Elastic Net L2 Penalty Specify the value for the λ2 penalty used to penalize the L2 term in the Elastic Net method. To Specify the Elastic Net L2 Penalty: Choose Elastic Net as the Model Selection Method. Either enter the desired value in the text field or move the slider to the right or to the left to change the value. Tip: To change the scale of the slider, right-click on the slider and select Rescale Slider from the pop-up menu. Change the upper or lower boundaries in the window that appears, to rescale the slider and click OK.