FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of

April, 2011

Commission File Number: 001-13240

Empresa Nacional de Electricidad S.A.

National Electricity Co of Chile Inc

(Translation of Registrant's Name into English)

Santa Rosa 76,

Santiago, Chile

(562) 6309000

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file

annual reports under cover of Form 20-F or Form 40-F:

Indicate by check mark if the registrant is submitting the Form 6-K

in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K

in paper as permitted by Regulation S-T Rule 101(b)(7):

Indicate by check mark whether by furnishing the information

contained in this Form, the Registrant is also thereby furnishing the information to the Commission

pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  N/A

ENDESA CHILE

ANNOUNCES CONSOLIDATED RESULTS

FOR THE PERIOD ENDED MARCH 31st, 2011

Summary

Ø  On April 25, Moody’s upgraded the senior unsecured rating of Endesa Chile from Baa3 to Baa2, with stable outlook. According to the agency, this improvement reflects Endesa Chile’s largely established and strong financial position. 

Ø  Consolidated physical sales rose by 4.4% to 14,173 GWh, increasing mainly in Colombia, Peru and Argentina. Sales revenues increased by 8.3% compared to the first quarter of 2010, to reach Ch$ 573,935 million, the result of larger physical sales and average sales prices.

Ø  Consolidated hydroelectric generation rose 1.1% or 78 GWh, mainly explained by increases in Colombia and Peru, partially compensated by reductions in Chile and Argentina.

Ø  Procurement and services costs increased by 9.0% to Ch$ 285,284 million as a result of higher energy purchase costs, and higher transportation costs, mainly in Chile.

Ø  Contribution margin rose 7.6% or Ch$ 20,459 million, as a result of higher energy sales revenues due to increases in physical sales and higher average sale price, more than offset by the increase in procurement and service costs.

Ø  EBITDA reached Ch$ 201,365 million, 10.8% less than the Ch$ 225.637 million generated in the first quarter of 2010, mainly explained by the effect of the Equity Tax increase mandated by the Colombian government, which meant the accounting on January 1, 2011 of the total amount to be paid in the period 2011-2014. The non-recurrent effect more than offset the good operational result of the business in the first quarter 2011.

Ø  The financial result was practically unchanged. Within financial context, it’s important to highlight the successful placing on the international markets of an unsecured bond issued by Emgesa, our Colombian generation subsidiary, for an amount equivalent to 400 million dollars in Colombian pesos.

Ø  The result of investments in related companies amounted to Ch$ 27,281 million, an increase of 32.1% over the previous year, principally explained by an earnings increase in Endesa Brasil and GNL Quintero.

Ø  Earnings attributable to shareholders of Endesa Chile amounted to Ch$ 96,859 million, increasing 3.3% compared to the previous year.

Ø  In Chile, EBITDA fell by Ch$ 4,873 million mainly due to:

·        Higher energy purchase costs of Ch$ 43,316 million.

·        Higher transportation costs of Ch$ 3,484 million.

·        Partially compensated by higher energy sales revenues of Ch$ 31,873 million.

Ø  In Colombia, EBITDA decreased by Ch$ 17,574 million, mainly due to:

·        Increase in other fixed operating costs of Ch$ 40,288 million, which is explained by the non-recurring effect of the government’s reform of Equity Tax, which resulted in the accounting on January 1, 2011 of the total tax amount to be paid in the period 2011-2014.

·        Lower energy sales revenues of Ch$ 8,622 million.

·        Partially compensated by lower energy purchase costs of Ch$ 22,242 million.

Ø  In Peru, EBITDA increased by Ch$ 2.843 million due to:

·        Higher energy sales revenues of Ch$ 5,364 million.

·        Lower energy purchase costs of Ch$ 1,904 million.

·        Partially compensated by increased fuel costs of Ch$ 2,036 million.

Ø  In Argentina, EBITDA fell by Ch$ 4,667 million due to:

·        Higher fuel costs of Ch$ 11,720 million.

·        Partially compensated by higher energy sales revenues of Ch$ 10,173 million.

FINANCIAL SUMMARY

Ø  The average interest rate, an important cost factor, rose from 6.7% to 8.1%, in line with the general increase in interest rates in both the international and local markets. There has also been an important inflationary effect in local debt indexed to inflation rate (UF).

