You mentioned the COVID impact and how to think about it in 2021. Yes. Also from my side, Catherine, a very warm welcome to the sector and wishing you all the best. On quick one on numbers, on guidance. But when you think about where that green hydrogen will be produced and where it will be consumed, the fact that we have infrastructure to transport this hydrogen, potentially to store this hydrogen will play to our strength. We have some core competencies. 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. Catherine Macgregor, Engie SA: Profile and Biography - Bloomberg Markets Bloomberg TV+ Bloomberg Markets European Close Bloomberg Markets European Close. We have already secured better pricing for 18% of our 2021 output at 46 per megawatt hour. And this is something, obviously, that we are going to continue and push. Economic net debt-to-EBITDA ratio was four times stable compared with December 2019 and better than 2020 guidance. So Paulo, Ccile, Edouard and Sbastien will be obviously leading this organization effort, which I very, very much look forward to, indeed, seeing simplified over the coming months. [Foreign Language]. We support credit card, debit card and PayPal payments. And then your other question was related to the organization. In DHC networks, the worldwide market is expected to grow over 5% per year on average across the next nine the next five years. Now having said that, we are also very excited about transitioning our gas systems into renewable and by that, I mean, renewable gas. So let me start then with your question on Thermal. And does is your vision about full ownership versus minorities guiding your capital allocation going forward? And I was interested to get your philosophy about minorities. Precisamos de 20.000 apoios para que a ideia se transforme em lei. This change led to an impairment, which Judith will cover shortly. Judith, you want to answer the second question? You can update your choices at any time in your settings. But where should we be hoping that Supply COI gets back to either this year or perhaps over the medium term? 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. - Contribute to measures to support purchasing power For example, last year, 91 additional biomethane production units were connected to the French gas grids, and over 85% of these were connected to GRDF. #economics #business #culture, Chief Executive Officer at Masdar (Abu Dhabi Future Energy Company). But now that we have officially become Equans for a few weeks, this message that all ENGIE employees worldwide will receive a bonus of 1500,- comes as a disappointment. Catherine MacGregor joined the ENGIE group on 1 January 2021 as Chief Executive Officer. And sorry, just a follow-up on the CapEx. Catherine MacGregor will join Engie as CEO. The contribution of French renewables was also lower due to the reduction in DBSO margins in 2020. 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. The Board of Directors decided on Catherine MacGregor's appointment as ENGIE's Chief Executive Officer on 2 October last year. Okay. Strong management actions allowed us to variablize and reduce total OpEx by approximately 300 million. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. Now the markets are looking at the remaining energy services. Catherine MacGregor joined the ENGIE group on January 1, 2021 as Chief Executive Officer. ENGIE announces that Catherine MacGregor took up her post as Chief Executive Officer of the Group on 1 January 2021. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Let me now move to a detailed view per business line. We have also started to adopt the existing gas transport networks by commissioning three reverse flow installations in 2020, which allow biomethane to flow from the distribution grid to the gas storage units. 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. So there will be a capital gain on this. Carbon neutrality is at the heart of ENGIEs purpose and central to our strategic direction. And Im sure thats a question youve been reflecting on as you took up the new role. Before I share my view on 2021, here are our 2020 financial highlights. And the second one is very bad timing. Maybe I will start with your second question, which relates to the coal used in DHC. Catherine MacGregor est elle-mme mre de deux filles 2 . What you would be looking for? So these are some of the things that we are excited about when we think about our network assets, and we like it. We invested 1.5 billion of growth CapEx in 2020 mainly for the acquisition of 1.7 gigawatt of hydro assets in Portugal. 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. I was very pleased to participate in the 9th Ministerial Meeting of the Southern Gas Corridor Advisory Council, and the 1st Ministerial Meeting of the Green Energy Advisory Council, held in #Azerbaijan last week. Comptences clefs . 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. 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. 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. ), has announced that he will retire on 31 CGG announced today (March 2) the appointment of Jrme Serve as Group Chief Financial Officer. Ms MacGregor is 48, she's been the Chief Exec. Harnessing 35 years of expertise to power the future of Energy and Water with data-driven solutions. The first is on the Supply business. organisation However, we claim we have a valid solution to the above problem,, inviting large corporations like Engie and others reading this, to scrutinize our numbers and concept very carefully. So no specific things to be taken into account. But in short, we have big ambition, but we will be disciplined. And then the second one, its for Catherine. Selbst im Worst-Case-Szenario komme Engie dann auf eine Bewertung mit einem KGV von rund 10. The final area of 2020 performance I would like to highlight is the groups continued progress in growing our renewable portfolio, which has grown significantly by 32% since the end of 2018. 