Third Enel power sale attracts 19 interested groups

14 May, 2002 – Enel’s third and final genco sale, the 2611 MW Interpower group, has attracted interest from 19 groups said the Italian power company in a statement yesterday.

“There were 19 international and Italian operators which presented an expression of interest to buy Interpower,” Enel said without providing a list of the groups.

The deadline for submitting expressions of interest was May 13 at 1500 GMT and competing companies will have to follow this up with non-binding and finally, binding bids.

On Monday, Italian industrial holding company CIR and Rome-based utility Acea said separately they planned to officially express their interest in buying Interpower.

Interpower is the smallest of the three generating companies that Enel has to sell in order to comply with a law liberalising the energy sector. The legislation requires Enel to shed 15000 MW of generating capacity by 2003. It has 1122 employees and includes the 937 MW Torrevaldaliga thermoelectric facility, the 411 MW Napoli thermoelectric plant, the 1,200 MW Vado Ligure thermoelectric plant and the 63 MW hydroelectric station in Genoa.

Italian energy company Erg, Belgian utility Electrabel and Spain’s Iberdrola were also expected to express their interest.

Enel will now have to sift through the applications, along with its advisers Credit Suisse First Boston, Lehman Brothers and Merrill Lynch, in order to assess which meet the qualifying criteria.

Enel sold its Elettrogen company to Spain’s Endesa for €2.63bn in July and last month, Edipower, a consortium backed by auto-maker Fiat and French electricity giant EdF, bought 7008 MW Eurogen for €3.7bn.

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