netrashetty
Netra Shetty
Paramount Pictures is an American film production and distribution company, located at 5555 Melrose Avenue in Hollywood. Founded in 1912 and currently owned by media conglomerate Viacom, it is America's oldest existing film studio; it is also the last major film studio still headquartered in the Hollywood district of Los Angeles. Paramount is consistently ranked as one of the top-grossing movie studios.
Electricite de France is a state-owned electric utility company with a generating capacity of 127,100 MW. It provides power to 28 million customers in France and 10 million customers in other countries across Europe. Nuclear power plants provide 86% of EDF's generated power. [1] In 2009 EDF posted revenues of $95.1 billion, up 3.9% from 2008. [2] Its main competitors are E.on AG (OTC:EONGY), RWE AG (FRA:RWE), and GDF Suez (EPA:GSZ).
In 2010, EDF will be affected by the French government's pending decision on the NOME law which sets regulations and prices controls for energy companies. The government is set to force EDF to sell 25% of its nuclear power (EDF owns all 58 nuclear plants in France) to competitors. The selling price is yet to be determined price and could negatively impact EDF's business if the it is set too low. A proposed nuclear tax in Germany is negatively affecting EDF's subsidiary there and could affect the French governments new regulations.
Business Overview
EDF operates in four areas: generation and supply, distribution, transmission & others. Under generation and supply, the Group generates electricity and gas from sources like nuclear, fossil-fuel, hydroelectric and other renewable energies to businesses, local authorities, professionals and residents. Under distribution, the Group undertakes the management of transmission networks of electricity and gas to the end customers. Under transmission, the Group manages the flow and infrastructure of energy carrying high-tension wires. Under the others segment, the Group operates energy services like heating and thermal services and provides help to develop and produce electricity from cogeneration and renewable energy sources.
Contents
1 Business Overview
1.1 Financials
1.1.1 FY 2009 Performance
1.1.2 Q1 2010 Results
1.2 Business Segments
2 Trends and Forces
2.1 Share Price Performance YTD Shows EDF Outperforming Competitors
2.2 NOME Law Has Potential Positive and Negative Effects on EDF (Set to be Decided in October, 2010)
2.3 Proposed Nuclear Tax in Germany Creates Concern for EnBW
2.4 Sizewell B Outage in UK Raises Uncertainty Over Key Asset
3 Competition
4 References
Financials
FY 2009 Performance
2009 CapEx and Net Acquisitions[3]
EDF's revenue in 2009 was €66.3 billion ($95,072), up 3.9% from 2008. Revenue from within France increased 5.4% and revenue from outside France increased 9.3%. Sales in France declined due to decreased demand and lower nuclear output in 2009. Sales in the UK benefited from the acquisition of British Energy by EDF during 2009. German sales fell due to low demand by the industrial sector. Italian sales also fell due to decreased electricity demand. A key positive were sales from International and Other Activities up 9.3% to €32.3 billion. This segment represented 48.7% of the Group's sales in 2009. Strong growth in Poland and continued profits by EDF Energies Nouvelles contributed to the strong performance there. [4]
EBITDA was €17.5 billion, up by 22.7%. Growth in EBITDA was driven by International businesses (+53.5%). This increase reflected the successful integration of British Energy, as well as organic growth (+18.8%). In France, because of the difficult market conditions in 2009, EBITDA declined 9% in organic terms. [5]
EDF invested a large amount in 2009 with €14.7 billion spent on acquisitions. Gross capital expenditure was €12.4 billion. EDF spent €486 million on research & development in 2009, up 8.2% from 2008. [6]
Year (ended December) Operating Revenue (millions) Gross Margin Operating Margin Net Income (millions) Net Profit Margin
2009 $95,072 60.0% 15.2% $5,858 6.2%
2008 $90,601 58.0% 12.3% $4,982 5.5%
2007 $87,779 61.1% 16.8% $8,526 9.7% [7]
Q1 2010 Results
Group sales were €21.9 billion, up 4.3% compared to Q1 2009.
The growth was due to a positive scope effect of €1 billion, consisting of the acquisitions in November 2009 of SPE in Belgium and 49.99% of Constellation Energy Group (CEG) nuclear assets in the United States. Exchange rate fluctuations had a positive €205 million effect. Organic growth had a negative €332 million effect with €153 million positive growth in France and negative €485 million growth outside France.
