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8 October 2007 - Italy's Enel has reportedly announced that it is planning to invest up to $9bn in the Russian power generation, transportation and sales market.

According to Russian news provider RIA Novosti, the Italian utility is planning to extend its reach into the Russian market by investing between $6bn and $9bn.

Enel entered the Russian energy market in 2004 and currently jointly operates the Russian North-West Thermal Power Plant. Furthermore, earlier this year, it acquired gas assets of bankrupt oil firm Yukos.

In addition, the Italian firm bought a stake of wholesale generating company OGK-5, and has since received approval from Russia's Federal Anti-Monopoly Service to acquire over 70 per cent of the firm.

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