Hopefully, thats an easy one, but would be very helpful. We have not seen prices like this in many years. And we will now take our next question from Vincent Ayral with JPMorgan. Let me now turn to our ESG performance. MacGregor joins Engie as it embarks on a major push into renewables and clean energy. Renewables showed continued progress and overall operational resilience to COVID with organic growth of 11% in 2020. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. In Renewables, we expect growth from asset commissioning in the United States from higher achieved prices for French hydro and from the potential positive effect of the CNR concession extension. For example, in addition to the Amazon contract that I mentioned earlier, ENGIE will supply 3 terawatt hours of renewable energy to the global chemicals group, INEOS, through a 10-year corporate PPA. 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. Check if your Two questions from me. Premium access for businesses and educational institutions. So the 150 million I gave is correct. 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. Then rapidly followed: "what am I gonna use that for ? EBITDA and COI, at 9.3 billion and 4.6 billion, were down by 11% and 21%, respectively, on a gross basis. [1] She started her career on stage in New York City, in theatres off and on Broadway, credited as Scottie MacGregor . https://noviocean.energy/novigenews-oeec-startup-award-green-tech-net-zero-future/ Altogether, these units can contribute to a yearly production of up to 3.9 terawatt hours, equating to the annual gas consumption for hitting approximately one million new build homes in France. Thats one thing. Also adding to national energy insecurity and dependence on fossil producing countries at colossal scale. Please disable your ad-blocker and refresh. 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. Whilst the overarching priorities are clear, we now need to translate them into an action plan for consistent delivery. This was partially offset by capital gains, the main one being 1.7 billion due to the sale of the 29.9% shareholding in SUEZ. Currently, we have 3 gigawatts under construction for commissioning in 2021, and we are on track to achieve the 2019 target of commissioning 9 gigawatts in three years by the end of this year. This was linked to a recovery of past energy costs, following the agreement on renegotiation of hydrological risk, which was finalized at the end of 2020. Her main mission was to prepare for the spin-off and IPO of this entity, with energy transition at the heart of the strategy. And that will be something that we will be describing a bit more in details in May. Could you clarify how much COVID impact youve included in 2021 relative to the 1.2 billion hit in 2020? And then on your DBSO question, what were expecting for 2021 is roughly in line with what we had in 2020, so just below 100 million. Our greenhouse gas emissions from power production reduced 9% to 68 million tons as the share of coal has further decreased in 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. We want to develop and further our differentiation. In 2021, we already have hedged 80% of the production at 46. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. or #solvaylife #futureemployees #career #mockinterviews, Bringing some sun and fun to the Solvay Alpharetta site in February, employees and friends enjoyed an Hawaiian themed luau complete with ukulele music from Jason Chung and Ryan Carey. European utility giant Engie named oil & gas industry veteran Catherine MacGregor as its new CEO with a remit to lead the French group's ambitious renewables and energy transition plans. We are investing significantly in these activities to ensure safety and reliability as well as improving energy efficiency. We expect EBITDA to be in the 9.9 billion to 10.3 billion range, COI to be in the 5.2 billion to 5.6 billion range, and net recurring income group share to be in the 2.3 billion to 2.5 billion range. In Latin America, COI was up significantly, driven by the scope in effect and higher organic contribution of TAG, which, Im very pleased to say, has outperformed our expectations. This impact was partially offset by higher achieved prices for our hydro power production and higher volumes produced mainly by our wind assets. #beyou #beunique #beunited ENGIE Africa French utility's new chief Catherine MacGregor to increase investment in renewables. And so every year, we will allocate capital to that, and thats 1.3 billion a year. Thank you. Stay informed and spot emerging risks and opportunities with independent global reporting, expert Elle s'intresse notamment l'utilisation de la sismique 3D pour la rcupration assiste du ptrole[5]. These negative figures were partly offset by capital gains mainly coming from the SUEZ transaction. Its were rounding numbers here, as you can see, because like I said, this is our target. And so these are some of the things that complexity and ability to manage activities that are very, very