ENDESA Signs a Joint Venture with Merloni to Sell Electricity to the Italian Retail Market.
--Endesa is already present in the sale of electric energy to industrial clients via Ergon Energia, a 50-50 joint venture with Asm Brescia.
--The Merloni Group is one of the leading European manufacturers of home appliances.
ENDESA (NYSE:ELE) and Merloni Progetto Energia (MpE) have signed a joint venture agreement to sell electricity to end customers in the retail market.
The power sold to the Italian small and medium sized customer segment, the size of which is 84 TWh with approximately 5 million potential customers, will be supplied by Endesa Italia, which has installed capacity of 6,360 MW and 2004 sales of 26.2 TWh (of which 45% was sold on the deregulated market).
Merloni is expected to generate sales of over Euro 200 million in 2005, with a portfolio of over 2,000 customers and a sales volume of more than 2 TWh.
ENDESA already sells electricity to industrial clients in Italia via Ergon Energia, a 50-50 joint venture with ASM Brescia, with a 2005 sales target of 6 TWh.
Merloni is owned by Fineldo (the holding company for Vittorio Merloni's investments), which also controls the Indesit Company. The Indesit Company, listed on the Milan stock exchange since 1987, enjoys a European market share in large electrodomestic appliances of 15%, with over 20,000 employees, 19 facilities, annual turnover of over Euro 3 billion and annual production of more than 14 million units for European brands, Ariston and Indesit, and for regional brands, Hotpoint (UK), Scholtes (France) and Stinol (Russia).
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|Date:||Mar 23, 2005|
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