**Exhibit 8.1**

|                                                           |                          |   |                         |    **Percentage    participation in voting rights as of December 31,** |       |
|----------------------------------------------------------------|-------------------------------|--------|------------------------------|---------------------------------------------------------------------------------------|------------|
|                                                           |                               |   |                              |                                                                                       |       |
| **Company name**                                               | **Name under which operates** |   | **Country of Incorporation** | **2004**                                                                              |       |
|                                                           |                               |   |                              |                                                                                  |            |  |  |  |  |  |  |   |
|                                                           |                          |   |                         |                                                                                  | **Direct** |   |   | **Indirect** |   |   | **Total** |   |
|                                                                |                               |        |                              |                                                                                  |            |  |  |  |  |  |  |  |
| Enigesa S.A.                                                   | Enigesa                       |   | Chile                        |                                                                                  | 99.51      |   |   | 0.49 |   |   | 100.00 |   |
| Ingendesa S.A.                                                 | Ingendesa                     |   | Chile                        |                                                                                  | 96.39      |   |   | 1.25 |   |   | 97.64 |   |
| Pehuenche S.A.                                                 | Pehuenche                     |   | Chile                        |                                                                                  | 92.65      |   |   | — |   |   | 92.65 |   |
| Endesa Argentina S.A (1)                                       | Endesa Argentina              |   | Argentina                    |                                                                                  | 97.99      |   |   | 2.00 |   |   | 99.99 |   |
| Endesa-Chile Internacional                                     | Endesa-Chile Internacional    |   | Cayman Islands               |                                                                                  | 100.00     |   |   | — |   |   | 100.00 |   |
| Pangue S.A.                                                    | Pangue                        |   | Chile                        |                                                                                  | 94.97      |   |   | 0.02 |   |   | 94.99 |   |
| Hidroinvest S.A.                                               | Hidroinvest                   |   | Argentina                    |                                                                                  | —     |   |   | 69.93 |   |   | 69.93 |   |
| Hidroeléctrica El Chocón  S.A.                     | Chocon                        |   | Argentina                    |                                                                                  | —     |   |   | 65.19 |   |   | 65.19 |   |
| Central Costanera S.A.                                         | Costanera                     |   | Argentina                    |                                                                                  | 12.33      |   |   | 51.93 |   |   | 64.26 |   |
| Endesa Brasil Participacoes Ltda.                              | Endesa Brasil                 |   | Brazil                       |                                                                                  | 5.00       |   |   | 95.00 |   |   | 100.00 |   |
| Túnel El Melón S.A.                                | Tunel El Melon                |   | Chile                        |                                                                                  | 99.95      |   |   | — |   |   | 99.95 |   |
| Compañía Eléctrica Cono Sur S.A.          | Cono Sur                      |   | Panama                       |                                                                                  | 100.00     |   |   | — |   |   | 100.00 |   |
| Central Hidroeléctrica Betania S.A. (4)                 | Betania                       |   | Colombia                     |                                                                                  | 0.44       |   |   | 85.18 |   |   | 85.62 |   |
| Lajas Inversora S.A.                                           | Lajas Inversora               |   | Panama                       |                                                                                  | —     |   |   | 100.00 |   |   | 100.00 |   |
| Centrais Electricas Cachoeira Dourada S.A.                     | Cachoeira Dourada             |   | Brazil                       |                                                                                  | —     |   |   | 99.61 |   |   | 99.61 |   |
| Capital de Energía S.A. (5)                             | CESA                          |   | Colombia                     |                                                                                  | 0.05       |   |   | 50.95 |   |   | 51.00 |   |
| Emgesa S.A (2)                                                 | Emgesa                        |   | Colombia                     |                                                                                  | —     |   |   | 48.48 |   |   | 48.48 |   |
| Edegel S.A.                                                    | Edegel                        |   | Peru                         |                                                                                  | —     |   |   | 63.56 |   |   | 63.56 |   |
| Generandes Perú S.A.                                    | Generandes Perú        |   | Peru                         |                                                                                  | —     |   |   | 59.63 |   |   | 59.63 |   |
| Compañía Eléctrica    San Isidro S.A. (3) | San Isidro                    |   | Chile                        |                                                                                  | —     |   |   | 100.00 |   |   | 100.00 |   |
| Compañía Eléctrica Tarapacá  S.A.  | Celta                         |   | Chile                        |                                                                                  | 99.90      |   |   | 0.10 |   |   | 100.00 |   |
| Inversiones Endesa Norte S.A.                                  | Inversiones Endesa Norte      |   | Chile                        |                                                                                  | 99.99      |   |   | 0.01 |   |   | 100.00 |   |
| Ingendesa Do Brasil Limitada                                   | Ingendesa Do Brasil           |   | Brazil                       |                                                                                  | —     |   |   | 100.00 |   |   | 100.00 |   |
|                                                           |                          |   |                         |                                                                                  |       |   |   |   |   |   |   |   |

| (1) | On          November 17, 2004, the Company sold 492,920 shares (2% of its participation)    of this company to Enigesa S.A.                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Endesa-Chile    exercises control over this company pursuant to a shareholders agreement.                                                                                                                      |
| (3) | Endesa-Chile          owns 100% of the class A shares of Compañía Eléctrica    San Isidro, which compose 50% share capital of this company and are the    only shares with voting rights. |

| (4) | Endesa        de Colombia S.A., which held 8.91% of Central Hidroeléctrica Betania        S.A. was liquidated on December 17, 2004. As a result of this transaction        Endesa-Chile (Individual legal entity) and Compañía Eléctrica        Conosur S.A., who owned shares of Endesa de Colombia S.A., acquired additional    participation in Central Hidroeléctrica Betania S.A. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | In        2004 as the result of the review of ownership related to shareholdings        in Capital de Energía S.A., the Company determined that its participation        is 0.1% greater. The increase in participation of ThCh 216,746 was recorded    in the income statement for the year ended December 31, 2004.                                                                                              |