Enel puts 66% stake in SE up for sale

14 July 2014

Italian utility Enel has announced its intention to sell off its majority shareholding in Slovakian utility Slovenské Electrárne.

The utility, which operates the Mochovce and Bohunice nuclear power plants, plus two thermal, two photovoltaic and 35 hydroelectric plants, has 5740 MWe of generation capacity in total.

The company had revenues of EUR 2.89 billion and profits (earnings before interest, taxes, depreciation and amortization) of EUR 708 million in 2013.

The new Slovenské Electrárne was formed in 2002 as a successor to the original Slovenské Electrárne, consisting of national power grid operator SEPS and Tepláren Košice. The National Property Fund of the Slovak Republic owns 34% of the company.

Enel's proposal is part of a 2014-2018 business plan to 'strengthen the capital structure of the group' by cutting debt by EUR 6 billion. Its plans to sell SE and Romanian grid and energy firms, and other assets, would generate EUR 4.4 billion for the group, it said.

Picture: View of reactor hall in virtual tour of Mochovce nuclear power plant. Click here to go on the tour

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