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Direct Energie says on target to hit 2 million clients this year
October 11, 2016 / 5:15 PM / a year ago

Direct Energie says on target to hit 2 million clients this year

PARIS, Oct 11 (Reuters) - French alternative energy supplier Direct Energie said it is on track to reach its target of 2 million clients by the end of 2016.

Xavier Caitucoli said the company, which supplies both residential and industrial clients, will also pursue its strategy of matching the power needs of its clients to its own production capacity.

“We are nearly there. In a couple of days we’ll hit the 2 million target,” Caitucoli told journalists on the sidelines of a power and gas conference in Paris on Tuesday.

The company aimed for 3 million clients by 2018 and 10 percent of the market before 2020, he said, but did not say how many consumers that would be.

Caitucoli said Direct Energie will buy power plants if opportunities arise.

It operates a 400 megawatt (MW) natural gas power plant in Bayet in northwestern France, is in negotiations to acquire a 400 MW gas-fired plant and is building another 400 MW power plant.

Direct Energie is also a candidate to take over some of state-controlled utility EDF’s hydropower stations.

“The production units that we are buying today, we are buying them from operators that overinvested in their production capacity without making sure they had an equal amount of downstream outlets,” Caitucoli said.

“We know that we are in a cyclical market. Sometimes producers are rewarded and at other times, suppliers are rewarded. Hence we need to own the right amount of production facilities to reassure our clients,” he said. (Reporting by Bate Felix; Editing by Susan Fenton)

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