Yes, two topics that you were talking about, Peter. We invested 4 billion of growth CapEx and successfully commissioned 3 gigawatt of wind and solar assets. 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. currently to 4 GW p.a. Sign up for more in-depth articles and insights. We currently have leadership positions in all of these activities, and recent successes include a 30-year contract signed in Monaco to design, build, own and operate a seawater heating and cooling network that will enhance energy efficiency. The 0.1 billion, is this a 2020 contribution of the businesses youre going to sell? Siga o link abaixo e deixe seu apoio a esta poltica de incluso necessria ao nosso pas. The first is on the Supply business. Networks were mainly impacted by warm temperatures and by higher D&A. This is value neutral over time as D&A is integrated in the regulated revenue. This is what I am committed to. And what is your philosophy there? I would like to pay tribute to their mobilization, which has enabled us to: 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. So its a little bit of a total team, but we at this stage, that decision from the government hasnt been explicit. In other geographies, we benefited from commissioning new capacity in the United States and from higher wind production. Elle devra y appliquer une stratgie dfinie par le conseil d'administration prsid par Jean-Pierre Clamadieu[6]. 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. Laut Konzernchefin Catherine MacGregor werde man im laufenden Geschftsjahr 2023 einen Gewinn zwischen 3,4 und 4 Mrd. So when you will reinvest? So thank you very much, and bye-bye. fusion, Lets now move to our Supply, Nuclear and Other activities. We have a very nice digital platform to help us manage our assets better. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. Currently, Catherine MacGregor holds the position of Chief Executive Officer for ENGIE SA. Were very pleased. In Nuclear, we expect contribution to increase as volumes should be higher, thanks to better availability. . 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. On the other hand, we, obviously, want stability in a power system. These negative effects were partially offset by the positive GFOM ruling in Brazil of approximately 165 million. Other generators like Uniper and Fortum have been very strong as well. And on the availability, given that last year was the last LTO maintenance, we are confident on good availability for the years to come. 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. [indiscernible] Sam, for putting more pressure on us. And then just another one on guidance. 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. They represent a key long-term growth engine for the group. 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. We are investing significantly in these activities to ensure safety and reliability as well as improving energy efficiency. We are investing in our strategic priorities for long-term value creation. 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. You can see that on the recent months trading for renewable players. Despite unfavorable temperature, our district heating and cooling and on-site generation activities were resilient. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. #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. 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. We have a high performing gas fleet, as you know, which is very important in our mind to bring the flexibility to the system. https://www12.senado.leg.br/ecidadania/visualizacaoideia?id=167822. Harnessing 35 years of expertise to power the future of Energy and Water with data-driven solutions. Lets now look at the outlook for 2021 starting with our capital reallocation to fund growth. Ses parents, d'origine corse et basque[1], sont professeurs. Officer of ENGIE SA since . We reshaped the portfolio by investing 7.7 billion CapEx and by disposing of 4.2 billion of assets. The enshittification of apps is real. We have also good fleet in Middle East and also Latin America. 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. Les miroirs magiques et moulins vent ne seront jamais une alternative au nuclaire franais, By Gwnalle Barzic and Geert De Clercq. COI was adversely impacted by roughly 300 million due to foreign exchange and by an aggregate negative scope effect of 75 million. Aged 48 and a graduate of cole Centrale Paris, Catherine MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. Engie which is 24%-owned by the French government was formerly the gas monopoly operator known as GDF. In Client Solutions, overall, we are expecting a strong recovery from COVID, albeit with a relatively slower recovery for asset-light activities. Pour viter se gchis financier avec l'argent des franais We have a strong position in Brazil, in Peru, in Chile. Our focus is on disciplined investment through organic growth and through targeted acquisitions that offer good returns. Her vision on ENGIEs transformation and development, her industrial and international track record as well as her leadership and managerial skills will fully contribute to the achievement of the strategic orientations announced at the end of July. 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. Renewable #Gas: We continue to make progress, with 459 #biomethane production units connected to our networks in France, and with 5 of our #hydrogen projects in Europe selected to benefit from public aid from the European Commission. We 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. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Stepping back. Its two and probably a little bit more early. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Is it something that you will tell us more about in May? Katherine MacGregor (born Dorlee Deane McGregor; January 12, 1925 - November 13, 2018) was an American actress, best known for her role as Harriet Oleson in Little House on the Prairie. Net interest expense was also slightly higher driven by negative FX and lower cash remuneration. 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. 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. So you say the inflection on the strategy last summer, ENGIE already has started pretty fast on that as you flagged. Non Madame Recharge is part of DN Media Group. Elle est ingnieur, diplme de l' cole centrale Paris, dont elle sort en 1995. https://lnkd.in/ea25krWt In terms of operational performance, I am pleased that the group made progress at pace despite the challenging backdrop. 