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. First of all, I think you are highlighting through your question the fact that we have, at ENGIE, significant tailwinds, tailwinds that some of our peers have enjoyed and we havent. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Premium access for businesses and educational institutions. And what is your philosophy there? I think the team has done, so far, a really nice job. Indeed, you can expect positive cash flow operation from our nuclear activities. Whilst the overarching priorities are clear, we now need to translate them into an action plan for consistent delivery. cookies We want to develop and further our differentiation. And how quickly do you think it can actually contribute to your earnings, please? And with that, Im pleased to hand you over to Catherine. Yes. So yes, Thermal is a good fleet for us, good asset. So thats a positive. 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. I wish to thank Paulo Almirante, Judith Hartmann and Claire Waysand who will continue to serve as the interim management team until January 1st., I would like to thank the Board of Directors for the confidence it shows in me. 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. Yes, two topics that you were talking about, Peter. Long-term growth drivers for asset-light activities are also strong, underpinned by major international actions plans, such as the European green deal towards making the EUs economy sustainable. In addition, her appointment as a board member of Engie will be proposed for approval during the General Shareholders Meeting in 2021. 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. ), has announced that he will retire on 31 CGG announced today (March 2) the appointment of Jrme Serve as Group Chief Financial Officer. 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. And so to in that respect, I think your comment might be valid. For a full comparison of Standard and Premium Digital, click here. 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. But on defining the structure, does that mean we have a disposal in Q3, Q4? We also rapidly launched strategic reviews of businesses, including part of Client Solutions, GTT and ENGIE EPS. We think its important to have a system play on renewables. So I was wondering whether you could share some thoughts on perhaps where you might be able to get back to perhaps over the medium term in that business? We use With respect to the recent extreme weather events in Texas, we are assessing the situation. This was mainly due to impairments, especially related to our nuclear reactors. 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. So hopefully, this helps. Also from my side, Catherine, a very warm welcome to the sector and wishing you all the best. 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. Revenue declined on a gross basis by approximately 900 million for the full year. Catherine MacGregor joined the ENGIE group on 1 January 2021 as Chief Executive Officer. Head of Core Laboratories US - Alpharetta Site Manager, Thanks to Solvay Alpharetta employees Michael O'Keeffe and Edna Carbajal for reaching out to students in Dawson county GA for their junior high school career fair and mock interview days. 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. 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. Soliane Varlet, gestionnaire de portefeuille de notre stratgie actions Women Leaders, s'entretient avec Catherine MacGregor, Directrice gnrale d'Engie, l'. Its coal exits. Regarding Client Solutions project backlog, we recorded a total increase of 5% since December 2019, representing approximately 13 months of activity. 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. ENGIE has developed a strong platform in Client Solutions from which we can tap into the growth in this space. So quite frankly, it is a normal run rate of dilution of 100 million when you look at a 2 billion debt reduction. For a full comparison of Standard and Premium Digital, click here. You can still enjoy your subscription until the end of your current billing period. We have not seen prices like this in many years. Yes. Yes. You mentioned that you would also phase out coal in district heating. But is it bad? on the development of flexible and resilient energy systems. And youre right to point out that some of our DHC networks rely on a mix of entrance of feedstock. We have a high performing gas fleet, as you know, which is very important in our mind to bring the flexibility to the system. I just had indeed, I will stick to two questions as well, maybe a strategic 1 as well and a more detailed 1. We are a smaller company than Engie normally would partner with. And I was very pleased to hear that you put simplification at the center of your new vision for the group. First, you will hear from our new CEO, Catherine MacGregor, on the highlights of 2020, followed by our CFO, Judith Hartmann, on our financial performance. However, our results were ahead of our expectations on both metrics, and this was driven by the fact that the second half confinements were lighter in our main markets and that we adapted our processes, contributing to improved activity levels. We also benefited from higher contributions of GTT thanks to a strong past order intake. Our environment is changing. 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. 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. The enshittification of apps is real. Sure. 