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Privatization agency asks Economy Ministry to submit Enel investment plan to cabinet

THE GOVERNMENT privatization agency, the National Property Fund (FNM), asked the Economy Ministry to submit Enel’s strategic investment plans for Slovakia's dominant power producer to the cabinet in time for the upcoming session.

Italian power producer Enel is in the process of buying Slovenské elektrárne.

"We sent a letter to the ministry on Monday asking them to deliver the investment plan by the cabinet session if it contains anything beyond our jurisdiction, such as public finances. The preliminary plan indicates the investment plan contains things like this," FNM spokesperson Tatjana Lesajova told the SITA news wire.

According Maroš Havran from the Economy Ministry, the FNM cannot know what the investment plan contains.

"If after reading the definitive version the FNM comes to the conclusion that it needs to be passed on to the cabinet, we will solve the issue then. Anyway, it is not a problem for us to submit the investment plan in time for the upcoming cabinet session. However, the request by the privatization agency does not oblige us to do so," Havran told SITA.

He added the FNM would get the final version of Enel’s strategic investment plan in a few days.

The Italian investor and the Economy Ministry agreed on the definitive version of the investment plan for Slovenské elektrárne on August 14. In line with Enel's investment plan, the company should invest almost €1.9 billion in Slovakia’s energy future.

Compiled by Beata Balogová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Enel's investment plant calculates on completing the third and fourth reactors of Mochovce nuclear power plant, modernizing the thermal power plant in Nováky and constructing a wind park and hydropower plants.

The Italian investor will finance these investment projects with its own resources along with dividends that Slovenské elektrárne will not pay out until 2012.

Enel signed an acquisition contract for a 66-percent stake in Slovenské elektrárne for €840 million on February 17. Deferral conditions are currently being met. In addition to a strategic investment plan, these conditions include spinning off the A1 and V1 power stations into VYZ, building a processing facility for nuclear materials in Jaslovské Bohunice and separating the Gabčíkovo waterworks.

Meeting deferral conditions will be followed by the so-called closing stage, after which time Enel should own 66 percent of Slovenské elektrárne.

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