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Before I say more on this, let me review the groups overall 2020 performance. Our regulated networks offer stability and visibility of earnings to the group with regulatory remuneration arrangements in place through to 2024. Elle est ingnieur, diplme de l' cole centrale Paris, dont elle sort en 1995. Stay informed and spot emerging risks and opportunities with independent global reporting, expert This is value neutral over time as D&A is integrated in the regulated revenue. Now of course, its going to depend on when its closing, at what price, but it will be a few hundred million. And youre right to point out that some of our DHC networks rely on a mix of entrance of feedstock. So there will be a capital gain on this. fusion, More information, our agenda as well as the opportunity to register are available here: https://fusion.concur.com/. Please disable your ad-blocker and refresh. Weve proven that over and over again in very, very recent past. I think these are really, really good questions. In 2021, we already have hedged 80% of the production at 46. Whilst the overarching priorities are clear, we now need to translate them into an action plan for consistent delivery. The enshittification of apps is real. In other words, direct stable energy is needed these hours. 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. Check if your And when we reflect about some of the trends around electrification, around the growth in renewables, we realize that flexibility, dispatchability are going to be very important to the future of the energetic mix. 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. Good luck with the new role, Catherine. 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? Tout au long de cette priode, les quipes d'Elengy, Storengy - ENGIE, GRTgaz, GRDF Catherine Fiamma MacGregor on LinkedIn: nergie : la consommation de gaz a baiss de 6,2% en France en . From 2019 to 2020, she was a member of TechnipFMC Executive Committee and the head of Technip Energies, hosting the engineering activities. And lets now, indeed, look at our priorities for sustainable long-term value creation. We have also good fleet in Middle East and also Latin America. 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. 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. This change led to an impairment, which Judith will cover shortly. 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. On quick one on numbers, on guidance. Thats what Id like to understand because we need to consider whats the dilution of as well the midterm period, not only 2021. These headwinds were partially offset by various one-offs, including an internal negative 2019 one-off mirrored in Networks. Engie plans to accelerate its development in renewables, by increasing the target for renewables capacity commissioned from 3 GW p.a. We completed the SUEZ transaction in October and launched further strategic reviews. 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 on the availability, given that last year was the last LTO maintenance, we are confident on good availability for the years to come. 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. And so were keeping 40%. As CEO of ENGIE, I am particularly proud of what we have achieved with our teams. We will run processes. In addition to this strong organic growth, we also added 2 gigawatts through acquisition of operating assets. This has been a concern for the market. First, you will hear from our new CEO, Catherine MacGregor, on the highlights of 2020, followed by our CFO, Judith Hartmann, on our financial performance. Net recurring income group share amounted to 1.7 billion, down 37% year-on-year. Great post Catherine Fiamma MacGregor! The President & CEO of the Finnish grid company Fingrid Oyj, Jukka Ruusunen, D.Sc. And Im really I am personally convinced, enthusiastic about the idea of having a very sharp focus on capital allocation making sure that all of our managerial efforts go in the direction that weve announced, and well be able to show very positive results. 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. Elle s'intresse notamment l'utilisation de la sismique 3D pour la rcupration assiste du ptrole[5]. . No, absolutely. on average over the medium-term, while increasing the number of renewables projects retained on its balance sheet. Its two and probably a little bit more early. We are investing in our strategic priorities for long-term value creation. We remain focused on executing disposals at pace, continuing to simplify the group, creating value and reallocating capital towards growth. 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. 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. We support credit card, debit card and PayPal payments. Elle est ingnieur, diplme de l'cole centrale Paris, dont elle sort en 1995. And that will be something that we will be describing a bit more in details in May. Pour viter se gchis financier avec l'argent des franais In France, we continued to invest into the gas smart meters rollout. Catherine MacGregor joined the ENGIE group on 1 January 2021 as Chief Executive Officer. So youve been talking about investment discipline. And weve announced that there might be a second step, but we will obviously cross that bridge when it comes to it. And obviously, it mitigates the intermittency, which is still quite an issue with renewables, as we know. 