I will try and stick to two questions, too. 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? Problem: 40% of the hours of the month there is minimum wind and zero sun. And sometimes, its okay to lose auctions if we dont get the right returns. Let me now turn to our ESG performance. Good morning, everyone. As you put a fresh perspective into this organization, do you see room for improvement in terms of organization? Katherine MacGregor - Biography Regarding COVID, our projections assume restrictions similar to the fourth quarter 2020 and a gradual easing over 2021. So first to reiterate on that, we are very pleased with our position on renewables, and we are leader in France. The first one is on strategy. Obviously, well give you more color on our ambition on renewables in May. and other data for a number of reasons, such as keeping FT Sites reliable and secure, The ENGIE Board set out strategic orientations for the group last year in July 2020, and my new executive team and I have three clear priorities: firstly, simplifying the group at pace; secondly, investing further, investing in renewables, networks and asset-based client solutions, as these are areas of competitive strength for ENGIE; and finally, strengthening our groups commitment to the energy transition. Welcome to the utilities world. And then your other question was related to the organization. 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. Net recurring income group share was within the guidance range, and Judith will cover financial performance in more detail shortly. It seems to be the trend last few questions. 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. This is particularly noteworthy in the context of the unprecedented pandemic. If so, do you have a view to what level? And part of this feedstock sometimes continue to rely on coal. Yes. ENGIE - Catherine MacGregor, Chief Executive Officer of ENGIE from 1 ENGIE SA (ENGIY) CEO Catherine MacGregor on Full Year - SeekingAlpha modifier - modifier le code - modifier Wikidata. There are 25 older and 1 younger executives at ENGIE SA. Despite unfavorable temperature, our district heating and cooling and on-site generation activities were resilient. Hydro had a strong increase organically but was down from a growth perspective because of the FX, of course, in the Brazilian real, and wind was an increase for the obvious reasons because we have been investing quite significantly in the past few years. Son profil de spcialiste, sa connaissance des enjeux oprationnels et des mtiers de l'nergie, son exprience internationale sont autant d'atouts pour le groupe On the strength of our shared industry culture and my operational experience, I will work with all of our teams to achieve our goal of enabling Engie to accelerate the energy transition.. These negative effects were partially offset by the positive GFOM ruling in Brazil of approximately 165 million. Siga o link abaixo e deixe seu apoio a esta poltica de incluso necessria ao nosso pas. is its Ocean Winds joint venture with EDPR. Please go ahead. 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. Operator? Its a geography refocus. A cycle, of course, could be 3, 4, 5 years depending on the country. You can see that on the recent months trading for renewable players. 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. Thank you very much, Aarti, and good morning, everyone. Strategy: we have made progress in the execution of our plan to build a stronger and more unified Group, on the offensive to accelerate the energy transition. And weve announced that there might be a second step, but we will obviously cross that bridge when it comes to it. 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. In 2021, we already have hedged 80% of the production at 46. Thank you, Sam, for your welcome message and your welcome question. Turning to our major focus areas starting with Renewables. The COVID impact on our thermal activities was minimal with lower demand mainly in Chile and Peru. Its, for sure, a large part of the investment case. 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 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. 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. On the following slide, Ill share our 2021 expectations for each business line. Curious as to what my Linkedin connections think. Catherine Fiamma MacGregor is an Influencer, https://noviocean.energy/novigenews-oeec-startup-award-green-tech-net-zero-future, https://www12.senado.leg.br/ecidadania/visualizacaoideia?id=167822. Yes. I will now hand you back to Catherine for our 2021 priorities. 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 has developed a strong platform in Client Solutions from which we can tap into the growth in this space. 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. 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. 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. Yes. Ms MacGregor is 48, she's been the Chief Exec. We reshaped the portfolio by investing 7.7 billion CapEx and by disposing of 4.2 billion of assets. And my second question will be more accounting related regarding EVBox. Stepping back. 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. 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. Starting with our biggest contributor, Latin America, we had 195 million headwind from FX and an unfavorable energy allocation for hydro in Brazil. I think we are now about time, so I would like to thank you for your attention. Lastly, COI for other activities decreased as 2019 benefited from a positive one-off related to partial sale of a gas supply contract, in 2020 was impacted by COVID mainly due to credit losses for GEM. Elle est alors nomme prsidente New Ventures de TechnipFMC. But just one observation is a key part of success, I think, for some of your peers has been laying out quite detailed guidance over a 3-year period. Our focus is on disciplined investment through organic growth and through targeted acquisitions that offer good returns. Included within this guidance is an estimated impact that follows the extreme cold weather in Texas earlier this month. Some others, there is still a good portion of assumption that there might be a stranded asset. Have a nice day. 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. Compared to 2020 guidance, Im pleased that both EBITDA and COI stood above the ranges we indicated last summer. Its two and probably a little bit more early. 