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Slovenské Elektrárne profits grow

SLOVAKIA’S dominant electricity producer Slovenské Elektrárne (SE), in which the Italian company Enel holds a 66-percent stake, reported last year’s earnings before interest and taxes (EBIT) of €826 million, which is an increase of 14 percent from the previous year.

SLOVAKIA’S dominant electricity producer Slovenské Elektrárne (SE), in which the Italian company Enel holds a 66-percent stake, reported last year’s earnings before interest and taxes (EBIT) of €826 million, which is an increase of 14 percent from the previous year.

“SE is a good example of integration and consolidation, which creates value for shareholders,” said CEO Enel Fulvio Conti as cited by the SITA newswire, “We managed to double the operating profit in three years.”

The company plans to invest the full profit in Slovakia. In the next five years, SE plans to invest €3.1 billion in Slovakia, while trying to reach EBIT of €1.2 billion by 2014.

Around €2.9 billion should be invested in nuclear energy.

“Completion of the nuclear power plant in Mochovce is the key priority,” said Conti, confirming that the third and the fourth reactors of the nuclear plant should be constructed by the planned dates in 2012 and 2013. The completion should cost approximately €2.8 billion.

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