Italian energy giant Enel sells Slovak top power firm SE to Czechs

AFP, PRAGUE: Italian energy giant Enel has sold its 66-per cent stake in Slovakia's top power company Slovenske elektrarne (SE) to Prague-based energy group EPH, EPH said in a statement on Friday.
Under the deal signed on Friday, EPH is due to pay 750 million euros ($815 million) in total, but the price may change, it said.
Enel will first sell half of its stake, while the other half is subject to an option following the completion of two units at the Mochovce nuclear power plant in western Slovakia, run by SE. The project has been delayed by several years, but Enel chief executive Francesco Starace said earlier this week he expected it to be completed within two years.
SE already runs two reactors at Mochovce and another two at Jaslovske Bohunice in western Slovakia, after having closed two Soviet-era reactors there in 2006 and 2008 to honour a pledge made before Slovakia's 2004 EU accession.
Nuclear power makes up 55 per cent of Slovakia's total power consumption.
Enel said earlier the SE sale was part of a plan to offload non-strategic assets under a broader six-billion-euro debt reduction programme.
Enel, which bought its stake in SE for 839 million euros in 2006, made net profits of 2.089 billion euros on 56 billion in revenue in the first nine months of this year.

 

Italian energy giant Enel sells Slovak top power firm SE to Czechs

AFP, PRAGUE: Italian energy giant Enel has sold its 66-per cent stake in Slovakias top power company Slovenske elektrarne (SE) to Prague-based energy group EPH, EPH said in a statement on Friday. Under the deal signed on Friday, EPH is due to pay 750 million euros ($815 million) in total, but the price may change, it said. Enel will first sell half of its stake, while the other half is subject to an option following the completion of two units at the Mochovce nuclear power plant in western Slovakia, run by SE. The project has been delayed by several years, but Enel chief executive Francesco Starace said earlier this week he expected it to be completed within two years. SE already runs two reactors at Mochovce and another two at Jaslovske Bohunice in western Slovakia, after having closed two Soviet-era reactors there in 2006 and 2008 to honour a pledge made before Slovakias 2004 EU accession. Nuclear power makes up 55 per cent of Slovakias total power consumption. Enel said earlier the SE sale was part of a plan to offload non-strategic assets under a broader six-billion-euro debt reduction programme. Enel, which bought its stake in SE for 839 million euros in 2006, made net profits of 2.089 billion euros on 56 billion in revenue in the first nine months of this year.