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GDF Suez profits in the first quarter of 2014 were hit by a mild winter cutting gas demand across Europe, its results statement showed on Monday.
The French-based energy group took revenues of €22.8 billion (£18.8 billion) in the three months to 31 March 2014, down 5.9 per cent on the same period last year. Earnings before interest, tax, depreciation and amortisation fell 14.8 per cent to €4.2 billion (£3.5 billion). This was broadly in line with analysts’ expectations.
The group’s Energy UK-Europe business, which is the largest independent power generator in the UK by capacity, took €840 million in revenues, down 19.4 per cent on the previous year. It attributed the drop to a “portfolio optimisation programme” in continental Europe and reduced sales volumes in the UK.
As part of a strategy to become a “leader in the energy transition in Europe”, the company bought UK wind energy developer West Coast Energy in March. The two companies had been working together to develop wind projects since 2008.
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