different from each other, I think really get in the way of performance. So there will be a capital gain on this. The ENGIE Board set out strategic orientations for the group last year in July 2020, and my new executive team and I have three clear priorities: firstly, simplifying the group at pace; secondly, investing further, investing in renewables, networks and asset-based client solutions, as these are areas of competitive strength for ENGIE; and finally, strengthening our groups commitment to the energy transition. And while were not going to grow it at the same rate as Renewables and Networks, we will be opportunistic in managing this fleet. These headwinds were partially offset by various one-offs, including an internal negative 2019 one-off mirrored in Networks. Lastly, no change on the rating since mid-November, in line with the strong investment grade we aimed for. And so from a financial impact standpoint, unlikely to be a 2021 story. Ms MacGregor is 48, she's been the Chief Exec. Elle a t leve au Maroc[1]. Engie plans to accelerate its development in renewables, by increasing the target for renewables capacity commissioned from 3 GW p.a. The Board of Directors decided on Catherine MacGregor's appointment as ENGIE's Chief Executive Officer on 2 October last year. Starting with our biggest contributor, Latin America, we had 195 million headwind from FX and an unfavorable energy allocation for hydro in Brazil. We will then consider next steps and review future ownership options for the new entity in the second half, maximizing value and acting in the interest of all our stakeholders. And given that theyre contracted, to maybe accelerate other areas of the business? So really, in summary, three elements: complexity, sharper capital allocation, everybody pulling in the same direction and performance culture are three important elements, I think, that are going to make a difference and allow ENGIE, indeed, to strive in those strong tailwinds that continue to be there for us. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Its been a period in which the sector was exceptionally strong. Revenue declined on a gross basis by approximately 900 million for the full year. Often, its actually a very small proportion of coal that is being used, but it is indeed the case that it is part of our feedstock. Her main mission was to prepare for the spin-off and IPO of this entity, with energy transition at the heart of the strategy. And this is something, obviously, that we are going to continue and push. 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. Catherine was President of Technip Energies at TechnipFMC, and President of Drilling at Schlumberger. She occupied a number of roles in various geographies (Republic of Congo, the US, Malaysia, ): from Director of Business Entities (Wireline, Reservoir Characterization, Drilling, ) to Regional Division (Europe and Africa). 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. And we will now take a last question from Louis Boujard with ODDO. 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. And youre right to point out that some of our DHC networks rely on a mix of entrance of feedstock. Dans le SBF 120, on y trouve en tout 13 femmes DG et 12 . One second, it will be over soon. So I think this is a key point Id be interested in. I would say that some of the things that were decided last year with these strategic orientations, I am very, very convinced that well address some of the shortfalls that can explain some of the ENGIEs underperformance in the past few years. Catherine Fiamma MacGregor is an Influencer, https://noviocean.energy/novigenews-oeec-startup-award-green-tech-net-zero-future, https://www12.senado.leg.br/ecidadania/visualizacaoideia?id=167822. Now Ill comment on the bridge from net recurring income group share to net income group share, which was negative 1.5 billion in 2020. Premium access for businesses and educational institutions. 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. In just eight weeks that I have been here, I can already see the tremendous potential ENGIE has in accelerating this energy transition. We have this 28 billion RAB, or regulated asset base, in France, which gives us this good visibility and predictability, which is a very nice complement to the renewable. The second quarter was unprecedented and very, very stringent lockdown measures in our main countries. And side comment also on this is that our employees are obviously very excited about renewable as being a growth center of a growth engine for us in ENGIE, so as well as obviously being a key goal of our ESG road map. Today, I am very pleased to announce a commitment to exit all coal assets in Europe by 2025 and globally by 2027, in line with our purpose to drive carbon neutrality. So firstly, theres step-up in CapEx in 2021 versus your sort of prior 10 billion 3-year plan. I think these are really, really good questions. And so we have assumed a very strong recovery like we have seen it in the second half. We will now take the next question from Rob Pulleyn with Morgan Stanley. 