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So thank you very much, and bye-bye. And the second one, if I may ask, around Client Solutions. So we feel very good about [indiscernible]. And we will now take a last question from Louis Boujard with ODDO. Yes. You may change or cancel your subscription or trial at any time online. In addition to this strong organic growth, we also added 2 gigawatts through acquisition of operating assets. Operator? We do believe that its important to keep return in mind whenever we bid, and there is no must-win auction in ENGIE. Or does it have its own game plan? 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. And finally, we also strengthened our position in the rapidly growing market of corporate PPAs with over 1.5 gigawatts of contracts signed in 2020. And also, 4 of them clearly align with the business activities that are core and are very much part of our strategic priorities. And if so, what quantity? So indeed, were going from 4 billion of growth CapEx to 5.5 billion, 6 billion in 2021. Currently under construction is the 1,000-kilometer Gralha Azul project and the 1,800 kilometers Novo Estado project. And so the amount will be much lower than what you have seen in 2020. Its coal exits. offers FT membership to read for free. Okay. Estabelecer as diretrizes legais e normativas para incentivar a contratao de pessoas com 50 anos ou mais nas organizaes privadas atravs da reduo de impostos sobre a folha destes empregados. The second quarter was unprecedented and very, very stringent lockdown measures in our main countries. 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? Catherine will then come back and share our priorities. Employee consultation on the proposed organization design started this month as planned, and we expect it to conclude by the end of the second quarter. So no impact there, of course, on G&A reduction and about 800 million of assets. 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. We have also good fleet in Middle East and also Latin America. We have a strong position in Brazil, in Peru, in Chile. We also benefited from higher contributions of GTT thanks to a strong past order intake. By 2050, over $15 trillion are expected to be invested in power generation globally with over 70% in renewables. Our environment is changing. And that will be something that we will be describing a bit more in details in May. 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. We have in the U.S. the largest development pipeline. No, thank you. Catherine MacGregor est elle-mme mre de deux filles[2]. The enshittification of apps is real. A short stay for a rich experience and deep learning. We have some core competencies. 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 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. I have only started to get to know them, and Im already extremely impressed by their engagement, their professionalism and their talent. Significant growth is also expected in the use of renewable gases to accelerate the energy transition. We also invested in #RenewableEnergy with the acquisition of 6 GW of solar and storage capacity projects in the US and signed an MOU to develop 3 GW of #wind power in Egypt. And so were confident to be able to invest in lots of opportunities that Catherine talked about. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. In green mobility, were a leading global provider of smart charging solutions for electric vehicles through EVBox, a start-up we acquired in 2017. Let me now focus on the evolution of net debt and on our leverage ratios. 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. Her professional and personal skills will be essential assets in accelerating ENGIEs transformation. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. The current total coupon of 100 million per year has been reduced by 28% since 2017. We want to develop and further our differentiation. Thank you, Emmanuel, for your questions. 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 on these assets, if you assume the five remaining years until 2025, its about 150 million of impact a year positive. Yes. A particular region of international growth in Networks has been Latin America, where, in addition to gas, we are also building power transmission lines. Thanks, everyone, for your welcome message and very much look forward Judith and I very much look forward to meeting you, extending with you in the future and again, very, very excited about turning those tailwinds that ENGIE has had into reality. 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. And then the second question is more for Judith. So can you be a little bit more specific about where the extra CapEx is being spent this year and how youve been able to ramp it up so quickly? 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? 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. 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. *Criao da poltica nacional de incluso das pessoas 50+ no mercado de trabalho* The first one is on strategy. So I think this is a key point Id be interested in. Minority interests were lower mainly due to lower contributions from our listed entities in Latin America and to the scope effect of Glow. This very unusual year translated into a mixed set of numbers. Please disable your ad-blocker and refresh. We have 101 gigawatt of gross power generation capacity, of which around 30% from renewables. We use And what is your philosophy there? I think there was another question, which was related to the calendar. And then, of course, now this partial sell down that were planning into a SPAC transaction. 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. Its been a period in which the sector was exceptionally strong. Areas of expertise ; And for the first time, to our Ocean Winds joint venture with EDPR, we commissioned both fixed and floating offshore wind. We are investing in our strategic priorities for long-term value creation. Second, change in working capital requirements from activities, excluding energy management, had an impact of negative 200 million. 