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. And so were excited about this transaction. Also from my side, Catherine, a very warm welcome to the sector and wishing you all the best. Some of your peers there have convinced the market that they transitioned to hydrogen. Thank you very much, James, for your question. We will run processes. Revenue declined on a gross basis by approximately 900 million for the full year. La situation en France depuis plus de 50 ans cookies Find here the list of all the sessions presented by this speaker in order not to miss any of it. Elle s'intresse notamment l'utilisation de la sismique 3D pour la rcupration assiste du ptrole[5]. Notre lectricit est dj propre And if you look at what we announced on January 14 is indeed a smaller executive team, less members. Therefore, we do continue that we do think that gas will continue to play a very key role. In summer 2019, she joined the Executive Committee of TechnipFMC Group, to lead its engineering division. Thank you, Emmanuel, for your questions. Ms MacGregor, an engineer by training who was born and raised in Morocco, will start in the CEO job on 1 January 2021, taking over a company that has been roiled over the past few years by a. university In addition to this strong organic growth, we also added 2 gigawatts through acquisition of operating assets. 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. It mainly affects our renewables and supply activities. On the impact, the positive impact on 2021, on the impairment, it was about 2 billion related to goodwill. 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. Yes. And hydrogen, massive tailwind for ENGIE, massive tailwind because of it goes hand in hand with renewables. Thank you, Sam, for your welcome message and your welcome question. Selbst im Worst-Case-Szenario komme Engie dann auf eine Bewertung mit einem KGV von rund 10. It seems to be the trend last few questions. And does is your vision about full ownership versus minorities guiding your capital allocation going forward? "Until regulations happen," they muse, "there's really nothing I, or my company, can do to make a difference." Long-time Schlumberger executive to join next year as French utility giant gears up in renewables. So if you add those two effects together, you go from 150 million positive to roughly 160 million positive in 2021. And then, of course, right after that, you have hydrogen. And then, of course, in terms of Thermal, we will be very opportunistic. 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. But in short, we have big ambition, but we will be disciplined. 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. These headwinds were partly offset by the outperformance of GEM activities on the back of market volatility. We also rapidly launched strategic reviews of businesses, including part of Client Solutions, GTT and ENGIE EPS. G&A was up mainly because of acquisitions, asset commissioning and accelerated amortization for some French gas distribution assets. The first one is on strategy. Okay. This will mean a transition based on a combination of electrification and decarbonization of gas as well as on the development of flexible and resilient energy systems. Catherine MacGregor - Chief . 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? So here, generally, the question, how do you think about the future of the gas networks? In terms of geography, we have a strong hold in Europe. Operationally in 2020, the group continuously evolved processes to tackle COVID, and we maintained high health and safety standards for both occupational and process safety. 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. 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 I thought, on this occasion, it would be great if you could take a few minutes just to share with us sort of your perspective on why the last few years have been so difficult for ENGIE, why the 2016 asset rotation plan didnt really deliver in the end and why the current asset rotation plan may be more successful. We had very good results from our Italian assets due to higher level of ancillaries as well as to higher spreads captured throughout Europe. Theyre going into similar areas with Networks is an important aspect. Second, change in working capital requirements from activities, excluding energy management, had an impact of negative 200 million. Euro erzielen. Our greenhouse gas emissions from power production reduced 9% to 68 million tons as the share of coal has further decreased in 2019. But what is the tax rate thats assumed in the guidance and what DBpSO has assumed? Catherine MacGregor est elle-mme mre de deux filles 2 . And while were not going to grow it at the same rate as Renewables and Networks, we will be opportunistic in managing this fleet. Are you talking about Q3, Q4 for the end game? What is the identity of the Thermal business? And youre right to point out that some of our DHC networks rely on a mix of entrance of feedstock. Now its a little bit difficult for me to really be critical about the past. #solvaylife #workculture #lovemyworkfamily, Celebrating our diverse HR team during the HR Seminar in UAE. 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. Warm temperatures in the first half also weighed on energy consumption, mainly in France, for B2C gas volumes. Thank you very much for your attention, and I would like to turn now the line back to the operator for the Q&A session. For a full comparison of Standard and Premium Digital, click here. This translates to a dividend of 0.53, which will be proposed for shareholder approval at our AGM on the 20th of May. 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. 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. 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. And so from a financial impact standpoint, unlikely to be a 2021 story. Depending on opportunities, it could be this asset or another one. And for the first time, to our Ocean Winds joint venture with EDPR, we commissioned both fixed and floating offshore wind. Yes. This impact was partially offset by higher achieved prices for our hydro power production and higher volumes produced mainly by our wind assets. Lower results from SUEZ also impacted Client Solutions COI by approximately 160 million. So lots of enthusiasm around renewable. Are you working on a new organizational format? Have a nice day. The second half showed a clear recovery with less stringent confinement measures but also with improved processes and protective equipment for our teams. CFFO was 7.1 billion in 2020, down 500 million versus 2019, mainly driven by the following effects. Thank you very much, Judith. Thats one thing. Yes. 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. More information, our agenda as well as the opportunity to register are available here: https://fusion.concur.com/. This year is marked by the unprecedented energy crisis in Europe as a result of the tragic war in Ukraine. A quick word on the agenda for this morning. Ocean Winds to rival Orsted as Engie and EDPR unveil new offshore giant, Only female CEO of a major European utility sacked by board. Okay. 