Sales increased in France, Germany, Italy, and Other International (118% growth) segments over Q1 2009. UK and Other Activities segments declined. [8]
Business Segments
France (51% of sales, 50% of operating income)[9]
EDF operates 58 nuclear, 33 fossil-fired and 447 hydroelectric plants in France totaling 98.7GW of generating capacity. EDF has 27.7 million customers in France. [10] France posted a slight 0.8% decline in sales to €34 billion in 2009 due to decreased demand for electricity from end-customers (down 2% of overall demand, with major customers down 5%). One-off events affected generation leading to decreased sales (the decline in nuclear power output -28 TWh and storms that cost the company €160 million). [11]
UK (17% of sales, 17% of operating income)[12]
EDF has a generation capacity of 12.8GW in the UK with 8 nuclear plants. Nuclear plants make up 69% of installed capacity and 76% of power generation in 2009. EDF has 5.6 million customers in the UK. In 2009 EDF acquired British Energy combining its businesses into EDF Energy. The merger creates UK's largest producer of electricity in terms of generation capacity. EDF also has large gas reserves in the North Sea estimated at 2.8 billion cubic meters. [13] In 2009 UK sales totalled €11 billion, up 33.9% from 2008, 3.6% of which was organic growth. This was due to the acquisition of British Energy which contributed €3.3 billion to sales. [14] In July 2010, Hutchison Whampoa offered 5.8 billion pounds ($9.1 billion) to purchase EDF's power networks in the UK.[15]
Germany (11% of sales, 8% of operating income)[16]
EDF has 7.2 GW of generation capacity in Germany and 2.8 million customers making it the thrid largest utility company in the country behind E.ON and RWE. Fossil-fired plants make up 44% of installed capacity with nuclear (33%) and hydro (22%) making up the remainder. Renewables made 9% of power generated in 2009. EDF's Germany subsidiary is called EnBW, jointly operated with OEW. EDF owns a 46% holding in EnBW. In 2009 the German market experienced a 6% decline in gas and electricity demand largely due to the industrial sector. [17] As a result, sales were €7.2 billion in 2009, an organic decline of 4.3%. [18]
Italy (7% of sales, 3% of operating income)[19]
EDF has 6.4 GW of capacity in Italy with 0.2 million customers. Gas makes up 58% of installed capacity with fossil fuels (26%) and hydro (13%) making up the remainder. EDF jointly operates its Italian subsidiary Edison along with a group of italian companies headed by A2A. EDF owns 49% of capital and 50% of voting rights. Edison's sales in 2009 increased 24.6% due to the acquisition of AMG Palermo in March which doubled Edison's gas customers to 0.5 million. Edison plants to invest 1 billion euro between 2010 and 2014 to increase renewables principally in solar and wind. EDF also operates its smaller subsidiary Fenice in Italy. [20] In 2009, EDF's Italian sales totalled €4.9 billion, down 12.5% on an organic basis due to decreased demand and electricity prices. [21]
Other International (5% of sales, 3% of operating income)[22]
Other international includes other countries in Western Europe (Belgium and the Netherlands), Central Europe (Austria, Switzerland, Hungary, Poland, Slovakia) and the United States and Asia. EDF has 10.2 GW of capacity in these regions and 1.1 million customers. Fossil fueled plants constitute 71% of installed capacity with gas (21%) and nuclear (8%) make up the remainder. In November EDF acquired a controlling stake in Belgian company SPE for €1.3 billion. In 2009 EDF also acquired 50% of Constellation Energy Group (CEG) nuclear portfolio in the United States. It plans to construct new nuclear plants in conjunction with U.S. companies in the next five years. In Asia EDF is a shareholder in a number of power generation companies in China, Thailand, Laos and Vietnam. Its assets mostly consist of fossil-fired plants with hydro plants planned for construction. EDF's size allows it to make global acquisitions on a consistent basis and its international segment will grow in the future. [23] In 2009, the Other International segment posted revenues of €3.4 billion with an organic sales growth of 10.6% driven by the excellent performance in Poland. [24]
Other Activities (9% of sales, 19% of operating income)[25]
EDF operates EDF Energies Nouvelles with 2.65 GW of renewable capacity as of December 2009. EDF Energies Nouvelles develops new renewable energy sources for EDF across all their geographic regions principally focusing on wind and solar. It targets 4.2 GW of installed capacity by 2012 according to the EDF 2009 Annual Report. In 2009 wind capacity increased by 619 MW. EDF Trading operates in the wholesale markets for the Group buying and selling electricity, fossil fuels and CO2 quotas. [26] In 2009, this segment posted €5.8 billion in sales (9.9% organic growth) and an EBITDA of €2.3 billion (organic growth of 25.1%). [27]
Trends and Forces
Share Price Performance YTD Shows EDF Outperforming Competitors
Relative Share Price Performance YTD[28]
EDF has outperformed its European rivals since January, 2010 by a small margin. Taking other risk factors listed in this section, the positive performance in share price may suggest to investors that those potential risks are neutralized depending on how heavily you weigh them.
