• Most Popular
  • Most Shared

Enel confirms planned investments in Russia

Thu Oct 9, 2008 8:42am EDT

Stocks

   

(Corrects to remove superfluous "on" in fifth paragraph, also adds "Stoxx" in fourth paragraph)

Russia

MILAN, Oct 9 (Reuters) - Italy's biggest utility Enel (ENEI.MI) confirmed its investment Russia, Enel's head of international division said on Thursday as shares in its rival, German E.ON dropped on concerns about its investments in Russia

"We keep committed to the investments planned for Russia," Carlo Tamburi told Reuters, adding that Enel was fully confident in the management of its Russian unit, OGK-5 (OGKE.MM)

Enel has already invested 3.1 billion euros ($4.25 billion) in Russia and would pour in another 2.2 billion euros by 2012. Enel shares were down 2.37 percent while the DJ Stoxx index for European utilities .SX6P was down 3.45 percent on the back of a lower oil price.

E.ON (EONGn.DE) shares fell more than 6 percent, also under pressure from concerns that its $6 billion investment in Russia may not be as profitable as expected as a declining Russian stock market could lead to a depreciation of its OGK-4 unit's value. (Reporting by Svetlana Kovalyova)

Russia


More from Reuters

Photo

EPA questions New York state plan to drill for shale gas

PHILADELPHIA (Reuters) - The U.S. Environmental Protection Agency has "serious reservations" about allowing shale gas drilling in New York City's watershed, warning of a threat to the drinking water for 9 million people.

» More Top News
A picture of an arrow in this file photo. REUTERS/File
OUTLOOK 2010:

The coming Great Inflation

Real or imagined, Americans have plenty of things to worry about. Should inflation be one of them?  Full Article 

ECONOMY
REUTERS/Bernd Debusmann
Bernd Debusmann:

Killing people is easier than killing ideas

All the talk about hunting down those responsible for attacks on the U.S. has a familiar ring.  Commentary 

U.S.