elec in Fra 2012.pdf

France - Electricity 0164 - 0663 - 2011
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MarketLine Industry Profile
Electricity in France
September 2012
Reference Code: 0164-0663
Publication Date: September 2012
WWW.MARKETLINE.COM
MARKETLINE. THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED

EXECUTIVE SUMMARY
Market value
The French electricity market grew by 0.7% in 2011 to reach a value of $53.6 billion.
Market value forecast
In 2016, the French electricity market is forecast to have a value of $60.8 billion, an increase of 13.4% since 2011.
Market volume
The French electricity market shrank by 6.4% in 2011 to reach a volume of 445.5 TWh.
Market volume forecast
In 2016, the French electricity market is forecast to have a volume of 457 TWh, an increase of 2.6% since 2011.
Category segmentation
Residential is the largest segment of the electricity market in France, accounting for 48.3% of the market's total value.
Geography segmentation
France accounts for 6.9% of the European electricity market value.
Market share
EdF is the leading player in the French electricity market, generating a 78.6% share of the market's volume.
Market rivalry
Even though the deregulation of the French electricity market took place in several stages over the last decade, the
dominance of EdF in the French electricity market reduces rivalry in practice.

TABLE OF CONTENTS
Executive Summary .......................................................................................................................................................2
Market value...............................................................................................................................................................2
Market value forecast.................................................................................................................................................2
Market volume............................................................................................................................................................2
Market volume forecast..............................................................................................................................................2
Category segmentation..............................................................................................................................................2
Geography segmentation...........................................................................................................................................2
Market share ..............................................................................................................................................................2
Market rivalry..............................................................................................................................................................2
Market Overview ............................................................................................................................................................7
Market definition.........................................................................................................................................................7
Market analysis ..........................................................................................................................................................7
Market Data ...................................................................................................................................................................8
Market value...............................................................................................................................................................8
Market volume............................................................................................................................................................9
Market Segmentation...................................................................................................................................................10
Category segmentation............................................................................................................................................10
Geography segmentation.........................................................................................................................................11
Market share ............................................................................................................................................................12
Market Outlook.............................................................................................................................................................13
Market value forecast...............................................................................................................................................13
Market volume forecast............................................................................................................................................14
Five Forces Analysis....................................................................................................................................................15
Summary..................................................................................................................................................................15
Buyer power.............................................................................................................................................................16
Supplier power .........................................................................................................................................................17
New entrants............................................................................................................................................................18
Threat of substitutes.................................................................................................................................................19
Degree of rivalry.......................................................................................................................................................20
Leading Companies .....................................................................................................................................................21

EDF 21
EON 25
GDF Suez SA...........................................................................................................................................................29
Macroeconomic Indicators ...........................................................................................................................................36
Country Data............................................................................................................................................................36
Appendix......................................................................................................................................................................38
Methodology.............................................................................................................................................................38
Industry associations................................................................................................................................................39
Related MarketLine research ...................................................................................................................................39

LIST OF TABLES
Table 1: France electricity market value: $ billion, 2007–11...........................................................................................8
Table 2: France electricity market volume: TWh, 2007–11 ............................................................................................9
Table 3: France electricity market category segmentation: $ billion, 2011 ...................................................................10
Table 4: France electricity market geography segmentation: $ billion, 2011................................................................11
Table 5: France electricity market share: % share, by volume, 2011...........................................................................12
Table 6: France electricity market value forecast: $ billion, 2011–16...........................................................................13
Table 7: France electricity market volume forecast: TWh, 2011–16.............................................................................14
Table 8: EDF: key facts................................................................................................................................................21
Table 9: EDF: key financials ($) ...................................................................................................................................23
Table 10: EDF: key financials (€) .................................................................................................................................23
Table 11: EDF: key financial ratios...............................................................................................................................23
Table 12: EON: key facts .............................................................................................................................................25
Table 13: EON: key financials ($).................................................................................................................................27
Table 14: EON: key financials (€).................................................................................................................................27
Table 15: EON: key financial ratios..............................................................................................................................27
Table 16: GDF Suez SA: key facts...............................................................................................................................29
Table 17: GDF Suez SA: key financials ($)..................................................................................................................34
Table 18: GDF Suez SA: key financials (€)..................................................................................................................34
Table 19: GDF Suez SA: key financial ratios ...............................................................................................................34
Table 20: France size of population (million), 2007–11................................................................................................36
Table 21: France gdp (constant 2000 prices, $ billion), 2007–11.................................................................................36
Table 22: France gdp (current prices, $ billion), 2007–11............................................................................................36
Table 23: France inflation, 2007–11.............................................................................................................................37
Table 24: France consumer price index (absolute), 2007–11 ......................................................................................37
Table 25: France exchange rate, 2007–11 ..................................................................................................................37

LIST OF FIGURES
Figure 1: France electricity market value: $ billion, 2007–11 .........................................................................................8
Figure 2: France electricity market volume: TWh, 2007–11...........................................................................................9
Figure 3: France electricity market category segmentation: % share, by value, 2011..................................................10
Figure 4: France electricity market geography segmentation: % share, by value, 2011 ..............................................11
Figure 5: France electricity market share: % share, by volume, 2011..........................................................................12
Figure 6: France electricity market value forecast: $ billion, 2011–16..........................................................................13
Figure 7: France electricity market volume forecast: TWh, 2011–16 ...........................................................................14
Figure 8: Forces driving competition in the electricity market in France, 2011.............................................................15
Figure 9: Drivers of buyer power in the electricity market in France, 2011...................................................................16
Figure 10: Drivers of supplier power in the electricity market in France, 2011 .............................................................17
Figure 11: Factors influencing the likelihood of new entrants in the electricity market in France, 2011 .......................18
Figure 12: Factors influencing the threat of substitutes in the electricity market in France, 2011 ................................19
Figure 13: Drivers of degree of rivalry in the electricity market in France, 2011...........................................................20
Figure 14: EDF: revenues & profitability.......................................................................................................................24
Figure 15: EDF: assets & liabilities...............................................................................................................................24
Figure 16: EON: revenues & profitability......................................................................................................................28
Figure 17: EON: assets & liabilities..............................................................................................................................28
Figure 18: GDF Suez SA: revenues & profitability .......................................................................................................35
Figure 19: GDF Suez SA: assets & liabilities ...............................................................................................................35

