The board members of Italian energy provider Enel have approved the sale of bonds worth €5 billion, The Wall Street Journal reports. The approval is a part of the company’s plan to extend the average maturity of the Italian utility giant’s debt.

The company will can issue one or more securities until Dec. 31, 2012. The board cancelled a previous resolution that had permitted to sell bonds worth €1 billion by Dec. 31, 2011.

Click here for the story from The Wall Street Journal.