Endesa (NYSE:ELE)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Endesa Charts. Click Here for more Endesa Charts.](/p.php?pid=staticchart&s=NY%5EELE&p=8&t=15)
ENDESA (NYSE:ELE):
-- The agreement includes emissions reductions equivalent to 2.6
million tonnes generated by three wind farms which, in 2006
and 2007, will have installed capacity of 195 MW.
-- With this agreement, ENDESA has gained a strategic position in
China, the country considered to have the greatest potential
for developing Clean Development Mechanisms projects.
ENDESA has signed an agreement with the China Huaneng Group,
China's largest electric utility, to acquire Emission Reduction
Certificates (ERCs) from the three wind farms owned by its subsidiary
Huaneng New Energy Industrial Co Ltd (HNEIC). The wind farms, which
are located in the province of Guangdong, have a joint capacity of 195
MW and will start operating in 2006 and 2007. They will generate 2.6
million tonnes of ERCs through to 2012.
The process began in July when ENDESA was invited to bid for the
ERCs. The company was named a finalist after the first round. The
China Huaneng Group chose ENDESA as the purchaser of the ERCs of its
wind farms as it envisaged the two companies entering into future
technological cooperation agreements.
These newly-acquired emissions reductions will allow ENDESA to
meet its CO2 emission commitments for its operations in Spain,
Portugal, France and Italy, included in the Directive on Emissions
Trading.
With this agreement, ENDESA has gained a strategic position in
China, a country considered to have the greatest potential for
developing Clean Development Mechanisms projects.
ENDESA is the first private company to launch a global CO2
emissions rights purchasing initiative. The target is to purchase 15
million CO2 emissions rights through to 2012 via the mechanisms
provided for in the Joint Application Clean Development Mechanisms
contained in the Kyoto Treaty.
To this end, the Company is planning to set up workshops worldwide
with the purpose of explaining the contracting procedures and
agreements necessary to carry out the rights trading. The five-step
process for reducing CO2 rights on behalf of ENDESA guarantees both
the buyer and the seller security throughout the entire procedure,
starting with project analysis and culminating in the signing of a CO2
emission rights contract between the Company and the project
developer.
ENDESA sees sustainable development as a growth opportunity for
the Company, not forgetting its social responsibility to the companies
it operates with, the efficient use of resources, its obligation to
avoid undue environmental harm and wealth creation for those that
invest in, work in or use the company's services. ENDESA's Spanish
facilities slashed CO2 emissions by 27.5% between 1990 and 2004, while
doubling their output during the same period. ENDESA expects its
specific CO2 emissions to be 35% lower in 2007 compared to 1990.
For more information see www.endesa.com/eci.
* This document may contain certain forward-looking statements
regarding anticipated financial and operating results and statistics
that are subject to risks and uncertainties as well as to material
risks, changes and other factors which may be difficult to predict,
including, without limitation, those factors described in the
Documento de Registro de Acciones of Endesa filed within the Comision
Nacional del Mercado de Valores and in the Form 20-F of Endesa filed
within the Securities and Exchange Commission, both for the fiscal
year ended December 31, 2004. For all of these forward-looking
statements, we claim the protection of the safe harbour for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995.