NOME Law Has Potential Positive and Negative Effects on EDF (Set to be Decided in October, 2010)
The French parliament has been discussing its law regulating electric utilities called NOME in the first half of 2010. Two new elements have were added to the NOME law in April after being reviewed by the French Cabinet. First, for the next five years the french government will set electricity prices after being proposed by the CRE (Commission de Regulation de l'Energie), the body which overseas French electricity and gas markets. Second, EDF will have five additional years extension to the deadline of allocations to dedicated financial assets for nuclear decommissioning. EDF had €11.4 billion in its dedicated asset portfolio at the end of 2009 and the deadline target is €17 billion. This is a positive for EDF in that they do not have to dedicate as much cash per year towards the government deadline. It is estimated that they will save roughly €1.5 billion per year in cash as a result. [29]
The key unknown element of the law is the price at which EDF will have to sell 25% of its nuclear power generated to other suppliers. Other suppliers in France have limited access to baseload electricity output so the government is forcing EDF, whose nuclear plants supply 80% of France's power needs, to sell part of its power to other suppliers to foster competition. According to a Reuters report, EDF says it should not sell to its rivals below €42 per megawatt hours while the French energy regulator (CRE) says the price should be closer to €37 to ensure the other companies can compete. If the price is set below €42 per megawatt hours, it will negatively affect EDF's business. [30]
This new law was presented in January, 2010 and could be applied by the start of 2011. It would be voted into law under the normal process in October, 2010 and go into application January, 2011. [31] [32]
Proposed Nuclear Tax in Germany Creates Concern for EnBW
On June 8th, 2010 the German government proposed a tax on nuclear power plants. It envisaged an additional €2.3 billion ($2.8 billion) per year 'windfall tax' on nuclear operators as part of the 2011 Federal Budget and its financial plan up to 2014. EDF would be affected given its 46% stake in EnBW which contributed 7% of the Groups total sales in 2009. If the tax were put into law it would have a €400-500 million impact on EnBW according to Deutsche Bank analysts. A final decision on changes to the phase-out and the related profit share is expected to be included in the National Energy Plan by October 2010, following the initial submissions in July. [33]
Sizewell B Outage in UK Raises Uncertainty Over Key Asset
On April 9th 2010, British Energy announced an unplanned outage of its Sizewell B plant manually shutdown on March 17th. The plants last outage was over three and a half years ago. They were unable to fix higher than normal moisture levels within the containment building. This could suggest high deterioration within the plant due to lack of maintenance investment in recent years. EDF Energy has lost 2-3TWh of power so far equating to a €100 million loss in EBITDA. Sizewell B is yet to be fixed and the company says it will resume operations towards the end of summer with 4-6TWh of power lost during the outage. British Energy has also suffered boiler closure unit problems at two other sites last year in 2009 at their Hartlepool and Heysham 1 plants. Outages result in significant annual losses if prolonged and this particular outage raises questions over the condition of the British Energy fleet. [34] [35]
Competition
E.ON AG (OTC:EONGY) - Europe's largest utility in terms of revenue based in Germany. It has 30 million customers worldwide and 17 million withing Germany. 49% of revnue comes from Germany and 13% from other European countries. Unlike EDF and RWE, it has a significant global presence with 38% of revenue coming from outside Europe. [36]
RWE AG (RWE-FF) - A major European public utility company headquartered in Germany serving primarily Central and Western Europe. 63% of its revenue comes from inside Germany with 20% coming from the UK. It owns a UK based subsidiary RWE nPower and oil and gas exploration unit RWE-DEA. It serves 14 million gas and 6 million gas customers. [37]
GDF Suez (EPA:GSZ) - French-based utility company and the second largest in the world in terms of revenue. It operates in 40 countries and has 68.4 GW in generating capacity. The French government controls 36% of the company. GDF Suez is Europe's top importer of liquifies natural gas and its largest supplier of natural gas. [38]
All data is from 2009.