MARKET OVERVIEW
Market definition
The electricity market consists of the sale of electricity to industrial, commercial, household, transportation, and other
end-users, including agricultural.
The volume of the market is calculated as the total volume of electricity consumed (in Terawatt-hours, TWh), and the
market value has been calculated according to average annual electricity prices. Note that 1 TWh is identical to 1 billion
kWh, or 1 million MWh. Market shares are calculated on the basis of retail sales to end-users in all segments. Any
currency conversions used in the creation of this report have been calculated using constant 2011 annual average
exchange rates.
For the purposes of this report, Europe consists of Western Europe and Eastern Europe.
Western Europe comprises Belgium, Denmark, France, Germany, Greece, Italy, the Netherlands, Norway, Spain,
Sweden, Switzerland, Turkey, and the United Kingdom.
Eastern Europe comprises the Czech Republic, Hungary, Poland, Romania, Russia, and Ukraine.
Market analysis
The French market has witnessed healthy growth in recent years with the exception of 2009 when it declined. The
electricity market is expected to grow further in terms of value with moderate but rather steady growth rates throughout
years up to 2016.
The French electricity market had total revenues of $53.6 billion in 2011, representing a compound annual growth rate
(CAGR) of 1.9% between 2007 and 2011. In comparison, the German market increased with a CAGR of 2.1%, and the
UK market declined with a CARC of -0.1%, over the same period, to reach respective values of $116.3 billion and $62.8
billion in 2011.
Market consumption volumes declined with a compound annual rate of change (CARC) of -0.1% between 2007 and
2011, to reach a total of 445.5 TWh in 2011. The market's volume is expected to rise to 457 TWh by the end of 2016,
representing a CAGR of 0.5% for the 2011-2016 period.
The residential segment was the market's most lucrative in 2011, with total revenues of $25.9 billion, equivalent to 48.3%
of the market's overall value. The industrial segment contributed revenues of $14.2 billion in 2011, equating to 26.4% of
the market's aggregate value.
The performance of the market is forecast to accelerate, with an anticipated CAGR of 2.5% for the five-year period 2011
- 2016, which is expected to drive the market to a value of $60.8 billion by the end of 2016. Comparatively, the German
and UK markets will grow with CAGRs of 5.2% and 5.8% respectively, over the same period, to reach respective values
of $149.9 billion and $83.3 billion in 2016.

MARKET DATA
Market value
The French electricity market grew by 0.7% in 2011 to reach a value of $53.6 billion.
The compound annual growth rate of the market in the period 2007–11 was 1.9%.
Table 1: France electricity market value: $ billion, 2007–11
Year $ billion € billion % Growth
2007 49.8 35.8
2008 55.4 39.8 11.3%
2009 49.6 35.6 (10.6%)
2010 53.2 38.3 7.4%
2011 53.6 38.5 0.7%
CAGR: 2007–11 1.9%
SOURCE: MARKETLINE M A R K E T L I N E
Figure 1: France electricity market value: $ billion, 2007–11

Market volume
The French electricity market shrank by 6.4% in 2011 to reach a volume of 445.5 TWh.
The compound annual rate of change of the market in the period 2007–11 was -0.1%.
Table 2: France electricity market volume: TWh, 2007–11
Year TWh % Growth
2007 447.2
2008 460.9 3.1%
2009 452.3 (1.9%)
2010 475.7 5.2%
2011 445.5 (6.4%)
CAGR: 2007–11 (0.1%)
Figure 2: France electricity market volume: TWh, 2007–11

MARKET SEGMENTATION
Category segmentation
Residential is the largest segment of the electricity market in France, accounting for 48.3% of the market's total value.
The Industrial segment accounts for a further 26.4% of the market.
Table 3: France electricity market category segmentation: $ billion, 2011
Category 2011 %
Residential 25.9 48.3%
Industrial 14.2 26.4%
Commercial 11.7 21.9%
Transportation 1.5 2.8%
Other 0.3 0.5%
Total 53.6 100%
Figure 3: France electricity market category segmentation: % share, by value, 2011

Geography segmentation
France accounts for 6.9% of the European electricity market value.
Germany accounts for a further 15% of the European market.
Table 4: France electricity market geography segmentation: $ billion, 2011
Geography 2011 %
Germany 116.3 15.0
Italy 110.6 14.2
United Kingdom 62.8 8.1
France 53.6 6.9
Spain 45.1 5.8
Rest of Europe 389.3 50.1
Total 777.7 100%
Figure 4: France electricity market geography segmentation: % share, by value, 2011

Market share
EdF is the leading player in the French electricity market, generating a 78.6% share of the market's volume.
GdF-Suez accounts for a further 7.7% of the market.
Table 5: France electricity market share: % share, by volume, 2011
Company % Share
EdF 78.6%
GdF-Suez 7.7%
E.ON France 2.9%
Other 10.8%
Total 100%
Figure 5: France electricity market share: % share, by volume, 2011

MARKET OUTLOOK
Market value forecast
In 2016, the French electricity market is forecast to have a value of $60.8 billion, an increase of 13.4% since 2011.
The compound annual growth rate of the market in the period 2011–16 is predicted to be 2.5%.
Table 6: France electricity market value forecast: $ billion, 2011–16
Year $ billion € billion % Growth
2011 53.6 38.5 0.7%
2012 55.5 39.9 3.5%
2013 56.8 40.8 2.3%
2014 58.1 41.8 2.3%
2015 59.4 42.7 2.3%
2016 60.8 43.7 2.2%
CAGR: 2011–16 2.5%
Figure 6: France electricity market value forecast: $ billion, 2011–16

Market volume forecast
In 2016, the French electricity market is forecast to have a volume of 457 TWh, an increase of 2.6% since 2011.
The compound annual growth rate of the market in the period 2011–16 is predicted to be 0.5%.
Table 7: France electricity market volume forecast: TWh, 2011–16
Year TWh % Growth
2011 445.5 (6.4%)
2012 455.4 2.2%
2013 455.7 0.1%
2014 456.1 0.1%
2015 456.5 0.1%
2016 457.0 0.1%
CAGR: 2011–16 0.5%
Figure 7: France electricity market volume forecast: TWh, 2011–16

FIVE FORCES ANALYSIS
The electricity market will be analyzed taking electricity retailers as players. The key buyers will be taken as industrial,
commercial and individual consumers , and suppliers of wholesale electricity or primary energy sources as the key
suppliers.
Summary
Figure 8: Forces driving competition in the electricity market in France, 2011
Even though the deregulation of the French electricity market took place in several stages over the last decade, the
dominance of EdF in the French electricity market reduces rivalry in practice.
The recent liberalization of the French retail electricity market has allowed consumers to choose their electricity supplier,
breaking up the national monopoly. Each client has the choice between two types of contracts: Contracts under
regulated tariffs (offered by incumbent suppliers only) or contracts at market prices (offered by incumbent suppliers and
alternative suppliers). The full impact of this for end users is likely to become apparent in the coming years, but at
present the incumbent Electricité de France (EDF) still completely dominates the market. Major suppliers to the French
retail electricity suppliers are suppliers of raw materials, electricity generators, wholesale electricity suppliers, and
providers of the electricity transmission services. These represent a moderate force. The lack of switching costs for end-
users following liberalization paves the way for new entrants into the electricity market yet with growth only limited, the
threat is not strong. Electricity retailers are challenged by two key substitutes in the French consumer segment: gas and
self-generation through equipment such as solar panels; in the industrial segment, autogeneration is a potential
substitute. Current limitations in the scope and depth of such energy sources cap the extent of this threat however.
Rivalry within the market is weak, due to EDF‟s dominance.

