In her efforts to "simplify" Engie, MacGregor is moving from 25 business units to 4 globally, and . Les miroirs magiques et moulins vent ne seront jamais une alternative au nuclaire franais, Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. To this end, we expect to invest between 5.5 billion to 6 billion growth CapEx, with over 90% of this in renewables, networks and asset-based client solutions. This was also driven by higher operational contribution of Brazilian assets and by improved performance from Middle East gas contracted activities. For example, we signed several corporate PPAs with Amazon for a 650-megawatt global portfolio of wind and solar projects across the U.S., Italy and France. So for my question, the first is on the asset rotation. or Watch th. Let me now focus on the evolution of net debt and on our leverage ratios. Find here the list of all the sessions presented by this speaker in order not to miss any of it. university It is a great source, among others, of motivation and satisfaction to continue the (so essential) low-caborn transition in an extremely challenging environment , | Financial Reporting |Taxation| Month, Year-end Closings |Corporate Accounting| Financial Statement Analysis| SAP Hana FICO |IFRS. This translates to a dividend of 0.53, which will be proposed for shareholder approval at our AGM on the 20th of May. An example of the latter is the continued rollout of smart meters, where we installed an additional two million smart meters in France last year. You will remember last year, we had close to 200 million, which was really driven by 2 things or 2019, sorry, we had roughly 200 million, 2 things. MacGregor will take the helm at Engie in January 2021, joining from TechnipFMC Group where she has spent just over a year as head of Technip Energies. Our environment is changing. In the summer of 2019, she chose to pursue her career in the energy industry by joining the Executive Committee of the TechnipFMC Group to lead its onshore and offshore engineering and construction activities, Technip Energies. I was wondering whether you could just remind us where youre still using coal in district heating and what the options are there, whether youre planning on investing and converting those units to cleaner fuels? And so from a financial impact standpoint, unlikely to be a 2021 story. So hopefully, this helps. Thank you #HariPrasad #PulakPrakash #PallavGogoi #AmitGhosh, Player Representation and Scouting for F&F Sports, Two Cows Explain Economics Better Than Any Class But ENGIE shares have gone, lets say, sort of sideways and even down a bit in that time. We also continued our relentless pursuit of simplifying the group. According to the IEAs latest sustainable development scenario, in Europe alone, energy from biomethane and hydrogen could potentially grow three times from 2019 levels to over 300 terawatt hours in 2030. It was in this ramp-up that we were doing on renewability was the first time that we had significant sell downs. Overall, we have 100 cooling networks with a total installed capacity of 6.1 gigawatts and 300 heating networks of various sizes that distribute 19 terawatt hours yearly. The 0.1 billion, is this a 2020 contribution of the businesses youre going to sell? cookies Estabelece ainda cotas 50+ proporcionais a populao para preenchimento de vagas no setor pblico. And in terms of the supply, were really expecting supply to recover mainly from less COVID impacts, also looking at the temperature, which will improve. So can you be a little bit more specific about where the extra CapEx is being spent this year and how youve been able to ramp it up so quickly? And so were keeping 40%. She has spent her entire professional career working in the energy sector. Engie will also capture opportunities resulting from recovery plans announced in Europe, notably related to the development of green gases (biogas and hydrogen). And if so, what quantity? We are a smaller company than Engie normally would partner with. Currently, Catherine MacGregor holds the position of Chief Executive Officer for ENGIE SA. commentary and analysis you can trust. Its not like a 2020 event. What an insightful stay in India this week starting with a technical conference on #hydrogen #certification at #IndiaEnergyWeek then meetings with 7 industrial players developing hydrogen projects across #India. But let me reassure you, there are several processes that have been launched, and so were confident that we can move at speed to really help simplify the group through the disposals. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. And Im going to pass it on to Judith to comment maybe on the other questions. First of all, I think you are highlighting through your question the fact that we have, at ENGIE, significant tailwinds, tailwinds that some of our peers have enjoyed and we havent. ENGIE SA (OTCPK:ENGIY) Full Year 2020 Earnings Conference Call February 26, 2021 4:00 AM ET, Aarti Singhal Director of Investor Relations, Catherine MacGregor Chief Executive Officer, Judith Hartmann Chief Financial Officer. Compare Standard and Premium Digital here. And we will now take a last question from Louis Boujard with ODDO. We think its important to have a system play on renewables. It honours and commits me. One was the CapEx. Thank you, Emmanuel, for your questions. We delivered for our customers while continuing to invest in major capital projects. It is important to say that our renewables growth ambition is not about entering a gigawatt race. Pour viter se gchis financier avec l'argent des franais - Play an important role in ensuring security of supply for France and Europe From 2013 to 2016, she also served as president Europe & Africa at Schlumberger, before being promoted in 2017 to president of the drilling business, while based in London. That will put pressure on Ms MacGregor to make her mark . Euro erzielen und am Vorhaben festhalten, jhrlich 65 . This was really driven by mix of the results, changes in some tax laws, including in the UK, and we are expecting to go to a more normal level at the 25% kind of range in 2021. The second half of 2020 showed a strong recovery after second quarter, which has which was heavily impacted by COVID. And Networks, given that we do, we continue to invest here in France into the RAB, you will see a relative quick turnaround into contribution. Thank you for giving us our voices back with the amazing Diversity, Equity and Inclusion policies at ENGIE . Lets now move to our Supply, Nuclear and Other activities. Are you working on a new organizational format? More information, our agenda as well as the opportunity to register are available here: https://fusion.concur.com/. We use cookies in a variety of ways to improve your experience, such as keeping NHST websites reliable and secure, personalising content and ads and to analyse how our sites are being used. So this is becoming real. A warm welcome as well to you, Catherine MacGregor. And so we will not give specific assets, of course, at any given time. *Criao da poltica nacional de incluso das pessoas 50+ no mercado de trabalho* Elle travaille pendant 23 ans chez Schlumberger. And second, its really focused and making sure that everybody pulls in the same direction. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. In Thermal, we expect a COI decrease due to the normalization of a strong 2020 performance in Europe, which was supported by high spark spreads and ancillary contributions. The enshittification of apps is real. We reshaped the portfolio by investing 7.7 billion CapEx and by disposing of 4.2 billion of assets. We have 101 gigawatt of gross power generation capacity, of which around 30% from renewables. We maintained a high level of liquidity with 23 billion, including 13.3 billion of cash as at the end of December 2020. And as in the past, we will be very mindful of timing. We are also expecting a year-on-year accretion resulting from the partial disposal of SUEZ and EVBox, which contributed negatively in 2020. Aarti Singhal - Director of Investor Relations. One second, it will be over soon. I have only started to get to know them, and Im already extremely impressed by their engagement, their professionalism and their talent. You certainly have a lot of people out here who want you to be very successful. And as a result, the second half of 2020 was actually similar to H2 2019 on an organic basis. You can update your choices at any time in your settings. But time will tell. And Im going to pass it on to Judith now for the COI details on Renewables. Selbst im Worst-Case-Szenario komme Engie dann auf eine Bewertung mit einem KGV von rund 10. Read more about DN Media Group here. Were going to really focus on a few geographies. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Comptences clefs . I have a couple of questions, 1 for Catherine and 1 for Judith. De mme pour Angeles Garcia Poveda, prsidente du conseil d'administration de Legrand et Barbara Dalibard, prsidente du conseil de surveillance de Michelin. Both include the construction of new substations and upgrades to existing substations and are expected to be commissioned in the second half of this year. Yes. This was mainly due to impairments, especially related to our nuclear reactors. In terms of operational performance, I am pleased that the group made progress at pace despite the challenging backdrop. Euro erzielen. I will now hand you back to Catherine for our 2021 priorities. So in short obviously, its a topic we could talk for hours. COI decreased mainly driven by a 600 million impact from the pandemic. So maybe I will start with your last question, which is around the decision on nuclear. (Tech. So its a huge project. Dans ce poste prestigieux et trs expos politiquement, elle succde Isabelle Kocher, partie le 24 fvrier 2020 et remplace provisoirement par Claire Waysand. Overall, we currently estimate a potential net impact at the group COI and net recurring income group share level of between 80 million to 120 million. We also continued to benefit from the cost actions launched in the second quarter. This decision to appoint Macgregor, effective as of January 1, 2021, is the result of a selection process started at the end of July. And then, of course, in terms of Thermal, we will be very opportunistic. Recharge is part of DN Media Group. In addition, the extension of fair value accounting to a European gas contract and its related assets also led to a net impairment of 500 million. We continue to develop these activities, including through an acquisition of the worlds largest district cooling scheme in Dubai, allowing us to increase our