Table of Contents​

​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

​

FORM 20-F

​

Date of event requiring this shell company report, . . . . . . . . . . . . . . . . . . .

Commission file number: 001-37723

​

Securities registered or to be registered pursuant to Section 12(b) of the Act:

*Listed, not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission.​

 _____________________

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Table of Contents

Enel Chile’s Simplified Organizational Chart(1)Structure⁽¹⁾

As of December 31, 2018the date of this Report⁽²⁾

​

​

​

(1)         Only principal operating consolidated entities are presented here. The percentage listed in the box for each​

​

Table of Enel Chile’s consolidated subsidiaries represents its economic interest in such consolidated subsidiary.Contents

(2)         Excluding treasury stock.

TABLE OF CONTENTS

​

​

​

Table of Contents

GLOSSARY

GLOSSARY

​

​

​

Table of Contents

Table of Contents

Table of Contents

INTRODUCTION

​

As used in this Report on Form 20-F (“Report”), first personfirst-person personal pronouns such as “we”“we, “us”” “us,” or “our”,“our,” as well as “Enel Chile” or the “Company”,“Company,” refer to Enel Chile S.A. and our consolidated subsidiaries unless the context indicates otherwise. Unless otherwise noted, our interest in our principal subsidiaries and jointly-controlledjointly controlled companies and associates is expressed in terms of our economic interest as of December 31, 2018.2020.

​

We are a Chilean company primarily engaged in the electricity generation, transmission and distribution businesses in Chile through our subsidiaries and affiliates. As of the date of this Report and after giving effect to the 2018 Reorganization (described in “Item 4. Information on the Company — A. History and Development of the Company — theThe 2018 Reorganization”), we own 93.6%93.5% of Enel Generación Chile S.A. (“Enel Generation”), a Chilean electricity generation company holding electricity generationwith operations in Chile, and 99.1% of Enel Distribución Chile S.A. (“Enel Distribution”), a Chilean electricity distribution company with operationwhich operates in the Santiago Metropolitan Region.Region, and 99.1% of Enel Transmisión Chile S.A., through which we carry out sub-transmission activities.

​

On April 2, 2018, as part of the 2018 Reorganization, Enel Green Power Latin America S.A. (“EGPL”), a Chilean non-conventional electricity generation company holding non-conventional electricity generationwith operations in Chile, merged with us. As a result, we now wholly own and consolidate Enel Green Power Chile Ltda.S.A. (“EGP Chile”). For additional information relating to the company and the corporate reorganization completed in 2018, please see “Item 4. Information on the Company — A. History and Development of the Company — The 2018 Reorganization”.

​

We are a publicly held limited liability stock corporation organized on March 1, 2016, under the laws of the Republic of Chile as a result of a corporate reorganization completed in 2016 by the former Enersis S.A., which separated its Chilean businesses from its non-Chilean businesses.

​

On October 18, 2016,December 3, 2020, Enel Distribution held an extraordinary shareholders’ meeting to approve the separation of its distribution and as part of this process, (i) Endesa Chile changed its name totransmission business lines into two separate companies. Enel Generación Chile S.A.; (ii) Chilectra Chile S.A. changed its name to Enel Distribución Chile S.A.; and (iii) Enersis Chile S.A. changed its name to Enel Chile S.A. For additional information relating the company and theDistribution carried out a corporate reorganization completed in 2016, please see “Item 4. Information on the Company — A. History and DevelopmentJanuary 1, 2021, pursuant to which each shareholder of Enel Distribution received one share of the Company — The 2016 Reorganization”.new company, Enel Transmission, for each share of Enel Distribution held, maintaining the same ownership position in each company after the spin-off.

​

As of the date of this Report, Enel S.p.A. (“Enel”), an Italian energy company with multinational operations in the power and gas markets, owns 61.9% (excluding treasury stock)64.9% of us and is our ultimate controlling shareholder.