Buyer power
Figure 9: Drivers of buyer power in the electricity market in France, 2011
The French electricity market has recently undergone significant liberalization with the opening of the market to
competition in July 2004 for business customers and in July 2007 to residential customers. The residential segment is
the most lucrative, however the industrial and commercial domains also represent significant areas of operation.
Although this move faced robust opposition it brought the country into line with the direction of the wider European
Union. Deregulation, it was argued by proponents, would serve to benefit buyers, stimulating investment, expanding
coverage, and improving efficiency in the market. The opening up of such markets to the private sector and the freedom
of customers to move between providers, it is maintained, introduces a level of rivalry that can yield more competitive
rates for buyers. It is currently too earlier to determine whether this analysis will be vindicated in France. Few residential
buyers are believed to have switched initially after market opening. Homes that do opt to switch will be prevented from
returning to a regulated tariff. Whilst alternative suppliers began offering rates that were lower by as much as 5-10%
many consumers remain wary, believing that this rate will rise once a large customer base has been secured. Countries
that are in a more advanced state of liberalization appear to back this suspicion. In November 2008, the Organization for
Economic Cooperation and Development (OECD) reported that in the UK, the forerunner of deregulation, electricity
prices were rising faster than anywhere in Europe. The possibility of low cost switching should, in principle, strengthen
the hand of buyers particularly given that electricity is effectively a uniform product that cannot be differentiated. It is
worth noting, however, that this new found freedom is accompanied by an inevitable increase in marketing and
temporary incentive schemes by the players who offer such opportunities. As a consequence, billing will eventually
reflect this company cost. The rise of consumer awareness and comparison services can restrain this upward pressure
yet the heavy contemporary dependence on electricity is well known. With a steady flow of new domestic appliances
sustaining demand and severe limitations to current substitutes, consumers are reliant on this vital resource. The law of
December 7, 2010 established the system of regulated access to nuclear power history (ARENH), which gives the right
to any provider to purchase electricity from nuclear power from EDF at regulated prices. The establishment of “ARENH”
became effective on 1st of July 2011 and is changing market conditions. Between May 2011 and September 2011,
alternative suppliers gained up to 7.2 TWh of new customers, most of which were already at market price within EDF and
some at regulated tariffs, thus a 16% increase in portfolio volume. Overall, buyer power is no more than moderate.

Supplier power
Figure 10: Drivers of supplier power in the electricity market in France, 2011
Major suppliers to French retail electricity suppliers are suppliers of raw materials, electricity generators, wholesale
electricity suppliers, and providers of electricity transmission services. These tend to be relatively large companies, and
are not very numerous. It is unlikely that „pure retail‟ electricity companies would integrate backwards into electricity
generation or the wholesale electricity market, as the former in particular would involve very large capital outlay. For such
companies, the key input is power purchased on the wholesale market, the ultimate supplier of which is EdF. The French
incumbent EdF has vertically-integrated operations from electricity generation through to the retail sale of electricity. For
a player with this business model, a small number of large suppliers of primary energy, such as nuclear fuel, are
important. In contrast to the rest of the world, the majority of French power is generated by nuclear means. Materials
such as fissionable uranium are, therefore, integral. Although generation companies decide for themselves what mix of
primary energy sources to use, switching completely from one fuel to another can only be achieved over a long
timescale. The modification or development of appropriate infrastructure is just one of the major programs necessary for
this. Overall, supplier power with respect to the French electricity market is moderate from the point of view of EdF, but
stronger from the point of view of other utility companies.

New entrants
Figure 11: Factors influencing the likelihood of new entrants in the electricity market in France,
2011
In many liberalized electricity markets, switching costs for end-users are low, which encourages new entrants. However,
French electricity customers are showing little propensity to switch, and the fact that switching back to a regulated tariff is
not possible could be viewed as a form of switching cost. Such factors will tend to dissuade new entrants. The lack of
product differentiation means that price considerations have a central role. By undercutting EDF, newcomers may be
able to encourage sufficient customers to switch, and so establish a profitable position in the market. Fixed costs and
capital outlay required depend strongly on the business model: a company acting purely as a retailer will incur lower
costs than one aiming to acquire or build generation or distribution assets. Third-party access to the distribution network
is not particularly easy in France, with access tariffs around the mid-range for Europe as a whole. With market growth
limited, other countries may represent more attractive opportunities. The threat of new entrants, overall, is moderate.

Threat of substitutes
Figure 12: Factors influencing the threat of substitutes in the electricity market in France, 2011
Electricity retailers are challenged on two fronts. One substitute is natural gas. The other is self-generation, either
through microgeneration devices such as domestic solar panels, or industrial on-site autogeneration. Gas poses a
substantial challenge to electricity with regards to cooking and heating, yet electricity is essential for lighting and the vast
majority of modern domestic appliances. Many large electric utilities defend themselves against this challenge by
retailing gas. Both of these substitutes can impose high switching costs (replacing an electric cooker with a gas cooker,
or installing a wind turbine for example), and with gas and electricity prices often unpredictable for the end-user, their
price advantages are not completely clear-cut. With the emergence of environmental awareness and its rise as a political
force, microgeneration could become increasingly popular and may eventually occupy a substantial position in
mainstream use. Overall, the threat of substitutes is weak.

Degree of rivalry
Figure 13: Drivers of degree of rivalry in the electricity market in France, 2011
The French market continues to be dominated by EDF, although with liberalization other companies are beginning to
chip away at this position. Consumers can now switch quite easily between suppliers of a commodity that is essentially
undifferentiated. Exit barriers can be high for the majors, as most have power stations in the country for which buyers
would need to be found, and which may represent considerable sunk costs if built by the companies concerned. The lack
of fixed assets for companies involved solely in supply, however, reduces their exit costs and can offer a route away from
head-to-head competition. The market is highly important for virtually all its players, although diversification (into gas
supply or other geographical markets) is a common strategy for decreasing dependence on the French electricity market
alone. Limited growth maintains a certain pressure from rivals, leaving a moderate level of competition overall. It should
be noted that for the French electricity market, the five forces model is not altogether applicable, as it does not reflect the
near-monopoly position of EdF, however the degree of rivalry is currently assessed as strong.

LEADING COMPANIES
EDF
Table 8: EDF: key facts
Head office: 22-30 avenue de Wagram, Paris 75382, FRA
Telephone: 33 1 40 42 46 37
Fax: 33 3 88 20 60 10
Website: www.edf.com
Financial year-end: December
Ticker: EDF
Stock exchange: Paris
SOURCE: COMPANY WEBSITE M A R K E T L I N E
EDF is an energy holding group engaged in the generation, transmission, and distribution of electricity. The group
supplies energy and services to about 37.7 million customers worldwide. The group operates in France, the UK, Italy,
Switzerland, Poland, Hungary, Slovakia, Austria, Spain, Belgium, the US, China, Laos, and Vietnam. EDF principally
operates power plants (hydro, thermal, nuclear, and other renewables) and distribution systems. It also has interests in
research and development facilities.
EDF operates through four business segments: generation/supply; distribution; transmission; and other.
The generation/supply segment covers all expertise and assets required to generate energy and sell it to industry, local
authorities, small businesses, and residential consumers. EDF has one of the largest generation fleet in the European
Union (EU). The group's generation worldwide (as on December 31, 2011) was 628.2 terawatt hours (TWh).
EDF group serves about 37.7 million customers around the world. Besides France, EDF provides energy service through
its subsidiaries in the UK, Italy, Belgium, Spain, Hungary, Poland, Switzerland, the Netherlands, and the US.
In France, EDF is engaged in electricity generation. In FY2011, EDF had installed electric capacity of 99.3 gigawatts
(GW). EDF Energies Nouvelles, in which EDF owns a 100% stake, is engaged in the development, construction, and
operation of electricity generation assets from renewable energy sources in France. It is engaged in sales of electricity
generation assets to third parties based on renewable energy sources. It also operates and maintains wind farms. EDF
Energies Nouvelles operates generation assets with total installed electric capacity of 3,522 megawatts (MW).
In the UK, the generation activities of EDF are conducted by its wholly-owned subsidiary, EDF Energy. In FY2011, EDF
Energy owned generation assets with an installed electric capacity of 13 GW.
In FY2011, in Italy, Edison (in which EDF has a 48.96% stake) owned generation assets with an installed electric
capacity of 6.1 GW. Fenice, a wholly-owned subsidiary of EDF in Italy, owned generation assets with an installed electric
capacity of 487 MW and had installed thermal capacity of 3,329 MWth (thermal MW for cogeneration, as opposed to
electric MW).
In Belgium, EDF operates through its wholly-owned subsidiary, EDF Belgium, and EDF Luminus (in which it has
63.5%interest). In FY2011, EDF Belgium had installed electric capacity of 419 MW and EDF Luminus had installed
electric capacity of 1,900.6 MW. In Hungary, EDF is engaged in electricity and heat generation through BE ZRt (in which
it has 95.57% interest). In FY2011, BE ZRt had 404 MW of installed electric capacity and 1,267 MWth of installed
thermal capacity.

