Value created and distributed to stakeholders


Millions of euro    
  2020 2019 (1)
Economic value generated directly 65,081 80,437
Economic value distributed directly    
Operating expenses 41,702 56,284
Personnel expenses and benefits 3,956 3,748
Payments to providers of capital 7,082 6,566
Payments to government(2) 4,245 4,762
  56,985 71,360
Economic value retained 8,096 9,077

(1) The figures for 2019 have been reclassified to improve presentation.
(2) The amount represents “total taxes borne”, which is costs for taxes borne by the Group. For more information, see the 2020 Sustainability Report and the Consolidated Non-Financial Statement.

The economic value generated and distributed directly by Enel provides a helpful indication of how the Group has created wealth for the stakeholders.

The reduction in the economic value generated directly and in operating expenses reflects the impact of the COVID-19 emergency, mainly in terms of a reduction in demand for electricity, which led to a decline in sales volumes and costs for materials and services.

The retained economic value declined primarily as a result of the increase in personnel expenses connected with the energy transition and the effects of COVID-19.