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Despite being unregulated, Enel is a legitimate and well-established company with a solid global presence. Founded in 1996, Enel operates in 28 countries and has built a significant renewable energy capacity of 65.7 GW, which makes it a major player in the energy sector. The company manages extensive power grids and smart meters, which is a good sign of its operational scale and technological innovation. However, the lack of regulatory oversight means that I need to be cautious when considering investment opportunities or other services provided by the company. Without the safeguards that come with regulation, I would need to rely more heavily on Enel's track record, financial stability, and industry reputation when deciding to engage with them. For investors, the legitimacy of Enel comes from its extensive market presence and the fact that it is a recognized brand in the energy sector, but regulatory concerns should not be overlooked.