In Poland, EDF is engaged in electricity and heat generation through EC Wybrzeze (in which it has 99.74% interest), EC
Krakow (in which it has 94.31% interest), Kogeneracja (in which it has 40.58% interest), and Zielona Gora (in which it
has 39.93% interest). In FY2011, EC Wybrzeze had installed electric capacity of 331 MW and installed thermal capacity
of 1,199 MWth, while EC Krakow had installed electric capacity of 460 MW and installed thermal capacity of 1,118
MWth. For the same period, Kogeneracja had installed electric capacity of 363 MW, and installed thermal capacity of
1,124 MWth, while Zielona Gora had installed electric capacity of 221 MW and installed thermal capacity of 296 MWth.
Further in Poland, EDF is engaged in electricity generation through ERSA (in which it owns 97.34% interest). In FY2011,
ERSA had an installed electric capacity of 1,775 MW.
In Switzerland, EDF operates through Alpiq (in which it has 25% interest). In FY2011, this company had installed electric
capacity of 7,595 MW and 21,489 GWh (excluding long-term contracts). EDF is engaged in electricity generation in the
Netherlands through Sloe Centrale (in which it has 50% interest), which in FY2011, had installed electric capacity of 870
MW. In the US, EDF operates its generation assets through Constellation Energy Nuclear Group (in which EDF acquired
a 49.99% stake in FY2008), a company engaged in nuclear power generation and operation business. In FY2011,
Constellation Energy Nuclear Group owned generation assets with an installed capacity of 4,055 MW.
In addition, the group has generation interests in China, Laos, and Vietnam.
The distribution segment consists of managing the low and medium-voltage public distribution network. It operates and
maintains the network. It builds and maintains electricity distribution infrastructures and manages metering operations.
Several companies in EDF group are involved in the business of distribution. Apart from France, the group is involved in
electricity distribution in the UK, Germany, Slovakia, Hungary, and Austria.
Electricite Reseau Distribution France (ERDF), a wholly-owned subsidiary of the group, operates the distribution network
in mainland France and is responsible for developing, operating, and maintaining the asset base in France and for
providing public service. It ensures that connection and access to the network is available on a non-discriminatory basis
and it is responsible for relations with the energy regulation authority. Its prices are set by ministerial order on the basis
of submissions by the French Energy Regulatory Commission (CRE). ERDF operates, maintains, and develops about
1.3 million kilometers of network.
EDF distributes electricity in the UK through EDF Energy. EDF distributes and markets electricity in Slovakia through
Stredoslovenska Energetika (SSE). It has a 49% stake in SSE. In FY2011, SSE sold 4.8 TWh of electricity to more than
641,000 customers through 33,400 kilometers (km) of high, medium, and low-voltage lines. EDF distributes energy in
Hungary through Demasz, its wholly-owned subsidiary, and BE ZRt. Demasz distributes energy to 767,488 customers in
Hungary and sells 4,977 GWh of electricity. In Austria, electricity is distributed through ESTAG Group (in which EDF
owns 25% interest).
The transmission segment involves operating, maintaining, and developing the high-voltage and very-high-voltage
electricity transmission network. The transmission network carries the electricity from the place of generation to the
distribution network and controls interconnections with the power grids of neighboring countries.
RTE-EDF Transport, a 100% EDF subsidiary, operates the transmission network in France and has a transmission
network of approximately 100,000 kilometers (km) of high voltage and very high-voltage circuits, and 46 cross-border
lines. It operates, maintains, and develops the electricity public network. It also ensures that the system functions reliably
and adjusts production to consumption. RTE-EDF Transport prices are set by ministerial order on the basis of
submissions by the French Energy Regulatory Commission (CRE).
The other segment consists of energy services (district heating and thermal energy services, among others) for industry
and local authorities. This category also comprises new businesses aimed at boosting electricity generation through
cogeneration and renewable energy sources (like wind turbines and solar panels).

Key Metrics
The company recorded revenues of $90,856 million in the fiscal year ending December 2011, an increase of .2%
compared to fiscal 2010. Its net income was $4,188 million in fiscal 2011, compared to a net income of $1,419 million in
the preceding year.
Table 9: EDF: key financials ($)
$ million 2007 2008 2009 2010 2011
Revenues 82,967.4 89,425.4 82,276.0 90,658.0 90,855.6
Net income (loss) 7,815.8 4,730.1 5,432.7 1,419.0 4,187.5
Total assets 258,971.9 278,642.2 333,938.5 334,667.5 322,352.5
Total liabilities 218,910.7 244,081.8 292,353.9 283,327.8 273,789.6
SOURCE: COMPANY FILINGS M A R K E T L I N E
Table 10: EDF: key financials (€)
€ million 2007 2008 2009 2010 2011
Revenues 59,637.0 64,279.0 59,140.0 65,165.0 65,307.0
Net income (loss) 5,618.0 3,400.0 3,905.0 1,020.0 3,010.0
Total assets 186,149.0 200,288.0 240,035.0 240,559.0 231,707.0
Table 11: EDF: key financial ratios
Ratio 2007 2008 2009 2010 2011
Profit margin 9.4% 5.3% 6.6% 1.6% 4.6%
Revenue growth 1.2% 7.8% (8.0%) 10.2% 0.2%
Asset growth 3.9% 7.6% 19.8% 0.2% (3.7%)
Liabilities growth 2.0% 11.5% 19.8% (3.1%) (3.4%)
Debt/asset ratio 84.5% 87.6% 87.5% 84.7% 84.9%
Return on assets 3.1% 1.8% 1.8% 0.4% 1.3%