Ø  The consolidated debt was US$ 4,093 million as of March 31, 2011, increasing 7.1% from March 2010. Within this context, it’s important to highlight the successful placing on the international markets of an unsecured bond issued by Emgesa, our Colombian generation subsidiary, for an amount equivalent to 400 million dollars in Colombian pesos. This breaking-through deal, the first bond issued in local currency by a privately-owned Colombian company on the international markets, was unanimously rated as Investment Grade by Fitch and Standard and Poor’s, and ratified that our criteria of allowing subsidiaries to be independently profitable has been recognized by international rating agencies.

Ø  The financial expenses coverage ratio improved from 6.5 to 7.5 times.

Ø  Liquidity, a key factor for our financial management, continues to show a solid position, as shown below:

·         Consolidated committed credit lines: US$ 700 million available in the local and international markets, of which US$ 200 million will expire in the short term.

·         Consolidated uncommitted credit lines: US$ 1,043 million available in the local capital markets in which we operate.

·         Consolidated cash and cash equivalents: US$ 779 million.

Ø  Coverage and protection: 

Endesa Chile has continued to keep a strict control over its liquidity, both at the parent level and in its subsidiaries, using hedge instruments to protect the cash flows from risks arising from fluctuations in exchange and interest rates. The following is a detail of the derivative instruments used as of March 31, 2011:

·         Interest-rate swaps for US$ 311 million, to fix the interest rate.

·         Cross-currency swaps for US$ 404 million and forwards for US$ 195 million, to reduce the exchange risk.

The above instruments are constantly evaluated and adjusted according to relevant macroeconomic variables, in order to obtain more efficient levels of protection.

                                                                                                                                          PRESS RELEASE

1Q2011

Market Summary

Ø  Since April 2010, and despite the divestments made during the last months by foreign investors, the Chilean Stock Exchange main index (IPSA) has shown an important increase of 21.7%, over performing when compared to other international stock markets: Bovespa: -3.6%, S&P 500: 12.5%, UKX: 2.9%, Dow Jones Industrials: 12.8% and FTSE 250: 12.4% (all yields measured in local currencies).

Ø  Endesa Chile’s ADR price over performed the Dow Jones Industrials and S&P indexes, with a return of 16.6% in the twelve month period April 2010 – March 2011.

Ø  Endesa Chile’s shares price in the local market increased 6.8% in the period April 2010 – March 2011. Divestitures made by Chilean pension funds and other foreign investors have influenced the evolution of Endesa Chile’s stock, which underperformed in the local market.

Ø  During the last twelve months period, Endesa Chile continued to be among the most traded companies in the local market (Santiago Stock Exchange and Chilean Electronic Exchange), with a daily average trading volume of US$ 12.6 million.

                                                       Source: Bloomberg

Risk Rating Classification Information

Ø  Endesa Chile’s international and domestic credit ratings were upgraded in 2010, due to Company’s improvements in its liquidity position and lower leverage. The positive perspectives on operational and credit profile of Endesa Chile have been reflected in the upgrades received by Fitch Ratings and Standard & Poor’s for our international ratings and by Feller Rate and Fitch Rating for our domestic rating.

Ø  Current ratings are further supported by our well diversified asset portfolio, strong credit metrics, adequate debt structure and solid liquidity. Additionally, Endesa Chile’s geographic diversification through Latin America provides us a natural hedge against different regulations and weather conditions. Finally, most of our operating subsidiaries are financially strong and have leading market positions in the countries where they operate.

Ø  On the other hand, on April 25, Moody's upgraded the senior unsecured rating of Endesa Chile from Baa3 to Baa2 with stable outlook. According to the agency, the upgrade “largely reflects each issuer’s strong consolidated credit metrics”, and also factors that “internal cash flow generation will remain robust and that dividend policy will continue to be conservative”.

The current risk classifications are:

 Ø  International Ratings:

  Ø  Domestic Ratings (for securities issued in Chile):

Table of Contents

General Information

(Santiago, Chile, Wednesday 27, April 2011) – Endesa Chile (NYSE: EOC), announced today its consolidated financial results for the period ended March 31, 2011. All figures are in Chilean pesos (Ch$) and in accordance to International Financial Reporting Standards (IFRS). Variations refer to the period between March 31, 2010 and March 31, 2011.

Figures as of March 31, 2011 are additionally translated into US dollars, merely as a convenience translation, using the exchange rate of US$1 = Ch$ 479.46 as of March 31, 2011 for the Balance Sheet, and the average exchange rate for the period of US$1 = Ch$ 481.81 for the Income Statement, Cash Flow Statements, Capex and Depreciation values.

