ENDESA to Buy 2.7 Million Tonnes of CO2 Emission Rights in China; CDM Project with Huaneng and Jiuquan Sanyuan Hydro Power
14 September 2006 - 5:43AM
Business Wire
ENDESA (NYSE:ELE): -- The deal forms part of ENDESA's strategy of
acquiring carbon credits by taking part in clean development
mechanism (CDM) projects and thereby contributing to the
sustainable development of those countries in which it operates. --
The Environment Ministry has authorised the deal. ENDESA (NYSE:ELE)
will buy from the Chinese companies Huaneng and Jiuquan Sanyuan
Hydro Power 100% of their certified reductions in greenhouse gases
in three wind farms and a hydro plant in China in 2006 - 2012,
which could reach a total of 2.7 million tonnes of CO2. The
Environment Ministry has approved the deal, which was the final
requirement needed following the agreement reached with the Chinese
authorities. The agreement covers CDM projects at three wind farms
(Changdao, Qidong and Weihai) which belong to the Huaneng company
and which have a combined capacity of 188 MW and one at the Gansu
hydro plant which is owned by Jiuquan Sanyuan Hydro Power
Development and has 26.55 MW capacity. The agreement includes the
purchase of all emission rights at these four sites from 2006 to
2012. The reductions obtained thanks to these projects are measured
and verified by UN accredited bodies and may be used to meet
European companies' Kyoto Protocol greenhouse gas reduction
targets. This operation reinforces ENDESA's position as one of the
leading private carbon credit purchasers via the Endesa Climate
Initiative, a pioneering initiative for purchasing carbon credits.
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. "Endesa
Climate Initiative" is the ENDESA Group's B2B initiative to promote
and purchase reductions in greenhouse gas emissions by means of the
mechanisms established under the Kyoto Protocol. Through this
programme the Company is also making a commitment to create
additional value for the companies which generate emissions
reductions through a flexible and swift focus, consultancy and
cooperation, as well as through attractive conditions for each of
the contracts. ENDESA sees sustainable development as a growth
opportunity for the company, whilst not forgetting its social
responsibility to the communities in which it operates, the
efficient use of resources, its obligation to avoid undue
environmental harm and wealth creation for those who invest in,
work in or use the company's services. ENDESA's Spanish facilities
slashed their CO2 emissions by 27.5% between 1990 and 2004, while
doubling their output during the same period. ENDESA expects to
reduce its CO2 emissions by 35% in 2007 compared to 1990. 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, 2005. 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.
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