Enel considers to leave Russian market

According to Russian media, Italian energy company Enel could sell its largest GRES coal-fired plant
Enel considers to leave Russian market
05 April 11:00 2016 Print This Article

Italian energy company Enel is considering pulling out of the Russian energy market and is looking to sell some of its power plants in the country, reports Kommersant with reference to its sources. On the other hand, the Italian company says it’s not intending to leave Russian market.

According to the newspaper, the company is looking for buyers for its power plants in the Central European part of Russia, North Caucasus and the Urals. Meanwhile, Enel Russia conducts marketing research requesting power generation companies for potential interest and price expectations, the source reported to Kommersant.

Another source told the newspaper that Enel Russia is looking to sell its assets in the Urals – Sredneuralskaya and Reftinskaya GRES, which account for more than half of the installed capacity of the company (from 5.45 GW to 9.5 GW).

The company told the newspaper that Enel is not planing to sell all of it power stations and leave Russia market. The representative of Enel said that the company is currently considering the possibility of a potential sale of Reftinskaya GRES coal-fired plant, however the final decision is still pending.

The main shareholder of Enel Russia is the Italian Enel, which owns 56,43% of the company, 26,43% belong to PFR Partners Fund I Limited, 6,3% – to Prosperity Capital Management Alexander Branis. In 2015, the company received a net loss of 48,6 billion rubles (around $ 704 mln), the revenue fell by 4,6%, to 71 billion rubles (around $ 1 billion), EBITDA fell by 41,2%, to 10,8 billion rubles (around $ 156 mln). Net debt – 24,5 billion rubles (around $ 355 mln), the index ratio to EBITDA – 2,3, Kommersant reports.

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