Endesa Chile’s consolidated financial statements for such period include all of its Chilean subsidiaries (*), as well as its jointly-controlled companies or affiliates (GasAtacama, HidroAysén and Transquillota), Argentine subsidiaries (Hidroeléctrica El Chocón S.A. and Endesa Costanera S.A.), its Colombian subsidiary (Emgesa S.A. E.S.P.) and its Peruvian subsidiary (Edegel S.A.A.).

In the following pages you will find a detailed analysis of financial statements, and a brief explanation for most important variations and comments on main items in the P&L and Cash Flow Statements compared to the information as of March 31, 2010.

*    Endesa Chile’s subsidiaries in Chile are Endesa Eco, Celta, Pangue, Pehuenche, San Isidro, Ingendesa, Enigesa and Túnel El Melón.

Simplified Organizational Structure

                                                                                                                                          PRESS RELEASE

1Q2011

Market Information

Equity Market

New York Stock Exchange (NYSE)

The chart below shows the performance of Endesa Chile’s ADR (“EOC”) price at the NYSE, compared to the Dow Jones Industrials and the Dow Jones Utilities indexes over the last 12 months:

Santiago Stock Exchange (BCS) - Chile

The chart below shows the performance of Endesa Chile’s Chilean stock price over the last 12 months compared to the Chilean Selective Share Price Index (IPSA):

Madrid Stock Exchange (Latibex) - Spain

The chart below shows Endesa Chile’s share price (“XEOC”) at the Latibex over the last 12 months compared to the local Stock Index (IBEX):,

Debt Market

Yankee Bonds Price Evolution

The following chart shows the pricing of three of our Yankee Bonds over the last twelve months compared to the iShares iBoxx Investment Grade Corporate Bond Fund Index:

(*) IShares Iboxx Investment Grade Corporate Bonds Fund Index is an exchange traded fund incorporated in the United States. The Index measures the performance of a fixed number of investment grade corporate bonds.  

Consolidated Income Statement Analysis

Net Income

Net Income attributable to Endesa Chile’s shareholders as of March 2011 was Ch$ 96,859 million, representing a 3.3% growth over the same period of 2010, which was Ch$ 93,729 million.

Table 1

The operating result for the first quarter of 2011 was Ch$ 158,600 million, 9.6% less than the Ch$ 175,400 million as of March 2010. The main reason for this decrease was the rising of Other Fixed Operating Expenses, which reflects the negative impact of the non-recurring effect of the reform on the Equity Tax mandated by the Colombian government, which meant the accounting on January 1, 2011 of the total amount to be paid in the period 2011-2014.

The latter more than offset the good operational result of the business in the first quarter 2011, which was reflected in the 7.6% growth in the contribution margin, or Ch$ 20,459 million, as a result of higher energy sales revenues due to increases in physical sales and higher average sale price, more than offset by the increase in procurement and service costs.

EBITDA, or gross operating income, was Ch$ 201,365 million as of March 31, 2011, implying a reduction of 10.8% compared to the same period of 2010. This doesn’t include the contribution of the investment in Endesa Brasil which is not consolidated in Endesa Chile, and which contribution to its earnings (losses) is booked as the share of net profit of associates accounted for using the equity method, reaching Ch$ 27,281 million in March 2011.

Operating Revenues and costs, detailed by business line for the periods ending March 31, 2011 and 2010 are:

Table 2

Net Financial Result

The company’s net financial result as of March 2011 amounted to negative Ch$ 30,281 million, a 0.4% lower compared to March 2010, when it was a negative Ch$ 30,399 million. The main changes in this result were due to reduced financial expenses of Ch$ 2,917 million.

Other Results and Taxes

The results of the participation in related companies amounted to Ch$ 27,281 million as of March  2011, a 32.1% increase compared to March 2010. This result mainly reflects the proportional participation in the results of the associate company Endesa Brasil S.A., whose contribution amounted to Ch$ 24,912 million.

Income taxes rose by 6.8%, the equivalent to Ch$ 3,113 million, compared to March  2010.

Consolidated Balance Sheet Analysis

Assets

Table 3

The Company’s Total Assets increased by Ch$ 257,050 million as of March 31, 2011, compared to December 2010, mainly due to:

Ø  Current assets increased by Ch$ 73,627 million, equivalent to 9.3% mainly due to:

v  Increase in cash and cash equivalents of Ch$ 40,204 million, mainly due to higher placements in time deposits, and trade accounts receivables by Ch$ 21,527 million, and an increase in tax receivables of Ch$ 20,568 million. The latter was offset by the decrease in related companies account receivables and inventories of Ch$ 3,871 million and Ch$ 3,963 million respectively.

