GDF Suez to speed up EU renewables

GDF Suez, the world’s largest independent power utility, will “accelerate” an overhaul that puts renewables firmly at the top of its priorities in Europe, after reporting a 60% decline in net profits for 2012.

Europe continues to represent a thorn in the heel of the Paris-based company, which is blasting its way into fast-growing markets like Thailand, Brazil and Indonesia, to offset the “deteriorating” European environment.

Net 2012 profits fell to €1.55bn ($2.04bn) from €4bn a year ago, dented by a €2bn impairment charge – mostly linked to weak European demand – which the Paris-based company had flagged up in December.

The decline came against a 7% revenue uptick, to €97bn.

GDF Suez is pushing forward with a remake of its European business to “anticipate and accompany changes”…

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