​

​

Table of Contents

PRESENTATION OF INFORMATION

​

Financial Information

​

In this Report, unless otherwise specified, references to “U.S. dollars” or “US$,”, are to dollars of the United States of America (“United States”); references to “pesos” or “Ch$” are to Chilean pesos, the legal currency of Chile; references to “EUR” or “€” are to Euro, the currency of the European Union and references to “UF” are to Unidades de Fomento. The UF is a Chilean inflation-indexed, a peso-denominated monetary unit that is adjusted daily to reflect changes in the official Consumer Price Index (“CPI”) of the Chilean National Institute of Statistics (Instituto Nacional de Estadísticas or “INE”). The UF is adjusted in monthly cycles. Each day in the period beginning on the tenth day of the current month through the ninth day of the succeeding month, the nominal peso value of the UF is indexed in order to reflect a proportionate amount of the change in the Chilean CPI during the prior calendar month. As of December 31, 2018,2020, one UF was equivalent to Ch$ 27,565.79.29,070.33. The U.S. dollar equivalent of one UF was US$ 39.6840.89 as of December 31, 2018,2020, using the Observed Exchange Rate reported by the Central Bank of Chile (Banco Central de Chile) as of December 31, 20182020, of Ch$ 694.77710.95 per US$ 1.00. The U.S. dollar observed exchange rate (dólar observado) (the “Observed Exchange Rate”), which is reported by the Central Bank of Chile and published daily on its webpage,web page, is the weighted averageweighted-average exchange rate of the previous business day’s transactions in the Formal Exchange Market. Unless the context specifies otherwise, all amounts translated from Chilean pesos to U.S. dollars or vice versa, or from UF to Chilean pesos, have been carried outmade at the rates applicable as of December 31, 2018.2020.

The Central Bank of Chile may intervene by buying or selling foreign currency on the Formal Exchange Market to maintain the Observed Exchange Rate within a desired range.

​

Our consolidated financial statements and, unless otherwise indicated, other financial information concerning us included in this Report are presented in Chilean pesos. We have prepared our consolidated financial statements in accordance withunder International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”).

All of our subsidiaries are integrated, and all their assets, liabilities, income, expenses, and cash flows are included in the consolidated financial statements after making the adjustments and eliminations related to intra-group transactions. Our participationinterest in associated companies over which we exercise significant influence areis included in our consolidated financial statements using the equity method. For detailed information regarding consolidated entities, jointly-controlledjointly controlled entities, and associated companies, see Appendices 1, 2Notes 2.4, 2.5, and 32.6 of the Notes to theour consolidated financial statements.

​

Solely for the convenience of the reader, thisThis Report contains translations of certain Chilean peso amounts into U.S. dollars at specified rates. Unless otherwise indicated, the U.S. dollar equivalent for information in Chilean pesos is based on the Observed Exchange Rate for December 31, 2018,2020, as defined in “Item 3. Key Information — A. Selected Financial Data — Exchange Rates”. The Federal Reserve Bank of New York does not report a noon buying rate for Chilean pesos. No representation is made that the Chilean peso or U.S. dollar amounts showndisclosed in this Report could have been or could be converted into U.S. dollars or Chilean pesos, as the case may be, at such rate or at any other rate. See “Item 3. Key Information — A. Selected Financial Data — Exchange Rates”.Rates.”

​

Technical Terms

​

References to “TW” are to terawatts (1012 watts or a trillion watts); references to “GW” and “GWh” are to gigawatts (109 watts or a billion watts) and gigawatt hours,gigawatt-hours, respectively; references to “MW” and “MWh” are to megawatts (106 watts or a million watts) and megawatt hours,megawatt-hours, respectively; references to “kW” and “kWh” are to kilowatts (103 watts or a thousand watts) and kilowatt hours,kilowatt-hours, respectively; references to “kV” are to kilovolts, and references to “MVA” are to megavolt amperes. References to “BTU” and “MBTU” are to British thermal unit and million British thermal units, respectively. A “BTU” is an energy unit equal to approximately 1,055 joules. References to “Hz” are to hertz;hertz, and references to “mtpa” are to metric tons per annum. Unless otherwise indicated, statistics provided in this Report with respect toconcerning the installed capacity of electricity generation facilities are expressed in MW. One TW equals 1,000 GW, one GW equals 1,000 MW, and one MW equals 1,000 kW. The installed capacity we are presentingpresent in this Report corresponds to the gross installed capacity, without considering the MW that each power plant consumes for its own operation.

​

Table of Contents

Statistics relating to aggregate annual electricity production are expressed in GWh and based on a year of 8,760 hours, except for a leap years,year like 2020, which areis based instead on 8,784 hours. Statistics relating to installed capacity and production of the electricity industry do not include electricity of self-generators.

Table of Contents

FORWARD-LOOKING STATEMENTS

​

This Report contains statements that are or may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements appear throughout this Report and include statements regarding our intent, belief, or current expectations, including but not limited to any statements concerning:

​

·                           our capital investment program;

·                           trends affecting our financial condition or results from operations;

·                           our dividend policy;

·                           the future impact of competition and regulation;

·                           political and economic conditions in the countries in which we or our related companies operate or may operate in the future;

·                           any statements preceded by, followed by or that include the words “believes,” “expects,” “predicts,” “anticipates,” “intends,” “estimates,” “should,” “may” or similar expressions; and

·                           other statements contained or incorporated by reference in this Report regarding matters that are not historical facts.

Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to:

·                           demographic developments, political events, economic fluctuations and interventionist measures by authorities in Chile;

·                           water supply, droughts, flooding and other weather conditions;

·                           changes in Chilean environmental regulations and the regulatory framework of the electricity industry;

·                           our ability to implement proposed capital expenditures, including our ability to arrange financing where required;

·                           the nature and extent of future competition in our principal markets; and

·                           the factors discussed below under “Risk Factors.”

You should not place undue reliance on such statements, which speak only as of the date that they were made. Our independent registered public accounting firm has not examined or compiled the forward-looking statements and, accordingly, does not provide any assurance with respect toconcerning such statements. You should consider these cautionary statements together with any written or oral forward-looking statements that we may issue in the future. We do not undertake any obligation to release publicly any revisions to forward-looking statements contained in this Report to reflect later events or circumstances or to reflect the occurrence of unanticipated events, except as required by law.

For all these forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

​

​

Table of Contents

PART I

Item  1.Identity of Directors, Senior Management and Advisers

Not applicable.

Item 2.Offer Statistics and Expected Timetable

Not applicable.

Item 3.Key Information

A.Selected Financial Data.

The following selected consolidated financial data should be read in conjunction with our consolidated financial statements included in this Report. The selected consolidated financial data as of December 31, 2018,2020, and 20172019, and for each of the three years in the three-year period ended December 31, 2016,2020, are derived from our audited consolidated financial statements included in this Report. The selected consolidated financial data as of December 31, 2018, 2017, 2016, 2015 and 2014, and for the years ended December 31, 2015,2017, and 20142016 are derived from our consolidated financial statements not included in this Report. Our consolidated financial statements were prepared in accordance with IFRS, as issued by the IASB.

​

Amounts in theThe tables are expressed in millions, except for ratios, operating data, and data for shares and American Depositary Shares (“ADS”). For the reader’s convenience, of the reader, all data presented in U.S. dollars in the following summary, as of and for the year ended December 31, 2018,2020, has been converted at the U.S. dollar Observed Exchange Rate (dólar observado) for that date of Ch$ 694.77710.95 per US$ 1.00. The Observed Exchange Rate, which is reported and published daily on the Central Bank of Chile’s web page, corresponds to the weighted averageweighted-average exchange rate of the previous business day’s transactions in the Formal Exchange Market. For more information concerning historical exchange rates, see “Item 3. Key Information — A. Selected Financial Data— Exchange Rates” below.

Table of Contents

​

​

Table of Contents

​

​

​

(1)                  Solely for the convenience of the reader, Chilean peso amounts have been converted into U.S. dollars at the exchange rate of Ch$ 694.77 per U.S. dollar, as of December 31, 2018.

(2)                  Operating costs represent raw materials and supplies used, other work performed by the entity, employee benefits expenses, depreciation and amortization expenses, impairment losses recognized in the period’s profit or loss and other expenses.

Table of Contents

purchased either in the Formal or the Informal Exchange Market, but such payments and distributions must be remitted through the Formal Exchange Market.

​

The Federal Reserve Bank of New York does not report a noon buying rate for Chilean pesos. As of December 31, 2018,2020, the U.S. dollar Observed Exchange Rate was Ch$ 694.77710.95 per US$ 1.00.

Table of Contents

The following table sets forth the period-end rates for U.S. dollars for the years ended December 31, 2014,2016, through December 31, 2018,2020, based on information published by the Central Bank of Chile.

​

Table of water and increase the cost of transportation.  As a result, we have had to purchase water for our San Isidro power plant from agricultural areas that are also experiencing water shortages.  These water purchases may increase our operating costs and may require us to negotiate with the local communities.Contents

·                           Thermal power plants that burn natural gas generate emissions such as nitrogen oxide (NO), carbon dioxide (CO2) and carbon monoxide (CO) gases.  When operating with diesel they release NO, sulfur dioxide (SO2) and particulate matter into the atmosphere. Coal fired plants generate SO2 and NO emissions. Therefore, greater use of thermal plants during droughts generally increases the risk of producing higher levels of greenhouse gas emissions, which also decreases our operating income due to the payment of so-called “green taxes.”

