Paris-based French Natural Gas Suez Group has said that next year's EBITDA earnings (before interest, taxes, depreciation, amortization) will increase by at least 15% from $14 billion in 2009 to 160. Billion US dollars, however, the company had previously expected 2011 EBITDA earnings will reach 17 billion to 18 billion US dollars.
After the iron and steel industry and automobile manufacturing industries shut down factories and reduce energy consumption, the global economic downturn has seriously hit public utilities companies. Natural gas futures prices fell 43% last year in the UK, Europe’s largest natural gas market.
Gérard Mestalla, CEO of Gaz de Suez Group, said at a recent analysis conference in Paris: “We have seen a historic decline in demand. We believe that the recovery of our global user needs is not like us. Expected to be so strong."
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