Atel Energia S.r.l.

Milan-based Atel Energia S.r.l. increased its share capital from EUR 5 million to EUR 20 million on 19 December 2003. The capital increase strengthens the company financially and broadens the scope for activities in the Italian electricity market. One example is marketing of the company’s 20% share of energy from Edipower power stations: starting 1 January 2004, Atel Energia will secure this share on the basis of a tolling agreement linked to fuel procurement. Moreover, Atel will be putting two gas-fired combined power stations into operation in Northern Italy next year. Atel Energia will source their fuel as well as selling the energy they produce. The company aims to considerably increase its share of the Italian electricity market and further extend its position as the number one foreign supplier.

Established in December 1999, Atel Energia S.r.l. is a subsidiary of Aare-Tessin Ltd. for Electricity (Atel) in Olten/Switzerland. The subsidiary company markets and sells energy produced by Atel in its Italian power stations, or purchased directly on the market. Atel Energia S.r.l. is set to achieve annual sales of more than EUR 400 million within the next few years.

Aare-Tessin Ltd. for Electricity Corporate Communications