Enel into France with Generation IV

15 April 2005

Resolving a long-standing deadlock between France and Italy, Enel of Italy is set to acquire about 10% of France's latest nuclear project and would be guaranteed access to energy supply, as part of a deal with French national power champion Electricité de France (EdF). The companies are expected to sign a memorandum of understanding within the next few days.

The deal will see Enel able to sell power on the French market, either bought from EdF or by renting power stations. Enel is also expected to be offered a stake in the French efforts to develop Generation IV nuclear stations.

It has also been reported that EdF has agreed to allow Enel to build two gas-fired stations on its nuclear sites.

The terms of the deal requires European Commission approval.

In return, the Italian government is expected to lift its 2% voting right ceiling on EdF for its unit Italenergia, the parent company of Edison.

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