By Ilan Brat

Full-year earnings for European utilities are expected to be mostly lower, with power plant outages and economic weakness in Europe dragging on power-production earnings. Operations in other markets could be a bright spot for some firms.

The focus will continue to be on efforts to strengthen balance sheets by selling assets and reducing capital expenditure.

Enel SpA (ENEL.MI)-Feb. 5, timing unknown

Enel's 2012 earnings before interest, tax, depreciation and amortization, or Ebitda, is expected to fall about 5.1% because of the recessionary drop in electricity and natural gas demand in Italy. The company's net debt is predicted to fall 6.4%, compared with the end of September. Investors will be watching for details of capital expenditure reductions and the renegotiation of natural gas supply contracts.

Iberdrola SA (IBE.MC)-Feb. 14, pre-market

Economic weakness in its home market will weigh on the Spanish utility's full-year figures, as power production continues to drop. Renewable energy will be a bright spot, as well as operations in emerging markets. Investors will be listening for comments on the impact of new energy taxes and the company's divestment program, which is a key sign of Iberdrola's ability to reduce debt.

Electricité de France SA (EDF.FR)-Feb. 14, after market close

EDF is expected to see its net profit for 2012 increase by around 50%, thanks to delayed compensation from the French government for costs previously incurred in a renewable energy subsidy scheme. Power output is expected to be a little below that of 2011, due to several planned nuclear reactor outages. Investors will be looking for a medium-term outlook and financing details of nuclear projects in the U.K.

Centrica PLC (CNA.LN)-Feb. 27, at 0700 GMT

Full-year revenue is expected to be up around 5% and Ebitda up 10%, with analysts citing growth in power and gas production, and Centrica's North American business as key drivers. Investors will be looking out for whether Centrica will invest a possible 800 million pounds of excess free cash flow on growth in the U.S., or return it to shareholders. A final decision on whether to invest in new U.K. nuclear power plants in early 2013 will be on the agenda.

CEZ AS (BAACEZ.PR)-Feb. 28, at 0700 GMT

The Czech utility may struggle to fulfill fiscal-year 2012 guidance due to higher annual financial expenses, a downward revaluation of shares it holds in Hungary's MOL Nyrt (MOL.BU), losses at its troubled Albanian unit and the decline in sale prices for electricity. The outlook for 2013 will be key, with analysts expecting flat earnings and warning of a potential write-down of billions of koruna (CZK1 billion = $52.6 million) on Albanian distribution assets. The company could benefit from the end of a temporary Czech tax on carbon emission allowances or the sale of its loss-making Albanian unit.

GDF Suez SA (GSZ.FR)-Feb. 28, before market open

Full-year net profit is seen down around 15% on lower output following nuclear outages in Belgium, a profit shortfall due to a regulated-tariff cap in France, and higher corporate taxes also in France. Investors will be looking for details of potential asset sales, on top of the EUR5 billion of divestments already agreed, and whether the company will bid for some of Spanish company Repsol's liquefied natural gas assets.

RWE (RWE.XE)-Mar. 5, pre-market

Full-year operating profit and Ebitda are expected to grow, thanks in large part to the company's fleet of coal and lignite power plants, which are benefiting from relatively low fuel and carbon costs. Investors' focus is expected to remain firmly on RWE's effort to conserve cash and reduce debt, as its asset-sale program significantly lags its EUR7 billion target for the end of 2013. This may force RWE to reduce capital expenditure or close loss-making power plants to cut debt.

(Geraldine Amiel in Paris, Liam Moloney in Rome, Cassie Werber in London, Sean Carney in Prague and Jan Hromadko in Frankfurt contributed to the story.)

-Write to Ilan Brat at ilan.brat@wsj.com

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