — |   | 63.56 |   | 63.56 |   |
| Generandes  Perú S.A. (Perú)                              |       | 59.63                                                                  |       | 59.63 |   | — |   | 59.63 |   | 59.63 |   |
| Compañia  Eléctrica San Isidro S.A. (1), (7) (Chile) |       | 100.00                                                                 |       | 100.00 |   | 50.00 |   | 50.00 |   | 100.00 |   |
| Compañia  Eléctrica Tarapacá S.A. (Chile)            |       | 100.00                                                                 |       | 100.00 |   | 99.94 |   | 0.06 |   | 100.00 |   |
| Inversiones  Endesa Norte S.A. (Chile)                              |       | 100.00                                                                 |       | 100.00 |   | 99.99 |   | 0.01 |   | 100.00 |   |
| Ingendesa Do  Brasil Limitada (Brasil)                                   |       | 100.00                                                                 |       | 100.00 |   | — |   | 100.00 |   | 100.00 |   |
| Endesa  Eco S.A. (Chile)(8)                                         |       | —                                                                 |       | — |   | 99.99 |   | 0.01 |   | 100.00 |   |

 

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(1)          Seenote 10(c)(iv).

 

(2)          OnNovember 17, 2004, the Company would 492,920 shares (2% of itsparticipation) of this company to Enigesa S.A.

 

(3)          Endesade Colombia S.A., which held 8.91% of Central HidroeléctricaBetania S.A., was liquidated on December 17, 2004.  As a result of this transaction Endesa Chile(individual legal entity) and Compañia Eléctrica Conosur, S.A., who ownedshares of Endesa de Colombia S.A. acquired additional participation inCentral Hidroeléctrica Betania S.A.

 

(4)          Seenote 10(f)(ii).

 

(5)          Subsequentto October 1, 2005, the Company’s subsidiary Cachoeira Dourada S.A.was not included in the consolidated financial statements of Endesa Chile anymore due to the restructuring process of the Brazilian operations (see Note10(c)(iii)).  On the following page, apro-forma balance sheet to Endesa Chile shows the 2004 effects if CachoeiraDourada had never been consolidated.

 

(6)          In2004 as the result of the review of ownership related to shareholdings inCapital de Energia S.A., the Company determined that its participation is0.1% greater.  The increase inparticipation of ThCh$ 224,549 was recorded in the income statement forthe year ended December 31, 2004.

 

(7)          EndesaChile owns 100% of the class A shares of Compañia Eléctrica San Isidro, whichcomposes 50% share capital of this company and are the only shares with votingrights.

 

(8)          SeeNote 10(b)(i).

 

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