Figure 14: EDF: revenues & profitability
Figure 15: EDF: assets & liabilities

EON
Table 12: EON: key facts
Head office: E.ON-Platz 1, Dusseldorf 40479, DEU
Telephone: 49 211 4579 0
Fax: 49 211 4579 501
Website: www.eon.com
Ticker: EOAN
Stock exchange: Frankfurt
E.ON is a Germany-based public utility company engaged in the generation, transmission, and distribution of electricity.
It is also engaged in the transmission, storage, and sale of natural gas. The company operates in Europe as well as in
North America.
As of FY2011, E.ON segmented its operations into global units (by function) and regional units (by country). E.ON has
five global units: conventional generation; renewables generation; new build and technology; global gas; and trading.
The twelve regional units are Germany, the UK, Sweden, Italy, Spain, France, the Netherlands, Hungary, Czech
Republic, Slovakia, Romania, and Bulgaria. Support functions like IT, procurement, and business processes are led
centrally by the company management. However, the company reports its revenues on the basis of six market units:
trading; gas; generation; renewable; Germany; Russia; and other European countries.
The conventional generation global unit oversees and coordinates the operations of E.ON's generation portfolio in
Europe. It groups the company's power plants into four fleets by fuel type and manages these fleets across national
boundaries. The company has major asset positions in Germany, the UK, Sweden, Italy, Spain, France, and the Benelux
countries.
The renewables generation global unit plays a key role in expanding renewables capacity across Europe and North
America. It currently has a capacity of over eight gigawatts (GW) of renewable energy. The company operates in the
renewable sector through its subsidiary E.ON Climate and Renewables. It has a diverse fuel mix consisting of onshore
and offshore wind, biomass, photovoltaic (PV), and concentrated solar power (CSP).
E.ON's new build and technology global unit brings together the company's project-management and engineering
expertise to support the construction of new power plants and the operation of existing plants across E.ON. It also
oversees the company's entire research and development effort. The unit is headquartered in Gelsenkirchen (in
Germany) and is also located in Ratcliffe (the UK) and Hanover, Hamburg, Munich, Berlin (all in Germany), and
Rotterdam (The Netherlands). This unit provides support to the E.ON group as it expands its program to include more
renewable and nuclear energy.
The global gas unit operates along the entire gas value chain. It has a growing exploration and production business and
is also active in the global liquefied natural gas (LNG) business. It is also engaged in gas storage in Germany, Austria,
Hungary, and the UK; and in gas transmission in Germany.
The trading global unit buys and sells electricity, natural gas, oil, coal, freight, biomass, and carbon allowances. In
addition, the unit manages and develops assets at several stages of the gas value chain, including pipelines, long-term
supply contracts, and storage facilities.

The twelve regional units manage the company's national sales operations, regional energy networks, and distributed-
generation businesses in Europe. They are also close partners of the global units operating in their respective region, for
which they provide a broad range of important functions, such as human resource management and accounting. In
FY2011, the company was active in the Germany, the UK, Sweden, Italy, Spain, France, the Netherlands, Hungary,
Czech Republic, Slovakia, Romania, and Bulgaria.
The Germany regional unit is responsible for power and gas distribution, energy sales, and distributed generation in
Germany. It also serves as an important partner of the company's global units, particularly the generation unit. E.ON
Vertrieb Deutschland (E.ON Sales Germany) manages the company's energy sales business in Germany for all
customer segments, from residential to industrial. The company operates a total of 455,000 kilometers (km) of power
lines and 65,000 km of gas pipelines, which deliver energy safely and reliably to about nine million people across a large
area of Germany.
The UK regional unit through its retail business, Energy Solutions, supplies energy to homes as well as small-medium-
enterprises and industrial customers across the country. It has around eight million electricity and gas customer
accounts. It also offers maintenance and consulting services for energy efficiency and is partnering a number of UK cities
to help them reduce their carbon footprint.
The Sweden regional unit supplies to a total of about one million customer accounts, mainly in south and east-central
Sweden. It markets power, gas, and heat nationwide and provides a full range of energy services. The unit also has
responsibility for E.ON's businesses in Finland, Denmark, and Norway.
The Italy regional unit operates through its lead company E.ON Italia. The Spain regional unit is engaged primarily in
power distribution and retail. The France regional unit sells power and gas to industrial and wholesale customers. This
unit also plays a key role in supporting the generation and renewables units in the operation and development of the
company's conventional and wind, solar, and hydro capacity in France.
The Netherlands regional unit markets power and gas to residential, business, and industrial customers in the
Netherlands and Belgium. The Hungary regional unit of E.ON is primarily engaged in power wholesaling and power and
gas distribution and retail. The unit supplies energy to about three million customers (2.5 million power and 0.5 million
gas).
The company's Czech regional unit operates power and gas business and has 1.4 million electricity customers and
110,000 gas customers. The Slovakia regional unit is active in the Slovak electricity market. It operates power
distribution network and provides energy services to all customers segments, from residential to industrial.
The Romania regional unit is engaged in the downstream power and gas business and serves a total of 2.7 million
customers (1.3 million gas and 1.4 million power). E.ON's Bulgaria regional unit delivers electricity to 1.1 million
customers in northeast Bulgaria.
Russia is a special focus country for E.ON, where its business centers on power generation. This business is not
integrated into the company's global or regional units because of its geographic location and because Russia's power
system is not part of Europe's integrated grid. In Russia E.ON is engaged in power generation, power sales, and
wholesale marketing with a diverse portfolio of gas-fired and coal-fired power stations with a total capacity of 10.3
gigawatts (GW). The company's operations located in several key industrial regions in Russia: Central Russia, Ural, and
Siberia.
In addition, through E.ON International Energy, the company works with local partners to develop renewable-source and
conventional generating capacity in attractive and fast-growing regions outside Europe.
As of January 2012, two new global units were added: optimization and trading and exploration and production.
The exploration and production segment is active in four focus regions: the UK North Sea, the Norwegian North Sea,
Russia, and North Africa.

Key Metrics
The company recorded revenues of $157,864 million in the fiscal year ending December 2011, an increase of 22.2%
compared to fiscal 2010. Its net loss was $3,107 million in fiscal 2011, compared to a net income of $8,738 million in the
preceding year.
Table 13: EON: key financials ($)
$ million 2007 2008 2009 2010 2011
Revenues 95,619.1 120,691.4 111,260.4 129,191.7 157,864.5
Net income (loss) 10,745.7 2,231.5 12,060.4 8,738.2 (3,106.6)
Total assets 191,004.5 218,174.7 212,317.8 212,689.2 212,676.7
Employees 83,434 93,538 88,227 85,105 78,889
Table 14: EON: key financials (€)
€ million 2007 2008 2009 2010 2011
Revenues 68,731.0 86,753.0 79,974.0 92,863.0 113,473.0
Net income (loss) 7,724.0 1,604.0 8,669.0 6,281.0 (2,233.0)
Total assets 137,294.0 156,824.0 152,614.0 152,881.0 152,872.0
Table 15: EON: key financial ratios
Ratio 2007 2008 2009 2010 2011
Profit margin 11.2% 1.8% 10.8% 6.8% (2.0%)
Revenue growth 7.2% 26.2% (7.8%) 16.1% 22.2%
Asset growth 7.6% 14.2% (2.7%) 0.2% 0.0%
Liabilities growth 7.6% 44.1% (8.2%) (1.3%) 5.6%
Debt/asset ratio 59.8% 75.5% 71.2% 70.2% 74.1%
Return on assets 5.8% 1.1% 5.6% 4.1% (1.5%)
Revenue per employee $1,146,045 $1,290,293 $1,261,070 $1,518,027 $2,001,096
Profit per employee $128,793 $23,857 $136,697 $102,675 ($39,379)

