Rafael Miranda Explores Medium-Term Gas Supply Diversificaiton Opportunities in Russia For ENDESA's European Markets
September 20 2006 - 10:16AM
Business Wire
ENDESA: -- On Monday, ENDESA's CEO met with Alexander Medvedev,
Vice Chairman of Gazprom's Executive Committee, and Anatoly
Chubais, who is both Chairman of CIS-EPC (Commonwealth of
Independent States - Electric Power Council) and Chairman of
RAO-UES (Russia's leading electricity company). -- ENDESA estimates
that its gas supply needs will reach 15 bcm/year in the next five
years. -- The search for new gas sources is included in ENDESA's
ambitious New Capacity Plan which aims to bring 11 new CCGTs on
line in Europe by 2009. ENDESA's (NYSE:ELE) CEO, Rafael Miranda,
travelled to Moscow where he held various meetings with senior
representatives of the Russian energy sector. On the morning of
Monday 18 September, Mr. Miranda met with Alexander Medvedev, Vice
Chairman of Gazprom's Executive Committee in order to explore joint
opportunities for both companies in the gas and electricity
businesses where both companies operate. In particular, ENDESA is
seeking to diversify its medium-term gas supply requirements in its
European markets (Spain, Portugal, Italy and France), which stand
to reach 15 bcm/year over the next five years. Rafael Miranda, in
his capacity as Chairman of Eurelectric, also met with Anatoly
Chubais who is both Chairman of CIS-EPC (Commonwealth of
Independent States - Electric Power Council) and Chairman of
RAO-UES (Russia's leading electricity company) to discuss matters
concerning the integration of electricity systems, deregulation in
the European markets and the deregulation and privatisation of the
Russian electricity sector. The search for new gas sources forms
part of ENDESA's ambitious New Capacity Plan under which 11 new
CCGTs will be brought on line in Europe by 2009 (eight in Spain and
three in the rest of Europe), which would more than double total
CCGT installed capacity. This investment in CCGTs will strengthen
ENDESA's position in the gas sector and see the Company's
consumption in Europe rise from the current figure of 10 bcm/year
to 15 bcm/year in 2009: 9 bcm at ENDESA's plants in Spain and
Portugal and the remaining 6 bcm at the other European plants. *
This document may contain certain forward-looking statements
regarding anticipated financial and operating results and
statistics that are subject to risks and uncertainties as well as
to material risks, changes and other factors which may be difficult
to predict, including, without limitation, those factors described
in the Documento de Registro de Acciones of Endesa filed within the
Comision Nacional del Mercado de Valores and in the Form 20-F of
Endesa filed within the Securities and Exchange Commission, both
for the fiscal year ended December 31, 2005. For all of these
forward-looking statements, we claim the protection of the safe
harbour for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995.
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