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 I look forward to leveraging their strengths to deliver on a full agenda in such critical times for the energy industry and for ENGIE. The negative temperature effect was roughly 100 million in France with lower gas volumes distributed in by GRDF. And first question is for Catherine MacGregor. Thank you very much, Judith. Watch th. And Ill turn to Judith maybe for the cash flow from Nuclear. Pour les articles homonymes, voir MacGregor. Catherine MacGregor chez Engie, Christel Heydemann, chez Orange, et Estelle Brachlianoff, chez Veolia, sortent du lot. 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. 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 in short, we have big ambition, but we will be disciplined. 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. 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. Very yes, good question. It is a great source, among others, of motivation and satisfaction to continue the (so essential) low-caborn transition in an extremely challenging environment , | Financial Reporting |Taxation| Month, Year-end Closings |Corporate Accounting| Financial Statement Analysis| SAP Hana FICO |IFRS. We have in the U.S. the largest development pipeline. We have 101 gigawatt of gross power generation capacity, of which around 30% from renewables. Its about 1% of French consumption that was injected, so and thats 2021 or 2020, rather. So if you add those two effects together, you go from 150 million positive to roughly 160 million positive in 2021. We have a team of about 300 developers who are really good at what they do. You have to keep in mind, about 200 million of that were related to SUEZ, which is now gone, of course. Again, especially when it comes to replace when it replace coal. We are facing an unparalleled opportunity to play a clear and meaningful role in tackling climate change. French Networks had limited COVID impact also mainly on distributed gas volumes. Il serait pertinent de se concentrer sur l'aprs nuclaire, She was in charge of the entitys IPO. And does is your vision about full ownership versus minorities guiding your capital allocation going forward? So here, generally, the question, how do you think about the future of the gas networks? Learn more in our Cookie Policy. So you say the inflection on the strategy last summer, ENGIE already has started pretty fast on that as you flagged. And lets now, indeed, look at our priorities for sustainable long-term value creation. Joe Biden teaches the EU a lesson or two on big state dirigisme, Elon Musks Twitter is dying a slow and tedious death, Who to fire? We invested 7.7 billion of CapEx in total. The ability to manage risk, we see mature risk increasing in the renewable arena, and we are really good at that. on average over the medium-term, while increasing the number of renewables projects retained on its balance sheet. Judith? One was the CapEx. At the end of 2020, the financial net debt-to-EBITDA ratio was 2.4 times, a slight decrease compared to December 2019. Please disable your ad-blocker and refresh. De mme pour Angeles Garcia Poveda, prsidente du conseil d'administration de Legrand et Barbara Dalibard, prsidente du conseil de surveillance de Michelin. She is the only female CEO in France's CAC-40 stock index; French Finance Minister Bruno. Lets now look at the outlook for 2021 starting with our capital reallocation to fund growth. hosting the engineering activities. Catherine MacGregor | 2020 Most Powerful Women International We use Elle devra y appliquer une stratgie dfinie par le conseil d'administration prsid par Jean-Pierre Clamadieu[6]. Stay informed and spot emerging risks and opportunities with independent global reporting, expert COVID weighed particularly heavily on Client Solutions and on Supply. 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. If you have an ad-blocker enabled you may be blocked from proceeding. commentary and analysis you can trust. In terms of operational performance, I am pleased that the group made progress at pace despite the challenging backdrop. In addition to this strong organic growth, we also added 2 gigawatts through acquisition of operating assets. You can still enjoy your subscription until the end of your current billing period. 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. Pour viter se gchis financier avec l'argent des franais Engie hires oil & gas veteran Catherine MacGregor as CEO for energy G&A was up mainly because of acquisitions, asset commissioning and accelerated amortization for some French gas distribution assets. ENGIE announces that Catherine MacGregor took up her post as Chief Executive Officer of the Group on 1 January 2021. Thats really clear. The enshittification of apps is real. 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! And so were keeping 40%. At Climate Week NYC 2021, the CEO of ENGIE, Catherine MacGregor explains how ENGIE will actively participate in decarbonizing its emissions by 2030. We have a high performing gas fleet, as you know, which is very important in our mind to bring the flexibility to the system. Net income group share stood at negative 1.5 billion. So hopefully, this helps. Other generators like Uniper and Fortum have been very strong as well. A primeira anlise que feita pelo corpo tcnico do Senado j foi feita e agora a ideia est disponvel para votao popular. The oldest executive at ENGIE SA is Francoise Malrieu, 73, who is the Independent Director. [Foreign Language]. 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 to this end, Im very pleased to announce our next event on the 18th of May, where Judith and I will cover both our Q1 results and provide you with a medium-term strategic plan and guidance. and other data for a number of reasons, such as keeping FT Sites reliable and secure, You have, of course, in mind, that we have committed to fund our waste provision until 2025. Les miroirs magiques et moulins vent ne seront jamais une alternative au nuclaire franais, Thank you, Sam, for this question. Her professional and personal skills will be essential assets in accelerating ENGIEs transformation. So we feel very good about [indiscernible]. These headwinds were partly offset by the outperformance of GEM activities on the back of market volatility. She occupied a number of roles in various geographies (Republic of Congo, the US, Malaysia, ): from Director of Business Entities (Wireline, Reservoir Characterization, Drilling, ) to Regional Division (Europe and Africa). Catherine MacGregor - Biography COI decreased mainly driven by a 600 million impact from the pandemic. Hopefully you can also take this into account? I would say that some of the things that were decided last year with these strategic orientations, I am very, very convinced that well address some of the shortfalls that can explain some of the ENGIEs underperformance in the past few years. 