European utilities face 'perfect storm', says Engie's Cirelli

Utility giants already in deep trouble, warns former CEO of Gaz de France

Power plant
Thermal plant closures were not supporting power prices, Cirelli said

European utilities face a "perfect storm" amid the continent's economic woes, a surge in renewable generation and advances in technology, warned Jean-François Cirelli, the former chairman and chief executive of Gaz de France (GDF), speaking at Energy Risk Summit Europe on June 24.

At the London conference, Cirelli – who now serves as special adviser to the presidency at GDF's successor company Engie – offered a downbeat assessment of the European utility sector. "Let's admit: it has taken energy