Figure 16: EON: revenues & profitability
Figure 17: EON: assets & liabilities

GDF Suez SA
Table 16: GDF Suez SA: key facts
Head office:
1, Place Samuel de Champlain, Faubourg de l'Arche, Paris la Defense
92930, FRA
Telephone: 33 157 040 000
Local office: 22 rue Marius Aufan, 92300 Levallois-Perret, FRA
Website: www.gdfsuez.com
Ticker: GSZ
Stock exchange: Euronext Paris
GDF Suez operates across the energy value chain through its electricity and natural gas businesses. The company
engages in the purchase, production, and commercialization of natural gas and electricity. It transports, distributes,
manages, and develops major natural gas infrastructure. GDF Suez also offers energy services and environment related
services.
The company has its generation operations distributed across Europe, North America, Latin America, and Middle East-
Asia Pacific.
GDF Suez operates through ten business segments: energy France; energy Benelux and Germany; energy Europe;
energy North America; energy Latin America; energy Middle East, Asia, and Africa; global gas and LNG; infrastructures;
energy services; and Suez Environnement.
The energy France segment's business activities range from power generation to the sales and marketing of natural gas,
electricity and related services, and eco-comfort solutions for housing. It operates through five business units (BUs):
power generation; energy management France; business to business sales and marketing (B to B sales and marketing);
business to customer sales and marketing (B to C sales and marketing); and household services.
The power generation BU operates through three divisions: thermal, hydraulic, and renewable energy. As of December
2010, the segment had an installed generation capacity of 7,909 megawatt (MW), of which thermal power plants
accounted for 2,147 MW, hydraulic power plants 3,728 MW, renewable energy division 926 MW, and nuclear drawing
rights 1,108 MW. The BU generated 32.7 terawatt hours (TWh) of electricity in FY2010, of which thermal division
accounted for 7.7 TWh, hydraulic division 16.3 TWh, renewable energy division 1.1 TWh, and nuclear drawing rights 7.6
TWh. In FY2010, the company sold 36.5 TWh of electricity and 292.4 TWh of natural gas in France.
The energy management France BU provides electricity and natural gas to the segment's sales and marketing BUs at
the best possible price, manages transmission, and streamlines the energy France segment's energy balance sheet. In
FY2010, it managed a diversified electricity portfolio with nuclear drawing rights, four combined cycle gas plants, and
advanced run-of-river and cutting-edge hydro facilities. It also manages the transmission on the natural gas distribution
network, and the natural gas market risks faced by the energy France segment.

The B to B sales and marketing BU sells natural gas, electricity, and related services to the industrial customers in
France, the private and public service sector, collective housing associations, and local communities. In FY2010, it
managed a portfolio of 260,000 natural gas sites and more than 115,000 electricity sites, representing approximately
55,000 customers. The BU sold 140 TWh of natural gas in FY2010. Following the deregulation of the individual gas and
electricity market on July 1, 2007, the B to C sales and marketing BU has been offering new package deals to individual
customers for natural gas and electricity. In October 2008, the BU launched DolceVita 2 Energies Nature, the first fixed
price market offer giving private individuals the choice of a 100% commitment to the environment, while controlling their
energy spending. The B to C sales and marketing BU has also implemented the new Symphonie customer relations
management information system.
The households service BU develops energy-efficient renewable energy-based solutions for private individuals in
collective and individual housing. It operates through three divisions: Eco-Comfort, which markets energy-efficient
solutions based on renewable energy for housing (consulting, installation, financing, maintenance, and warranties);
SAVELYS, which installs and maintains energy systems for private individuals; and Banque Solfea, which specializes in
financing efficient home energy installations.
The energy Benelux and Germany segment engages in the electricity production and sales, natural gas distribution and
sales, and energy services, with support from the energy trading and portfolio management business. The segment is
active in the areas of power and heat generation, and in trade and supply of power, natural gas, and energy services. It
is organized into four entities: two countries (the Netherlands and Germany) and two business segments in Benelux
(power generation and marketing and sales). The segment comprises the entities in charge of subsidiary Electrabel's
activities in Benelux and the GDF Suez's activities in Germany. It also includes the entities and stake holdings in charge
of energy sales in Benelux and Germany.
In Belgium, GDF Suez operates through its subsidiary Electrabel, which has an electricity generating capacity of
approximately 11,535 MW, including seven nuclear power units in Doel and Tihange, several thermal power plants
(mainly gas fired), a wide range of renewable energy installations, and the pumped storage facility in Coo (1,164 MW).
Electrabel provides natural gas, heat and energy services to approximately 3.3 million electricity and 1.8 million gas
industrial customers.
In Germany, the company is active in the energy sector in Germany through its subsidiary GDF Suez Energie
Deutschland. Further, the company has large business customers for both electricity and gas, and is active in power,
gas, and heat distribution and retail supply through its participations in municipal utilities, which include
Energieversorgung Gera and Kraftwerke Gera, GASAG Berliner Gaswerke, Energie SaarLorLux, and WSW Energie &
Wasser.
Electrabel Nederland, a subsidiary of Electrabel, is Netherlands' leading electricity producer, with a share of
approximately 20% of the country's generating capacity. The company sells electricity to industrial consumers and
suppliers and on the residential market under the Rendo Energy and Cogas Energy brands. GDF Suez operates through
its subsidiary Twinerg in Luxembourg.
The energy Europe segment includes GDF Suez's energy activities in Europe (excluding France, Belgium, Netherlands,
Luxembourg, and Germany). It engages in energy production, commercialization, and distribution through four BUs:
Southern Europe (Italy and Greece); Western Europe (UK, Spain, and Portugal); Central Europe (Poland and Hungary);
and Eastern Europe (Romania, Slovakia, and Turkey). The main activities of GDF Suez in Southern Europe are
production and sales of electricity; and distribution and sales of natural gas. Further, it conducts electricity production and
sales in Italy through its subsidiary AceaElectrabel Produzione Group (AEP), which has a total installed capacity of 1,516
MW; and Tirreno Power, which has three thermal power plants and 18 hydraulic power plants, with a total installed
capacity of 3,263 MW. The company also distributes and sells natural gas in Italy, through Italcogim (renamed as G6
Rete Gas as from January 2011) which has a gas network of 15,250 kilometers (km). In Greece, the company is present
in electricity production through a joint venture with Terna, a Greek private power production, construction, and real
estate company.