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. Compare Standard and Premium Digital here. As CEO of ENGIE, I am particularly proud of what we have achieved with our teams. We had 1.2 billion total impact last year. ENGIE announces that Catherine MacGregor took up her post as Chief Executive Officer of the Group on 1 January 2021. I have one question for Judith and one for Catherine, please. And also, 4 of them clearly align with the business activities that are core and are very much part of our strategic priorities. Areas of expertise ; We will run processes. This is value neutral over time as D&A is integrated in the regulated revenue. In summer 2019, she joined the Executive Committee of TechnipFMC Group, to lead its engineering division. The Board of Directors decided on Catherine MacGregor's appointment as ENGIE's Chief Executive Officer on 2 October last year. Her main mission was to prepare for the spin-off and IPO of this entity, with energy transition at the heart of the strategy. We have also good fleet in Middle East and also Latin America. And also, is there any possibility to reverse the decision on the Belgium life extension should the Belgium government change its stance this year? Lets keep in mind that revenues are also indexed to inflation and will benefit from that increase over time. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. We also increased the share of renewables in our portfolio to 31%, and I will cover this in more details shortly. 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. Thats one thing. About Catherine MacGregor MacGregor became the CEO of French energy company Engie in January 2021. . Despite unfavorable temperature, our district heating and cooling and on-site generation activities were resilient. Elle travaille pendant 23 ans chez Schlumberger. Battery storage is expensive, produces no net power, has a very high LCA and basically impossible at the needed grid size. 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. #mixedfeeling :D Read more about DN Media Group here. One was the CapEx. 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. Lastly, no change on the rating since mid-November, in line with the strong investment grade we aimed for. The reversal of a positive internal one-off from the fourth quarter of 2019 offset in supply as well as the first effect of the RAB remuneration rate decreases also contributed to this lower COI in France. Are you working on a new organizational format? She was in charge of the entitys IPO. Its two and probably a little bit more early. So there will be a capital gain on this. Let me know below We do think that we have quite a specific signature within ENGIE, and we do like our gas assets. 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. 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. Its a geography refocus. Do you have a vision about taking this proportion of minorities down for the group? She has spent her entire professional career working in the energy sector. 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. Now of course, its going to depend on when its closing, at what price, but it will be a few hundred million. Ses parents, d'origine corse et basque[1], sont professeurs. So these are some of the things that we are excited about when we think about our network assets, and we like it. I was happy to see so many enjoying each others company. organisation 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. 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. By 2050, over $15 trillion are expected to be invested in power generation globally with over 70% in renewables. Current positions of Catherine MacGregor Yes. Yes. 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. Lets now look at the outlook for 2021 starting with our capital reallocation to fund growth. 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. 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. 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. Thank you, Catherine, and good morning, everybody. 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. So two questions, please. Thank you, Sam, for this question. All information you need to have a pleasant time during the event. These headwinds were partly offset by a 700 million positive change in working capital requirements from energy management activities driven by dynamic management of margin calls in 2020 in a context of extreme volatility of commodity prices. 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. Together, let's continue to make a difference! 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. analyse how our Sites are used. You certainly have a lot of people out here who want you to be very successful. Following which, as usual, well open the lines for Q&A. Judith, you have 1 so about 0.1 billion of dilution at the COI level put in your guidance for 2021. Offshore wind is typically much longer. But in short, we have big ambition, but we will be disciplined. 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. #economics #business #culture, Chief Executive Officer at Masdar (Abu Dhabi Future Energy Company). The second half of 2020 showed a strong recovery after second quarter, which has which was heavily impacted by COVID. 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. And so we are working really hard on these networks to find alternatives to use preferably renewables, things like biomass for example. This is what I am committed to. Precisamos de 20.000 apoios para que a ideia se transforme em lei. Welcome also and again and similar thing for the CMD and midterm outlook, I would concur. Its the first step. 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. Elle est ingnieur, diplme de l' cole centrale Paris, dont elle sort en 1995. 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. And my second question will be more accounting related regarding EVBox. Welcome again to Catherine. Ladies and gentlemen, this concludes this conference call. modifier - modifier le code - modifier Wikidata. 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. 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. 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? 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. French giant Engie has concluded its search for the new chief executive officer, naming Catherine MacGregor to the position. 