Italian utility Enel said on Friday that its net income jumped 28.7% to ?35.2 billion ($5 billion) for the first six months of 2009. However, net income was inflated by a one-off gain of ?970 million, which stemmed from the early exercise of a put option granted by Enel to Acciona on the sale of 25.01% in Spanish utility Endesa. Electricity presale figures show that Enel has adopted an aggressive policy of forward hedging against the threat of weakening prices in Italian and Spanish wholesale markets.
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