GDF Suez SA (GSZ), the owner of Electrabel in Belgium, plans annual cost savings in Europe approaching 750 million euros ($965 million) in three years, De Tijd reported, citing a note from unions following a meeting with management.

In the European market, energy demand and prices in many countries lag behind forecasts, the newspaper said. GDF Suez forecasts the market share of Electrabel will fall to between 40 percent and 50 percent from 60 percent as clients defect, according to the report.

To contact the reporter on this story: Andrew Clapham in Brussels at aclapham@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net