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. Significant growth is also expected in the use of renewable gases to accelerate the energy transition. The President & CEO of the Finnish grid company Fingrid Oyj, Jukka Ruusunen, D.Sc. We have 101 gigawatt of gross power generation capacity, of which around 30% from renewables. Catherine MacGregor joined the ENGIE group on January 1, 2021 as Chief Executive Officer. 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. And so the number that I quoted, which was the injection that we did last year, you start to see that it becomes meaningful. Not related to what I normally post, but I saw an article this morning from #NewstalkZB and thought it was brilliant. https://lnkd.in/ea25krWt And its hard to know theres obviously been some pretty big changes in competitive dynamics over the last couple of years. Engie will also capture opportunities resulting from recovery plans announced in Europe, notably related to the development of green gases (biogas and hydrogen). 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. Offshore wind is typically much longer. We expect to invest between 5.5 billion and 6 billion in growth CapEx with over 90% allocated to our strategic priorities. Therefore our industry is [], ENGIE steps up its energy transition, targets renewables, MacGregor to supply RoRo equipment for K Lines LNG-powered newbuilds, Equinor and Engie press ahead with H2BE hydrogen project in Belgium, Engie names Catherine MacGregor as new CEO, MacGregor to supply all-electric RoRo equipment to H-Lines PCTCs, MacGregor to equip 4 more Hegh Autoliners multi-fuel PCTCs, In focus: Investments in oil, offshore wind hit a snag. In our asset-light activities, we have a healthy order book and a project backlog of over 11 billion, offering good visibility for 2021. 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. 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. Does this mean that Equans is now getting nothing? Pay my electricity bill of next year. Judith, you have 1 so about 0.1 billion of dilution at the COI level put in your guidance for 2021. 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. Congratulations to all of our employees on the well-deserved bonus. And hydrogen, massive tailwind for ENGIE, massive tailwind because of it goes hand in hand with renewables. And Ill turn to Judith maybe for the cash flow from Nuclear. Her appointment as a member of the Group's Board of Directors will be proposed for approval at the General Shareholders' Meeting in 2021. And also, 4 of them clearly align with the business activities that are core and are very much part of our strategic priorities. As CEO, Catherine MacGregor will focus on defining and implementing the Group's strategic road map, in particular around the two priority areas announced in July 2020 by the Board of Directors: speeding up growth . I look forward to continuing to work closely with our brothers in Azerbaijan, and our partners across Europe and around the world, to deliver on our shared clean energy ambitions. Chief Executive Officer at NOVIGE AB, Mission Innovation Champion, Innovator of the Year, Seal of Excellence European Commission, Propeller Prize - Stena Line, Glad to see all the progress Engie is doing in becoming a renewable leader. Read more about DN Media Group here. Then potentially collaborate/partner with us for less than EUR 10 m in costs, together solving the crucially important 40% of the hours of the month. I would like to take this opportunity to thank all ENGIE employees who have worked so hard to deliver critical services for our customers in unprecedented conditions. Catherine Macgregor, Engie SA: Profile and Biography - Bloomberg Markets Bloomberg TV+ Bloomberg Markets European Close Bloomberg Markets European Close. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. 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. Elle y dirige des activits de forage au Congo, en Mer du Nord 3, aux tats-Unis, en Malaisie, au Royaume-Uni et en France 4. Do you have a vision about taking this proportion of minorities down for the group? 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. We have a lot of experience over the years developed through our generation and thermal activity. Vocs conseguem nos apoiar? This is what I am committed to. Our focus is on disciplined investment through organic growth and through targeted acquisitions that offer good returns. These negative effects were partially offset by the positive GFOM ruling in Brazil of approximately 165 million. The first is on the Supply business. 