WRAPUP 1-Enel, Gas Natural beat forecasts, eyeing disposals

* Enel, Gas Natural beat EBITDA forecasts on consolidation

* Eying disposals to cut debt

* Shares underperform sector

By Stephen Jewkes and Jonathan Gleave

MILAN/MADRID, Nov 4 (Reuters) - Enel (ENEI.MI: Quote, Profile, Research) and Gas Natural (GAS.MC: Quote, Profile, Research), two of Europe's largest utilities, are looking to shed assets to reduce their debt piles as acquisitions helped boost their core earnings in the first nine months.

Some analysts have expressed concern that the number of asset sales planned by utilities across Europe could create a logjam and extend the timeframe for such disposals.

In a statement on Wednesday, Spain's Gas Natural (GAS.MC: Quote, Profile, Research) said its divestments could surpass the planned 3 billion euros which should be completed by end 2009. [ID:nL469836]

Gas Natural's nine-month core earnings beat forecasts due to a solid performance of its regulated gas and electricity business which offset weak demand, fuelled by the full consolidation of Union Fenosa during the third quarter.