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. In Nuclear, we expect contribution to increase as volumes should be higher, thanks to better availability. Thank you. Thats one thing. And so we are working really hard on these networks to find alternatives to use preferably renewables, things like biomass for example. Before I say more on this, let me review the groups overall 2020 performance. But really appreciate, thanks again ! CEO of French energy giant Engie since January, Catherine MacGregor hopes to lead the company into a brighter and greener future. Strong management actions allowed us to variablize and reduce total OpEx by approximately 300 million. #economics #business #culture, Chief Executive Officer at Masdar (Abu Dhabi Future Energy Company). In addition, her appointment as Board member of the Group will be proposed for approval during the General Shareholders Meeting in 2021. CEO - Engie. fusion, The negative temperature effect was roughly 100 million in France with lower gas volumes distributed in by GRDF. Revenue declined on a gross basis by approximately 900 million for the full year. 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 addition to EVBox, we expect to execute disposals of around 2 billion, aligned with the group simplification. And then, of course, you also remember that, in 2020, we have decided to more consolidation where it makes strategic and financial sense, as it was mentioned earlier. In addition, the extension of fair value accounting to a European gas contract and its related assets also led to a net impairment of 500 million. These negative figures were partly offset by capital gains mainly coming from the SUEZ transaction. Therefore, we do continue that we do think that gas will continue to play a very key role. 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. Regarding the organizational simplification, you mentioned complexity of the group. But on defining the structure, does that mean we have a disposal in Q3, Q4? Engie plans to accelerate its development in renewables, by increasing the target for renewables capacity commissioned from 3 GW p.a. university And then, of course, right after that, you have hydrogen. We have a lot of experience over the years developed through our generation and thermal activity. So quite frankly, it is a normal run rate of dilution of 100 million when you look at a 2 billion debt reduction. La dernire modification de cette page a t faite le 22 fvrier 2023 19:40. And this is something, obviously, that we are going to continue and push. And so to in that respect, I think your comment might be valid. The first one regarding the network convergence. 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 have not seen prices like this in many years. Thats really clear. Laut Konzernchefin Catherine MacGregor werde man im laufenden Geschftsjahr 2023 einen Gewinn zwischen 3,4 und 4 Mrd. These headwinds were partially offset by various one-offs, including an internal negative 2019 one-off mirrored in Networks. Elle a t leve au Maroc[1]. 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. 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 sometimes, its okay to lose auctions if we dont get the right returns. https://lnkd.in/ea25krWt 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. ENGIE SA (OTCPK:ENGIY) Full Year 2020 Earnings Conference Call February 26, 2021 4:00 AM ETCompany Participants. analyse how our Sites are used. And I think the way I want to say this is I think we know the broad plan now for the business, but I think its also important to look back at the last 5 years and understand why essentially the investment thesis has not delivered so far for shareholders. DN Media Group is the leading news provider in the shipping, seafood, and energy industries, with a number of English- and Norwegian-language news publications across a variety of sectors. Recharge is part of DN Media Group. The COVID impact on our thermal activities was minimal with lower demand mainly in Chile and Peru. Other generators like Uniper and Fortum have been very strong as well. Net interest expense was also slightly higher driven by negative FX and lower cash remuneration. And so from a financial impact standpoint, unlikely to be a 2021 story. We have a high performing gas fleet, as you know, which is very important in our mind to bring the flexibility to the system. To Engie in my case. As CEO, Catherine MacGregor will focus on defining and implementing the Group's strategic road map, in particular around the two priority areas announced in July 2020 by the Board of Directors: speeding up growth . Our focus is on disciplined investment through organic growth and through targeted acquisitions that offer good returns. But time will tell. #Renewables: We have commissioned 2.5 GW of new #renewableenergy capacity since January and are on track to reach 4 GW by the end of the year. We also posted higher financial costs. This button displays the currently selected search type. Thank you for giving us our voices back with the amazing Diversity, Equity and Inclusion policies at ENGIE . And if you look at what we announced on January 14 is indeed a smaller executive team, less members. 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. And moving now to our international networks, where we are leveraging the deep networks experience we have in Europe. 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. Elle est ingnieur, diplme de l' cole centrale Paris, dont elle sort en 1995. Is it something that could be you realize value of and take advantage of low rates? 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. 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. Now that doesnt mean that we should not have discipline. 