The COVID impact on our thermal activities was minimal with lower demand mainly in Chile and Peru. 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). 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. Please. Thank you, Emmanuel, for your questions. This has been a concern for the market. organisation [Operator Instructions] We will take our first question from James Brand with Deutsche Bank. French utility's new chief Catherine MacGregor to increase investment in renewables. 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. I think, as you pointed out, theres been a little bit of a race to gigawatts. ENGIE SA (ENGIY) CEO Catherine MacGregor on Full Year - SeekingAlpha Jusqu' l'arrive de Christel Heydemann la tte d'Orange en 2022, elle est la seule femme la tte d'une entreprise du CAC 40[7]. Theyre going into similar areas with Networks is an important aspect. Judith? You can still enjoy your subscription until the end of your current billing period. Catherine MacGregor est elle-mme mre de deux filles[2]. 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. Obviously, we have made the decision to exit the coal, which is run under Thermal. 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. 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. Current positions of Catherine MacGregor https://www12.senado.leg.br/ecidadania/visualizacaoideia?id=167822. hosting the engineering activities. You can store it. Let me now focus on the evolution of net debt and on our leverage ratios. Minority interests were lower mainly due to lower contributions from our listed entities in Latin America and to the scope effect of Glow. New organizational structure for a simpler ENGIE to go live on July 1 So on EVBox, were very happy to have announced this transaction. Learn more in our Cookie Policy. CFFO was 7.1 billion in 2020, down 500 million versus 2019, mainly driven by the following effects. You can still enjoy your subscription until the end of your current billing period. The first one regarding the network convergence. We have 101 gigawatt of gross power generation capacity, of which around 30% from renewables. 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. So if you add those two effects together, you go from 150 million positive to roughly 160 million positive in 2021. We will now take our next question from Emmanuel Turpin with Societe Generale. #buckminsterfuller #trimtab #climatechange. You have to keep in mind, about 200 million of that were related to SUEZ, which is now gone, of course. MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. We reshaped the portfolio by investing 7.7 billion CapEx and by disposing of 4.2 billion of assets. 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. And so from a financial impact standpoint, unlikely to be a 2021 story. We use cookies in a variety of ways to improve your experience, such as keeping NHST websites reliable and secure, personalising content and ads and to analyse how our sites are being used. She has managed numerous complex industrial projects, both . So thats one aspect of it. Engie plans to accelerate its development in renewables, by increasing the target for renewables capacity commissioned from 3 GW p.a. MacGregor, an engineer . 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. The second half showed a clear recovery with less stringent confinement measures but also with improved processes and protective equipment for our teams. Engie boosts asset sales as it targets 'doing less stuff' We have a high performing gas fleet, as you know, which is very important in our mind to bring the flexibility to the system. The 3 gigawatt that we commissioned last year is in our key growth market for renewables, namely the U.S., Europe and Latin America. No, thank you. So youve been talking about investment discipline. Excellent example of circular economy ! Check if your fusion, We support credit card, debit card and PayPal payments. Thats one thing. We will now take our next question from Sam Arie with Union Bank of Switzerland. All options considered for Engie's services business sale-CEO Tax charges were 300 million lower mainly due to the decrease in profit. This really has two reasons. Thank you very much, Judith. At the end of 2020, the financial net debt-to-EBITDA ratio was 2.4 times, a slight decrease compared to December 2019. And on gender diversity, we maintained 24% women in management of the group, and this must continue to be an area of focus for us in the coming years. And so the number that I quoted, which was the injection that we did last year, you start to see that it becomes meaningful. Therefore, we do continue that we do think that gas will continue to play a very key role. Okay. Vocs conseguem nos apoiar? Her main mission was to prepare for the spin-off and IPO of Technip Energies, for which she put the energy transition at the heart of the strategy. And moving now to our international networks, where we are leveraging the deep networks experience we have in Europe. Harnessing 35 years of expertise to power the future of Energy and Water with data-driven solutions. Were going to really focus on a few geographies. 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. 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. 