ENEL AND EDF ANNOUNCED THE CREATION OF AN EQUAL BASIS JOINT VENTURE FOR THE NUCLEAR DEVELOPMENT IN ITALY

Published on Monday, 3 August 2009

- The company named Sviluppo Nucleare Italia is established and headquartered in Rome - It will run feasibility studies for the construction of at least 4 EPR nuclear reactors in Italy

Paris and Rome, 3rd August, 2009 – Enel and EDF announced today the creation of the equal basis joint venture “Sviluppo Nucleare Italia Srl” aimed at developing the feasibility studies for the construction of at least 4 advanced third generation EPR units as traced by the agreement Enel and EDF signed on 24 February during the Franco-Italian summit in Rome.

Enel and EDF will hold a 50% stake in the joint venture respectively and the company will be headquartered in Rome, Italy.

Once the studies have been completed and the necessary investment decision taken, individual companies will be instituted to build, own and operate each of the EPR power plant.

Fulvio Conti, CEO and General Manager of Enel commented:” The creation of this joint venture lays the ground for a concrete come back of the nuclear in Italy and represents a unique opportunity for contributing to the recovery of the country’s economy, creating specialized jobs and increasing employment. In the past few years Enel has been able to rebuild the nuclear skills and expertise, thanks to its international operations and we are now ready to take the lead of the Italian nuclear programme in co-operation with EDF, a world key player in this industry.”

Pierre Gadonneix Chairman and CEO of EDF said:“ EDF is delighted to be able to participate side by side with a major industrial partner such as ENEL in the relaunch of nuclear production in Italy, a secure, competitive and CO2 free source of energy. The creation of this joint venture is a definitive step forward which bears witness to the successful cooperation which EDF began with ENEL in 2007 in the ongoing construction of the EPR at Flamanville in Normandy. This partnership is in line with EDF’s Group strategy aimed at strengthening its position in Europe and at being the world leader of the revival of nuclear energy.”

The agreement for the creation of the company “Sviluppo Nucleare Italia Srl” sets the two parties commitments as well as the corporate governance rules.
The joint venture envisages the creation of a Board of Directors composed by eight members, four of which will be appointed by EDF, including the Chairman and the Vice-Chairman whereas the remaining four will be nominated by Enel and that includes the appointment of the CEO.
The creation of Sviluppo Nucleare Italia marks a first, substantial step towards the implementation of nuclear projects in Italy and followed the approval of the Law Decree on 9th July 2009 thus paving the way to the development of nuclear projects in Italy.

Price Sensitive | August, 03 2009

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