Gerard Mestrallet News
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Europe’s program to halt climate change is in disarray, with lawmakers in the region expressing concern the drift is undermining the planet’s most significant effort to combat global warming.
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Japan’s Mitsubishi Heavy Industries Ltd. and Areva SA of France signed a $22 billion agreement today to build a nuclear power plant in Turkey, the first major order for Japan since the Fukushima disaster in 2011.
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GDF Suez SA would operate a nuclear plant in Turkey with a local partner should the government choose GDF and Mitsubishi Heavy Industries Ltd. to develop a project.
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GDF Suez SA Chief Executive Officer Gerard Mestrallet said the idling of gas-fired power plants in Europe has created a crisis on a greater scale than one that saw uncompetitive steel plants shutter.
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Europe’s failure to rescue the region’s carbon market is likely to encourage utilities to burn record amounts of coal, putting power prices in Germany on course for the worst-ever sequence of quarterly declines.
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GDF Suez SA, owner of Europe’s biggest gas network, cut its top executives’ bonuses in 2012 amid poor results and as the government clamps down on executive compensation.
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GDF Suez SA, the biggest Europen utility by market value, said Morocco’s King Mohammed VI and French President Francois Hollande inaugurated its Mediouna wastewater treatment plant in Casablanca.
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GDF Suez SA Chief Executive Officer Gerard Mestrallet says the French utility’s dividend is a sacred cow -- even at a world-leading 10.2 percent yield. Options traders don’t believe him.
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Three years ago, Germany’s largest utility spent 400 million euros ($523 million) building a natural gas-fired power station. Later this month, the company may close the plant because it’s losing so much money.
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GDF Suez SA, the biggest buyer of gas in Europe, is considering a bid for Repsol SA’s liquefied natural gas assets, according to Chief Executive Officer Gerard Mestrallet.
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