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. I have a couple of questions, 1 for Catherine and 1 for Judith. At the event, we were pleased to highlight how #Masdar is working with our partners in Azerbaijan to develop world-class clean energy projects like the 230 MW Garadagh Solar PV Plant, with further agreements to develop up to 10GW of clean energy capacity across #onshorewind, #offshorewind, #solar, and #greenhydrogen projects. There are 25 older and 1 younger executives at ENGIE SA. Altogether, these units can contribute to a yearly production of up to 3.9 terawatt hours, equating to the annual gas consumption for hitting approximately one million new build homes in France. To remind, the company said in July that it intends to implement a new capital allocation strategy, focusing on two growth areas servicing the energy transition. So lots of enthusiasm around renewable. Here's a bit more, on climate change and from a few years ago, but still relevant. A warm welcome as well to you, Catherine MacGregor. Published on 2 October 2020 at 12:48pm EST on Uk.Reuters. MacGregor joins Engie as it embarks on a major push into renewables and clean energy. It seems to be the trend last few questions. Indeed, you can expect positive cash flow operation from our nuclear activities. The issue of having mtiers and activities that are so different from each other and I think weve talked a little bit about the multi-technical services, as an example, that require a management focus, a capital allocation policy, a system and attention to every cent that you have to spend, which is not necessarily something that is ENGIE DNA. For a full comparison of Standard and Premium Digital, click here. The peer groups done very well. For cost savings, you can change your plan at any time online in the Settings & Account section. We also continued our relentless pursuit of simplifying the group. 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. And second, its really focused and making sure that everybody pulls in the same direction. 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. Compare Standard and Premium Digital here. So Ill ask two questions. 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. Do you have a vision about taking this proportion of minorities down for the group? 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 made the decision to stop the work to prepare for this such an extension. 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. Every Friday at a quarter past 10, the fire alarm. Elle travaille pendant 23 ans chez Schlumberger. Vocs conseguem nos apoiar? 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. 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. Hopefully you can also take this into account? 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. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. 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. I am very pleased that Jrme Stubler, who has more than 30 years' experience in the construction industry, joined us recently and will be leading this important project. You may change or cancel your subscription or trial at any time online. Iberdrola shares nearly doubled. To conclude on Thermal, let me highlight the demothballing of two Dutch gas units, demonstrating this fleets flexibility to take advantage of market opportunities. and other data for a number of reasons, such as keeping FT Sites reliable and secure, 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. You can see that on the recent months trading for renewable players. In Supply, the outlook is improving, as these activities should strongly recover from COVID and on the assumption of temperature normalization. And Ill turn to Judith maybe for the cash flow from Nuclear. [indiscernible] Sam, for putting more pressure on us. 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. Her appointment as a member of the Group's Board of Directors will be proposed for approval at the General Shareholders' Meeting in 2021. Catherine MacGregor joined the ENGIE group on January 1, 2021 as Chief Executive Officer. Yes, Judith, just to follow up on the Nuclear, can I just ask setting aside the provisions and the cash payments against those which we know about, can I just ask, do you anticipate any positive free cash flow from the nuclear fleet now in the rest of its life, I mean, if you just look at operating cash flow and essentially operating CapEx that youve got to put in? I look forward to continuing to work closely with our brothers in Azerbaijan, and our partners across Europe and around the world, to deliver on our shared clean energy ambitions. Dans intrt de la France, Some of your peers there have convinced the market that they transitioned to hydrogen. Catherine MacGregor a rejoint le groupe ENGIE le 1. er. Now the guidance for 2021. We also rapidly launched strategic reviews of businesses, including part of Client Solutions, GTT and ENGIE EPS. 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. Thank you very much, James, for your question. The 3 gigawatt that we commissioned last year is in our key growth market for renewables, namely the U.S., Europe and Latin America. We will run processes. First, operating cash flow was 1.1 billion lower, mainly reflecting the drop of EBITDA. I was wondering whether you could just remind us where youre still using coal in district heating and what the options are there, whether youre planning on investing and converting those units to cleaner fuels? For cost savings, you can change your plan at any time online in the Settings & Account section. Catherine MacGregor est elle-mme mre de deux filles 2 . 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. We will now take our next question from Emmanuel Turpin with Societe Generale. And does is your vision about full ownership versus minorities guiding your capital allocation going forward? I guess, whats the kind of your average period of sort of non-productive capital work in progress? This was mainly due to impairments, especially related to our nuclear reactors. hosting the engineering activities. Our greenhouse gas emissions from power production reduced 9% to 68 million tons as the share of coal has further decreased in 2019. 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. And hydrogen, massive tailwind for ENGIE, massive tailwind because of it goes hand in hand with renewables. Thanks to Faye Kirby and Valencia Anderson for setting up the display and sharing books written by black authors. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Nothing much more structural than that really, James, on supply improvement. However, we claim we have a valid solution to the above problem,, inviting large corporations like Engie and others reading this, to scrutinize our numbers and concept very carefully. From November 1st DN Media Group is responsible for controlling your data on Recharge. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial.