What does not remain open to other partners

The Italian energy group Enel, both partner and competitor of EDF, today launched a bond issue of EUR 2 billion in Italy, but also France, Germany, Belgium and the Luxembourg. The offer is open to individuals and lasts until February 26. The fixed or variable-rate bonds have a duration of six years. Fulvio Conti, Chief Executive Officer, explains the "Echos" the reasons for this operation. It is also the point on the nuclear file, which comes from knowing a blow of accelerator with the publication of a decree of the Government establishing the schedule of construction of new power plants.

Why to use the market now, while you have already issued 10 billion euros of bonds last year

We know that there is a strong demand. Enel is a very solid business, it has always been considered as an investment sure. We have therefore seen fit to offer new obligations that will help us to strengthen our financial structure and delay the deadlines of our Bank debts.

And why in several countries at a time

In 2009, we have met the request of the largest pension funds and investment funds, we we address to the general public. We are a large international group, our brand is known, it seems therefore appropriate to test the appetite of the different countries where we work. Enel is the first company to launch an operation of this type, under the new European regulations. We are proud to be pioneers.

How do you intend to convince the French to agree

We are present on the French market for a long time already. Our group has a global dimension close to that of EDF; We realize equivalent performance. In a society such as Enel, deemed to be solid and reliable, hexagonal investors can find interest in diversifying their portfolio.

How Enel addresses 2010

As you know, fiscal year 2009 ended on a gross surplus of 16 billion euros and now we foresee a slight recovery of consumption of electricity in Europe. This year, our debt can be reduced from 51 to 45 billion euros. This however implies strict financial discipline and an acceleration in the arbitration of assets, without sacrificing the development of the company or abandon the performance that are entitled to expect the shareholders.

That is what differentiates you from EDF

EDF has maintained its pre-eminence in France, while Enel was forced, by law, to lose weight in Italy. Result, if EDF still holds 80 of market share in France, Enel is between 25 and 30 in its domestic market. Another difference: EDF is focused on nuclear power, while Enel has technologies more diverse, which makes it the most profitable group for the kilowatt-hour sold. For the rest, our companies are like two sisters.

The Berlusconi Government has given the kick-off to nuclear. Be able to join the Italians

There are still lot of skepticism that in 1987 the Italians said no to the atom by referendum. At the time, this source of energy had been banned because considered as dangerous. We are strong, with the help of scientists, to demonstrate the contrary. Nuclear technology has greatly increased, it is safe and more advantageous than those of an economic and ecological point of view. In any event, through our imports, 15 of the electricity that we consume now in Italy is already of nuclear origin.

The reactors that you build with EDF will they necessarily the EPR or you could choose other technologies For a question of cost, for example...

Our engineers have mastered different know-how:

If our preference for the Italy goes to the EPR, is that it is the most advanced technology. It is a little more expensive, but it offers a large capacity and 55 euros the megawatt-hour, it remains very competitive. A combined cycle gas, for example the price of oil today, costs about 70 euros the megawatt-hour.

The availability of the EDF plants fell to 78. This concerns you it

Even if the maintenance of the plants is an absolute necessity, there is a margin of obvious improvement. I think that the new reactors and Flamanville Penly help EDF to improve its performance.

Are you concerned about the delay in France by the opening of the electricity market Act

I am convinced of the need for in the Act. Fair competition must be implemented to allow other operators as EDF to intervene in priority those who have already invested in the French Park. Your country is unfortunately a fairly closed market. However I do not think that electricity produced primarily by a single company be a good solution.

For a real competition, the most important is not to impose on EDF sale to competitors of the large amounts of electricity at cost so they in turn sell it to their customers, but to create the conditions for industrial operators we can participate in the modernization and the development of the French production plants, creating added value. A competition limited to single electricity market would remain artificial and inefficient.

You are shareholder in Penly. Will you play your option for 12.5 of the capital of this central

We want to move forward and be a true partner for EDF. What does not remain open to other partners...

Can you just be producer in France, without touching the end customer

With respect to the business market, we are already going to the final customer. For individuals, we of course be present on the entire chain. This effect, we already have a small business structure, with a headquarters in Paris and branches throughout the territory.

Another record in delay, the renewal of concessions of dams. Are you still candidate

We have one hundred years of business experience and so I hope to be part of the lucky that would eventually be given management of hydropower plants. There are late, indeed, but I understand the stakes of local communities. It is in the interest of the France to maintain and develop its own and available energy. Hope that this folder is débloquera quickly.

Edison shareholder and partner of Enel, EDF does not too important in Italy

The Italy is an open market. The French contributed much to our country and it should be encouraged to continue. I say just that one little more reciprocity would not hurt. The presence of EDF Edison capital, is a subject which does not concern Enel. With the sense of each, cohabitation is quite possible. But one thing is certain: I claims the role in the nuclear program. This area must be clear responsibility.