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Italy's Sorgenia posts losses due to high natural gas price, low electricity demand

23 Apr 2012 15:30:19 | edem

Low electricity demand and high natural gas prices, which have hindered profit margins in the power generation sector, caused substantial financial losses for Italian utility Sorgenia in the first quarter of 2012, the company said on Friday.

Italian power demand dropped by 3.3% year on year in the 2012 first quarter, triggering a 41% year-on-year decline in the company's earnings before interest, tax, depreciation and amortisation, to €26.8m from €45.5m.

The company also said that a new 800MW combined-cycle gas-fired plant in Aprilia is almost complete and due to come on line in the 2012 second quarter (see EDEM 28 February 2012).

Four wind parks in Italy - for a combined capacity of 40MW - are also due to be complete in the 2012 second quarter. Work is progressing on a 12.5MW wind farm in France as well, the company added.

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