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. La dernire modification de cette page a t faite le 22 fvrier 2023 19:40. Excellent example of circular economy ! organisation 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. cookies Keep abreast of significant corporate, financial and political developments around the world. We support credit card, debit card and PayPal payments. 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. Judith, you want to start with the EVBox question? Please go ahead. Notre lectricit est dj propre The enshittification of apps is real. Also adding to national energy insecurity and dependence on fossil producing countries at colossal scale. This was really driven by mix of the results, changes in some tax laws, including in the UK, and we are expecting to go to a more normal level at the 25% kind of range in 2021. 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. They represent a key long-term growth engine for the group. In addition to EVBox, we expect to execute disposals of around 2 billion, aligned with the group simplification. You can update your choices at any time in your settings. Simply log into Settings & Account and select "Cancel" on the right-hand side. Following the launch of the new strategic orientation in July, ENGIE completed the disposal of its 29.9% shareholding in SUEZ in October. But is it bad? Now turning to Networks. 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]. 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. So Ill ask two questions. Or is it your budget of the COI for these businesses in 2021? In 2020, most of our newly commissioned assets were onshore wind followed by solar. Iberdrola shares nearly doubled. Or does it have its own game plan? Comptences clefs . On the other hand, we, obviously, want stability in a power system. For cost savings, you can change your plan at any time online in the Settings & Account section. Pour viter se gchis financier avec l'argent des franais [1] She started her career on stage in New York City, in theatres off and on Broadway, credited as Scottie MacGregor . commentary and analysis you can trust. You can still enjoy your subscription until the end of your current billing period. Every Friday at a quarter past 10, the fire alarm. For cost savings, you can change your plan at any time online in the Settings & Account section. We have a strong position in Brazil, in Peru, in Chile. So for my question, the first is on the asset rotation. So first to reiterate on that, we are very pleased with our position on renewables, and we are leader in France. 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. 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. Maybe I will start with your second question, which relates to the coal used in DHC. Now that doesnt mean that we should not have discipline. But time will tell. The contribution of French renewables was also lower due to the reduction in DBSO margins in 2020. 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. First, operating cash flow was 1.1 billion lower, mainly reflecting the drop of EBITDA. These negative figures were partly offset by capital gains mainly coming from the SUEZ transaction. On quick one on numbers, on guidance. Now the markets are looking at the remaining energy services. Standard Digital includes access to a wealth of global news, analysis and expert opinion. En juillet 2019, elle est candidate au poste de prsidente de Schlumberger, mais le conseil d'administration prfre nommer Olivier Le Peuch. Sign up for more in-depth articles and insights. These headwinds were partially offset by various one-offs, including an internal negative 2019 one-off mirrored in Networks. Access to customer sites was much reduced during the strict lockdowns of the second quarter 2020, and we were not able to perform various services. Renewables showed continued progress and overall operational resilience to COVID with organic growth of 11% in 2020. It is important to say that our renewables growth ambition is not about entering a gigawatt race. And hydrogen, massive tailwind for ENGIE, massive tailwind because of it goes hand in hand with renewables. And sometimes, its okay to lose auctions if we dont get the right returns. Significant growth is also expected in the use of renewable gases to accelerate the energy transition. The oldest executive at ENGIE SA is Francoise Malrieu, 73, who is the Independent Director. And part of this feedstock sometimes continue to rely on coal. I think these are really, really good questions. In her efforts to "simplify" Engie, MacGregor is moving from 25 business units to 4 globally, and . Holidays ? Regarding the organizational simplification, you mentioned complexity of the group. When we mentioned the 2 billion of additional disposal to drive simplification, the topics you know about, of course, the strategic reviews that we have announced. Catherine will then come back and share our priorities. Net recurring income group share was within the guidance range, and Judith will cover financial performance in more detail shortly. By Gwnalle Barzic and Geert De Clercq. We will continue funding nuclear provisions in Belgium and invest for maintenance with a total of approximately 4 billion. 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. 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? 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. We do believe that its important to keep return in mind whenever we bid, and there is no must-win auction in ENGIE. And it would be helpful if you could highlight for us any meaningful one-offs embedded in the 2020 results, whether positive or negative that we should bear in mind as we build our bridge to 2021? https://waves-energy.co/maps/. So when you will reinvest? Watch th. If you have an ad-blocker enabled you may be blocked from proceeding. Aged 48 and an engineering graduate of cole Centrale Paris, Catherine MacGregor started her career at Schlumberger in 1995, where she spent 23 years in positions of international responsibility, notably as group HR director.
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