Fenosa to develop 1.2GW Palos CCGT solo

Resumen de Prensa            Enervía, miércoles, 19 noviembre 2003

FUENTE: Platts


Union Fenosa has decided to develop the 1,200MW Palos de la Frontera combined cycle gas turbine by itself after Italy's Enel
pulled out of an deal to buy half, the Spanish power producer said Tuesday. "We are going to do it solo," it said. Enel's exit was
not a financial problem for Fenosa given the profitability of generation in Spain, it said, and it has not affected the project's
timing. In June Enel agreed to pay Eur158.5-mil ($187.0-mil) for the 50% Palos stake and fund half the projected Eur520-mil cost, less the amount paid for its original half interest. The CCGT, in southern Huelva province, is to be built in three 400MW stages, with Fenosa hoping to put one unit on line in fourth-quarter 2004, another in first-quarter 2005 and the final unit at an undisclosed date. Fenosa declined to give a reason for Enel's exit, reached around the same time Enel agreed to buy 80% of Fenosa's renewables and cogen arm, Union Fenosa Energias Especiales, for Eur186-mil. Enel is developing two 700-800MW CCGTs in Spain, one at San Roque and one at Escatron. Polish Power Exchange Spot (Zloty/MWh)