WRAPUP 2-Enel, Gas Natural eyeing disposals to cut debt pile

* Enel, Gas Natural beat forecasts on consolidation

* Enel takes time on renewable energy unit sale

* Enel CEO revises upwards end-2009 debt target (Adds Enel conference call comments, closing share prices)

By Stephen Jewkes and Jonathan Gleave

MILAN/MADRID, Nov 4 (Reuters) - Enel (ENEI.MI) and Gas Natural (GAS.MC), two of Europe's largest utilities, are looking to shed assets to reduce debt as acquisitions boosted their core earnings in the first nine months.

Some analysts have expressed concern that the number of asset sales planned by utilities across Europe could create a logjam and extend the time frame for such disposals.

On Wednesday Enel, Europe's most indebted utility with 54 billion euros ($80 billion) of debt at the end of September, confirmed its commitment to selling 10 billion euros of assets by end-2010 but acknowledged it has delayed the sale of renewable unit Enel Green Power.

"We can take a bit more time in order to get the best value," Chief Executive Fulvio Conti said in a conference call on results, adding he does not expect the postponement of the sale to have any impact on its credit rating.

Enel intends to sell a minority stake in the unit via a private placement or a stock market listing or a mix of both. Conti confirmed the unit will post 2009 EBITDA of 1.2 billion euros.

Conti said Enel debt at the end of 2009 will be around 53 billion euros versus a previous forecast of around 50 billion euros.

"They continue to postpone the asset sales though I don't think its a major issue since it's not related to free cash flow generation at the group," an analyst said.

"I'm surprised, given the crammed disposal scenario, they didn't commit to moving the 10 billion euros sales target back to 2011. Maybe they have an agreement with the rating agencies."

Enel, Europe's second-biggest utility in terms of installed capacity, beat forecasts to post an 11.2 percent rise in EBITDA in the first nine months, boosted by full consolidation of Spanish unit Endesa (ELE.MC). [ID:nL4160255]

Enel planning and control chief Luigi Ferraris, confirming EBITDA guidance for 2010 of 16 billion euros, noted capex will have to be reviewed for next year.

"It will not exceed 7 billion euros," he said.

Spain's Gas Natural (GAS.MC) said on Wednesday it is set to surpass its 3 billion euro divestment target this year as it battles to cut its 21.9 billion euro debt. [ID:nL469836]