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 . In 2021, we already have hedged 80% of the production at 46. In addition, her appointment as a board member of Engie will be proposed for approval during the General Shareholders Meeting in 2021. Is it something that could be you realize value of and take advantage of low rates? We delivered for our customers while continuing to invest in major capital projects. 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 think, in general, gas is going to be important in this energy transition. It is important to say that our renewables growth ambition is not about entering a gigawatt race. Its, for sure, a large part of the investment case. So for my question, the first is on the asset rotation. Our group remains committed to Belgium and to contributing to the countrys security of supply. As CEO of ENGIE, I am particularly proud of what we have achieved with our teams. Theyre going into similar areas with Networks is an important aspect. Anyone whos keen to learn more about the topics that are currently driving our industry is more than welcome to attend the event! 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. For a full comparison of Standard and Premium Digital, click here. Areas of expertise ; If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. A quick word on the agenda for this morning. Onshore wind can be 1.5 years. Could you clarify how much COVID impact youve included in 2021 relative to the 1.2 billion hit in 2020? Les miroirs magiques et moulins vent ne seront jamais une alternative au nuclaire franais, 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. 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. But ENGIE shares have gone, lets say, sort of sideways and even down a bit in that time. Thanks to Faye Kirby and Valencia Anderson for setting up the display and sharing books written by black authors. So youve been talking about investment discipline. We are experts in sourcing projects, in dealing with permitting, land ownership issues, financing, partnering, environmental assessment and all that good stuff as well as aspects of social acceptability, which is really important in the development of renewables as you know. Despite unfavorable temperature, our district heating and cooling and on-site generation activities were resilient. I have two questions, and I continue with the trend, 1 for Catherine and 1 on the details for Judith, please. January 7, 2021. In other geographies, we benefited from commissioning new capacity in the United States and from higher wind production. 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. Check if your 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 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? Il serait pertinent de se concentrer sur l'aprs nuclaire, Thank you for giving us our voices back with the amazing Diversity, Equity and Inclusion policies at ENGIE . 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. Our regulated networks offer stability and visibility of earnings to the group with regulatory remuneration arrangements in place through to 2024. janvier 2021 en qualit de Directrice Gnrale. And on the availability, given that last year was the last LTO maintenance, we are confident on good availability for the years to come. #solvaylife #workculture #lovemyworkfamily, Celebrating our diverse HR team during the HR Seminar in UAE. Obviously, we have made the decision to exit the coal, which is run under Thermal. In Nuclear, we expect contribution to increase as volumes should be higher, thanks to better availability. 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. And so obviously, a decision that we communicated today is based on a scenario where it is unlikely that the lifetime extension happens. 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. 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. Its about 1% of French consumption that was injected, so and thats 2021 or 2020, rather. So this is becoming real. And Im going to pass it on to Judith to comment maybe on the other questions. 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. We also continued to benefit from the cost actions launched in the second quarter. modifier - modifier le code - modifier Wikidata. The enshittification of apps is real. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Pascal Frings., Assistente de Planejamento e Controle I | ENGIE Brasil | Gesto de Frotas | Logstica | Atendimento ao Cliente | Administrao Estcio, Bizarre, je suis un employ d'Engie et je n'ai pas reu , I am really very Happy after Hearing that Engie is going to make strong and strong renewable resources that makes to process competency of whole work which is going on this projects as i would proudly feel good i wish if you have any vacancy in the Engie organization i would definitely prefer to work this organisation as my last experience were quite satisfactory in Allied Maintenance Company Pvt Ltd at Tabuk Project in Saudi Arabia even i was working two years as store supervisor in Tabuk Projects i forwarded my resume to one of your recruiter for store supervisor as i have 12 years experience in the maintenance Departments like Civil, Plumbing, Mechanical,HVAC, Gardening, Cleaning and most importantly PGP Department. We also increased the share of renewables in our portfolio to 31%, and I will cover this in more details shortly. The 0.1 billion, is this a 2020 contribution of the businesses youre going to sell? 