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2013 | Buch

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National Monopoly to Successful Multinational

The Case of Enel

verfasst von: Massimo Bergami, Pier Luigi Celli, Giuseppe Soda

Verlag: Palgrave Macmillan UK

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

Using the Enel case, this volume unpacks the effective implementation of an ambidextrous perspective on adaptation and change, providing some key lessons for managers and scholars. It begins by exploring Enel's recent history, before mapping the steps of a remarkable transition from public monopolist to a successful transnational group.

Inhaltsverzeichnis

Frontmatter

Introduction

Abstract

Looking back over the course of events involving Enel during the period 1996 to 2011, there are five moments, like five key frames in a film, covering a story that certainly deserves to be told.

Massimo Bergami, Pier Luigi Celli, Giuseppe Soda

The Evolution of Enel

Frontmatter

1. From Enel’s Origins to the Regulatory Shake-up (1962–1996)

Abstract

The first ten years of Enel’s existence were inextricably tied to the history of industry and social development in Italy. On 27 November 1962, under the IV Fanfani government, parliament approved the measure to nationalize the country’s power system. The decision came after a long debate that had involved parliament, the press, public opinion and the industrial community.

Giuseppe Soda, Alessandra Carlone

2. Cultural Change, Reorganization and Diversification (1996–2002): The Search for a New Identity

Abstract

Transformation to a joint-stock company and changes in previous years saw Enel in limbo between past and future, a monopoly and the free market, a State bureaucracy and a company rising to the challenge of change.

Giuseppe Soda, Alessandra Carlone

3. Strategic Refocusing and International Expansion: Building the Future Enel (2002–2010)

Abstract

With the sale of Interpower in November 2002 Enel completed divestment of its production capacity as prescribed by the Bersani decree and this essentially marked the end of Enel’s downsizing imposed by law as part of liberalization of Italy’s power market. Of the three GenCos sold (Interpower, Elettrogen and Eurogen), Eurogen was purchased in May 2002 by a group of investors who assigned its production capacity to Edipower SpA. In September 2001 Elettrogen went to a consortium that included Spanish company Endesa, ASM Brescia, the city of Brescia’s municipal operator, and other minority shareholders. Interpower was purchased by a company owned by Italy’s Acea, Belgian company Electrabel Suez SA and other Italian investors that had minority interests, such as Sorgenia.

Giuseppe Soda, Alessandra Carlone

4. 2008–2010: Enel Today

Abstract

The account given in previous chapters summarizes significant events in the transformation of Italy’s power sector and the far-reaching effects this had on Enel, which played a major role in those events. Every facet of company life was affected by the transformation, from ownership structures to strategies, organizational and managerial models, operational processes and Enel’s relations with the market and the environment. But the change-management process launched and implemented by Enel in this scenario was not only significant in terms of its scope and the numbers involved. It was significant, above all, because of the decision path that led to a metamorphosis from monopolistic entity to multinational group. As this chapter is the epilogue of the account it again uses a descriptive approach to outline major milestones achieved in the past two years.

Giuseppe Soda, Enrico Forti

5. Enel, Ten Years of Extraordinary Financial Performance

Abstract

The past ten years tell a somewhat surprising and yet very illuminating story of the corporate finance operations that have accompanied the Group’s various strategic moves. In just one decade Enel managed to organize its stock market listing, important asset and company acquisitions and divestments, significant bond issues and credit lines and the largest increase in capital ever seen on the Milan Stock Exchange. In short, a story that has all the ingredients for a case study of what ‘corporate finance’ really means.

Emanuele Bajo, Massimo Barbi

When Management Makes the Difference

Frontmatter

6. A Balance between Dynamism and Preserving Excellence and Operational Reliability

Abstract

If there is one factor that emerges clearly from the reconstruction, it is Enel management’s ability to transform the majority of threats (regulatory shake-ups, relations with governments and unions, environmental trends, international competition) into opportunities to improve its competitive edge, reorganize, develop new competences and achieve a cultural transformation.

Giuseppe Soda, Pier Luigi Celli

7. Leadership in a Combination of Continuity and Strategic Change: Building a New Identity

Abstract

Our interpretation of this success story attributes a very important role to leadership, above all the leaders’ ability to make far-reaching organizational changes and build a new identity. As Enel’s transformation from monopolistic public entity to leading company in the global energy market took place in a relatively short time it represents a model case for privatization.

Massimo Bergami, Alberto Monti, Gabriele Morandin

8. Institutional Legitimation and Reputation

Abstract

We have always held our business contacts in great esteem, whoever they were. From those in institutional roles to partners and operators in financial markets. In general, those who acquire companies that control strategic resources abroad are seen as conquerors who buy and then strip the centre of power. We have proposed a different concept, a different image, a different credibility, of course, with clear-cut technical markers.

Giuseppe Soda

The Best Energy Company in the World

Frontmatter

9. Global Energy Scenarios

Abstract

There are phases in the life of organizations that almost seem devoid of major events. Progress is made based on a succession of small steps, years pass by without any, or almost imperceptible, changes. But then suddenly without any warning change accelerates, fuelled by a series of unexpected events. Barriers fall, regimes collapse, revolutions explode, nations and organizations cease to be, are created or flourish.

Massimo Bergami, Giuseppe Cucchi

10. Technological Foundations for a Sustainable Competitive Edge

Abstract

The global scenario seen in the previous chapter is a combination of technological developments in the energy field and plans Enel is working on in this vital growth area. As mentioned, Enel is the number two group in Europe for installed capacity¹ and at international level it has a balanced production and technological mix that includes all the main solutions for generating electricity.² On the contrary, in Italy there is a impelling need to rebalance the fuel mix and sources utilized by investing in new infrastructures for generation and by promoting energy efficiency in both generation and end uses. Enel’s strategy on this front includes various moves, with the aim being in 15–20 years to achieve a balanced mix by using the most advanced technologies existing for each type of primary source.

Giuseppe Soda, Enrico Forti

11. Strategic Challenges and Building One Company

Abstract

To become the world’s best energy group is a very ambitious vision. Energy market scenarios are heavily conditioned by geopolitical trends that certainly offer many opportunities, but also involve many constraints and threats. Because of this a great deal of emphasis needs to be placed on technological variables and the ability to gain some advantage by means of decisions. However, the consequences of these decisions will take quite some time — from five to ten years — to become clear and, therefore, be evaluated.

Massimo Bergami, Giuseppe Soda

Afterword: Five Rather Difficult Issues

Abstract

While there are many ways to comment on or interpret a case study and analysis, the approach adopted here is quite simple. Certain key issues or points have been selected that are found frequently in strategic and management theories and practices concerning companies. Issues that Enel also faced during t he exceptional period of transformation following its listing on the stock exchange. As these issues often reflect one or more theoretical aspects, each of them is reviewed briefly to identify their underlying contribution.

Gianni Lorenzoni

Backmatter

Titel: National Monopoly to Successful Multinational
verfasst von: Massimo Bergami
Pier Luigi Celli
Giuseppe Soda
Verlag: Palgrave Macmillan UK
Electronic ISBN: 978-1-137-03390-1
Print ISBN: 978-1-349-44162-4
DOI: https://doi.org/10.1057/9781137033901