In Western Europe, GDF Suez Energy UK produces electricity and sells energy to the industrial and service market
segments. The main power plants include Teeside, a 1,875 MW facility, and Shotton, a 210 MW combined
cycle/cogeneration facility and a 20 MW wind farm located in central Scotland. GDF Suez electricity activities in Portugal
are focused on renewable energy. Through its wholly-owned subsidiary Eurowind, the company controls a total of 214
MW installed and operating wind capacity. GDF Suez also conducts natural gas distribution activities through its 25.4%
stake in Portgas which commercializes and distributes natural gas and propane in a concession in northern Portugal,
and has more than 180,000 customers. The group also holds a 42.5% stake in Generg, a group of companies with 436
MW wind, 33 MW hydroelectric power, and 13 MW of solar energy capacity. In Spain, GDF Suez owns a 774 MW
combined cycle natural gas facility, Castelnou Energia, and holds a 26% stake in AES Energia Cartagena, a 1,199 MW
combined-cycle plant.
In Central Europe the company operates a 1,657 MW coal/biomass power plant in Poland. In FY2010, the plant
produced 8 TWh of electricity, of which 0.7 TWh was generated from biomass. The company also sells electricity to
industrial customers and on the wholesale market. It is also active in energy related services, fuel trading, industrial
cogeneration, and energy outsourcing. In Hungary, the company owns a majority stake in the Dunamenti power plant,
which has a total electric capacity of 1,676 MW, which is fuelled mainly by natural gas. In FY2010, the company supplied
natural gas to 717,000 customers in over 650 municipalities through a network of 22,940 km.
In Romania, the company is actively present in the commercialization and distribution of natural gas. In FY2010, the
company supplied natural gas to over 1.4 million customers through its 16,600 km of distribution network. In Slovakia,
the company is actively involved in the international transit, purchase, transport, storage, distribution, and sales of natural
gas through its subsidiary SPP. SPP is also active in natural gas sales, and had 1.5 million residential customers in
FY2010. Further, in Turkey, the company conducts its operations through Izgaz, which distributes and markets natural
gas to about 200,000 residential, service, and industrial customers.
GDF Suez Energy North America (GSENA), a wholly-owned subsidiary based in Houston, manages the company's
electricity and gas activities in the US, Canada, and Mexico, including liquefied natural gas (LNG) regasification facilities.
The segment engages in the production, trading, marketing, and sale of electricity; and transportation, distribution,
marketing, and sale of natural gas including LNG regasification terminals. GSENA owns or has under construction a
portfolio representing eight GW from electric power and cogeneration plants, 3,000 tons per hour of steam production,
and 42,000 tons per hour of chilled water production.
In Mexico, the company's gas activities include six natural gas distribution companies (Guadalajara, Queretaro, Tampico,
Matamoros, Puebla, and Mexico Distrito Federal) and two pipeline companies (Mayacan and Bajio). GDF Suez also
manages three steam-electricity cogeneration projects with a total installed capacity of 279 MW. The company sells the
output from these power plants, under long term contract to industrial clients as well as to Mexican authorities. In
Canada, GDF Suez holds a stake in Gaz Metro, a regulated natural gas distribution company in Quebec, with interest in
regional pipelines and storage assets. In February 2011, GDF SUEZ divested its stake in Gaz Metro, which was part of
the group's divestment in its share of Noverco.
GDF Suez Energy Latin America, a wholly-owned subsidiary of GDF Suez located in Florianopolis (Brazil), manages the
company's gas and electricity business activities in Brazil, Chile, Peru, Central America, and Argentina.
In Brazil, the company carries out its business activities through its subsidiaries Tractebel Energie (TBLE) and GDF Suez
Energy Brazil. GDF Suez has 68.71% stake in Tractebel Energia, the country's largest independent electricity producer,
with an installed capacity of 7,437 MW. In January 2010, GDF SUEZ and Codelco (Corporacion Nacional del Cobre de
Chile) completed the merger of all their energy assets and gas transport activity in Chile's northern electricity grid, into
one entity named E-CL. GDF SUEZ has a 52.4% controlling interest in E-CL, Codelco holds a 40% interest and the
remaining 7.6% is traded on the Santiago stock exchange. Following the merger, E-CL has become the fourth largest
generation company in Chile and is the leading company in electricity generation in Northern Chile, with an installed
capacity of 1,691 MW.

In Peru, the company has a 61.73% stake in EnerSur, the second largest private generator of electricity. GDF Suez is
the second largest player in the Panama electricity market, with about 22% of market share, and owns about 349 MW
installed capacity. Further, GDF Suez holds a 90% stake in the 49.5 MW Guanacaste wind farm in Costa Rica. It also
has a 50% stake in Corani, a Bolivia- based power generation company with an installed hydropower capacity of 147
MW. In Argentina, the company owns 64% of Litoral Gas, a gas distribution company with some 600,000 customers, and
with a market share of 12%. In addition, GDF SUEZ holds a 46.7% interest in ECS (Energy Consulting Services), an
electricity and gas retail and consultancy company.
GDF Suez Energy Asia, a wholly-owned subsidiary of GDF Suez based in Bangkok, manages GDF Suez Energy Middle
East, Asia, and Africa (GSEMEAA) segment's electricity, gas, and sea water desalinization activities in Thailand, Laos,
Singapore, Turkey, and the countries of the Gulf Cooperation Council. In the Middle East, GDF SUEZ manages all its
Middle East and North African activities through a single operating entity Kahrabel, which oversees and manages the
development, construction, and operational activities of the group's energy business in the region. Kahrabel is the
leading private power developer in the region with a total power generation capacity (including capacity in operation and
under construction) of 16,844 MW and more than 2.8 million cubic meters of water per day of desalination capacity. GDF
Suez, in the Gulf Cooperation Council (GCC) countries, acts mainly as an independent power producer, selling its
production directly to public distribution companies under long term power purchasing agreement (PPA).
GSEMEAA conducts its business operations in the Turkish power generation sector through its 95% stake in the
Baymina Enerji power generation project. In Thailand, the company operates through its subsidiary Glow Group, a major
energy player in Thailand with a combined installed capacity of 1,823 MW of electricity and 967 tons per hour of steam.
GDF Suez also owns a 40% stake in PTTNGD Company, which distributes natural gas to industrial customers in
Bangkok. In Singapore, the company performs its business activities through Senoko, Singapore's largest power
generating company.
The global gas and LNG segment supplies natural gas including LNG to various GDF Suez units, through its exploration
production business, supply contracts, and organized markets. It manages and optimizes the balance between GDF
Suez's natural gas resources and requirement by managing its resource portfolio and trading. It develops GDF Suez's
activities in the LNG sector, and its natural gas and LNG trading business. The segment also markets energy (natural
gas and electricity) offers and related energy services to the company's largest customers in Europe.
The segment operates through five BUs: exploration and production; supply; LNG; Gaselys; and key account sales.
In FY2010, GDF Suez had proven and probable reserves of 815 million barrels of oil equivalent (Mboe). The company's
annual production of natural gas and liquid hydrocarbons was 51.2 Mboe in FY2010. GDF Suez also operates
exploration-production activities in 14 countries, primarily in Europe and North Africa. In FY2010, the company held 362
exploration production licenses in 14 countries, and was itself the operator in 57% of them.
The supply BU provides GDF Suez with competitive natural gas supply, commercializes part of the exploration-
production BU's production, and manages and optimizes the company's natural gas supply portfolio structure. The main
resources are procured from Norway, Russia, Algeria, the Netherlands, Egypt, the UK, Libya, and Nigeria.
The LNG BU manages a portfolio of long-term supply contracts from five countries, including three liquefaction plants in
which the company holds a stake (Atlantic LNG, Idku, and Snohvit); and regasification capacities in four European
countries (France, Belgium, Spain, and the UK), and in the US (New England, Gulf of Mexico).
Gaselys, a wholly-owned subsidiary of GDF Suez, is one of the leading players in European natural gas trading. It
primarily operates in the European markets. The key accounts sales BU serves more than 250 customers in over 1,000
sites across continental Europe. In FY2010, it sold approximately 170.7 TWh of natural gas to large European accounts.

