CERNOBBIO Italy (Reuters) - Italy's biggest utility Enel (>> Enel S.p.A.), which is weighing options for its Spanish unit Endesa, could sell a stake of up to 22 percent to boost its free floating capital, Chief Executive Officer Francesco Starace said on Saturday.

Enel, which owns 92 percent of Endesa and faces pressure to cut its huge debt pile, has said it is considering three options, including delisting or leaving its stake unchanged.

"The third option ... is to sell more, we could probably sell up to 22 percent or something like that," Starace told Reuters in an interview.

He said it would be important to see how the market situation developed in October before taking a decision.

Starace said Enel, Europe's most heavily indebted utility, was on target to cut its debt to 37 billion euros (29.35 billion pounds) by the end of the year through asset sales, including around 4 billion euros located mainly in Slovakia and Romania.

Enel's debt stood at 43 billion euros at the end of June.

(Reporting by Silvia Aloisi and Giancarlo Navach)

Stocks treated in this article : Endesa SA, Enel S.p.A., E.ON SE