It was in this ramp-up that we were doing on renewability was the first time that we had significant sell downs. In our asset-light activities, we have a healthy order book and a project backlog of over 11 billion, offering good visibility for 2021. 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. Premium access for businesses and educational institutions. First, operating cash flow was 1.1 billion lower, mainly reflecting the drop of EBITDA. And for the first time, to our Ocean Winds joint venture with EDPR, we commissioned both fixed and floating offshore wind. Whilst the overarching priorities are clear, we now need to translate them into an action plan for consistent delivery. Elle est ingnieur, diplme de l' cole centrale Paris, dont elle sort en 1995. I think, as you pointed out, theres been a little bit of a race to gigawatts. We remain committed to a strong investment-grade credit rating and continue to target a ratio of below or equal to four times economic net debt to EBITDA over the long term. And so we consider that these are going to be very important in the near term at least in order to maintain a power system that is both robust and affordable, which was some of the features that I described in my talk, as extremely, extremely important for this energy transition. Lets now move to our Supply, Nuclear and Other activities. Siga o link abaixo e deixe seu apoio a esta poltica de incluso necessria ao nosso pas. 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. Welcome to the utilities world. Let me give you the 2020 COI highlights. Now the 2021 guidance. Ocean Winds to rival Orsted as Engie and EDPR unveil new offshore giant, Only female CEO of a major European utility sacked by board. Catherine Fiamma MacGregor on LinkedIn: nergie : la consommation de Yes. In Latin America, COI was up significantly, driven by the scope in effect and higher organic contribution of TAG, which, Im very pleased to say, has outperformed our expectations. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Net interest expense was also slightly higher driven by negative FX and lower cash remuneration. Ow, nobetter ! Were very pleased. Its, quite frankly, one of the big wins, I think, of last year when you think about it because both operationally to take this company to a level and multiply by almost 10 times their revenue over the last two years. 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. And moving now to our international networks, where we are leveraging the deep networks experience we have in Europe. So without going into any specific, youre right to say that it does contribute to the simplification efforts. All options considered for Engie's services business sale-CEO 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. On an organic basis, the business line saw 1% growth, which was a strong result considering that there were over 100 million of positive operational one-offs in 2019 from LDs on newly commissioned power plants in Brazil and Chile. Published on 2 October 2020 at 12:48pm EST on Uk.Reuters. And its hard to know theres obviously been some pretty big changes in competitive dynamics over the last couple of years. But we really want to focus on a return-based growth strategy. These negative effects were partially offset by the positive GFOM ruling in Brazil of approximately 165 million. Catherine MacGregor appointed new Engie CEO | Financial Times G&A was up mainly because of acquisitions, asset commissioning and accelerated amortization for some French gas distribution assets. Its the first step. On the 100 million, quite frankly, there isnt any unusuals that you should assume. 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. The 281 million year-on-year COI decrease notably reflects warm temperatures and higher D&A in France. Its two and probably a little bit more early. The Board has reaffirmed the groups dividend policy and proposed for 2020 a payout ratio of 75%, which is at the top end of the range. 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. You have to keep in mind, about 200 million of that were related to SUEZ, which is now gone, of course. #solvaylife #workculture #lovemyworkfamily, Celebrating our diverse HR team during the HR Seminar in UAE. 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. On the renewables COI for 2020 of about 1.1 billion, basically, you can assume that the main contributors were hydro and wind, hydro about 700 million of that and wind was the rest. 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. She has spent her entire career in the energy sector. Why the effort to reorganize this entity given the strategic review regarding a potential disposal? Catherine MacGregor will join Engie as CEO. Obviously, we have made the decision to exit the coal, which is run under Thermal. Okay. For a full comparison of Standard and Premium Digital, click here. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. https://lnkd.in/ea25krWt And we will now take our next question from Vincent Ayral with JPMorgan. So these are some of the things that we are excited about when we think about our network assets, and we like it. Elle est alors nomme prsidente New Ventures de TechnipFMC. We do believe that its important to keep return in mind whenever we bid, and there is no must-win auction in ENGIE. Now Ill comment on the bridge from net recurring income group share to net income group share, which was negative 1.5 billion in 2020. When I think of hydrogen for ENGIE, I think all of our activities, all of our mtier benefit. Do you have a vision about taking this proportion of minorities down for the group? 