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. The current total coupon of 100 million per year has been reduced by 28% since 2017. In addition, her appointment as Board member of the Group will be proposed for approval during the General Shareholders Meeting in 2021. Our near-term priority in the region is to commission two major electricity transmission projects. 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! This was due to higher contributions from entities with minorities, which fully contributed at EBITDA and COI levels but only contributed at share at net recurring income group share level. In her efforts to "simplify" Engie, MacGregor is moving from 25 business units to 4 globally, and . So in short obviously, its a topic we could talk for hours. 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. We strengthened our leadership in green bonds having issued 2.4 billion green bonds in 2020 for a total of 12 billion since 2014. COVID weighed particularly heavily on Client Solutions and on Supply. 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 do think that we have quite a specific signature within ENGIE, and we do like our gas assets. Euro erzielen und am Vorhaben festhalten, jhrlich 65 . And lets now, indeed, look at our priorities for sustainable long-term value creation. Engie board set to appoint Catherine MacGregor as new CEO. This change led to an impairment, which Judith will cover shortly. 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%. Catherine MacGregor joined the ENGIE group on 1 January 2021 as Chief Executive Officer. And thats really the key part of what we do. It is such an exciting time to have joined ENGIE, exciting time for the group and for the energy industry as a whole. You can store it. Although we were in crisis management most of 2020, we did not lose focus on our long-term objectives and continued to invest for the future. But the idea is that for the big production projects, we will give the Thermal people and the Thermal team, the responsibility to run those hydrogen production plans and projects because some of the skills are actually quite similar. or A particular region of international growth in Networks has been Latin America, where, in addition to gas, we are also building power transmission lines. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. And how quickly do you think it can actually contribute to your earnings, please? Operator? 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. Thank you very much, Aarti, and good morning, everyone. In green mobility, were a leading global provider of smart charging solutions for electric vehicles through EVBox, a start-up we acquired in 2017. 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. 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. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. 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. Net recurring income group share amounted to 1.7 billion, down 37% year-on-year. 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. Its going to take us some time. As CEO of ENGIE, I am particularly proud of what we have achieved with our teams. She has managed numerous complex industrial projects, both . Tax charges were 300 million lower mainly due to the decrease in profit. Let me now hand you over to Judith to cover our financial overview, and I will come back on strategic priorities. Thank you for giving us our voices back with the amazing Diversity, Equity and Inclusion policies at ENGIE . You certainly have a lot of people out here who want you to be very successful. And on these assets, if you assume the five remaining years until 2025, its about 150 million of impact a year positive. And also, 4 of them clearly align with the business activities that are core and are very much part of our strategic priorities. Let me now move to a detailed view per business line. You have to keep in mind, about 200 million of that were related to SUEZ, which is now gone, of course. 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 . In DHC networks, the worldwide market is expected to grow over 5% per year on average across the next nine the next five years. Thank you Renata Spada for being yourself and authentic. 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. I think the team has done, so far, a really nice job. And of course, hydrogen as it gets developed, indeed, could be very much more linked to power than maybe gas was in the past. You have, of course, in mind, that we have committed to fund our waste provision until 2025. A warm welcome as well to you, Catherine MacGregor. 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. The ability to manage risk, we see mature risk increasing in the renewable arena, and we are really good at that. We have 101 gigawatt of gross power generation capacity, of which around 30% from renewables. We are a media company, specifically facilitating the maritime and offshore industry. And Im sure thats a question youve been reflecting on as you took up the new role. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 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). As you put a fresh perspective into this organization, do you see room for improvement in terms of organization? 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. On organic evolution per business line, Renewables, Thermal and Nuclear were resilient and even grew organically. Enel nearly tripled, Orsted quadrupled. Then rapidly followed: "what am I gonna use that for ? One is, of course, to participate in the future growth that we are projecting for this company; and second, of course, the close link into this space, which is a very important space for us. 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. We have some core competencies. 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. In addition to EVBox, we expect to execute disposals of around 2 billion, aligned with the group simplification. You mentioned that you would also phase out coal in district heating. Iberdrola shares nearly doubled. And weve made some moves last year, and we will continue to do that. Thats a good clarification. We are also expecting a year-on-year accretion resulting from the partial disposal of SUEZ and EVBox, which contributed negatively in 2020. Thanks to Faye Kirby and Valencia Anderson for setting up the display and sharing books written by black authors. 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. And this is something, obviously, that we are going to continue and push. ENGIE is a major player in the energy sector, and we are extremely well placed to tackle most of the challenges posed by this transition. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Elle est ingnieur, diplme de l'cole centrale Paris, dont elle sort en 1995. Our group remains committed to Belgium and to contributing to the countrys security of supply.