Company Revenue ($millions) Operating Margin Net income ($millions) Generation Capacity (GW)
EDF 95,072 15.2% 5,858 127 [39]
RWE AG 66,201 15.9% 5,490 50 [40]
E.ON AG 117,260 11.8% 12,390 73 [41]
GDF Suez 114,524 10.2% 7,496 68.4 [42]
Electricite de France is a state-owned electric utility company with a generating capacity of 127,100 MW. It provides power to 28 million customers in France and 10 million customers in other countries across Europe. Nuclear power plants provide 86% of EDF's generated power. [1] In 2009 EDF posted revenues of $95.1 billion, up 3.9% from 2008. [2] Its main competitors are E.on AG (OTC:EONGY), RWE AG (FRA:RWE), and GDF Suez (EPA:GSZ).
In 2010, EDF will be affected by the French government's pending decision on the NOME law which sets regulations and prices controls for energy companies. The government is set to force EDF to sell 25% of its nuclear power (EDF owns all 58 nuclear plants in France) to competitors. The selling price is yet to be determined price and could negatively impact EDF's business if the it is set too low. A proposed nuclear tax in Germany is negatively affecting EDF's subsidiary there and could affect the French governments new regulations.
Business Overview
EDF operates in four areas: generation and supply, distribution, transmission & others. Under generation and supply, the Group generates electricity and gas from sources like nuclear, fossil-fuel, hydroelectric and other renewable energies to businesses, local authorities, professionals and residents. Under distribution, the Group undertakes the management of transmission networks of electricity and gas to the end customers. Under transmission, the Group manages the flow and infrastructure of energy carrying high-tension wires. Under the others segment, the Group operates energy services like heating and thermal services and provides help to develop and produce electricity from cogeneration and renewable energy sources.
Contents
1 Business Overview
1.1 Financials
1.1.1 FY 2009 Performance
1.1.2 Q1 2010 Results
1.2 Business Segments
2 Trends and Forces
2.1 Share Price Performance YTD Shows EDF Outperforming Competitors
2.2 NOME Law Has Potential Positive and Negative Effects on EDF (Set to be Decided in October, 2010)
2.3 Proposed Nuclear Tax in Germany Creates Concern for EnBW
2.4 Sizewell B Outage in UK Raises Uncertainty Over Key Asset
3 Competition
4 References
Financials
FY 2009 Performance
2009 CapEx and Net Acquisitions[3]
EDF's revenue in 2009 was €66.3 billion ($95,072), up 3.9% from 2008. Revenue from within France increased 5.4% and revenue from outside France increased 9.3%. Sales in France declined due to decreased demand and lower nuclear output in 2009. Sales in the UK benefited from the acquisition of British Energy by EDF during 2009. German sales fell due to low demand by the industrial sector. Italian sales also fell due to decreased electricity demand. A key positive were sales from International and Other Activities up 9.3% to €32.3 billion. This segment represented 48.7% of the Group's sales in 2009. Strong growth in Poland and continued profits by EDF Energies Nouvelles contributed to the strong performance there. [4]
EBITDA was €17.5 billion, up by 22.7%. Growth in EBITDA was driven by International businesses (+53.5%). This increase reflected the successful integration of British Energy, as well as organic growth (+18.8%). In France, because of the difficult market conditions in 2009, EBITDA declined 9% in organic terms. [5]
EDF invested a large amount in 2009 with €14.7 billion spent on acquisitions. Gross capital expenditure was €12.4 billion. EDF spent €486 million on research & development in 2009, up 8.2% from 2008. [6]
Year (ended December) Operating Revenue (millions) Gross Margin Operating Margin Net Income (millions) Net Profit Margin
2009 $95,072 60.0% 15.2% $5,858 6.2%
2008 $90,601 58.0% 12.3% $4,982 5.5%
2007 $87,779 61.1% 16.8% $8,526 9.7% [7]
Q1 2010 Results
Group sales were €21.9 billion, up 4.3% compared to Q1 2009.
The growth was due to a positive scope effect of €1 billion, consisting of the acquisitions in November 2009 of SPE in Belgium and 49.99% of Constellation Energy Group (CEG) nuclear assets in the United States. Exchange rate fluctuations had a positive €205 million effect. Organic growth had a negative €332 million effect with €153 million positive growth in France and negative €485 million growth outside France.
