Electrabel to Invest EUR 5B in Renewable Energy

Electrabel, the energy group of French utility Suez (NYSE: SZEZY) plans to invest EUR 5 billion in renewable energy projects across Europe over the next four years, chief executive Jean-Pierre Hansen said. 

In an interview with financial daily L’Echothe, Hansen said the investment in renewables was just a part of a larger EUR 20 billion investment in all areas of operation scheduled for 2008-2012.

Hansen said new carbon dioxide quotas will not be met with rate increases in 2008, even though the new targets are expected to increase production costs in the energy sector by EUR 200 million.