6-K

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 December, 2003

Commission File Number: 001-12440

ENERSIS S.A.
(Translation of Registrant’s Name into English)

Santa Rosa 76
Santiago, Chile
(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:
Form 20-F |X| 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):
Yes |_| No |X|

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):
Yes |_| No |X|

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:
Yes |_| No |X|

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ENERSIS S.A.


By:  /s/ Mario Valcarce
      ——————————————
      Name: Mario Valcarce
      Title: Chief Executive Officer

Date: December 23, 2003

INDEX OF EXHIBITS

Exhibit 01 – Essential Fact Statement dated December 22, 2003.
Exhibit 02 – Press release dated December 22, 2003.

EX-1

Santiago, December 22, 2003 Ger.
Gen N° 201/2003

Mister
Alejandro Ferreiro Y.
Superintendent of Securities and Insurance
Santiago

REF.: Advice of an ESSENTIAL FACT

Dear Sir,

In accordance with articles 9 and 10 section 2 of the Law N°18.045, the provisions of the General Regulation Nº 30 issued by that Superintendence, and acting according to the power of attorney granted to me by the members of the Company’s Board of Directors at the meeting held on December 18^th, 2003, I advise you of the following Essential Fact: “The end of the Second Tranche of the Preemptive rights offering period of the Enersis’ S.A. capital increase, approved by the Extraordinary Shareholders Meeting, held on march 31^st, 2003”.

As it is publicly known, this capital increase contemplated 3 phases: (i) Two preemptive subscription periods and (ii) One voluntary local bond withdrawal period, payable in new Company shares.

The First Preemptive Subscription Period took place between May 31st, 2003 and June 30th, 2003. The Second Preemptive Subscription Period was carried on between November 20th, 2003 and December 20th, 2003.

Likewise, and as informed to that Superintendence and the general public, between November 1^st and November 15^th, 2003 took place the so called “Voluntary Withdrawal Period of Bonds Nº 269, Series B1 and B2”, which outcome was informed by Relevant Fact dated November 17^th. This process gave all of the holders of the referred local bonds issued by Enersis S.A., the option to withdraw and exchange them for newly issued shares of the Company.

At the end of the Second Preemptive Rights Offering Period of the aforementioned capital increase, the total amount of newly issued and already paid shares is 24,360,123,331, which represents a total amount of Ch$1,471,843,528,820. This amount corresponds to a 99.9% of what was approved by Enersis’ Extraordinary Shareholders meeting held on March 31^st, 2003. The remaining part not issued and paid, will expire on December 30th, 2003, reducing the Company’s stock capital to the number of shares effectively issued and already paid.

The final effect this capital increase will have on Enersis’ income statement, according to this Superintendence’s Circular N° 988, cannot be reasonably quantified at this point in time.

Nonetheless, it is worth mentioning, that this capital increase process strengthens significantly the equity base of the Company.

Yours faithfully,

Alfredo Ergas Segal

Chief Financial Officer

c.c..:  Santiago Stock Exchange
          Electronic Stock Exchange of Chile
          Brokers Exchange of Valparaíso
          Risk Rating Commission

EX-2

PRESS RELEASE

INVESTOR RELATIONS DEPARTMENT Capital Increase 2003

SHAREHOLDERS REAFFIRMS THE STRONG COMMITMENT WITH ENERSIS
SUBSCRIBING US$ 2,104 MILLION IN THE CAPITAL INCREASE

• US$1,219 million were capitalized by the controlling shareholder of Enersis, Endesa S.A. in a clear proof of confidence.

• US$885 million subscribed by minority shareholders, constitute the largest operation ever made in a capital increase in Latin America.

• The support made by Enersis’ minority shareholders, shows the confidence in the Company’s future and constitute an important support to the plans carried out by the Group.

• The capital increase, along with the debt refinancing, assets divestments and cash flow improvement, were the pillars of the Financial Strengthening Plan approved by the Board of Directors on October 4th, 2002.

• Funds raised, through the divestments of assets and capital increase, will reduce Enersis’ debt and significantly improve the Company’ liquidity and principal financial ratios.

• Consolidated debt will be reduced by approximately US $2.560 million during 2003.

(Santiago, Chile, December 22^nd, 2003) Enersis (NYSE: ENI), today inform to the SVS, that during the capital increase which started on May 31^st, and concluded December 20^th, the Company raised a total amount of US$ 2,104 million. The number of shares subscribed, represent 99.9% of the total amount of 24,382,994,488 new shares issued.

During the first tranche, Enersis’ shareholders subscribed a total of 22,113,264,060 shares equivalent to US$ 1,882 million.

In the second tranche, Enersis’ shareholders subscribed a total of 1,353,246,805 shares equivalent to US$ 136 million. Additionally, 893,612,466 shares equivalent to US$ 86 million, were subscribed as part of the local bond exchange.

In summary, total number of shares subscribed reached 24,360,123,331. From the total mentioned, 14,406,840,511 shares (US$ 1,219 million) were subscribed by Elesur S.A., a subsidiary of Endesa S.A., the controlling shareholder of Enersis, and 9,953,282,820 shares (US$ 885 million) were subscribed by minority shareholders.

www.enersis.cl Santa Rosa 76, Santigo, CHILE
Phone: 56 (2) 353 4682 Pg. 6

PRESS RELEASE

INVESTOR RELATIONS DEPARTMENT Capital Increase 2003

This is one of the largest capital increase ever made by minority shareholders in the region and shows the confidence of Enersis’ shareholders in the Company, as well as the support to the Financial Strengthening Plan successfully made by Enersis.

Enersis’Capital Increase (Second Tranche)
Total Subscribed = US$ 136 Million

Enersis’ Debt Reduction (Year 2003)
Total Reduction = US$ 2,560 Million

www.enersis.cl Santa Rosa 76, Santigo, CHILE
Phone: 56 (2) 353 4682 Pg. 7

PRESS RELEASE

INVESTOR RELATIONS DEPARTMENT Capital Increase 2003

For further information, please contact Enersis:

Ricardo Alvial
Chief Investments & Risks Officer
Phone: 56 (2) 353 4682

Susana Rey	Pablo Lanyi-Grunfeldt
Head of Investor Relations	Investor Relations
srm@e.enersis.cl	pll@e.enersis.cl
56 (2) 353 4554	56 (2) 353 4552
Matías Rodríguez	Francisco Luco
Investor Relations	Investor Relations
mra8@e.enersis.cl	fjlv@e.enersis.cl
56 (2) 353 4492	56 (2) 353 4555

Disclaimer

This Press Release contains statements that could constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this announcement and include statements regarding the intent, belief or current expectations of Enersis and its management with respect to, among other things: (1) Enersis’ business plans; (2) Enersis’ cost-reduction plans; (3) trends affecting Enersis’ financial condition or results of operations, including market trends in the electricity sector in Chile or elsewhere; (4) supervision and regulation of the electricity sector in Chile or elsewhere; and (5) the future effect of any changes in the laws and regulations applicable to Enersis’ or its affiliates. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of various factors. These factors include a decline in the equity capital markets of the United States or Chile, an increase in the market rates of interest in the United States or elsewhere, adverse decisions by government regulators in Chile or elsewhere and other factors described in Enersis’ Annual Report on Form 20-F. Readers are cautioned not to place undue reliance on those forward-looking statements, which state only as of their dates. Enersis undertakes no obligation to release publicly the result of any revisions to these forward-looking statements.

www.enersis.cl Santa Rosa 76, Santigo, CHILE
Phone: 56 (2) 353 4682 Pg. 8