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Dip in profits at GDF Suez Paris-based GDF Suez, the world's biggest power utility by revenue, posted a decrease in first half year net profits as the group announced a partnership with sovereign debt fund China Investment Corp. That move is designed to trim debt and boost the French company's' presence in Asia. The group reported an 8.2 per cent rise in earnings before interest, tax, depreciation and amortization (Ebitda), helped by the consolidation of results from International Power (IP). Group net profit, however, fell 24 per cent to €2.7 billion after GDF Suez was hit by adverse weather conditions that cut demand for natural gas in Europe. IP's half-year results indicated a fall in revenues in Europe of 6 per cent to €1,758 million compared to €1,867 million for the same period last year. As expected, performance in the region was reduced by weaker achieved spreads in the UK. In the UK, performance at its Saltend and Rugeley power stations was lower following the roll-off of contracts signed in the higher price environment prior to 2010. As a result of the weak UK market conditions, IP has announced it has temporarily reduced the declared capacity of its Teesside CCGT from 1,875MW to 45MW. Source: Utility Week © Faversham House Group Ltd 2011. News articles may be copied or forwarded
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