News Headline Summary

Enel (ENEL IM) shares down almost 5% and Enel Green Power shares failed to open on time at 0800BST, as market participants react to press reports that Chilean presidential favorite Bachelet is against the planned 2,750-megawatt HidroAysen project...

Update details:

- Of note, HidroAysĂ©n is owned by a corporation which is a joint venture between Endesa (a subsidiary of Italian conglomerate ENEL), with a 51% stake and by ColbĂșn S.A. which owns the other 49%.
- Chile's supreme court approved HidroAysen's five generating units, but environmentalists then brought the project to a special ministerial group for review.
- HidroAysen, whose generating units alone were initially seen costing USD 3.2bln, is now expected to require over USD 8bln in investment, considering the transmission line, according to industry analysts.

Print 07:18, 24 Jun 2013 - European Equities - Source: RANsquawk