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The contribution of French renewables was also lower due to the reduction in DBSO margins in 2020. Selbst im Worst-Case-Szenario komme Engie dann auf eine Bewertung mit einem KGV von rund 10. And moving now to our international networks, where we are leveraging the deep networks experience we have in Europe. We are a smaller company than Engie normally would partner with. En juillet 2019, elle est candidate au poste de prsidente de Schlumberger, mais le conseil d'administration prfre nommer Olivier Le Peuch. Two questions from me. But on defining the structure, does that mean we have a disposal in Q3, Q4? So quite frankly, it is a normal run rate of dilution of 100 million when you look at a 2 billion debt reduction. Renewable #Gas: We continue to make progress, with 459 #biomethane production units connected to our networks in France, and with 5 of our #hydrogen projects in Europe selected to benefit from public aid from the European Commission. We are focused on driving our ESG performance using a wide range of metrics, three of which I will discuss here. (Tech. And then, of course, in terms of Thermal, we will be very opportunistic. And as you might have noticed that lately, we have not really entered the race of enhancement of gigawatt. Do you see eventually opportunities in the future going forward with the convergence between power network and gas network considering the evolution of the hydrogen, Catherine? Although we were in crisis management most of 2020, we did not lose focus on our long-term objectives and continued to invest for the future. Estabelece ainda cotas 50+ proporcionais a populao para preenchimento de vagas no setor pblico. 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. We have a team of about 300 developers who are really good at what they do. Engie which is 24%-owned by the French government was formerly the gas monopoly operator known as GDF. It's inspiring to see how ENGIE's strategy for a balanced, affordable, and resilient energy mix has proven its relevance in these uncertain times. commentary and analysis you can trust. Higher D&A was mainly due to accelerated amortization of some distribution assets. And so we will not give specific assets, of course, at any given time. offers FT membership to read for free. In her efforts to "simplify" Engie, MacGregor is moving from 25 business units to 4 globally, and . Regarding Client Solutions project backlog, we recorded a total increase of 5% since December 2019, representing approximately 13 months of activity. So naturally, were landing more just below a 100 million figure for 2021. Catherine, the floor is yours. 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. So we really have some really nice differentiation that we want to use in order, for sure, to be competitive but without sacrificing the return. And then the last thing I would want to mention, too, is on the positive side of this decision, is this will help us reallocate some earmarked, lets say, CapEx into, again, our growth opportunities in Renewables and in Networks. https://www12.senado.leg.br/ecidadania/visualizacaoideia?id=167822. Let me now move to a detailed view per business line. We currently have leadership positions in all of these activities, and recent successes include a 30-year contract signed in Monaco to design, build, own and operate a seawater heating and cooling network that will enhance energy efficiency. On the renewables COI for 2020 of about 1.1 billion, basically, you can assume that the main contributors were hydro and wind, hydro about 700 million of that and wind was the rest. Again, especially when it comes to replace when it replace coal. And yes, let me start by saying also welcome and wishing you success in the new role. MacGregor said: I would like to thank the board of directors for the confidence it shows in me. 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. They represent a key long-term growth engine for the group. For example, we significantly enhanced our renewables footprint in the U.S. Dans ce poste prestigieux et trs expos politiquement, elle succde Isabelle Kocher, partie le 24 fvrier 2020 et remplace provisoirement par Claire Waysand. Now this is mainly provided by fossils, the reason CO2 emissions are increasing since 2015, not decreasing. In Networks, lower RAB remuneration rates in France should be offset by the reversal of 2020 warm temperatures as well as continued growth in Latin America. So first to reiterate on that, we are very pleased with our position on renewables, and we are leader in France. Learn more in our Cookie Policy. And so we consider that these are going to be very important in the near term at least in order to maintain a power system that is both robust and affordable, which was some of the features that I described in my talk, as extremely, extremely important for this energy transition. Despite unfavorable temperature, our district heating and cooling and on-site generation activities were resilient. Or does it have its own game plan? Economic net debt-to-EBITDA ratio was four times stable compared with December 2019 and better than 2020 guidance. I am very pleased that Jrme Stubler, who has more than 30 years' experience in the construction industry, joined us recently and will be leading this important project. Keep abreast of significant corporate, financial and political developments around the world. Maybe I will start with your second question, which relates to the coal used in DHC. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Its coal exits. Thanks to Faye Kirby and Rodica Roman for organizing the event and thanks to the many helpers! And maybe more importantly, where do you see subsidiary in five years and what it could contribute to your P&L considering the potential growth of these assets? Not related to what I normally post, but I saw an article this morning from #NewstalkZB and thought it was brilliant. 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. Other generators like Uniper and Fortum have been very strong as well. Recharge is part of NHST Global Publications AS and we are responsible for the data that you register with us, and the data we collect when you visit our websites. We are investing significantly in these activities to ensure safety and reliability as well as improving energy efficiency. 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. MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. Tax charges were 300 million lower mainly due to the decrease in profit. I want to take advantage also to clarify on a question that I was asked earlier on the nuclear impairments and the impact on D&A. So I would like to hear your opinion, how maybe your story might be slightly different from electric renewables players, how we maybe think about the gas network as a funding option for the renewables growth. The first is on the Supply business. Yes. Now simplification is a bit of a general concept, and I was hoping for a bit more color from your part. 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 . Its going to take us some time. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Elle est ingnieur, diplme de l' cole centrale Paris, dont elle sort en 1995. Chef d'Agence Filire Vente Centre Ouest chez GRDF, Thank you Catherine Fiamma MacGregor for your post that combine strategy, progress and well-balanced energy mix (#renewable #gaz #power) to confirm meaning and a consistent vision to our company, not to mention the recognition. And what is your philosophy there? Its were rounding numbers here, as you can see, because like I said, this is our target. And then the second question is more for Judith. As CEO of ENGIE, I am particularly proud of what we have achieved with our teams. Thank you very much for your attention, and I would like to turn now the line back to the operator for the Q&A session. Lower results from SUEZ also impacted Client Solutions COI by approximately 160 million. By 2050, over $15 trillion are expected to be invested in power generation globally with over 70% in renewables. Elle travaille pendant 23 ans chez Schlumberger. ENGIE is a major player in the energy sector, and we are extremely well placed to tackle most of the challenges posed by this transition. And also, is there any possibility to reverse the decision on the Belgium life extension should the Belgium government change its stance this year? 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. This very unusual year translated into a mixed set of numbers. And we will now take our next question from Vincent Ayral with JPMorgan. We had 1.2 billion total impact last year. As you put a fresh perspective into this organization, do you see room for improvement in terms of organization? As always, my team and I are here to assist you, so do please reach out. Her professional and personal skills will be essential assets in accelerating ENGIEs transformation. But that brings me to my question actually. We are facing an unparalleled opportunity to play a clear and meaningful role in tackling climate change. The Board of Directors decided to appoint Catherine MacGregor as ENGIE Chief Executive Officer. And youre right to point out that some of our DHC networks rely on a mix of entrance of feedstock. We invested 4 billion of growth CapEx and successfully commissioned 3 gigawatt of wind and solar assets. A graduate of the Paris cole Centrale (CentraleSuplec), Catherine MacGregor has spent her entire professional career working in the energy sector, including 23 years with Schlumberger, the world's leading supplier of technologies for characterizing, drilling, producing and processing reservoirs for the oil and gas sector. Finally, on Client Solutions, we see a strong growth potential driven by decarbonization and energy efficiency, especially in heating and cooling networks, on-site generation, and green mobility among other asset-based solutions. On the following slide, Ill share our 2021 expectations for each business line. Are you talking about Q3, Q4 for the end game? Simply log into Settings & Account and select "Cancel" on the right-hand side. In just eight weeks that I have been here, I can already see the tremendous potential ENGIE has in accelerating this energy transition. 