DHC net installed capacity by 9%. Posted mercredi, avril 14 2021 Last month, with her feet barely under the desk, Catherine MacGregor was required to appear before the French senate's economic affairs committee be grilled on Engie's strategy. Soliane Varlet, gestionnaire de portefeuille de notre stratgie actions Women Leaders, s'entretient avec Catherine MacGregor, Directrice gnrale d'Engie, l'. Yes. In emerging markets, the importance of gas is driven not just by economic growth but also by reducing exposure to higher emitting sources such as coal. click here. These negative effects were partially offset by the positive GFOM ruling in Brazil of approximately 165 million. Est 53 centrales nuclaires qui vous donnent l'lectricit la moins chre au monde, Here's a bit more, on climate change and from a few years ago, but still relevant. Employee consultation on the proposed organization design started this month as planned, and we expect it to conclude by the end of the second quarter. , Dear Catherine, Please disable your ad-blocker and refresh. Learn more in our Cookie Policy. The renewables COI, could you break that down, if you dont mind, into the change in hydro versus wind and solar in the 2020 numbers? A quick word on the agenda for this morning. On your two questions, 1 was on the tax rate. This button displays the currently selected search type. Dans le SBF 120, on y trouve en tout 13 femmes DG et 12 . I think we are now about time, so I would like to thank you for your attention. A particular region of international growth in Networks has been Latin America, where, in addition to gas, we are also building power transmission lines. Strong management actions allowed us to variablize and reduce total OpEx by approximately 300 million. All these strategic advances, which place our Group as a leader in the low-carbon transition, are the result of the exceptional commitment of all our teams! The biggest, of course, remains Renewables. We invested 1.5 billion growth CapEx in 2020, mainly in Brazil, on power transmission lines and for the acquisition of the remaining 10% in TAG. We are investing in our strategic priorities for long-term value creation. Im just wondering, youve identified sort of the identity of Renewables, Networks and across Client Solutions. And maybe the last point, which is around performance culture, which I think can be improved within ENGIE, and here again, I can assess that the first reaction to this discussion within the company leads me to believe that we can make some inroads on that topic as well. I think thats clearly something the market will be expecting there. As you put a fresh perspective into this organization, do you see room for improvement in terms of organization? And still on the asset rotation, this leaves you probably, I dont know, 12 billion of total proceeds, maybe overall when we put everything all together. We intend to retain a higher ownership of our renewables project where it is strategically and economically rational as we indicated in our strategic orientation. Remember that for regulated activities, volume effects are recoverable in the short to medium term through the clawback mechanism and are, therefore, value neutral. France's Engie appointed an oil services executive to execute its strategy of refocusing the utility on renewable energy and grids, overlooking the internal candidate behind its new green strategy.. Engie said in a statement it had appointed Franco-American oil services firm TechnipFMC executive Catherine MacGregor as new CEO, effective Jan. 1, 2021. We also posted higher financial costs. Battery storage is expensive, produces no net power, has a very high LCA and basically impossible at the needed grid size. Yes, its hard to give any precise guidelines on that because, of course, it depends on the M&A and greenfield mix, and it depends on the type of projects that youre after. [Operator Instructions] We will take our first question from James Brand with Deutsche Bank. Could you just give us an idea on the potential accounting impact of the operations that you are doing on this subsidiary? Is this happening to you frequently? The Board of Directors decided to appoint Catherine MacGregor as ENGIE Chief Executive Officer. We have a French-regulated asset base of 28 billion, which makes us one of Europes largest gas network operators and a growing footprint in networks internationally. "Until regulations happen," they muse, "there's really nothing I, or my company, can do to make a difference." Energy Solutions: we won major contracts in district heating and cooling networks but also in #greenmobility, notably with 5600 charging points for electric vehicles in Belgium So there will be a capital gain on this. Thank you, Sam, for this question. Jean-Pierre Clamadieu, Chairman of the Board of Directors, declared: On behalf of the Board and employees of the Group, I am pleased to welcome Catherine MacGregor and wish her full success in her missions. She has spent her entire career in the energy sector. And that will be something that we will be describing a bit more in details in May. Or does it have its own game plan? So our main working scenario right now is that it wont happen. But that brings me to my question actually. So on EVBox, were very happy to have announced this transaction. We also