UPDATE 1-Enel core earnings rise, debt to fall

* 9-month EBITDA beats forecast

* CEO says end-year debt will fall from Sept

* 2009 results seen above 2008 thanks to balanced mix

* new bond issue follows 10 bln euro programme approved July

* Shares down 0.06 percent

(Adds details, background, share price)

By Stephen Jewkes

MILAN, Nov 4 (Reuters) - Italian utility Enel (ENEI.MI) increased core earnings in the first nine months of the year by 11.2 percent, boosted by full consolidation of its Spanish unit Endesa (ELE.MC) and improved power margins, the company said on Wednesday.

Debt, which rose 8.2 percent from end-2008 to 54.071 billion euros at end September, is expected to fall by the end of the year Chief Executive Fulvio Conti said in a statement. He confirmed a debt target of 45 billion euros by end-2010.

Enel, Europe's most indebted utility, said at the time of its first-half results it was aiming to bring its debt down to 50 billion euros or less by the end of the year through, among other things, asset disposals.

Some analysts have expressed doubts about the asset disposal programme going ahead on time.

Earlier on Wednesday Spanish utility Gas Natural (GAS.MC) said its planned divestments could surpass the planned 3 billion euros which should be completed by end 2009.

Enel said it expects to post higher full-year results compared with last year thanks to a well-balanced fuel and geographical mix. Earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first nine months were 12.486 billion euros, above a consensus forecast of 11.998 billion euros, according to Thomson Reuters I/B/E/S data.

Enel also said its board has approved the issuance before year-end 2010 of one or more bonds for up to 4 billion euros, aimed mainly at retail investors.

The issuance follows a bond programme of up to 10 billion euros approved in July for institutional investors.

At 1442 GMT Enel shares were down 0.06 percent at 4.087 euros while the DJ Stox Utilities index .SX6P was up 0.86 percent.

A conference call with analysts was due to be held at 1700 GMT. (Editing by Greg Mahlich)