October 7, 2013 / 7:23 AM / in 4 years

Enel won't sell nuclear assets or EGP to cut debt-paper

MILAN, Oct 7 (Reuters) - Italian utility Enel will not sell nuclear assets it owns in Slovakia or reduce its 70 percent stake in green energy group Enel Green Power as part of efforts to cut its debt pile, its chief executive was quoted as saying on Monday.

In an interview with la Repubblica Affari & Finanza newspaper, CEO Fulvio Conti confirmed Enel’s target of lowering its debt to 37 billion euros ($50 billion) at the end of 2014, from 42 billion euros at the end of the year.

“We won’t exit the nuclear industry and will actually invest more in it if given a chance,” Conti said when asked if Enel would cut its stake in Slovenske Elektrarne which generates nuclear power.

Some bankers and analysts had speculated Enel could sell its stake in the Slovak nuclear plant as part of its plans to sell 6 billion euros ($8 billion) of assets by the end of 2014 to cut debt.

Conti also said Enel was “happy to own 70 percent of Enel Green Power and would hold tightly onto it.”

He said Enel would exit markets where its presence is too small or sell operations that have no growth prospects in order to cut debt, but he did not give further details.

$1 = 0.7355 euros Reporting by Valentina Za; editing by Jason Neely

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