Enel sells Slovak top power firm Southwestren to Czechs

GMT 09:02 2015 Saturday ,19 December

Arab Today, arab today Enel sells Slovak top power firm Southwestren to Czechs

An operator checks the panels in the control room of the third unit under construction
Prague - AFP

Italian energy giant Enel has sold its 66-percent 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 percent 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.

SE, which employs more than 4,000 people, made a net profit of 170 million euros in 2014.

The EPH group is comprised of four dozen companies in the Czech Republic, Slovakia, Germany, Italy, Britain and Poland, including the gas transit company Eustream.


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