Fulvio Conti News
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Enel SpA, Italy’s largest utility, said first-quarter profit dropped 26 percent as Europe’s economic slump cut electricity sales.
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Enel SpA Chief Executive Officer Fulvio Conti plans to battle three years of stagnant profits at Italy’s biggest utility by shifting to faster-growing markets in Latin America and Eastern Europe.
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Politicians must guarantee future governments won’t reverse a decision to build atomic reactors to ensure Italy’s nuclear revival wins financial backing, the chief executive officer of the country’s largest utility said.
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Enel SpA Chief Executive Officer Fulvio Conti said he expects the company to raise “at least” 3 billion euros ($3.8 billion) from the sale of a minority stake in its Enel Green Power unit, less than his previous estimate.
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Enel SpA, Italy’s largest utility, said earnings sank 79 percent last year and won’t recover until 2017 as taxes and weakening power demand crimp growth and force asset sales. German peer EON SE also announced disposals.
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Enel SpA , Italy’s biggest utility, will report better-than-expected profit this year and won’t need to sell more assets in 2011 to cut debt, Chief Executive Officer Fulvio Conti said.
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Enel SpA Chief Executive Officer Fulvio Conti said the company will meet its target of cutting debt to 39 billion euros ($54 billion) by 2014.
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Italian industrial production unexpectedly rose in January as the euro region’s third-biggest economy is mired in a recession.
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Italy should reform government incentives for renewable energy because the current system is too costly, Enel SpA Chief Executive Officer Fulvio Conti said.
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Enel SpA Chief Executive Officer Fulvio Conti said Italy’s biggest utility is “well on its way” to beating its 2010 earnings forecast and considers October the “right time” for its renewable-energy unit to sell shares.
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