The infrastructures segment operates gas and electricity transportation, storage, and distribution networks in France and
Germany. It also sells access rights to this infrastructure to third parties. The segment operates through four independent
subsidiaries fully-controlled by GDF Suez: GrDF, GRTgaz, STORENGY, and ELENGY. The infrastructures segment also
manages GDF Suez's shareholdings in the following subsidiaries: natural gas transmission companies in Belgium,
Germany, and Austria; storage companies in Germany, the UK, and Canada; LNG terminal companies in Belgium; local
natural gas distribution companies in France; and electricity transmission companies in Belgium.
GrDF manages the distribution network in France. GRTgaz manages the transmission network (gas pipelines and linear
compression stations) in France. It also oversees GDF Suez's other subsidiaries and shareholdings in European
transmission infrastructures: GRTgaz Deutschland or GDF DT and Megal in Germany, and BOG in Austria. STORENGY
manages the storage sites in France and supervises GDF Suez's other storage subsidiaries in Europe. ELENGY
manages the Montoir and Fos-Tonkin LNG terminals. In addition, it supervises the GDF Suez's stake in Societe du
Terminal Methanier de Fos-Cavaou, operator of the Fos Cavaou LNG terminal in southeastern France.
Through its independent subsidiaries, the segment manages the following: 32,200 km of natural gas transmission
network in France and a 1,373 km transmission network in the rest of Europe with equity stakes in several European
transmission companies, in Belgium, Germany and Austria; 192,202 km natural gas distribution network in France; and
10 billion cubic meters of natural gas storage capacities in Europe. Further in FY2010, GDF Suez had 13 underground
storage facilities in France. In Germany it operates four storage facilities with a total useful capacity of 750 million cubic
meters through its subsidiary Storengy Deutschland. Storengy is also active in Quebec through an indirect 49% stake in
Intragaz. In FY2010, Intragaz operated two underground storage facilities developed in former natural gas fields, with
capacities of 20 million cubic meters and 100 million cubic meters, respectively.
The energy services segment provides engineering, installation, maintenance, and delegated management services,
particularly in relation to electrical and heating facilities, pipeline systems, and energy networks. These multi-technical
(electrical, thermal and climate-related, mechanical, and systems integration), multi-service (engineering, installation,
maintenance, operation, and facilities management), multi-energy (gas, electricity, coal, and renewable energies
including biomass and photovoltaic), and multi-country environmental and energy-efficient services are offered to
industrial and service segment, local governments, public administrations, and infrastructure customers.
Suez Environnement offers water distribution and treatment services, notably under concession contracts (water
management) and water purification facility design and construction services (turnkey engineering). It also offers waste
collection and treatment services including sorting, recycling, composting, landfilling, energy recovery, and hazardous
waste treatment. These services are offered to private customers, local authorities, and industrial customers in more
than 25 countries. Suez Environment is the world's second leading water operator and the third-leading waste operator.
In FY2010, Suez Environment operated some 1,200 drinking water production plants, servicing 91 million people. It also
operated more than 1,800 wastewater treatment plants for 61 million people. Further, during the same period, it treated
over 40 million tons of waste, and provided waste collection services for over 50 million people as well as over 430,000
businesses.
Key Metrics
The company recorded revenues of $126,145 million in the fiscal year ending December 2011, an increase of 7.3%
compared to fiscal 2010. Its net income was $5,569 million in fiscal 2011, compared to a net income of $6,422 million in
the preceding year.

Table 17: GDF Suez SA: key financials ($)
$ million 2007 2008 2009 2010 2011
Revenues 99,092.9 97,278.5 111,169.0 117,526.4 126,145.0
Net income (loss) 8,005.0 6,757.2 6,228.9 6,421.8 5,569.0
Total assets 77,927.5 232,621.0 238,488.0 256,896.2 296,897.6
Employees 25,570 198,200 200,650 218,350 215,000
Table 18: GDF Suez SA: key financials (€)
€ million 2007 2008 2009 2010 2011
Revenues 71,228.0 69,923.8 79,908.3 84,478.0 90,673.0
Net income (loss) 5,754.0 4,857.1 4,477.3 4,616.0 4,003.0
Total assets 56,014.3 167,208.0 171,425.2 184,657.0 213,410.0
Table 19: GDF Suez SA: key financial ratios
Ratio 2007 2008 2009 2010 2011
Profit margin 8.1% 6.9% 5.6% 5.5% 4.4%
Revenue growth 56.0% (1.8%) 14.3% 5.7% 7.3%
Asset growth 8.5% 198.5% 2.5% 7.7% 15.6%
Liabilities growth 5.7% 193.8% 1.4% 7.6% 16.9%
Debt/asset ratio 63.4% 62.4% 61.8% 61.7% 62.4%
Return on assets 10.7% 4.4% 2.6% 2.6% 2.0%
Revenue per employee $3,875,359 $490,810 $554,045 $538,248 $586,721
Profit per employee $313,063 $34,093 $31,043 $29,411 $25,902

Figure 18: GDF Suez SA: revenues & profitability
Figure 19: GDF Suez SA: assets & liabilities

MACROECONOMIC INDICATORS
Country Data
Table 20: France size of population (million), 2007–11
Year Population (million) % Growth
2007 62.0 0.6%
2008 62.3 0.5%
2009 62.6 0.5%
2010 63.0 0.5%
2011 63.3 0.5%
Table 21: France gdp (constant 2000 prices, $ billion), 2007–11
Year Constant 2000 Prices, $ billion % Growth
2007 1,508.0 2.3%
2008 1,506.0 (0.1%)
2009 1,462.1 (2.9%)
2010 1,485.0 1.6%
2011 1,510.2 1.7%
Table 22: France gdp (current prices, $ billion), 2007–11
Year Current Prices, $ billion % Growth
2007 2,586.1 14.5%
2008 2,845.1 10.0%
2009 2,627.7 (7.6%)
2010 2,569.1 (2.2%)
2011 2,778.1 8.1%

Table 23: France inflation, 2007–11
Year Inflation Rate (%)
2007 1.6%
2008 3.1%
2009 0.1%
2010 1.7%
2011 2.3%
Table 24: France consumer price index (absolute), 2007–11
Year Consumer Price Index (2000 = 100)
2007 114.1
2008 117.6
2009 117.8
2010 119.8
2011 122.6
Table 25: France exchange rate, 2007–11
Year Exchange rate ($/€)
2007 0.7308
2008 0.6834
2009 0.7192
2010 0.7549
2011 0.7188

APPENDIX
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine‟s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
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28790 Chargrin Blvd., Suite 350, Cleveland, Ohio, 44122-4630, USA
Tel.: 1 216 464 5365
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The Council of European Energy Regulators
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Tel.: 32 2 788 7330
Fax: 32 2 788 7350
www.ceer-eu.org
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