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. ENGIE SA (OTCPK:ENGIY) Full Year 2020 Earnings Conference Call February 26, 2021 4:00 AM ET, Aarti Singhal Director of Investor Relations, Catherine MacGregor Chief Executive Officer, Judith Hartmann Chief Financial Officer. 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. Catherine Fiamma MacGregor on LinkedIn: ENGIE 9M 2022 Financial So these are some of the things that we are excited about when we think about our network assets, and we like it. And so we have assumed a very strong recovery like we have seen it in the second half. fusion, 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. Welcome to the sector, indeed. And if you look at what we announced on January 14 is indeed a smaller executive team, less members. 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. We are assessing the situation, which mainly affects renewables and supply activities. And Im sure thats a question youve been reflecting on as you took up the new role. 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. Turning to an update on the strategic review of part of our Client Solutions business that was launched in the second half of last year. 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. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. Select Accept to consent or Reject to decline non-essential cookies for this use. Compare Standard and Premium Digital here. 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. 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. Before I say more on this, let me review the groups overall 2020 performance. We invested 4 billion of growth CapEx and successfully commissioned 3 gigawatt of wind and solar assets. Thats a good clarification. On May 18, 2021, ENGIE's Chief Executive Officer Catherine MacGregor unveiled the Group's strategic roadmap, to reaffirm ENGIE as a leader in the energy transition. But on defining the structure, does that mean we have a disposal in Q3, Q4? Financial net debt decreased by 3.5 billion to 22.5 billion from December 2019 primarily due to disposal proceeds. Its youre obviously guiding for a significant improvement in Supply COI this year versus last year. To read more about DN Media Group, Anyone whos keen to learn more about the topics that are currently driving our industry is more than welcome to attend the event! Enel nearly tripled, Orsted quadrupled. Great post Catherine Fiamma MacGregor! And so we will not give specific assets, of course, at any given time. A key area of value creation from renewables is the ability to commercialize energy with new and innovative solutions for customers, and we have made great progress on this front. And then I also had a question on the coal phase out. Let me know below Premium access for businesses and educational institutions. 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. Current positions of Catherine MacGregor Elle travaille pendant 23 ans chez Schlumberger. We will make sure that we get the right price. 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. So youve been talking about investment discipline. Engie board set to appoint Catherine MacGregor as new CEO Catherine MacGregor est elle-mme mre de deux filles[2]. 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. 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. Or does it have its own game plan? 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. Try full digital access and see why over 1 million readers subscribe to the FT, Purchase a Trial subscription for 1 for 4 weeks, You will be billed 65 per month after the trial ends, Russian far-right fighter claims border stunt exposes Putins weakness, Germany seeks to buy Leopard tanks from Switzerland, Germany and Italy stall EU ban on combustion engines, Ukraine asks EU for 250,000 artillery shells a month, Russia on alert after reconnaissance group crosses over from Ukraine, Panic station at Fox News: how the Murdochs agonised over Trumps loss, Saudi owner of Londons most expensive house sued over alleged unpaid private jet bills, UK housing market braced for make-or-break spring, UK cabbage king turns to plant-based proteins, Airlines plan to sue Dutch government over Schiphol airport flight cap, There are no domestic equity investors: why companies are fleeing Londons stock market, Live news updates from March 3: Amazon pauses HQ2 construction, UK regulators launch LME probe, Deluge of inflation data pushes US borrowing costs to 2007 levels, FCA regulator blamed for Arms decision to shun London listing, Clutching Warrens letter, Im still positive on stocks. 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. Are you working on a new organizational format? EBITDA and COI were both down significantly from last year mainly due to the impact of the pandemic. Catherine MacGregor - Forbes [Operator Instructions] We will take our first question from James Brand with Deutsche Bank. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. So naturally, were landing more just below a 100 million figure for 2021. No, absolutely. I have one question for Judith and one for Catherine, please. We expect to invest between 5.5 billion and 6 billion in growth CapEx with over 90% allocated to our strategic priorities. The 3 gigawatt that we commissioned last year is in our key growth market for renewables, namely the U.S., Europe and Latin America. Sure. Therefore, we do continue that we do think that gas will continue to play a very key role. 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. click here. And I think, namely complexity is one thing. - Play an important role in ensuring security of supply for France and Europe currently to 4 GW p.a. analyse how our Sites are used. It will also require some infrastructure, maybe not with the same density at todays gas network. We want to develop and further our differentiation. 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. This year is marked by the unprecedented energy crisis in Europe as a result of the tragic war in Ukraine. Elle a t leve au Maroc[1]. You may change or cancel your subscription or trial at any time online. A quick word on the agenda for this morning. , Dear Catherine, Catherine Macgregor, Engie SA: Profile and Biography Second, change in working capital requirements from activities, excluding energy management, had an impact of negative 200 million. And also, 4 of them clearly align with the business activities that are core and are very much part of our strategic priorities.

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