Edison Today 2
Simplified Structure of the Group at December 31, 2005 3
A Letter to the Shareholders 4
Board of Directors, Statutory Auditors and Independent Auditors 7
Information About the Company’s Securities 7
Key Events in 2005 8
Financial Highlights. Focus on Performance 14
Performance and Results of the Group 17
Edison and the Financial Markets 19
Economic Framework 22
The Italian Energy Market 23
Regulatory Framework 25
Overview of the Year.
Performance of the Group’s Businesses 30
Electric Power Operations 30
Hydrocarbons Operations 31
Corporate Activities 35
Other Continuing Operations 36
A Year of Growth. Capital Investments 38
Innovation, Research and Development 40
Health, Safety and the Environment 42
Human Resources and Industrial Relations 44
Corporate Governance. 2005 Annual Report 48
Risk Management and Types of Financial Risks 75
Operating Performance and Financial Position of Edison Spa 76
Unbundling: Financial Statements and Notes of Edison Spa 78
Motion on the Items on the Agenda of the Shareholders’ Meeting 84
Report of the Board of Statutory Auditors 86