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French Utility Reports $13Billion Loss over Solar, Wind Subsidies

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Amid crippling European declines in gas storage and thermal energy production, France’s GDF Suez is reporting a net loss of over $13 billion for 2013 and may move to cut dividends.  The French energy giant took a $20 billion write down last year after slumping prices reduced the value of its gas storage and gas power plants in Europe, but the company’s stocks still managed a 6% rise. According to Reuters, GDF Suez took a 9.1 billion euro impairment on assets and a 5.8 billion impairment on goodwill. Its net loss for 2013 of 9.74…

Read more... Reported by OilPrice.com 5 hours ago.

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