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. The 48-year-old MacGregor replaces Isabelle Kocher, who was ousted by the Engie board in February, ensuring that a woman maintains a place at the top table of a major European utility. Est 53 centrales nuclaires qui vous donnent l'lectricit la moins chre au monde, H2, Now the other aspect, of course, is that we are obviously and we have not talked too much about it yet, but the hydrogen opportunity for us is very, very material. The biggest, of course, remains Renewables. As CEO of ENGIE, I am particularly proud of what we have achieved with our teams. Elle travaille pendant 23 ans chez Schlumberger. This included 4 billion of growth CapEx, almost exclusively in our areas of strategic growth with approximately 40% in renewables, 40% in networks, and 15% in asset-based Client Solutions. Solvay Alpharetta celebrates Black History Month. Check if your Congratulations Engie. So Ill ask two questions. Net recurring income group share amounted to 1.7 billion, down 37% year-on-year. And then, of course, in terms of Thermal, we will be very opportunistic. What you would be looking for? I know weve heard from the Chairman very helpfully on this last year, but I think wed love to hear your thoughts on this. In addition to this strong organic growth, we also added 2 gigawatts through acquisition of operating assets. 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. So if we have opportunities, which, from an energy transition makes sense, because, for example, they would replace coal or even worst, fuel assets and bring a solution of flexibility to the system is something that we might consider. 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. On the next slide, you can see Client Solutions, which faced unprecedented headwinds in 2020. Im Aarti Singhal, Director of Investor Relations at ENGIE, and welcome to our 2020 annual results conference call. Find here the list of all the sessions presented by this speaker in order not to miss any of it. 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. If we basically look at simplification, we could cut it in two parts, what I would call transactional simplification, disposals buyout of minorities on maybe organizational simplification. And second, its really focused and making sure that everybody pulls in the same direction. Joe Biden teaches the EU a lesson or two on big state dirigisme, Elon Musks Twitter is dying a slow and tedious death, Who to fire? Are you talking about Q3, Q4 for the end game? - Contribute to measures to support purchasing power And maybe Ill just say a few things, and Ill pass on to Judith, just to say that the Client Solutions project is a big project. So naturally, were landing more just below a 100 million figure for 2021. Aarti Singhal - Director of Investor Relations. Elle y dirige des activits de forage au Congo, en Mer du Nord[3], aux tats-Unis, en Malaisie, au Royaume-Uni et en France[4]. The enshittification of apps is real. In November, we discussed the creation of a new leader in multi-technical services, which would benefit from scale and strong growth prospects. And thats really the key part of what we do. And Judith will give you a little bit of the background and more details on the rest. Lets keep in mind that revenues are also indexed to inflation and will benefit from that increase over time. And Im sure thats a question youve been reflecting on as you took up the new role. Obviously, we have made the decision to exit the coal, which is run under Thermal. Are you working on a new organizational format? She has spent her entire professional career working in the energy sector. Alongside renewables, we are also developing projects of up to 3 gigawatts of gas-fired generation. 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. In addition to EVBox, we expect to execute disposals of around 2 billion, aligned with the group simplification. Indeed, you can expect positive cash flow operation from our nuclear activities. is its Ocean Winds joint venture with EDPR. Holidays ? How the biggest companies plan mass lay-offs, The benefits of revealing neurodiversity in the workplace, Tim Peake: I do not see us having a problem getting to Mars, Michelle Yeoh: Finally we are being seen, Our ski trip made me question my life choices, Apocalypse then: lessons from history in tackling climate shocks, Smart data to help spot risk and opportunity, Lex, our agenda-setting business commentary (Premium only), Due Diligence, an exclusive M&A newsletter (Premium only). Again, especially when it comes to replace when it replace coal. We think, in general, gas is going to be important in this energy transition. Economic net debt-to-EBITDA ratio was four times stable compared with December 2019 and better than 2020 guidance. Judith? In the past Ms. MacGregor held the position of President-Drilling Group at Schlumberger NV and Personnel Director at Oilfield Services Co. Ltd. Ms. MacGregor received an undergraduate degree from cole Centrale Paris. Now the markets are looking at the remaining energy services. From 2019 to 2020, she was a member of TechnipFMC Executive Committee and the head of Technip Energies, But what is the tax rate thats assumed in the guidance and what DBpSO has assumed? The current total coupon of 100 million per year has been reduced by 28% since 2017. But that brings me to my question actually. So no