I have a couple of questions, 1 for Catherine and 1 for Judith. In DHC networks, the worldwide market is expected to grow over 5% per year on average across the next nine the next five years. La situation en France depuis plus de 50 ans Do you have a vision about taking this proportion of minorities down for the group? I think thats clearly something the market will be expecting there. Thank you, Catherine, and good morning, everybody. We expect to invest between 5.5 billion and 6 billion in growth CapEx with over 90% allocated to our strategic priorities. Elle devra y appliquer une stratgie dfinie par le conseil d'administration prsid par Jean-Pierre Clamadieu[6]. Check if your This impact was partially offset by higher achieved prices for our hydro power production and higher volumes produced mainly by our wind assets. 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. 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? So that is roughly what you have to have in mind. Congratulations Engie. As you put a fresh perspective into this organization, do you see room for improvement in terms of organization? Our regulated networks offer stability and visibility of earnings to the group with regulatory remuneration arrangements in place through to 2024. ), has announced that he will retire on 31 CGG announced today (March 2) the appointment of Jrme Serve as Group Chief Financial Officer. #Renewables: We have commissioned 2.5 GW of new #renewableenergy capacity since January and are on track to reach 4 GW by the end of the year. And also, 4 of them clearly align with the business activities that are core and are very much part of our strategic priorities. 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. ENGIE thanks you for your participation. Son profil de spcialiste, sa connaissance des enjeux oprationnels et des mtiers de l'nergie, son exprience internationale sont autant d'atouts pour le groupe Or is it your budget of the COI for these businesses in 2021? For cost savings, you can change your plan at any time online in the Settings & Account section. Engie plans to accelerate its development in renewables, by increasing the target for renewables capacity commissioned from 3 GW p.a. Our greenhouse gas emissions from power production reduced 9% to 68 million tons as the share of coal has further decreased in 2019. H2, Catherine Macgregor, Engie SA: Profile and Biography - Bloomberg Markets Bloomberg TV+ Bloomberg Markets European Close Bloomberg Markets European Close. The Board of Directors decided on Catherine MacGregor's appointment as ENGIE's Chief Executive Officer on 2 October last year. Alongside renewables, we are also developing projects of up to 3 gigawatts of gas-fired generation. We will continue funding nuclear provisions in Belgium and invest for maintenance with a total of approximately 4 billion. And then I also had a question on the coal phase out. 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 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. And weve announced that there might be a second step, but we will obviously cross that bridge when it comes to it. Nothing much more structural than that really, James, on supply improvement. Its been a period in which the sector was exceptionally strong. Previous to these positions, she has worked 23 years at Schlumberger, the world's leading provider of reservoir characterization, drilling, production and processing technologies for the oil and gas industry. is its Ocean Winds joint venture with EDPR. CEO - Engie. You mentioned diversity of vast diversity of business line, et cetera. 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. Were, in fact, very positive and excited about the opportunity of these businesses, very, very different from other more traditional mtier that we have in ENGIE, and the idea is really to form a very coherent entity, which Jrme Stubler is very busy doing right now. And on the availability, given that last year was the last LTO maintenance, we are confident on good availability for the years to come. cookies currently to 4 GW p.a. 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. 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. To conclude on Thermal, let me highlight the demothballing of two Dutch gas units, demonstrating this fleets flexibility to take advantage of market opportunities. Soliane Varlet, gestionnaire de portefeuille de notre stratgie actions Women Leaders, s'entretient avec Catherine MacGregor, Directrice gnrale d'Engie, l'. And so from a financial impact standpoint, unlikely to be a 2021 story. Remember that for regulated activities, volume effects are recoverable in the short to medium term through the clawback mechanism and are, therefore, value neutral. Why the effort to reorganize this entity given the strategic review regarding a potential disposal? To remind, the company said in July that it intends to implement a new capital allocation strategy, focusing on two growth areas servicing the energy transition. Catherine MacGregor a rejoint le groupe ENGIE le 1. er. I think there was another question, which was related to the calendar. Ill start maybe with, again, the second one on renewables. Engie appoints oil services executive to execute new renewables strategy Regarding Client Solutions project backlog, we recorded a total increase of 