**Exhibit 8.1**The Company consolidates the financial statements of companies in which it controls over 50% of thevoting shares, provided that there are no substantive minority participating rights that preventcontrol, detailed as follows:                       **Percentage participation in voting rights as of December 31,****Company name** **2004** **2005** **2006**  **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   100.00   98.75   1.25   100.00 Pehuenche S.A. (Chile)  92.65   92.65   92.65   —   92.65 EndesaArgentina S.A (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.(2) (Chile)  94.99   94.99   94.98   0.02   95.00 Hidroinvest S.A. (Argentina)  69.93   69.93   —   69.93   69.93 El Chocón S.A. (Argentina)  65.19   65.19   —   65.19   65.19 Endesa Costanera S.A. (Argentina)  64.26   64.26   12.33   51.93   64.26 Endesa Brasil Participações Ltda. (Brasil)  100.00   100.00   5.00   95.00   100.00 Túnel El Melón S.A. (Chile)  99.95   99.95   99.95   —   99.95 Compañía Eléctrica Cono Sur S.A. (Chile)  100.00   100.00   100.00   —   100.00 Central Hidroeléctrica Betania S.A.(3)(Colombia)  85.62   85.62   5.01   94.98   99.99 Lajas Inversora S.A. (4) (Brasil)  100.00   —   —   —   — Cachoeira Dourada S.A. (4), (5) (Brasil)  99.61   —   —   —   — Capital de Energía S.A. (6) (Colombia)  51.00   51.00   —   —   — Emgesa S.A (7), (9) (Chile)  48.48   51.32   —   23.45   23.45 Edegel S.A. (10) (Perú)  63.56   63.56   —   55.44   55.44 Generandes Perú S.A. (Perú)  59.63   59.63   —   59.63   59.63 Compañía Eléctrica San Isidro S.A. (8) (Chile)  100.00   100.00   100.00   —   100.00 Compañía 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) (11)  —   100.00   99.99   0.01   100.00  (1) See Note 10 (c) (ii.). (2) See Note 10 (d) (ii.). (3) See Note 10 (d) (iv.), Note 10 (e) (iv.). (4) See Note 10 (e) (i.). (5) Subsequent to October 1, 2005, the Company’s subsidiary Cachoeira Dourada S.A. was notincluded in the consolidated financial statements of Endesa Chile any more due to therestructuring process of the Brazilian operations. See Note 10 (c)(i.). (6) See Note 10 (e) (iv.). (7) Endesa Chile exercises control over this company pursuant toa shareholders agreement. (8) See Note 10 (d) (i.), Note 10 (c) (iii.). (9) See Note 10 (e) (iv.). (10) See Note 10 (d) (iii.). (11) See Note 10 (b) (i.).The participation in voting rights is equal to economic participation in all subsidiaries apartfrom those presented in the following table. Economic interest of the Company in a subsidiary orrelated company is calculated by multiplying the percentage ownership interest of the Company in adirectly held subsidiary or related company bythe percentage ownership interest of any entity in the chain of ownership of such ultimatesubsidiary or related
 

 
company. Economic participation is the Company’s share in earnings or lossesof the subsidiary, which is not always equal to the Company’s voting interest.               **Percentage of economic participation as of December 31,**  **2004** **2005** **2006**  % % %Lajas Inversora S.A (1)  92.88   —   — Cachoeira Dourada S.A. (1)  92.51   —   — Emgesa S.A. (2)  22.36   22.36   23.45 Edegel S.A. (3)  37.90   37.90   33.06 Capital de Energía S.A. (4)  43.68   43.68   — El Chocón S.A.  47.45   47.45   47.45  (1) See note 10 (e) (i.). (2) See note 10 (e) (iv.). (3) See note 10 (d) (iii.). (4) See note 10 (e) (iv.).