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. We invested 4 billion of growth CapEx and successfully commissioned 3 gigawatt of wind and solar assets. Our focus is on disciplined investment through organic growth and through targeted acquisitions that offer good returns. Finally, on Client Solutions, we see a strong growth potential driven by decarbonization and energy efficiency, especially in heating and cooling networks, on-site generation, and green mobility among other asset-based solutions. Les miroirs magiques et moulins vent ne seront jamais une alternative au nuclaire franais, 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. Catherine MacGregor a rejoint le groupe ENGIE le 1. er. From 2019 to 2020, she was a member of TechnipFMC Executive Committee and the head of Technip Energies, hosting the engineering activities. directrice gnrale d'un groupe industriel nergtique; 25 ans de services, Vincent Collen, David Barroux et Julie Chauveau, , Dcret du 31 dcembre 2020 portant promotion et nomination dans l'ordre national de la Lgion d'honneur, https://fr.wikipedia.org/w/index.php?title=Catherine_MacGregor&oldid=201657000, Portail:Biographie/Articles lis/Sciences, Portail:Biographie/Articles lis/Entreprises, licence Creative Commons attribution, partage dans les mmes conditions, comment citer les auteurs et mentionner la licence. Could you clarify how much COVID impact youve included in 2021 relative to the 1.2 billion hit in 2020? We will now take our next question from Peter Bisztyga with Bank of America. 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. Katherine MacGregor - Wikipedia Standard Digital includes access to a wealth of global news, analysis and expert opinion. Let me know below COVID had little impact on Nuclear, and its contribution improved by 203 million, mainly reflecting higher achieved prices and lower OpEx. modifier - modifier le code - modifier Wikidata. ENGIE SA (OTCPK:ENGIY) Full Year 2020 Earnings Conference Call February 26, 2021 4:00 AM ETCompany Participants. #mixedfeeling :D Catherine MacGregor joined the ENGIE group on 1 January 2021 as Chief Executive Officer. Currently, Catherine MacGregor holds the position of Chief Executive Officer for ENGIE SA. In Thermal, we expect a COI decrease due to the normalization of a strong 2020 performance in Europe, which was supported by high spark spreads and ancillary contributions. Engie names Catherine MacGregor as new CEO - Offshore Energy 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 expect financial performance to improve significantly from 2020 driven by a combination of strong recovery from COVID impacts, growth in renewables and international networks, improved nuclear availability and higher achieved price, and reversal of warm weather effects. We also suffer from the same crisis and have also contributed to this, especially in the Corona years. We are investing significantly in these activities to ensure safety and reliability as well as improving energy efficiency. But where should we be hoping that Supply COI gets back to either this year or perhaps over the medium term? Catherine, you are in a ENGIE is in a unique position, I think, as a gas network operator with a very attractive Renewables business. All these strategic advances, which place our Group as a leader in the low-carbon transition, are the result of the exceptional commitment of all our teams! In other geographies, we benefited from commissioning new capacity in the United States and from higher wind production. Welcome to the sector, indeed. offers FT membership to read for free. Included within this guidance is an estimated impact that follows the extreme cold weather in Texas earlier this month. Operator? Two questions from me. And maybe Ill just say a few things, and Ill pass on to Judith, just to say that the Client Solutions project is a big project. I will now hand you back to Catherine for our 2021 priorities. Turning to our major focus areas starting with Renewables. 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. Warm temperatures in the first half also weighed on energy consumption, mainly in France, for B2C gas volumes. The first one is, following the impairment on Belgium Nuclear, could you indicate whether there will be any impact on depreciation and amortization going forward? We use https://noviocean.energy/novigenews-oeec-startup-award-green-tech-net-zero-future/ Our greenhouse gas emissions from power production reduced 9% to 68 million tons as the share of coal has further decreased in 2019. 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. 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. We delivered for our customers while continuing to invest in major capital projects. Euro erzielen und am Vorhaben festhalten, jhrlich 65 . ENGIE has developed a strong platform in Client Solutions from which we can tap into the growth in this space. I think there was another question, which was related to the calendar. 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 will run processes. So no specific things to be taken into account. This was partly offset by a temporary higher effective recurring tax rate at 32.5% in 2020 versus 28.2% in 2019. In other words, direct stable energy is needed these hours. Overall, the average cost of gross debt was 2.38%, down 32 basis points compared with December 2019. COI decreased mainly driven by a 600 million impact from the pandemic. To conclude on Thermal, let me highlight the demothballing of two Dutch gas units, demonstrating this fleets flexibility to take advantage of market opportunities. With respect to the recent extreme weather events in Texas, we are assessing the situation. H2, We are a smaller company than Engie normally would partner with. 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. Thank you, Sam, for your welcome message and your welcome question. Elle est alors nomme prsidente New Ventures de TechnipFMC. (Tech. Offshore wind is typically much longer. In addition, her appointment as Board member of the Group will be proposed for approval during the General Shareholders Meeting in 2021. And while were not going to grow it at the same rate as Renewables and Networks, we will be opportunistic in managing this fleet. You may change or cancel your subscription or trial at any time online. 