“In Romania, the sale would involve the 64.4% stake in Enel Distributie Muntenia SA and Enel Energie Muntenia SA, the 51% stake in Enel Distributie Banat SA, Enel Distributie Dobrogea SA and Enel Energie SA, as well as the 100% interest in the services company Enel Romania Srl (held by Enel through Enel Investment Holding BV),” Enel said.
These companies manage a power grid of about 91,000 kilometers in the regions in which they operate, distributing about 14 TWh of electricity a year (with a domestic market share of 34%) and selling nearly 9 TWh a year to about 2.6 million customers, of which 2.4 million are residential customers (with a domestic market share of 20%) and 0.2 million are businesses (with a domestic market share of 38%), the company said.
In 2013, Enel companies in Romania reported revenues of EUR1,118 million and EBITDA of EUR289 million (consolidated figures).
In Slovakia, the holdings involved in the sale program include the 66% stake in Slovenské Elektrárne a.s. (held by Enel through Enel Produzione SpA), which is that country’s leading power generator, with a market share of close to 80%. Slovenské Elektrárne owns power stations with a total installed capacity of 5,700 MW, with a balanced generation mix comprising nuclear, hydroelectric and conventional thermal facilities.
Enel bought Electrica Banat and Electrica Dobrogea from the Romanian state back in 2005. In 2008, the company also bought Electrica Muntenia Sud.
The sale of the holdings in Slovakia and Romania are part of a EUR6 billion program of asset sale started in 2013, to reduce the group’s financial debt. Some EUR1.6 billion in sales have been completed so far. The Slovakian and Romanian assets, together with other non-strategic assets, will contribute more than the residual target of EUR4.4 billion, giving the program a necessary degree of flexibility, the company said.
Enel also operates in the sector of green energy in Romania, through Enel Green Power, one of the biggest players on the local market.