Ø  Non-current assets increased by Ch$ 183,423 million, equivalent to 3.5%, mainly explained by:

v  Increase in investment accounted by the proportional participation method of Ch$ 56,825 million, mainly explained by the accounting differences recognition of Ch$ 49,262 million.  An increase of property, plant and equipment of Ch$ 122,040 million, mainly explained by additions in the period of Ch$ 80,810 million and conversion effects of Ch$ 87,051 million, offset by Ch$ 41,757 million in depreciation.

                                                                                                                                         PRESS RELEASE

1Q2011

Liabilities and Shareholder’s Equity

Table 4

The Company’s Total Liabilities experienced an increase of Ch$ 257,050 million compared to December 2010, mainly because:

Ø  Current liabilities fell by Ch$ 130,741 million, equivalent to 14.0%, mainly explained by:

v  Reduction in other current financial liabilities of Ch$ 16,061 million, mainly due to the repayment of bank loans and the payment of interest on bonds of Ch$ 36,287 million, partially offset by the interest accrued and the drawing of new loans in subsidiaries, and the transfer of long-term debt to short term by Emgesa (bonds) and Endesa Costanera (Mitsubishi) of Ch$ 17,273 million.

v  Reduction in commercial and other accounts payable for Ch$ 50,139 million, mainly due to lower energy purchases and fuels account obligations of Ch$ 53,518 million, and lower dividends payable of Ch$ 56,746 million, offset by third parties accounts payable of Ch$ 59,729 million.    

v  Decrease in accounts payable to related companies of Ch$ 66,621 million, mainly due to lower payable accounts to Cemsa of Ch$ 60,867 million.

Ø  Non-current liabilities increased by Ch$ 283,622 million, equivalent to 14.4%, mainly explained by:

v  Increase in other non-current liabilities of Ch$ 244,498 million, principally in Emgesa due to the local bonds issuance for Ch$ 203,103 million and in Endesa Chile a Ch$ 17,954 million repayment of loans in dollars due to a lower exchange rate effect.

v  Increase other non-current financial liabilities of Ch$ 31,857 million, mainly in Emgesa due to the recognition of future payments due to equity tax that amounted to Ch$ 31,205 million.

v  Equity increased by Ch$ 104,169 million with respect to December 2010. The controllers’ equity increased by Ch$ 93,136 million which is mainly explained by the result for the period of Ch$ 96,859 million and an increase of conversion reserve of Ch$ 48,161 million. This was offset by the provision of the minimum dividend of Ch$ 29,058 million and the reduction in the translation reserve of Ch$ 22,740 million.

Minority interest declined by Ch$ 11,053 million due to the net translation effects and the minorities’ result.

Debt Maturity with Third Parties

(*) Includes: Endesa Chile, Pangue, Pehuenche, San Isidro, Celta and Túnel El Melón

Evolution Of Key Financial Ratios

Liquidity index as of March 31^th, 2011 was 1.04 times, a 25.3% increase compared to December 31, 2010. This ratio shows the Company’s solid liquidity position, meeting its obligations with banks, financing its investments with cash surpluses and reflecting a satisfactory debt repayment schedule.

The acid-test ratio is 0.99 times, a 26.9% increase over December 2010, basically explained by the increase in cash and cash equivalents, and the lower accounts payable to related companies.

Leverage ratio was 0.96 times in March 2011, increasing 2.1% compared to December 2010.

Consolidated Statements of Cash Flows Analysis

The company generated a positive cash flow of Ch$ 29,939 million in the period, which can be broken down as follows:

Operating activities generated a positive cash flow of Ch$ 110,804 million, representing 18.5% decrease over March 2010. This flow mainly comprises the net income for the period of Ch$ 107,122 million.

Investing activities generated a negative flow of Ch$ 77,695 million, mainly due to acquisitions of property, plant and equipment for Ch$ 73,146 million.

Financing activities generated a negative flow of Ch$ 3,170 million. This was mainly generated by loan repayments for Ch$ 66,774 million, interest payments for Ch$ 10,299 million and dividends paid for Ch$ 114,734 million, partially offset by payment of loans from related companies by Ch$ 183,343 million.

Cash Flow Received From Foreign Subsidiaries by Endesa Chile