In what is likely to be its last third quarter declaration as an independent company, French energy firm Suez has reported achieving organic growth of 9.2% for the first nine months of 2006, which leaves it well positioned to achieve its full year growth target of 7%.
For the period to the end of September, Suez revenues, drawn up according to IFRS standards, were E32.4 billion, compared to E29.8 billion for the third quarter of 2005.
The results represent organic growth, excluding the positive effect of natural gas price changes, of 9.2%. Including the positive effect of natural gas price changes, the organic growth rate was 12.5%.
Suez Energy Europe increased its revenues 13.1% to E1,325 million, based on both increased sales in Germany, France, Italy, and Spain and higher electricity prices. Suez Energy International improved revenues E451 million, a 10.6% improvement.
Within Suez’ European business, electricity sales increased to E7.0 billion for the first nine months of 2006, for an organic growth rate of 17.1%. The increase is due primarily to a generalized rise in market prices from higher fossil fuel prices, as well as to greater volumes sold outside the Benelux countries.
Excluding the effect of natural gas price increases, Electrabel recorded organic growth in natural gas sales of E236 million, a 15.9% improvement.