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. Un article de Wikipdia, l'encyclopdie libre. The second half of 2020 showed a strong recovery after second quarter, which has which was heavily impacted by COVID. Solvay Alpharetta celebrates Black History Month. Some of your peers there have convinced the market that they transitioned to hydrogen. Let me start with your second question, and then I will hand over to Judith, who will go through the details of the impairment impact, if you dont mind, Rob. This was also driven by higher operational contribution of Brazilian assets and by improved performance from Middle East gas contracted activities. We will now take our next question from Peter Bisztyga with Bank of America. At the end of 2020, the financial net debt-to-EBITDA ratio was 2.4 times, a slight decrease compared to December 2019. Chief Executive Officer at NOVIGE AB, Mission Innovation Champion, Innovator of the Year, Seal of Excellence European Commission, Propeller Prize - Stena Line 2mo Glad to see all the progress. Starting with our biggest contributor, Latin America, we had 195 million headwind from FX and an unfavorable energy allocation for hydro in Brazil. And when we reflect about some of the trends around electrification, around the growth in renewables, we realize that flexibility, dispatchability are going to be very important to the future of the energetic mix. Operator? EBITDA and COI, at 9.3 billion and 4.6 billion, were down by 11% and 21%, respectively, on a gross basis. And one of the things to keep in mind, when you say how can you speed up is also that we have less sell downs in Renewables in 2021. La dernire modification de cette page a t faite le 22 fvrier 2023 19:40. 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. Current positions of Catherine MacGregor Yes. We have a new business organization and leadership team who is focused on performance, and weve committed to executing our strategy to accelerating the group growth and to strengthening our commitment to the energy transition. If we look at the long term, weve got an average of 20% of minority as part of group net income with large minority stakes in Latam, for instance. We completed the SUEZ transaction in October and launched further strategic reviews. One was the CapEx. We use Lastly, COI for other activities decreased as 2019 benefited from a positive one-off related to partial sale of a gas supply contract, in 2020 was impacted by COVID mainly due to credit losses for GEM. Sur cette version linguistique de Wikipdia, les liens interlangues sont placs en haut droite du titre de larticle. In Nuclear, following the announcements of the Belgian government in Q4 2020, it has been decided to stop all preparation works that would allow a 20-year extension of two units beyond 2025, as it seems unlikely that such an extension can take place given the technical and the regulatory constraints. COVID had little impact on Nuclear, and its contribution improved by 203 million, mainly reflecting higher achieved prices and lower OpEx. And Im really I am personally convinced, enthusiastic about the idea of having a very sharp focus on capital allocation making sure that all of our managerial efforts go in the direction that weve announced, and well be able to show very positive results. Elle devra y appliquer une stratgie dfinie par le conseil d'administration prsid par Jean-Pierre Clamadieu[6]. Yes. 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. Les miroirs magiques et moulins vent ne seront jamais une alternative au nuclaire franais, We are expecting this to happen in a matter of weeks, following the closing of the SPAC transaction. On organic evolution per business line, Renewables, Thermal and Nuclear were resilient and even grew organically. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. - Contribute to measures to support purchasing power Obviously, you did signal that youd be ramping up CapEx. We also dynamically managed our hybrid bonds, which are showing an average outstanding amount of 3.9 billion. ENGIE has developed a strong platform in Client Solutions from which we can tap into the growth in this space. Stepping back. And Im going to pass it on to Judith now for the COI details on Renewables. https://lnkd.in/ea25krWt When I think of hydrogen for ENGIE, I think all of our activities, all of our mtier benefit. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. At Climate Week NYC 2021, the CEO of ENGIE, Catherine MacGregor explains how ENGIE will actively participate in decarbonizing its emissions by 2030. Its not like a 2020 event. Before I say more on this, let me review the groups overall 2020 performance. Have a nice day. And so were excited about this transaction. So these are some of the things that we are excited about when we think about our network assets, and we like it. And obviously, it mitigates the intermittency, which is still quite an issue with renewables, as we know. currently to 4 GW p.a. You may change or cancel your subscription or trial at any time online. We continued to put in place dedicated action plans, including OpEx reductions and G&A resizing. So without going into any specific, youre right to say that it does contribute to the simplification efforts. Also adding to national energy insecurity and dependence on fossil producing countries at colossal scale. And I just wanted maybe to clarify that the government has not explicitly made the decision. 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? https://noviocean.energy/documents/ We have ambitious goals to continue to simplify ENGIE at pace to play a key role in accelerating the energy transition and to focus on the long-term profitable growth of the group. In that entity that we are forming, which is the object of the consultation weve talked about, there will be 34,000 roughly 74,000, sorry, 74,000 people. Our near-term priority in the region is to commission two major electricity transmission projects. Yes, two topics that you were talking about, Peter. Now turning to Networks. It seems to be the trend last few questions. 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! Siga o link abaixo e deixe seu apoio a esta poltica de incluso necessria ao nosso pas. Net recurring income group share was in line with guidance but at the bottom end of the range. EBITDA and COI were both down significantly from last year mainly due to the impact of the pandemic. On May 18, 2021, ENGIE's Chief Executive Officer Catherine MacGregor unveiled the Group's strategic roadmap, to reaffirm ENGIE as a leader in the energy transition. A cycle, of course, could be 3, 4, 5 years depending on the country. So two questions, please. Please go ahead. Her appointment as a member of the Group's Board of Directors will be proposed for approval at the General Shareholders' Meeting in 2021. In terms of geography, we have a strong hold in Europe. Onshore wind can be 1.5 years. There are 25 older and 1 younger executives at ENGIE SA. On the strength of our shared industry culture and my operational experience, I will work with all of our teams to achieve our goal of enabling ENGIE to accelerate the energy transition.. So its a little bit of a total team, but we at this stage, that decision from the government hasnt been explicit. This year is marked by the unprecedented energy crisis in Europe as a result of the tragic war in Ukraine. In our asset-light activities, we have a healthy order book and a project backlog of over 11 billion, offering good visibility for 2021. Elle travaille pendant 23 ans chez Schlumberger. Thanks, everyone, for your welcome message and very much look forward Judith and I very much look forward to meeting you, extending with you in the future and again, very, very excited about turning those tailwinds that ENGIE has had into reality. Does this mean that Equans is now getting nothing? I have only started to get to know them, and Im already extremely impressed by their engagement, their professionalism and their talent. This is value neutral over time as D&A is integrated in the regulated revenue. Its a geography refocus. How old is Ms MacGregor? Our portfolio of wind and solar assets has an average age of five years with an average residual contract duration of 15 years, which offers us with good visibility of earnings. *Criao da poltica nacional de incluso das pessoas 50+ no mercado de trabalho* Please disable your ad-blocker and refresh. But just one observation is a key part of success, I think, for some of your peers has been laying out quite detailed guidance over a 3-year period. Congratulations Engie. And to this end, Im very pleased to announce our next event on the 18th of May, where Judith and I will cover both our Q1 results and provide you with a medium-term strategic plan and guidance. Thank you, Sam, for your welcome message and your welcome question. We use In 2021, we already have hedged 80% of the production at 46. https://waves-energy.co/maps/. So maybe I will start with your last question, which is around the decision on nuclear. A quick word on the agenda for this morning. ENGIE announces that Catherine MacGregor took up her post as Chief Executive Officer of the Group on 1 January 2021. Read more about DN Media Group here. And I think, namely complexity is one thing. I will try and stick to two questions, too. We also invested in #RenewableEnergy with the acquisition of 6 GW of solar and storage capacity projects in the US and signed an MOU to develop 3 GW of #wind power in Egypt. And Judith?