specific things to be taken into account. My first reaction with the bonus: Wow great ! A primeira anlise que feita pelo corpo tcnico do Senado j foi feita e agora a ideia est disponvel para votao popular. Laut Konzernchefin Catherine MacGregor werde man im laufenden Geschftsjahr 2023 einen Gewinn zwischen 3,4 und 4 Mrd. The commitment and mobilization of all our teams at ENGIE is truly exceptional and it is an honor to be a part of such a dedicated and forward-thinking organization! We are facing an unparalleled opportunity to play a clear and meaningful role in tackling climate change. When expanded it provides a list of search options that will switch the search inputs to match the current selection. And first question is for Catherine MacGregor. Good morning, everyone. Estabelece ainda cotas 50+ proporcionais a populao para preenchimento de vagas no setor pblico. cookies So yes, Thermal is a good fleet for us, good asset. We are also expecting a year-on-year accretion resulting from the partial disposal of SUEZ and EVBox, which contributed negatively in 2020. 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%. We expect financial performance to improve significantly from 2020 driven by a combination of strong recovery from COVID impacts, growth in renewables and international networks, improved nuclear availability and higher achieved price, and reversal of warm weather effects. Operator? And I suppose when we see you planning a CMD in May, I think lot of us are hoping that youll be able to do something similar at the May event. It seems to be the trend last few questions. and other data for a number of reasons, such as keeping FT Sites reliable and secure, 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.. 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. 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. We will now take our next question from Emmanuel Turpin with Societe Generale. But ENGIE shares have gone, lets say, sort of sideways and even down a bit in that time. But really appreciate, thanks again ! So these are some of the things that we are excited about when we think about our network assets, and we like it. 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. CEO of French energy giant Engie since January, Catherine MacGregor hopes to lead the company into a brighter and greener future. And so were excited about this transaction. In other geographies, we benefited from commissioning new capacity in the United States and from higher wind production. And how quickly do you think it can actually contribute to your earnings, please? And weve announced that there might be a second step, but we will obviously cross that bridge when it comes to it. 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. Networks were mainly impacted by warm temperatures and by higher D&A. . Compare Standard and Premium Digital here. And moving now to our international networks, where we are leveraging the deep networks experience we have in Europe. Engie which is 24%-owned by the French government was formerly the gas monopoly operator known as GDF. personalising content and ads, providing social media features and to Curious as to what my Linkedin connections think. 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. Warm temperatures in the first half also weighed on energy consumption, mainly in France, for B2C gas volumes. 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? offers FT membership to read for free. For cost savings, you can change your plan at any time online in the Settings & Account section. You can still enjoy your subscription until the end of your current billing period. So again, when you think about the business and the need to have a resilient power system, gas has actually a very critical role to play. We announced last December that EVBox would be listed on the New York Stock Exchange. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Ocean Winds to rival Orsted as Engie and EDPR unveil new offshore giant, Only female CEO of a major European utility sacked by board. In Nuclear, we expect contribution to increase as volumes should be higher, thanks to better availability. We think its important to have a system play on renewables. Select Accept to consent or Reject to decline non-essential cookies for this use. Il serait pertinent de se concentrer sur l'aprs nuclaire, commentary and analysis you can trust. However, the gross COI evolution was negative 125 million mainly due to foreign exchange. Catherine MacGregor is currently Chief Executive Officer and Director at Engie - View - Engie org chart Create your alert to follow the career of Catherine MacGregor. For the first part of the transactions, you mentioned the first buyout of or rather the buyout of a part of your minorities in Latin America. - Play an important role in ensuring security of supply for France and Europe As we approach our annual SAP Concur Fusion customer event very quickly, this week was rehearsal time for me! 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.