Italian-held energy group Enel posted a 154 million-eurooperating income at the end of last year, up by around 27%, whilstthe company's consolidated revenues amounted to 850 million euros,20% more than in 2008.
In the wake of privatisations, Enel became the biggest privateenergy distribution company in Romania, with its portfolioincluding former Electrica Banat, Dobrogea, and Muntenia Sud.
The higher results can also be explained by the fact that 2009was the first full year when Muntenia Sud, the company thatsupplies energy to Bucharest, was included in Enel's balance sheet.Despite the good results, the Italians say the local market "didnot have a positive response to Enel's presence," the company hashuge debts to recover from the Romanian state, and therestructuring of the energy sector is somewhat of a hindrance tothe group's development plans.
"The Romanian market has a significant growth potential,especially on the distribution segment, where Enel has around 30%.However, as far as energy generation is concerned, Enel is puttingpressure on the Government, because the restructuring of energygeneration is more like something split among pre-establishedplayers," Fulvio Conti chief executive of Enel said.
The Romanian authorities intend to reorganise the energy systemby setting up two giant companies that will incorporate most energyproduction facilities in Romania. Conti specified that despitedifficulties facing Enel on the Romanian market, the group does notintend to sell its Romanian assets.
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