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. Notre lectricit est dj propre 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]. It honours and commits me. Other generators like Uniper and Fortum have been very strong as well. Engie plans to accelerate its development in renewables, by increasing the target for renewables capacity commissioned from 3 GW p.a. . CEO - Engie. But in short, we have big ambition, but we will be disciplined. Warm temperatures in the first half also weighed on energy consumption, mainly in France, for B2C gas volumes. And the second one is very bad timing. Supplies offered a net COVID impact of roughly 290 million mainly due to lower consumption, bad debt and lower B2C services. Now simplification is a bit of a general concept, and I was hoping for a bit more color from your part. To Engie in my case. This growth will be partly offset by a lower benefit from the GFOM ruling in Brazil and by the assumed FX deterioration. Her professional and personal skills will be essential assets in accelerating ENGIEs transformation. She was in charge of the entitys IPO. In addition to EVBox, we expect to execute disposals of around 2 billion, aligned with the group simplification. Are you talking about Q3, Q4 for the end game? Dans intrt de la France, And if so, what quantity? Catherine Macgregor (Courtesy of Engie) MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. An example of the latter is the continued rollout of smart meters, where we installed an additional two million smart meters in France last year. We have not seen prices like this in many years. And so obviously, a decision that we communicated today is based on a scenario where it is unlikely that the lifetime extension happens. And so were excited about this transaction. Operator? During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Following which, as usual, well open the lines for Q&A. So let me start then with your question on Thermal. 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. 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. You certainly have a lot of people out here who want you to be very successful. We will now take the next question from Rob Pulleyn with Morgan Stanley. It seems to be the trend last few questions. And Judith? - Play an important role in ensuring security of supply for France and Europe 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. Indeed, you can expect positive cash flow operation from our nuclear activities. Her appointment as a member of the Group's Board of Directors will be proposed for approval at the General Shareholders' Meeting in 2021. The renewables COI, could you break that down, if you dont mind, into the change in hydro versus wind and solar in the 2020 numbers? Pay my electricity bill of next year. Onshore wind can be 1.5 years. The second half showed a clear recovery with less stringent confinement measures but also with improved processes and protective equipment for our teams. 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. 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. Comptences clefs . As we are reminded by extreme events, such as the recent ones in Texas, it is critically important that decarbonization of the energy mix is both reliable and affordable. COVID had little impact on Nuclear, and its contribution improved by 203 million, mainly reflecting higher achieved prices and lower OpEx. And as a result, the second half of 2020 was actually similar to H2 2019 on an organic basis. How quickly can that new CapEx sort of translate into earnings? MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. Catherine MacGregor | 2020 Most Powerful Women International Dans le SBF 120, on y trouve en tout 13 femmes DG et 12 . 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. Two questions from me. There is a very, very strong will power within the team to do that. Lemjed Bouzekri Thuli MOLOTO Bhupendra Singh Francisca Iturrieta Amadori Berivan Szgn, So pleased that people liked my post on trim tabs. So lots of enthusiasm around renewable. Thanks to Faye Kirby and Rodica Roman for organizing the event and thanks to the many helpers! Stepping back. So for my question, the first is on the asset rotation. Price is going up. Minority interests were lower mainly due to lower contributions from our listed entities in Latin America and to the scope effect of Glow. Net recurring income group share amounted to 1.7 billion, down 37% year-on-year. She occupied a number of roles within [] This is particularly noteworthy in the context of the unprecedented pandemic. No, absolutely. 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. Before I share my view on 2021, here are our 2020 financial highlights. #economics #business #culture, Chief Executive Officer at Masdar (Abu Dhabi Future Energy Company). We completed the SUEZ transaction in October and launched further strategic reviews. Sure. Recharge is part of NHST Global Publications AS and we are responsible for the data that you register with us, and the data we collect when you visit our websites. In this uncertain environment, ENGIE's strategy for a balanced, affordable, and resilient energy mix has proven its relevance and we have stayed on track! 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. We have a team of about 300 developers who are really good at what they do. I think we are now about time, so I would like to thank you for your attention. Depending on opportunities, it could be this asset or another one. You may now disconnect. Often, its actually a very small proportion of coal that is being used, but it is indeed the case that it is part of our feedstock. Not related to what I normally post, but I saw an article this morning from #NewstalkZB and thought it was brilliant. She is the only female CEO in France's CAC-40 stock index; French Finance Minister Bruno. MacGregor is poised to become the only woman leading a company in the CAC 40France's benchmark stock indexwhen she takes the reins at the utility Engie on Jan. 1. I have one question for Judith and one for Catherine, please. You can read more about how we handle your information in our privacy policy. Engie will also capture opportunities resulting from recovery plans announced in Europe, notably related to the development of green gases (biogas and hydrogen). According to the IEAs latest sustainable development scenario, in Europe alone, energy from biomethane and hydrogen could potentially grow three times from 2019 levels to over 300 terawatt hours in 2030. Climate Week NYC 2021: Interview With Catherine MacGregor, CEO Of ENGIE And then, of course, right after that, you have hydrogen. Engie board set to appoint Catherine MacGregor as new CEO And youre right to point out that some of our DHC networks rely on a mix of entrance of feedstock. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. On your two questions, 1 was on the tax rate. In just eight weeks that I have been here, I can already see the tremendous potential ENGIE has in accelerating this energy transition. Catherine MacGregor: The winds of change - Leaders League 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, the companys statement reads. So on EVBox, were very happy to have announced this transaction. 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. Elle travaille pendant 23 ans chez Schlumberger. 