5% since December 2019, representing approximately 13 months of activity. Thank you, Emmanuel, for your questions. So thank you very much, and bye-bye. Were very pleased. Does this mean that Equans is now getting nothing? Welcome to the sector, indeed. Cheers! Catherine MacGregor is an engineer and graduate of cole Centrale de Paris (CentraleSuplec). And then your other question was related to the organization. MacGregor is poised to become the only woman leading a company in the CAC 40France's benchmark stock indexwhen she takes the reins at the utility Engie on Jan. 1. That's where the "trim tab" comes in. We have in the U.S. the largest development pipeline. CFFO was 7.1 billion in 2020, down 500 million versus 2019, mainly driven by the following effects. The French group last year pledged to invest 12bn ($13.1bn) in its 2019-21 energy transition programme, and was on track to install 9GW of renewables in that period. This is particularly noteworthy in the context of the unprecedented pandemic. 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. The second half of 2020 showed a strong recovery after second quarter, which has which was heavily impacted by COVID. And with that, Im pleased to hand you over to Catherine. Tout au long de cette priode, les quipes d'Elengy, Storengy - ENGIE, GRTgaz, GRDF Catherine Fiamma MacGregor on LinkedIn: nergie : la consommation de gaz a baiss de 6,2% en France en . Climate Week NYC 2021: Interview With Catherine MacGregor, CEO Of ENGIE Yes. On the next slide, you can see Client Solutions, which faced unprecedented headwinds in 2020. 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. And then, of course, right after that, you have hydrogen. 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. Now that doesnt mean that we should not have discipline. Supplies offered a net COVID impact of roughly 290 million mainly due to lower consumption, bad debt and lower B2C services. A quick word on the agenda for this morning. The President & CEO of the Finnish grid company Fingrid Oyj, Jukka Ruusunen, D.Sc. Sign up for more in-depth articles and insights. I have two questions, and I continue with the trend, 1 for Catherine and 1 on the details for Judith, please. 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. Yes, two topics that you were talking about, Peter. Euro erzielen und am Vorhaben festhalten, jhrlich 65 . And then the second question is more for Judith. So 25% of your business is in Thermal, and its an area that youre not particularly resting hugely behind if you look at the growth CapEx numbers. Carbon neutrality is at the heart of ENGIEs purpose and central to our strategic direction. We support credit card, debit card and PayPal payments. I just had indeed, I will stick to two questions as well, maybe a strategic 1 as well and a more detailed 1. Engie has been riven in the past by fights between chairman and CEO and is a company where the board plays a big role in shaping strategy. 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]. All information you need to have a pleasant time during the event. Okay. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. For example, we significantly enhanced our renewables footprint in the U.S. 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? We are investing in our strategic priorities for long-term value creation. We assume up to 100 million dilution effect at the COI level from approximately 2 billion disposals in addition to previously signed transactions. I think, as you pointed out, theres been a little bit of a race to gigawatts. We announced last December that EVBox would be listed on the New York Stock Exchange. ENGIE announces that Catherine MacGregor took up her post as Chief Executive Officer of the Group on 1 January 2021. 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. 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. And that will be something that we will be describing a bit more in details in May. And then, of course, you also remember that, in 2020, we have decided to more consolidation where it makes strategic and financial sense, as it was mentioned earlier. 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 the answer is yes. We also suffer from the same crisis and have also contributed to this, especially in the Corona years. Ms MacGregor is 48, she's been the Chief Exec. How quickly can that new CapEx sort of translate into earnings? MacGregor said: I would like to thank the board of directors for the confidence it shows in me. We had very good results from our Italian assets due to higher level of ancillaries as well as to higher spreads captured throughout Europe. Anyone whos keen to learn more about the topics that are currently driving our industry is more than welcome to attend the event! Thats what Id like to understand because we need to consider whats the dilution of as well the midterm period, not only 2021. 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. 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. We will make sure that we get the right price. CEO of French energy giant Engie since January, Catherine MacGregor hopes to lead the company into a brighter and greener future. university Yes. 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. 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. 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. So I think this is a key point Id be interested in. 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! Even if you ten-double the installations of these sources, the 40% remains. On an organic basis, the business line saw 1% growth, which was a strong result considering that there were over 100 million of positive operational one-offs in 2019 from LDs on newly commissioned power plants in Brazil and Chile. 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. Thanks to Faye Kirby and Rodica Roman for organizing the event and thanks to the many helpers! But on defining the structure, does that mean we have a disposal in Q3, Q4? - Play an important role in ensuring security of supply for France and Europe So no specific things to be taken into account. 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. On your two questions, 1 was on the tax rate. Onshore wind can be 1.5 years. 2020 was really a milestone year for ENGIE in the U.S. with nearly 2 gigawatts of this new capacity commissioned across four states, taking our total installed renewable generation there to over 3 gigawatts. And importantly, we reaffirm our dividend policy, which relies on a 65% to 75% payout ratio on the basis of net recurring income group share. MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. Were going to really focus on a few geographies. 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. I would love to hear from you. This was mainly due to impairments, especially related to our nuclear reactors. However, the gross COI evolution was negative 125 million mainly due to foreign exchange. Its going to take us some time. Then rapidly followed: "what am I gonna use that for ? Precisamos de 20.000 apoios para que a ideia se transforme em lei. So youve been talking about investment discipline. It was in this ramp-up that we were doing on renewability was the first time that we had significant sell downs. And so we will not give specific assets, of course, at any given time. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. En 2020, elle est pressentie pour diriger Technip Energies, une socit en cours de cration base Paris d'environ 12000personnes issue de la scission de TechnipFMC en deux entits spares. And Ill turn to Judith maybe for the cash flow from Nuclear. This year is marked by the unprecedented energy crisis in Europe as a result of the tragic war in Ukraine. Our environment is changing. In Supply, the outlook is improving, as these activities should strongly recover from COVID and on the assumption of temperature normalization. You may now disconnect. Because there was a time when that business was making around 600 million of COI. Renewables showed continued progress and overall operational resilience to COVID with organic growth of 11% in 2020. Education Catherine MacGregor has obtained a degree from CentraleSuplec in 1995. That will put pressure on Ms MacGregor to make her mark . All options considered for Engie's services business sale-CEO This is one of the largest renewable PPAs signed with an industrial group in Belgium and demonstrates the growing appetite for PPAs from a broader range of customers. Thank you very much, Judith. We completed the SUEZ transaction in October and launched further strategic reviews. At the end of 2020, the financial net debt-to-EBITDA ratio was 2.4 times, a slight decrease compared to December 2019. 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. 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. Biography [ edit] Obviously, you did signal that youd be ramping up CapEx. 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. We maintained a high level of liquidity with 23 billion, including 13.3 billion of cash as at the end of December 2020. Delivering on decarbonization while ensuring reliability and affordability can only be achieved through a combination of centralized and decentralized solution and with a mix of energy sources. 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. Yes. There are 25 older and 1 younger executives at ENGIE SA. Hopefully, thats an easy one, but would be very helpful. And Judith, you want to comment, please, on the impairment? Engie's new CEO sets out with the goal of simplifying the energy group Indeed, we had an increase a temporary increase in 2020 to 32.5%. In addition, her appointment as a board member of Engie will be proposed for approval during the General Shareholders Meeting in 2021. So in terms of creating an entity as part of our strategic review of Client Solutions, one of the things that is important to understand about this business is that it has grown within ENGIE as a series of acquisition and local development and so today, dont quite belong into a coherent entity and is not led as an independent or well-defined part of ENGIE. We also continued to benefit from the cost actions launched in the second quarter. Also adding to national energy insecurity and dependence on fossil producing countries at colossal scale. You can update your choices at any time in your settings. And I was very pleased to hear that you put simplification at the center of your new vision for the group. So naturally, were landing more just below a 100 million figure for 2021. 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.
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