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. And we will now take a last question from Louis Boujard with ODDO. Thank you very much, Aarti, and good morning, everyone. French utility's new chief Catherine MacGregor to increase investment in renewables. This impact was partially offset by higher achieved prices for our hydro power production and higher volumes produced mainly by our wind assets. 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. 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. 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. 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. With our experience, knowledge and reach we can optimally meet your businesses media needs and requirements in three cohesive ways: Network with the right people, Insight into the industry, and Talent to the right place. We have made the decision to stop the work to prepare for this such an extension. French giant Engie has concluded its search for the new chief executive officer, naming Catherine MacGregor to the position. We have also good fleet in Middle East and also Latin America. 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. Last but not least, visiting BV head office in Mumbai and meeting SSC and SAR management team. These negative effects were partially offset by the positive GFOM ruling in Brazil of approximately 165 million. And while were not going to grow it at the same rate as Renewables and Networks, we will be opportunistic in managing this fleet. This year is marked by the unprecedented energy crisis in Europe as a result of the tragic war in Ukraine. 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. With our strong local presence in key geographies and leading capabilities across the power generation value chain, including in energy management, which is a key for commercializing renewable energy, we are confident in our ability to drive long-term value creation from this renewables growth. Now that makes me and that makes the team, obviously, extremely motivated and optimistic that we are going to get the benefit from these tailwinds because, as a team, we are extremely focused in making sure that we do outperform, and outperform our peers, outperform the market. 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. Thank you. Im Aarti Singhal, Director of Investor Relations at ENGIE, and welcome to our 2020 annual results conference call. 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. En juillet 2019, elle est candidate au poste de prsidente de Schlumberger, mais le conseil d'administration prfre nommer Olivier Le Peuch. Catherine MacGregor est elle-mme mre de deux filles[2]. Learn more in our Cookie Policy. Let me now hand you over to Judith to cover our financial overview, and I will come back on strategic priorities. There is a very, very strong will power within the team to do that. We do believe that its important to keep return in mind whenever we bid, and there is no must-win auction in ENGIE. Simply log into Settings & Account and select "Cancel" on the right-hand side. Live from New York and. For example, we significantly enhanced our renewables footprint in the U.S. In November, we discussed the creation of a new leader in multi-technical services, which would benefit from scale and strong growth prospects. I will now hand you back to Catherine for our 2021 priorities. De mme pour Angeles Garcia Poveda, prsidente du conseil d'administration de Legrand et Barbara Dalibard, prsidente du conseil de surveillance de Michelin. Because there was a time when that business was making around 600 million of COI. We see a huge potential for hydrogen, and we are already making significant progress in biomethane. I was happy to see so many enjoying each others company. H2, And so the number that I quoted, which was the injection that we did last year, you start to see that it becomes meaningful. Elle devra y appliquer une stratgie dfinie par le conseil d'administration prsid par Jean-Pierre Clamadieu[6]. 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. In this uncertain environment, ENGIE's strategy for a balanced, affordable, and resilient energy mix has proven its relevance and we have stayed on track! 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! You may now disconnect. 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? Net income group share stood at negative 1.5 billion. And if you look at what we announced on January 14 is indeed a smaller executive team, less members. We use So thank you very much, and bye-bye. Premium access for businesses and educational institutions. I think, as you pointed out, theres been a little bit of a race to gigawatts. commentary and analysis you can trust. Thats what Id like to understand because we need to consider whats the dilution of as well the midterm period, not only 2021. The current total coupon of 100 million per year has been reduced by 28% since 2017. And also, 4 of them clearly align with the business activities that are core and are very much part of our strategic priorities. Please disable your ad-blocker and refresh. The issue of having mtiers and activities that are so different from each other and I think weve talked a little bit about the multi-technical services, as an example, that require a management focus, a capital allocation policy, a system and attention to every cent that you have to spend, which is not necessarily something that is ENGIE DNA. It mainly affects our renewables and supply activities. Now the 2021 guidance. 