Enel S.p.A. is an Italian multinational manufacturer and distributor of electricity and gas. Enel, which originally stood for National Board for Electricity, was first established as a public body at the end of 1962, and then transformed into a limited company in 1992. In 1999, following the liberalization of the electricity market in Italy, Enel was privatized. The Italian state, through the Ministry of Economy and Finance, is still the main shareholder, with 23.6% of the share capital as of 1 April 2016. Enel is the 84th largest company in the world by revenue, with €74.64 billion in 2019. As of 2019, Enel had a stock market capitalization of €58 billion, making it Europe's largest utility by capitalization. As of 2018, Enel is also the second largest power company in the world by revenue after the State Grid Corporation of China. The company is quoted on the FTSE MIB index on the Milan Stock Exchange.