Rome, November 28, 2003 Enel Distribuzione and ASM Brescia have signed a memorandum of understanding for the transfer of Enels local power distribution concession to ASM Brescia for 166.5 million euro. The concession includes 30 large clients in the city of Brescia and extends to 45 adjoining municipalities.
Enels decision to include the adjoining municipalities not called for by the Bersani law - was voluntary and based on the attractive terms of the offer.
Under the agreement, Enel will transfer about 96,200 customers (including 30 located in Brescia) with a total consumption of 2.8 billion Kwh per year. The assets being sold include 3,343 km of network. The consideration of 166.5 million euro (1,730 euro per customer) will determine a capital gain for Enel of about 130 million euro.
The operation should be concluded by December 31, 2003, following Industry Ministry approval, antitrust clearance and its communication to unions.
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