Italian Enel set to access French power market
Italian power utility Enel announced on Wednesday the company was on the verge of striking a deal with French incumbent EDF to enter the French market — following nearly three years of deadlock talks between the two companies.
Speaking on the sidelines of a conference, Enel c.e.o. Paolo Scaroni reportedly said an agreement could be reached on Monday or Tuesday.
Under the deal, Enel would take a 35% share in France’s coal-fired producer SNET — currently held by EDF (18.75%) and Charbonnage de France (16.25%). The Italian utility is also planning to participate in the prototype EPR nuclear reactor in Flamanville, France.
Earlier this month, the Italian government approved a decree to lift the 2% on EDF’s voting rights in Italy’s second largest utility Edison, via its holding company Italenergia. Three conditions prevailed, nonetheless, of which the opening of the protected French power market to Italy’s biggest utility, Enel. The announcement brings an end to on-going disagreements between the two countries regarding investments in their respective power markets.
Enel was unavailable to comment on the declaration. KT
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