Enel respects privatisation contract and invests in compliance with ANRE plan

Enel representatives recently stated that the company has been respecting all agreements and laws in force in Romania and will continue to do so. The Italy-based energy company said that Romania's senate commission had analysed two different investment plans: The first was an investment plan regarding the agreement of the local Enel Muntenia Sud.

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From the analysis, it appears that the plan has been fully respected, with a total of 220 million being invested over the period 2009-2011. In 2009, Enel made bigger investments than the amount set in the privatisation agreement. It furthermore has plans to stick to the schedule regarding the amount of investments to be made. The company also said that the second investment plan analysed by the senate commission was the ANRE plan; it was initially approved in 2007. The period of fulfilment of this plan is 2008-2012; provisions in regards to expenses differ from those of the first investment scheme.

Enel started with Muntenia Sud in June 2008; however, due to bureaucratic procedures, there was a delay in the start of investments, with them only really starting from 2010. Enel has said that it respects both the investment plans and is meeting all the requirements in the privatisation contract and the regulatory provisions. Fulfilment of the investment plan for ANRE is to be reviewed in 2012.

Enel also commented on other issues mentioned in the senate commission report, such as the awarding of dividends and the contracts closed by the concern with affiliated companies. It explained that, at the general shareholders meetings of all companies owned by Enel in Romania, there was taken the decision to register the net profit as “retained earnings”. Enel declared that the company complied with legal regulations and still was remaining loyal to its clients.

Enel participates in several projects supporting education, and cultural and social causes.

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