Sales increased in France, Germany, Italy, and Other International (118% growth) segments over Q1 2009. UK and Other Activities segments declined. [8]
Business Segments
France (51% of sales, 50% of operating income)[9]
EDF operates 58 nuclear, 33 fossil-fired and 447 hydroelectric plants in France totaling 98.7GW of generating capacity. EDF has 27.7 million customers in France. [10] France posted a slight 0.8% decline in sales to €34 billion in 2009 due to decreased demand for electricity from end-customers (down 2% of overall demand, with major customers down 5%). One-off events affected generation leading to decreased sales (the decline in nuclear power output -28 TWh and storms that cost the company €160 million). [11]
UK (17% of sales, 17% of operating income)[12]
EDF has a generation capacity of 12.8GW in the UK with 8 nuclear plants. Nuclear plants make up 69% of installed capacity and 76% of power generation in 2009. EDF has 5.6 million customers in the UK. In 2009 EDF acquired British Energy combining its businesses into EDF Energy. The merger creates UK's largest producer of electricity in terms of generation capacity. EDF also has large gas reserves in the North Sea estimated at 2.8 billion cubic meters. [13] In 2009 UK sales totalled €11 billion, up 33.9% from 2008, 3.6% of which was organic growth. This was due to the acquisition of British Energy which contributed €3.3 billion to sales. [14] In July 2010, Hutchison Whampoa offered 5.8 billion pounds ($9.1 billion) to purchase EDF's power networks in the UK.[15]
Germany (11% of sales, 8% of operating income)[16]
EDF has 7.2 GW of generation capacity in Germany and 2.8 million customers making it the thrid largest utility company in the country behind E.ON and RWE. Fossil-fired plants make up 44% of installed capacity with nuclear (33%) and hydro (22%) making up the remainder. Renewables made 9% of power generated in 2009. EDF's Germany subsidiary is called EnBW, jointly operated with OEW. EDF owns a 46% holding in EnBW. In 2009 the German market experienced a 6% decline in gas and electricity demand largely due to the industrial sector. [17] As a result, sales were €7.2 billion in 2009, an organic decline of 4.3%. [18]
Italy (7% of sales, 3% of operating income)[19]
EDF has 6.4 GW of capacity in Italy with 0.2 million customers. Gas makes up 58% of installed capacity with fossil fuels (26%) and hydro (13%) making up the remainder. EDF jointly operates its Italian subsidiary Edison along with a group of italian companies headed by A2A. EDF owns 49% of capital and 50% of voting rights. Edison's sales in 2009 increased 24.6% due to the acquisition of AMG Palermo in March which doubled Edison's gas customers to 0.5 million. Edison plants to invest 1 billion euro between 2010 and 2014 to increase renewables principally in solar and wind. EDF also operates its smaller subsidiary Fenice in Italy. [20] In 2009, EDF's Italian sales totalled €4.9 billion, down 12.5% on an organic basis due to decreased demand and electricity prices. [21]
Other International (5% of sales, 3% of operating income)[22]
Other international includes other countries in Western Europe (Belgium and the Netherlands), Central Europe (Austria, Switzerland, Hungary, Poland, Slovakia) and the United States and Asia. EDF has 10.2 GW of capacity in these regions and 1.1 million customers. Fossil fueled plants constitute 71% of installed capacity with gas (21%) and nuclear (8%) make up the remainder. In November EDF acquired a controlling stake in Belgian company SPE for €1.3 billion. In 2009 EDF also acquired 50% of Constellation Energy Group (CEG) nuclear portfolio in the United States. It plans to construct new nuclear plants in conjunction with U.S. companies in the next five years. In Asia EDF is a shareholder in a number of power generation companies in China, Thailand, Laos and Vietnam. Its assets mostly consist of fossil-fired plants with hydro plants planned for construction. EDF's size allows it to make global acquisitions on a consistent basis and its international segment will grow in the future. [23] In 2009, the Other International segment posted revenues of €3.4 billion with an organic sales growth of 10.6% driven by the excellent performance in Poland. [24]
Other Activities (9% of sales, 19% of operating income)[25]
EDF operates EDF Energies Nouvelles with 2.65 GW of renewable capacity as of December 2009. EDF Energies Nouvelles develops new renewable energy sources for EDF across all their geographic regions principally focusing on wind and solar. It targets 4.2 GW of installed capacity by 2012 according to the EDF 2009 Annual Report. In 2009 wind capacity increased by 619 MW. EDF Trading operates in the wholesale markets for the Group buying and selling electricity, fossil fuels and CO2 quotas. [26] In 2009, this segment posted €5.8 billion in sales (9.9% organic growth) and an EBITDA of €2.3 billion (organic growth of 25.1%). [27]
Trends and Forces
Share Price Performance YTD Shows EDF Outperforming Competitors
Relative Share Price Performance YTD[28]
EDF has outperformed its European rivals since January, 2010 by a small margin. Taking other risk factors listed in this section, the positive performance in share price may suggest to investors that those potential risks are neutralized depending on how heavily you weigh them.