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. 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. 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. This growth will be partly offset by a lower benefit from the GFOM ruling in Brazil and by the assumed FX deterioration. Alongside renewables, we are also developing projects of up to 3 gigawatts of gas-fired generation. Elle est ingnieur, diplme de l' cole centrale Paris, dont elle sort en 1995. It seems to be the trend last few questions. So first to reiterate on that, we are very pleased with our position on renewables, and we are leader in France. Now the guidance for 2021. It was in this ramp-up that we were doing on renewability was the first time that we had significant sell downs. And so the amount will be much lower than what you have seen in 2020. 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. Now having said that, we are also very excited about transitioning our gas systems into renewable and by that, I mean, renewable gas. Yes. We have ambitious goals to continue to simplify ENGIE at pace to play a key role in accelerating the energy transition and to focus on the long-term profitable growth of the group. I would love to hear from you. cookies I have two questions, and I continue with the trend, 1 for Catherine and 1 on the details for Judith, please. We also posted higher financial costs. Precisamos de 20.000 apoios para que a ideia se transforme em lei. And Judith? 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. From 2019 to 2020, she was a member of TechnipFMC Executive Committee and the head of Technip Energies, Biography [ edit] 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. And sorry, just a follow-up on the CapEx. If you have an ad-blocker enabled you may be blocked from proceeding. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. And thank you, Catherine, too, for your answer, which I think we all appreciate, and we wish you with that, just final comment from my side, then Ill turn it over. We think, in general, gas is going to be important in this energy transition. The enshittification of apps is real. The second quarter was unprecedented and very, very stringent lockdown measures in our main countries. When I think of hydrogen for ENGIE, I think all of our activities, all of our mtier benefit. 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 how quickly do you think it can actually contribute to your earnings, please? Battery storage is expensive, produces no net power, has a very high LCA and basically impossible at the needed grid size. But is it bad? We have this 28 billion RAB, or regulated asset base, in France, which gives us this good visibility and predictability, which is a very nice complement to the renewable. For example, in addition to the Amazon contract that I mentioned earlier, ENGIE will supply 3 terawatt hours of renewable energy to the global chemicals group, INEOS, through a 10-year corporate PPA. In just eight weeks that I have been here, I can already see the tremendous potential ENGIE has in accelerating this energy transition. 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. So naturally, were landing more just below a 100 million figure for 2021. This was also driven by higher operational contribution of Brazilian assets and by improved performance from Middle East gas contracted activities. A very fine, humane gesture that you promised your ENGIE colleagues. Other generators like Uniper and Fortum have been very strong as well. 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. Before I say more on this, let me review the groups overall 2020 performance. That will put pressure on Ms MacGregor to make her mark . On the following slide, Ill share our 2021 expectations for each business line. So firstly, theres step-up in CapEx in 2021 versus your sort of prior 10 billion 3-year plan. G&A was up mainly because of acquisitions, asset commissioning and accelerated amortization for some French gas distribution assets. This included 1.7 gigawatt of hydro plants in Portugal, which benefit from long-term concession arrangements. Read more about DN Media Group here. Strong management actions allowed us to variablize and reduce total OpEx by approximately 300 million. On the 100 million, quite frankly, there isnt any unusuals that you should assume. Following the launch of the new strategic orientation in July, ENGIE completed the disposal of its 29.9% shareholding in SUEZ in October. And youre right to point out that some of our DHC networks rely on a mix of entrance of feedstock. By 2050, over $15 trillion are expected to be invested in power generation globally with over 70% in renewables. Its been a period in which the sector was exceptionally strong. Pour viter se gchis financier avec l'argent des franais Thank you. 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. We have a team of about 300 developers who are really good at what they do. Engie appoints oil services executive to execute new renewables strategy The biggest, of course, remains Renewables. 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. And then your other question was related to the 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. ), has announced that he will retire on 31 CGG announced today (March 2) the appointment of Jrme Serve as Group Chief Financial Officer. You can see that on the recent months trading for renewable players. 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.
Driving Test Cancellations Ni, Mark Phillips Obituary, Articles C