ENEL considers selling the majority packages in distribution companies of Muntenia, Banat and Dobrogea, and in supply and energy services companies, to reduce its debt, according to a press release from the Italian group. Citigroup and UniCredit are financial institutions that will support this operation in Romania.

Romanian assets were included, along with Slovakian power plant, on the list of assets to sell for debt reduction from 41.5 billion euros to 37 billion euros, according to Reuters.

ENEL needs 4.4 billion euros to maintain its credit rating

The company had started in 2013 a program of asset sales from which was seeking 6.6 billion euros; so far, were made sales of 1.6 billion euros and the largest utility in Italy aims this year sales of 4.4 billion euros to maintain its credit rating.

The sale in Romania and Slovakia is in its infancy, and promises to be a lengthy process. The group reports that, in Romania, sales could include 64.4% of Enel Distribution Muntenia and Enel Energie Muntenia, 51% of Enel Distribution Banat, Enel Distribution Dobrogea and Enel Energie, and 100% of the service company Enel Romania.

The power grid managed by ENEL group companies on the domestic market totals about 91,000 km, distributing annually about 14 TWh of electricity (34% market share) and selling about 9 TWh per year to about 2.6 million customers, of which 2.4 million clients are households (20% market share) and 0.2 million are companies (market share 38%). In 2013, their revenue amounted to approximately EUR 1.12 billion and made an EBITDA of 289 million euros (consolidated numbers).