NOME Law Has Potential Positive and Negative Effects on EDF (Set to be Decided in October, 2010)
The French parliament has been discussing its law regulating electric utilities called NOME in the first half of 2010. Two new elements have were added to the NOME law in April after being reviewed by the French Cabinet. First, for the next five years the french government will set electricity prices after being proposed by the CRE (Commission de Regulation de l'Energie), the body which overseas French electricity and gas markets. Second, EDF will have five additional years extension to the deadline of allocations to dedicated financial assets for nuclear decommissioning. EDF had €11.4 billion in its dedicated asset portfolio at the end of 2009 and the deadline target is €17 billion. This is a positive for EDF in that they do not have to dedicate as much cash per year towards the government deadline. It is estimated that they will save roughly €1.5 billion per year in cash as a result. [29]
The key unknown element of the law is the price at which EDF will have to sell 25% of its nuclear power generated to other suppliers. Other suppliers in France have limited access to baseload electricity output so the government is forcing EDF, whose nuclear plants supply 80% of France's power needs, to sell part of its power to other suppliers to foster competition. According to a Reuters report, EDF says it should not sell to its rivals below €42 per megawatt hours while the French energy regulator (CRE) says the price should be closer to €37 to ensure the other companies can compete. If the price is set below €42 per megawatt hours, it will negatively affect EDF's business. [30]
This new law was presented in January, 2010 and could be applied by the start of 2011. It would be voted into law under the normal process in October, 2010 and go into application January, 2011. [31] [32]
Proposed Nuclear Tax in Germany Creates Concern for EnBW
On June 8th, 2010 the German government proposed a tax on nuclear power plants. It envisaged an additional €2.3 billion ($2.8 billion) per year 'windfall tax' on nuclear operators as part of the 2011 Federal Budget and its financial plan up to 2014. EDF would be affected given its 46% stake in EnBW which contributed 7% of the Groups total sales in 2009. If the tax were put into law it would have a €400-500 million impact on EnBW according to Deutsche Bank analysts. A final decision on changes to the phase-out and the related profit share is expected to be included in the National Energy Plan by October 2010, following the initial submissions in July. [33]
Sizewell B Outage in UK Raises Uncertainty Over Key Asset
On April 9th 2010, British Energy announced an unplanned outage of its Sizewell B plant manually shutdown on March 17th. The plants last outage was over three and a half years ago. They were unable to fix higher than normal moisture levels within the containment building. This could suggest high deterioration within the plant due to lack of maintenance investment in recent years. EDF Energy has lost 2-3TWh of power so far equating to a €100 million loss in EBITDA. Sizewell B is yet to be fixed and the company says it will resume operations towards the end of summer with 4-6TWh of power lost during the outage. British Energy has also suffered boiler closure unit problems at two other sites last year in 2009 at their Hartlepool and Heysham 1 plants. Outages result in significant annual losses if prolonged and this particular outage raises questions over the condition of the British Energy fleet. [34] [35]
Competition
E.ON AG (OTC:EONGY) - Europe's largest utility in terms of revenue based in Germany. It has 30 million customers worldwide and 17 million withing Germany. 49% of revnue comes from Germany and 13% from other European countries. Unlike EDF and RWE, it has a significant global presence with 38% of revenue coming from outside Europe. [36]
RWE AG (RWE-FF) - A major European public utility company headquartered in Germany serving primarily Central and Western Europe. 63% of its revenue comes from inside Germany with 20% coming from the UK. It owns a UK based subsidiary RWE nPower and oil and gas exploration unit RWE-DEA. It serves 14 million gas and 6 million gas customers. [37]
GDF Suez (EPA:GSZ) - French-based utility company and the second largest in the world in terms of revenue. It operates in 40 countries and has 68.4 GW in generating capacity. The French government controls 36% of the company. GDF Suez is Europe's top importer of liquifies natural gas and its largest supplier of natural gas. [38]
All data is from 2009.
Company Revenue ($millions) Operating Margin Net income ($millions) Generation Capacity (GW)
EDF 95,072 15.2% 5,858 127 [39]
RWE AG 66,201 15.9% 5,490 50 [40]
E.ON AG 117,260 11.8% 12,390 73 [41]
GDF Suez 114,524 10.2% 7,496 68.4 [42]
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