A full recovery from the droughtextended droughts that, hassince 2007, have been affecting the regions where most of our hydroelectric power plants are located may last for an extended period buttake many years, and new drought periods may recur in the future. A prolonged droughtProlonged droughts may exacerbate the risks described above and have a further adversenegative effect uponon our business, results of operations, and financial condition.

​

TheOur distribution business is also affected by inclement weather. With extremeExtreme temperatures demand can increase demand significantly within a very short period, of time, which in turn affectsmay strain our service and could result in service disruptions that are potentially subject to fines. Depending on weather conditions, results obtained by our distribution business can vary significantly from year to year. For example, as a result of severe rainstorms in June 2017, with high wind gusts that brought down part of the electric network, 125,000 of our customers, or 7%, were affected adversely.left without electricity. In July 2017, a strongan intense snowstorm over the Santiago Metropolitan Region caused massive damage to the electrical infrastructure, and a blackout affected 342,000 of our customers or 18%, and 17% of our feeders. This snowstorm was the most damaging snowstorm in Santiago since 1970 and left parts of the capital without powerelectricity for overmore than a week. These events significantly increased our costs due to emergency responses, including payments related to damage compensation, fines, line maintenance, and tree trimming programs.

​

Governmental regulations may adversely affect our businesses, cause delays, impede the development of new projects, or increase the costs of operations and capital expenditures.

Our businesses and the tariffs that we charge to our customersWe are subject to extensive regulationphysical, operational, and financial risks related to climate change effects.

​

The electricity generated by our solar and wind generation facilities is highly dependent on climate factors other than hydrology, including suitable solar and wind conditions, which, even under normal operating circumstances, can vary greatly. Climate change may also have long-term effects on wind patterns and the amount of solar energy received at a particular solar facility, reducing electricity generated by the facilities. Although we base our business decisions on solar and wind studies for each renewable energy facility, actual conditions may not conform to these regulationsstudies’ findings. They may adversely affectbe affected by changes in weather patterns, including the potential impact of climate change.

​

If our profitability. For example, governmental authorities might impose rationing policies during droughts or prolonged failures ofrenewable energy production falls below anticipated levels, we may have to dispatch our back-up thermal power facilities,plants to make up the electricity generation shortfall. Our thermal power plants have higher operating costs and generate GHG emissions. We may also need to buy electricity in the spot market to fulfill our solar and wind generation facilities’ contractual supply obligations, which may adversely affect our business, results of operations and financial condition. Our operating subsidiaries are also subject to environmental regulations that, among other things, require us to perform environmental impact studies for future projects and obtain construction and operating permits from both local and national regulators. Governmental authorities may withholdbe at prices higher than the approval of these environmental impact studies and therefore their processing time may be longer than expected.

Table of Contents

​

We are involved in litigation proceedings.

We are involved in various litigation proceedings whichthat could result in unfavorable decisions or financial penalties against us. We will continue to be subject to future litigation proceedings, which could cause material adverse consequences to our business. Our financial condition or results of operations could be adverselyunfavorably affected if we are unsuccessful in defending lawsuits and proceedings against us. For further information on litigation proceedings, pleasePlease see “Item 8. Financial Information — A. Consolidated Statements and Other Financial Information — Legal Proceedings” and Note 36.3 of the Notes to our consolidated financial statements.statements for further information on litigation proceedings.

​

Construction and operation of power plants may encounter significant delays, or haltstoppages, cost overruns, and cost over-runs as well as stakeholder opposition that may damage our reputation and result in impairment ofimpair our goodwill with stakeholders.

Our power plant projects may be delayed in obtaining regulatory approvals or may face shortages and increases in the price of equipment, materials, or labor, and theylabor. They may be subject to construction delays, strikes, adverse weather conditions, natural disasters, civil unrest, accidents, and human error. Any such event could adversely impactnegatively affect our business, results of operations, and financial condition.

​

Market conditions atmay change significantly between the time when the projects are initially approved may differ significantly from those that prevail when the projects are completed,approval and completion of a project, which, in some cases, make such projects commercially unfeasible.may decrease a project’s profitability or render it impracticable. This circumstance has been the case with many of our formerpast projects whichthat were initially planned under very different market conditions, with higher energy prices prevailing in the market and less competition. Deviations in these assumptions, including themarket conditions, such as estimates of the timing and expenditures, related to these projects, may lead to cost over-runsoverruns and adelays in project completion timethat widely exceedingexceed our initial estimates, which inforecasts. In turn, this may have a material adverse effect on our business, results of operationoperations, and financial condition.

