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REE buys Endesa assets Enel says that the sale of the electricity transmission assets of Endesa Distribución to Red Eléctrica de España (REE) is a significant step forward in its plan to reduce debt. The Italian utility, which controls Endesa of Spain, is to sell the transmission network to REE for a total of €1.478 billion. The deal will bring REE a step closer to its ambition of being Spain's sole power grid operator. "This sale, together with the others that have already begun and in addition to the actions targeted at improving our operating cash flow, will enable us to confirm the announced target of reducing the Group's net financial debt to €45 billion," said Fulvio Conti, CEO of Enel. The sale is in line with a Spanish law that requires power companies to sell transmission networks to REE. The assets included in the deal include existing transmission lines on the mainland and on the Canary and Balearic Islands as well as lines under construction. Source: Utility Week © Faversham House Group Ltd 2010. News articles may be copied or forwarded
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