PRESS RELEASE

ENERGY:  ANTITRUST LAUNCHES INQUIRY INTO ACQUISITION OF 51% OF DEVAL AND VALLEGENERGIE BY CVA (COMPAGNIA VALDOSTANA DELLE ACQUE)

Purchase of Enel's shares - remaining shares belong to Finaosta, 100% owner of CVA.

In a meeting on 22 June 2011, the Autorità Garante della Concorrenza e del Mercato decided to launch investigative proceedings into CVA's (Compagnia Valdostana delle Acque) acquisition of 51% of Enel's shares in Deval and Vallenergie.

The Antitrust Authority will need to determine whether this transaction creates a dominant position that eliminates (or reduces in a significant and enduring way) competition in the markets for low-voltage electricity sales to residential and non-residential customers.

FINAOSTA (the Valle D'Aosta holding company controlled by this region) owns the share capital of CVA, which heads the group that generates and markets (retail and wholesale) electric energy mostly in Valle D'Aosta. The Deval corporation provides electricity for 69 of the 74 municipalities in Valle D'Aosta, while Vallenergie operates in retail electricity sales for customers of the 'Maggior Tutela' service in the municipalities served by Deval.

Rome - 23 June 2011