​

TheWe may develop new projects in locations where we develop projects arethat sometimes highlyinvolve a challenging in terms of geographical topography, in some cases inon mountain slopes with very limited access. These factors may also lead to delays and cost overruns. For example, Cerro Pabellón, our 4841 MW geothermal power plant, was built at 4,500 meters above sea level and is currently we are constructing a third unit that will increase its capacity by 33MW.28 MW. We may face challenges associated with high altitudehigh-altitude construction, includingsuch as health concerns, and these may affectaffecting the construction schedule, and associated investment.investments. Additionally, given the geographic location of some projects,projects’ locations, there aremay be archaeological risks. In 2018, 11the Superintendence of the Environment filed charges against our subsidiary Geotérmica del Norte S.A. for infractions related to the archaeological issues were brought against us in connection withand operational components of the Cerro Pabellón of which three are considered material. Theyproject, could lead to fines of up to 5,000 UTM (approximately US$ 241,765), a revocation of the Environmental Qualifications Resolution (“RCA”result in its Spanish acronym) and even the shutdown of the plant. The claims result from not having implemented adequate and timely preventive measures associated with archaeological sites discovered in the grounds.high fines.

​

The operation of our coal-firedOur thermal power plantsplants’ operation, especially those that are coal-fired, may affect our goodwill with stakeholders due to greenhouse gasGHG emissions whichthat could adverselyunfavorably affect the environment and localnearby residents. In addition, communities might have their ownFurthermore, outside stakeholders may influence the interests and different perceptions of the company, influenced by other stakeholders or motivations unrelatedlocal communities about the Company. If we fail to the project. If the company fails to engage with itsaddress all relevant stakeholders, itstakeholders’ concerns, including environmental, social and governance criteria (“ESG”), we may face opposition, which could adverselynegatively affect our reputation, stall operations, or lead to litigation threats or action.actions. Our reputation is the foundation of our relationship with key stakeholders.stakeholders and other constituencies. If we are unable todo not effectively manage real or perceivedthese sensitive issues, thatthey could impact us negatively,adversely affect our business, results of operations, and financial condition could be adversely affected.condition.

​

Damage to our reputation may exert considerable pressure on regulators, creditors, and other stakeholders, and ultimately leadpossibly leading to the abandonment of projects and operations that may be abandoned, causingoperations. This damage could cause our share prices to drop and hinderinghinder our ability to attract and retain valuable employees, anyemployees. Any of whichthese outcomes could result in an impairment of our goodwill with stakeholders.

Table of Contents

We are subject to incremental risks in distribution markets that are becoming more liberalized.

In our distribution business, we are also exposed to fluctuations in electricity prices. Since 2016, some customers who had freely chosen to be subject to regulated tariffs have been switchingswitched to the unregulated tariff regime instead due to the lower prices. These customers are tendering their electricity needs, either directly or in association with other customers, because regulated tariffs are currently higher than unregulated prices, given thattariffs due to the former arebeing based on contracts tendered in the past at higher prices. Lower market prices mightmay reduce the number of customers thatwho choose regulated tariffs and customers mayas they choose an alternative energy provider, reducingprovider. This situation would reduce our number of customers which couldand adversely affect our business, results of operations, and financial condition.

​

Our controlling shareholder may exert influence over us and may have a different strategic view for our development than that of our minority shareholders.

Enel, our controlling shareholder, owns 61.9% (excluding treasury stock) of our voting shares. Enel has the power to determine the outcome of substantially all material matters that require a simple majority of shareholders’ votes in accordance with Chilean corporate law, such as the election of the majority of our board members and, subject to contractual and legal restrictions, the adoption of our dividend policy. Enel also exercises significant influence over our business strategy and operations. Its interests, in some cases, may differ from those of our minority shareholders. Certain conflicts of interest affecting Enel in these matters may be resolved in a manner that is different from interests of our company or of our minority shareholders.

Our electricity business is subject to risks arising from natural disasters, catastrophic accidents, and acts of vandalism or terrorism, thatwhich could adverselyunfavorably affect our operations, earnings, and cash flow.

Our primary facilities include power plants and distribution assets. Our facilities may be damaged byassets that are exposed to damage from catastrophic natural disasters, such as earthquakes fires and other catastrophic disasters arising from natural or accidentalfires, human causes, as well as acts of protest, vandalism, riot,protests, riots, and terrorism. A catastrophic event could cause prolonged unavailability of our assets, disruptions in our business, significant decreases in revenues due to lower demand, or significant additional costs to us not covered by our business interruption insurance. There may be lags between a majorsignificant accident or catastrophic event and the final reimbursement from our insurance policies, which typically carry a deductible and are subject to per event policy maximum amounts.

​