·
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Economic
and Industry Conditions: Materially adverse changes in economic or
industry conditions generally or in our markets; the effect of existing
regulations and regulatory changes; tariff reductions; the impact
of any
fluctuations in interest rates; the impact of fluctuations in exchange
rates; natural disasters; the impact of more stringent environmental
regulations and the inherent environmental risks relating to our
business
operations; and the potential liabilities relating to our nuclear
facilities.
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·
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Transaction
or Commercial Factors: Any delays in or failure to obtain necessary
regulatory, antitrust and other approvals for our proposed acquisitions
or
asset disposals, or any conditions imposed in connection with such
approvals; our ability to integrate acquired businesses successfully;
the
challenges inherent in diverting management's focus and resources
from
other strategic opportunities and from operational matters during
the
process of integrating acquired businesses; the outcome of any
negotiations with partners and governments; any delays in or failure
to
obtain necessary regulatory approvals (including environmental) to
construct new facilities or repower or enhance our existing facilities;
shortages or changes in the price of equipment, materials or labor;
opposition of political and ethnic groups; adverse changes in the
political and regulatory environment in the countries where we and
our
related companies operate; adverse weather conditions, which may
delay the
completion of power plants or substations, or natural disasters,
accidents
or other unforeseen events; and the inability to obtain financing
at rates
that are satisfactory to us.
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|
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·
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Political/Governmental
Factors: Political conditions in Latin America and changes in Spanish,
European and foreign laws, regulations and taxes.
|
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·
|
Operating
Factors: Technical difficulties; changes in operating conditions
and
costs; the ability to implement cost reduction plans; the ability
to
maintain a stable supply of coal, fuel and gas and the impact of
fluctuations on fuel and gas prices; acquisitions or restructurings;
and
the ability to implement an international and diversification strategy
successfully.
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·
|
Competitive
Factors:
the actions of competitors; changes in competition and pricing
environments; and the entry of new competitors in our
markets.
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ENDESA,
S.A.
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Dated:
May 12, 2006
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By:
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/s/ Álvaro
Pérez de Lema
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Title:
Manager of North America Investor Relations
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