{"id":209,"date":"2026-09-24T08:56:14","date_gmt":"2026-09-24T05:56:14","guid":{"rendered":"https:\/\/projects.snau.edu.ua\/interepo\/?page_id=209"},"modified":"2026-09-24T08:56:14","modified_gmt":"2026-09-24T05:56:14","slug":"case-study-no-1","status":"publish","type":"page","link":"https:\/\/projects.snau.edu.ua\/interepo\/en\/knowlage-platform\/case-study-no-1\/","title":{"rendered":"CASE STUDY No. 1"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Topic:<\/strong> integrated reporting, double materiality, ESRS, connectivity between financial and sustainability information<br><strong>Level:<\/strong> Master\u2019s, postgraduate and professional education<br><strong>Format:<\/strong> individual analysis or group discussion<br><strong>Estimated time:<\/strong> 60\u201390 minutes<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Case context<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Enel is an international energy group operating across energy generation, distribution, supply and services. The energy transition creates major strategic opportunities, but it also increases climate, regulatory, technological, social and financial risks. Traditional financial statements cannot fully explain how decarbonisation, grid investment, community relations and value-chain management affect future cash flows, risk exposure and long-term business value.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <a href=\"https:\/\/www.enel.com\/content\/dam\/enel-com\/documenti\/investitori\/informazioni-finanziarie\/2025\/annuali\/en\/integrated-annual-report_2025.pdf\">Enel Integrated Annual Report 2025<\/a> presents financial performance, strategy, governance, risk and sustainability information within one reporting system. The consolidated financial statements follow IFRS. The sustainability statement forms part of the management report and applies the CSRD and ESRS requirements.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Key facts<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Enel presents its business model across the full energy value chain: generation, distribution, sales and services.<\/li>\n\n\n\n<li>Financial and sustainability information covers the same reporting period and generally follows the same consolidation boundary.<\/li>\n\n\n\n<li>Material matters are identified through <strong>double materiality<\/strong>. Enel assesses both its impacts on people and the environment and the financial effects of sustainability matters on the Group.<\/li>\n\n\n\n<li>For each material matter, the report presents impacts, risks and opportunities, policies, actions, targets, results and metrics.<\/li>\n\n\n\n<li>Climate disclosures are connected with strategy, risk management, capital allocation and financial reporting.<\/li>\n\n\n\n<li>Enel states an ambition to achieve net-zero emissions across all scopes by 2040.<\/li>\n\n\n\n<li>The report combines mandatory ESRS disclosures with relevant ISSB, SASB and GRI information.<\/li>\n\n\n\n<li>Enel\u2019s 2025 Sustainability Statement was approved by the Board of Directors and subjected to limited assurance.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This approach reflects the logic of the <a href=\"https:\/\/eur-lex.europa.eu\/eli\/dir\/2022\/2464\/oj\">Corporate Sustainability Reporting Directive, CSRD<\/a>, and the <a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/?uri=CELEX:32023R2772\">European Sustainability Reporting Standards, ESRS<\/a>. In July 2026, the European Commission also <a href=\"https:\/\/finance.ec.europa.eu\/news\/commission-adopts-revised-sustainability-reporting-standards-reduce-administrative-burdens-eu-2026-07-03_en\">adopted revised ESRS<\/a>. The revision aims to reduce administrative burden while preserving decision-useful information for investors and other stakeholders.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Management challenge<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Assume that you are part of Enel\u2019s cross-functional team preparing the next integrated annual report. The team includes the Chief Financial Officer, Chief Sustainability Officer and specialists in strategy, risk, internal control, communications and assurance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Your task is not to make the report longer. Your task is to make it more useful. The report must explain:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>how the energy transition changes Enel\u2019s business model;<\/li>\n\n\n\n<li>which impacts, risks and opportunities are genuinely material;<\/li>\n\n\n\n<li>how climate targets affect investment, costs, revenue and risk;<\/li>\n\n\n\n<li>which metrics demonstrate measurable progress;<\/li>\n\n\n\n<li>how information can be traced from strategy to financial performance.