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Contractual commitments and guarantees

Millions of euro
at Dec. 31, 2009 at Dec. 31, 2008 2009-2008
Sureties and other guarantees granted to:      
- third parties 672.6 764.7 (92.1)
- subsidiaries 29,366.9 23,059.7 6,307.2
- associates and others 12.4 14.1 (1.7)
Total 30,051.9 23,838.5 6,213.4
Other commitments for electricity purchases from third parties 607.3 889.8 (282.5)
TOTAL 30,659.2 24,728.3 5,930.9

Sureties granted to third parties regard guarantees issued by the Parent Company as part of the disposal to third parties of assets owned by Enel SpA or in the interest of its subsidiaries.

For Enel SpA, they regard:

  • €641 million in guarantees relating to the sale of real estate assets, in connection with the regulations that govern the termination of leases and the related payments for a period of six years and six months from July 2004. The value of such guarantees is reduced annually by a specified amount;
  • €15 million in guarantees of obligations assumed in the sale of Enel.Hydro;
  • €9 million in respect of the pledge of shares of Idrosicilia as collateral securing a loan granted to Sicilacque, in which Idrosicilia has a 75% stake;
  • € 5 million in guarantees to Terna for electricity ancillary services pursuant to Resolution no. 111/06;
  • €1 million in guarantees at December 31, 2009, concerning Avisio Energia, which was sold in December;
  • sundry sureties amounting to €1 million.

Sureties issued on behalf of subsidiaries include:

  • €12,522 million issued on behalf of Enel Finance International securing bonds denominated in dollars, pounds, euros and yen as part of the €25 billion Global Medium-Term Notes program;
  • €3.861 million issued on behalf of Enel Finance International securing the credit facility agreement program;
  •  €4,000 million issued on behalf of Enel Finance International securing an euro commercial paper program;
  • €1,800 million issued to various banks, including the European Investment Bank (EIB), for loans granted by them to Enel Distribuzione, Enel Produzione and Enel Green Power SpA;
  • €1,575 million issued as counter-guarantees in favor of the banks that guaranteed Enel Distribuzione and Enel Produzione for loans granted by the EIB;
  •  €1,441 million issued by Enel SpA to the Single Buyer on behalf of Enel Servizio Elettrico SpA for obligations under the electricity purchase contract;
  •  €840 million in favor of Cassa Depositi e Prestiti issued on behalf of Enel Distribuzione, which received a loan of €840 million;
  • €525 million issued in favor of the financial counterparties securing bonds issued by Enel Finance International as part of the €25 billion Global Medium-Term Notes program;
  •  €357 million issued in favor of Terna on behalf of Enel Distribuzione, Enel Trade, Enel Produzione and Enel Energia in respect of agreements for the electricity transmission service;
  • €305 million issued to the tax authorities in respect of participation in the Group VAT procedure on behalf of Enel Energia, Enel Trade, Enel New.Hydro, Enel Produzione, Enel Servizi, Enelpower and Enel Servizio Elettrico;
  • €166 million issued in favor of Snam Rete Gas on behalf of Enel Trade for transport capacity reserve;
  • €130 million for letters of patronage issued in favor of Vintage Finance Srl for the “assignment en bloc of receivables” on behalf of Enel Servizio Elettrico and Enel Energia
  • €50 million issued as counter-guarantees in favor of the banks that guaranteed the Energy Markets Operator on behalf of Enel Trade;
  • €41 million issued in favor of Vestas Deutschland Gmbh on behalf of Enel Green Power Bulgaria for the supply of wind turbine generators;
  • €40 million issued to E.ON on behalf of Enel Trade for trading on the electricity market;
  •  €24 million issued in favor of Duferco Diversification on behalf of Enel Investment Holding under the share purchase agreement in respect of the acquisition of Marcinelle Energie;
  • €1,684 million issued to various beneficiaries as part of financial support activities by the Parent Company on behalf of subsidiaries, as well as €5 million issued on behalf of Enel New.Hydro as part of the disposal of the Ismes business unit.

The commitments for the purchase of electricity regard foreign supplies expiring by 2011.