German power giant RWE has announced plans to sell its oil and gas unit Dea to Russian billionaire Mikhail Fridman’s L1 Energy in a $7.1 billion deal, as European power companies struggle to compete with European clean energy schemes.

Amid crippling European declines in gas storage and thermal energy production, France’s GDF Suez is reporting a net loss of over $13 billion for 2013 and may move to cut dividends.