Annual Report 2010 - Enel.com

leading to a final 2010 system cost rate for ENO of €40.25/
MWh. The Y factor is calculated so as to cover fluctuations
in the market price of electricity, the cost of coal, remuneration
for ancillary services and for the correction of
previous periods.
Economic interest law
On July 2, 2008, the Slovakian government published a
law to safeguard electricity sales to residential customers
and small enterprises. The law provides for a regulated
price of energy sold to residential customers and small
enterprises (with a ceiling of 6 TWh) starting from 2009
and lasting until the ratio between the average spending
on electricity and household income reaches the EU average.
Following SE’s appeal of the decision to the Lower
Court, on March 18, 2010, the Supreme Court affirmed
the latter’s decision voiding the July 3, 2008 decision by
the Ministry for the Economy, which had specified that the
government’s measure of July 2, 2008 regulating electricity
prices only applied to SE.
Emissions trading
In 2010, SE produced about 3 million metric tons of emissions,
while the allowances assigned by the allocation
plan on a pro rata basis for the same period amounted to
about 5.4 million metric tons.
Act no. 595/2003 on taxation of profits
On December 1, 2010, the Slovakian Parliament approved
the amendment of Act no. 595/2003 on the taxation of
profits. The amendment introduces taxation of CO allow-
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ances for 2011 and 2012 and will enter force on January
1, 2011.
Energy Act no. 656/2004
The amendments approved on April 8, 2010, which entered
force on May 1, 2010, establish that:
> SEPS, the transmission grid operator, shall perform the
role of market operator ad interim. In 2013, SEPS will
formally act as the Slovakian market operator, controlling
100% of the new electricity exchange;
> the opinion of URSO is required for the construction of
new power plants with an installed capacity of more
than 1 MW.
URSO Decree no. 2/2008
The section concerning the regulation of the wholesale
market (regulated prices for residential users and SMEs)
has been removed. As from 2011 the price for those two
categories will be established on the basis of a negotiation
process between SE and end users: the price cap for those
negotiations is defined as the average for the previous six
months of the European Energy Exchange base load price
increased by 15%.
Government Order no. 317/2007
The change, approved on April 26, 2010 and effective
since June 1, 2010, establishes that the tax on exports shall
remain in force even though its value is equal to €0/MWh.
Atomic Act no. 541/2004
The amendment, approved on April 1, 2010 and effective
since May 1, 2010, establishes that the fees due from the
company-shareholder to the government institution ÚJD
SR shall be changed as follows:
> annual fee for operation of a nuclear power plant increased
by 10%;
> annual fee for the construction of a nuclear power
plant increased by 120%;
> one-off fee of €5,000 for inspection of nuclear equipment.
Romania
Reform of electricity sector
In May 2010, the Antitrust Authority conducted a consultation
with market operators on the restructuring of the
Romanian electricity sector proposed by the government.
The restructuring provides for the creation of two generation
companies, into which the existing companies would
be folded, thereby concentrating about 95% of generation
in the hands of the State.
Enel welcomed the opening of the process to comments
from operators and expressed its concerns about a reform
that would lead to such a substantial concentration of
generation activity and few incentives for potential foreign
operators to invest in the sector. Enel also proposed
a number of alternative solutions to create greater transparency
in the wholesale market, increase liquidity on the
trading platforms, generate adequate returns for investors
and ensure stability in energy provisioning.
Distribution rates
On March 5, 2010, the Romanian regulator ANRE published
a consultation document that amends Order
no. 39/2007 on the methodology used to calculate
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