<\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading\">Assignment<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Prepare an analytical brief of no more than two pages containing:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>three strengths<\/strong> of Enel\u2019s integrated reporting;<\/li>\n\n\n\n<li><strong>three areas for improvement<\/strong> from a report user\u2019s perspective;<\/li>\n\n\n\n<li>one example of the chain <strong>\u201cmaterial matter \u2192 risk or opportunity \u2192 management action \u2192 KPI \u2192 financial effect\u201d<\/strong>;<\/li>\n\n\n\n<li>one indicator that the Board should monitor;<\/li>\n\n\n\n<li>a concise conclusion on whether the report provides a complete view of Enel\u2019s capacity to create long-term value.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Discussion questions<\/h4>\n\n\n\n<ol class=\"wp-block-list\">\n<li>How does Enel\u2019s integrated report differ from a standalone sustainability report?<\/li>\n\n\n\n<li>Where is the connection between strategy, sustainability and financial performance most visible?<\/li>\n\n\n\n<li>Does Enel explain its double materiality process and stakeholder engagement clearly enough?<\/li>\n\n\n\n<li>Does the report disclose not only targets but also resources, deadlines, accountability and interim results?<\/li>\n\n\n\n<li>How could climate risks affect capital expenditure, asset impairment, provisions, financing costs and future cash flows?<\/li>\n\n\n\n<li>Which statements require external assurance, and which remain management estimates or forward-looking assumptions?<\/li>\n\n\n\n<li>Does the report support decisions, or does it mainly demonstrate regulatory compliance?<\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading\">Analytical guide<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">A strong answer does not summarise the report. It tests the value-creation logic. For example:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Climate change \u2192 regulatory and market risks for carbon-intensive assets \u2192 accelerated decarbonisation and investment in grids and renewable energy \u2192 Scope 1\u20133 emissions, share of zero-carbon generation and capital expenditure \u2192 changes in operating costs, asset values, revenue and cost of capital.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This cause-and-effect chain transforms a collection of ESG indicators into integrated reporting that supports management, investment and public accountability.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Sources<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.enel.com\/content\/dam\/enel-com\/documenti\/investitori\/informazioni-finanziarie\/2025\/annuali\/en\/integrated-annual-report_2025.pdf\">Enel Integrated Annual Report 2025<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/eur-lex.europa.eu\/eli\/dir\/2022\/2464\/oj\">Corporate Sustainability Reporting Directive, Directive (EU) 2022\/2464<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/?uri=CELEX:32023R2772\">European Sustainability Reporting Standards, Delegated Regulation (EU) 2023\/2772<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/finance.ec.europa.eu\/news\/commission-adopts-revised-sustainability-reporting-standards-reduce-administrative-burdens-eu-2026-07-03_en\">European Commission: Revised ESRS, 3 July 2026<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.efrag.org\/en\/sustainability-reporting\">EFRAG Sustainability Reporting<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Topic: integrated reporting, double materiality, ESRS, connectivity between financial and sustainability informationLevel: Master\u2019s, postgraduate and professional educationFormat: individual analysis or&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":62,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-209","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/projects.snau.edu.ua\/interepo\/wp-json\/wp\/v2\/pages\/209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/projects.snau.edu.ua\/interepo\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/projects.snau.edu.ua\/interepo\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/projects.snau.edu.ua\/interepo\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/projects.snau.edu.ua\/interepo\/wp-json\/wp\/v2\/comments?post=209"}],"version-history":[{"count":1,"href":"https:\/\/projects.snau.edu.ua\/interepo\/wp-json\/wp\/v2\/pages\/209\/revisions"}],"predecessor-version":[{"id":210,"href":"https:\/\/projects.snau.edu.ua\/interepo\/wp-json\/wp\/v2\/pages\/209\/revisions\/210"}],"up":[{"embeddable":true,"href":"https:\/\/projects.snau.edu.ua\/interepo\/wp-json\/wp\/v2\/pages\/62"}],"wp:attachment":[{"href":"https:\/\/projects.snau.edu.ua\/interepo\/wp-json\/wp\/v2\/media?parent=209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}