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...million, compared the near ?20 billion that the market currently placing on Enel. In football terms, a parallel move might be to ask the manager of a Sunday League team to take over at mighty Juventus.
But Scaroni is making his mark at a company that vies with German giant Eon to be the top European electricity player. In fact, Enel is substantially larger than RWE, while Suez is more water-orientated.
Enel was established in 1962 when the Italian government decided to nationalise the domestic electricity industry. Despite retaining a majority stake, Enel is now operating more like a privatised utility, albeit within a regulatory structure. Indeed, as a national champion alongside Telecom Italia, and its subsidiary TIM, both have outperformed their better known peers in their respective sectors.
Bizarrely, over the past 18 months, Enel's focus has centred on trying to lose market share within the Italian generation market. For regulatory reasons, the company has had...
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