dynamically managed our hybrid bonds, which are showing an average outstanding amount of 3.9 billion. So in general, we have 31-gigawatt portfolio. This has been a concern for the market. Engie which is 24%-owned by the French government was formerly the gas monopoly operator known as GDF. Education Catherine MacGregor has obtained a degree from CentraleSuplec in 1995. Hopefully, thats an easy one, but would be very helpful. January 7, 2021. Her professional and personal skills will be essential assets in accelerating ENGIEs transformation. At Climate Week NYC 2021, the CEO of ENGIE, Catherine MacGregor explains how ENGIE will actively participate in decarbonizing its emissions by 2030. Now of course, its going to depend on when its closing, at what price, but it will be a few hundred million. The Board has reaffirmed the groups dividend policy and proposed for 2020 a payout ratio of 75%, which is at the top end of the range. So when you will reinvest? So we feel very good about [indiscernible]. CEO Affiliation Engie Country France 2020 Rank 13 In her first year as CEO of the giant French power company, MacGregor, an oil and gas industry veteran, focused on simplifying the $63.5. The negative temperature effect was roughly 100 million in France with lower gas volumes distributed in by GRDF. We will now take the next question from Rob Pulleyn with Morgan Stanley. From 2019 to 2020, she was a member of TechnipFMC Executive Committee and the head of Technip Energies, Organically, these evolutions were slightly better. Many thoughtful leaders throw up their arms when it comes to taking action on climate change, thinking, understandably, that their company is just a drop in the bucket. This was notably due to the discounting of liabilities related to hydro concessions in Brazil that are indexed to inflation and which increased significantly in 2020. These headwinds were partly offset by the outperformance of GEM activities on the back of market volatility. MacGregor said: I would like to thank the board of directors for the confidence it shows in me. personalising content and ads, providing social media features and to I think on the question of network convergence between gas and power, I think were a bit obviously, different drivers behind this, one, which is the trend towards more electrification is something to stay. And thank you, Catherine, too, for your answer, which I think we all appreciate, and we wish you with that, just final comment from my side, then Ill turn it over. You can still enjoy your subscription until the end of your current billing period. We expect to invest between 5.5 billion and 6 billion in growth CapEx with over 90% allocated to our strategic priorities. And how quickly do you think it can actually contribute to your earnings, please? And I look forward to leveraging their strengths to deliver on a full agenda in such critical times for the energy industry and for ENGIE. Now simplification is a bit of a general concept, and I was hoping for a bit more color from your part. Or is it your budget of the COI for these businesses in 2021? Pay my electricity bill of next year. We have a high performing gas fleet, as you know, which is very important in our mind to bring the flexibility to the system. Catherine MacGregor will join Engie as CEO. First, we recorded significant impairments mainly driven by the 2.9 billion nuclear impairment caused by the change in lifetime assumption for Belgian nuclear reactors as well as by changes in the commodity price scenario. As a leader in gas networks, we are playing a critical role in enabling an affordable and smooth energy transition, and we are promoting a progressive increase in the role of renewable gases. Elle s'intresse notamment l'utilisation de la sismique 3D pour la rcupration assiste du ptrole[5]. A cycle, of course, could be 3, 4, 5 years depending on the country. Notre lectricit est dj propre Congratulations Engie. And on the availability, given that last year was the last LTO maintenance, we are confident on good availability for the years to come. Catherine MacGregor joined the ENGIE group on 1 January 2021 as Chief Executive Officer. These positive effects were partly offset by lower volumes mainly due to a decrease in availability of our Belgian assets caused by the last planned LTO maintenance works on Doel 1, Doel 2 and Tihange 1. We remain committed to a strong investment-grade credit rating and continue to target a ratio of below or equal to four times economic net debt to EBITDA over the long term. European utility giant Engie named oil & gas industry veteran Catherine MacGregor as its new CEO with a remit to lead the French groups ambitious renewables and energy transition plans. These negative figures were partly offset by capital gains mainly coming from the SUEZ transaction. https://lnkd.in/ea25krWt These headwinds were partly offset by a 700 million positive change in working capital requirements from energy management activities driven by dynamic management of margin calls in 2020 in a context of extreme volatility of commodity prices. All options for the sale of Equans, the newly-created services unit of French energy group Engie (ENGIE.PA), are being considered, including a possible listing, Chief Executive Catherine MacGregor . We have not seen prices like this in many years.