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. And then the second question is more for Judith. 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. https://www12.senado.leg.br/ecidadania/visualizacaoideia?id=167822. 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. 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. 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. The Board of Directors decided on Catherine MacGregor's appointment as ENGIE's Chief Executive Officer on 2 October last year. The President & CEO of the Finnish grid company Fingrid Oyj, Jukka Ruusunen, D.Sc. 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. Learn more in our Cookie Policy. And then, of course, in terms of Thermal, we will be very opportunistic. 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. In that entity that we are forming, which is the object of the consultation weve talked about, there will be 34,000 roughly 74,000, sorry, 74,000 people. Last but not least, visiting BV head office in Mumbai and meeting SSC and SAR management team. Im a lot looking forward to presenting the regional EMEA address on March 1st together with my dear colleague Ryan Demaray. 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 spent her entire professional career working in the energy sector. We are also expecting a year-on-year accretion resulting from the partial disposal of SUEZ and EVBox, which contributed negatively in 2020. Significant growth is also expected in the use of renewable gases to accelerate the energy transition. Nothing much more structural than that really, James, on supply improvement. Our environment is changing. Our regulated networks offer stability and visibility of earnings to the group with regulatory remuneration arrangements in place through to 2024. 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. 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. So Paulo, Ccile, Edouard and Sbastien will be obviously leading this organization effort, which I very, very much look forward to, indeed, seeing simplified over the coming months. In Supply, the outlook is improving, as these activities should strongly recover from COVID and on the assumption of temperature normalization. For example, last year, 91 additional biomethane production units were connected to the French gas grids, and over 85% of these were connected to GRDF. Indeed, we had an increase a temporary increase in 2020 to 32.5%. You can still enjoy your subscription until the end of your current billing period. 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. This very unusual year translated into a mixed set of numbers. Biography [ edit] And I suppose when we see you planning a CMD in May, I think lot of us are hoping that youll be able to do something similar at the May event. Our greenhouse gas emissions from power production reduced 9% to 68 million tons as the share of coal has further decreased in 2019. Ladies and gentlemen, this concludes this conference call. All information you need to have a pleasant time during the event. Lets keep in mind that revenues are also indexed to inflation and will benefit from that increase over time. 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. Therefore, we do continue that we do think that gas will continue to play a very key role. LinkedIn and 3rd parties use essential and non-essential cookies to provide, secure, analyze and improve our Services, and to show you relevant ads (including professional and job ads) on and off LinkedIn. I just had indeed, I will stick to two questions as well, maybe a strategic 1 as well and a more detailed 1. 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. Also from my side, Catherine, a very warm welcome to the sector and wishing you all the best. One was the CapEx. ), has announced that he will retire on 31 CGG announced today (March 2) the appointment of Jrme Serve as Group Chief Financial Officer. Engie has been riven in the past by fights between chairman and CEO and is a company where the board plays a big role in shaping strategy. 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? personalising content and ads, providing social media features and to Catherine MacGregor, ne Catherine Fiamma le 7 aot 1972 au Maroc, est un ingnieur et chef d'entreprise de nationalit franaise. In her efforts to "simplify" Engie, MacGregor is moving from 25 business units to 4 globally, and . 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. 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. Anyone whos keen to learn more about the topics that are currently driving our industry is more than welcome to attend the event! We have in the U.S. the largest development pipeline. Engie board set to appoint Catherine MacGregor as new CEO. 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. , Dear Catherine, Cheers! You can see that on the recent months trading for renewable players. In addition, her appointment as Board member of the Group will be proposed for approval during the General Shareholders Meeting in 2021. Thank you. We also benefited from higher contributions of GTT thanks to a strong past order intake. Engie - Franzsischer Energieversorger berzeugt uro am Sonntag" mit Welcome again to Catherine. 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. Katherine MacGregor - Biography Hopefully, thats an easy one, but would be very helpful. We have a very nice digital platform to help us manage our assets better. Watch th. Sign up for more in-depth articles and insights. And that will be something that we will be describing a bit more in details in May. Lower results from SUEZ also impacted Client Solutions COI by approximately 160 million. And Networks, given that we do, we continue to invest here in France into the RAB, you will see a relative quick turnaround into contribution. I have only started to get to know them, and Im already extremely impressed by their engagement, their professionalism and their talent. Her main mission was to prepare for the spin-off and IPO of this entity, with energy transition at the heart of the strategy. Its, for sure, a large part of the investment case. Now the markets are looking at the remaining energy services. 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. What you would be looking for? This higher tax rate included notably the adjustment of carrying value of some deferred tax assets and the one-off effect of the tax rate change in the UK.
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