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. And hopefully, we can share more of that in May when we come back to you. You can read more about how we handle your information in our privacy policy. And part of this feedstock sometimes continue to rely on coal. 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 . So its a huge project. For this, I would like to say a big thank you to Judith, Paulo and Claire for their strong leadership in 2020, as they had the dual challenge of advancing the group simplification agenda whilst, at the same time, ensuring we continue to deliver essential services to our customers. 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. In summer 2019, she joined the Executive Committee of TechnipFMC Group, to lead its engineering division. So the 150 million I gave is correct. In France, we continued to invest into the gas smart meters rollout. 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. Following which, as usual, well open the lines for Q&A. Its a geography refocus. 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. COVID had little impact on Nuclear, and its contribution improved by 203 million, mainly reflecting higher achieved prices and lower OpEx. Supplies offered a net COVID impact of roughly 290 million mainly due to lower consumption, bad debt and lower B2C services. I think we are now about time, so I would like to thank you for your attention. It will also require some infrastructure, maybe not with the same density at todays gas network. And Judith, you want to comment, please, on the impairment? So the what is happening here in France on biomethane is actually quite real, and so we are now looking at potentially having sufficient volume to fully displace what will be needed in gas at the 2050 horizon. 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. We also rapidly launched strategic reviews of businesses, including part of Client Solutions, GTT and ENGIE EPS. 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. It is such an exciting time to have joined ENGIE, exciting time for the group and for the energy industry as a whole. Keep abreast of significant corporate, financial and political developments around the world. Now turning to Networks. No, absolutely. As we approach our annual SAP Concur Fusion customer event very quickly, this week was rehearsal time for me! Recharge is part of DN Media Group. This decision to appoint Macgregor, effective as of January 1, 2021, is the result of a selection process started at the end of July. For a full comparison of Standard and Premium Digital, click here. And second, its really focused and making sure that everybody pulls in the same direction. On 14th of January, I announced a new executive committee, and Im very pleased that Paulo, Edouard, Ccile and Sbastien have started their new business roles. It honors and commits me. So firstly, theres step-up in CapEx in 2021 versus your sort of prior 10 billion 3-year plan. That will put pressure on Ms MacGregor to make her mark . Even if you ten-double the installations of these sources, the 40% remains. We have progressed on simplifying the group. 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 so our whole plan that weve announced today, and obviously, very pleased to have made this announcement today, includes for each of these networks solution to convert the coal to other source of feedstock. And I can confirm that the whole executive committee is passionate about moving along our strategy and enhancing our performance culture. A key part of that strategy is its Ocean Winds joint venture with EDPR, which has set out its stall as a global leader in offshore wind. 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. https://noviocean.energy/documents/ Thats one thing. So and then maybe Ill add that there is also, I think, a lot of things we can do and we are doing, and we will continue to do and even increase around industrialization, procurement, supply chain, of course, digital. Also on the same point, risking up or risking down in the future strategy, what is your view on how the risk profile for ENGIE should change going forward? But what is the tax rate thats assumed in the guidance and what DBpSO has assumed? This included 1.7 gigawatt of hydro plants in Portugal, which benefit from long-term concession arrangements. We continued to put in place dedicated action plans, including OpEx reductions and G&A resizing. 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. So two questions, please. Yes. Why the effort to reorganize this entity given the strategic review regarding a potential disposal? This really has two reasons. 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. Catherine MacGregor a rejoint le groupe ENGIE le 1. er. Revenue declined on a gross basis by approximately 900 million for the full year. Starting with our biggest contributor, Latin America, we had 195 million headwind from FX and an unfavorable energy allocation for hydro in Brazil. No, thank you. And I was very pleased to hear that you put simplification at the center of your new vision for the group. 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. Thats a good clarification. 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.
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