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. Let me now focus on the evolution of net debt and on our leverage ratios. It honors and commits me. 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. 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. Please go ahead. Catherine MacGregor - Chief . ENGIE SA (OTCPK:ENGIY) Full Year 2020 Earnings Conference Call February 26, 2021 4:00 AM ETCompany Participants. 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. Vocs conseguem nos apoiar? Included within this guidance is an estimated impact that follows the extreme cold weather in Texas earlier this month. 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. 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. At Climate Week NYC 2021, the CEO of ENGIE, Catherine MacGregor explains how ENGIE will actively participate in decarbonizing its emissions by 2030. Many thoughtful leaders throw up their arms when it comes to taking action on climate change, thinking, understandably, that their company is just a drop in the bucket. Second, change in working capital requirements from activities, excluding energy management, had an impact of negative 200 million. is its Ocean Winds joint venture with EDPR. 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. The 0.1 billion, is this a 2020 contribution of the businesses youre going to sell? Catherine will then come back and share our priorities. 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 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? These headwinds were partly offset by the outperformance of GEM activities on the back of market volatility. Significant growth is also expected in the use of renewable gases to accelerate the energy transition. In 2020, most of our newly commissioned assets were onshore wind followed by solar. Judith, you have 1 so about 0.1 billion of dilution at the COI level put in your guidance for 2021. So I think this is a key point Id be interested in. We have made the decision to stop the work to prepare for this such an extension. So its a huge project. 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. Anyone whos keen to learn more about the topics that are currently driving our industry is more than welcome to attend the event! Her professional and personal skills will be essential assets in accelerating ENGIEs transformation. From 2019 to 2020, she was a member of TechnipFMC Executive Committee and the head of Technip Energies, 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. Revenue declined on a gross basis by approximately 900 million for the full year. That's where the "trim tab" comes in. At the end of 2020, the financial net debt-to-EBITDA ratio was 2.4 times, a slight decrease compared to December 2019. 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. Let me now hand you over to Judith to cover our financial overview, and I will come back on strategic priorities. I think the team has done, so far, a really nice job. Catherine MacGregor est elle-mme mre de deux filles[2]. We also benefited from higher contributions of GTT thanks to a strong past order intake. 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. We have strict criteria, and we will stick to them. The contribution of French renewables was also lower due to the reduction in DBSO margins in 2020. So on EVBox, were very happy to have announced this transaction. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. 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. Net interest expense was also slightly higher driven by negative FX and lower cash remuneration. Welcome to the sector, indeed. [indiscernible] Sam, for putting more pressure on us. We have a strong position in Brazil, in Peru, in Chile. There are 25 older and 1 younger executives at ENGIE SA. 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. Catherine MacGregor will join Engie as CEO. I will try and stick to two questions, too. And so obviously, a decision that we communicated today is based on a scenario where it is unlikely that the lifetime extension happens. Let me know below In November, we discussed the creation of a new leader in multi-technical services, which would benefit from scale and strong growth prospects. I think we are now about time, so I would like to thank you for your attention. Bereits 2025 wolle Engie wieder einen Gewinn von bis zu 4,7 Mrd. In just eight weeks that I have been here, I can already see the tremendous potential ENGIE has in accelerating this energy transition. Our group remains committed to Belgium and to contributing to the countrys security of supply. Thanks to Faye Kirby and Rodica Roman for organizing the event and thanks to the many helpers! And while were not going to grow it at the same rate as Renewables and Networks, we will be opportunistic in managing this fleet. This included 4 billion of growth CapEx, almost exclusively in our areas of strategic growth with approximately 40% in renewables, 40% in networks, and 15% in asset-based Client Solutions. And its hard to know theres obviously been some pretty big changes in competitive dynamics over the last couple of years. French energy group Engie's ENGIE.PA board is set to appoint Catherine MacGregor, a top executive at Franco-American oil services firm TechnipFMC FTI.N as CEO, eight months after the ouster of Isabelle Kocher, a source familiar with the situation told Reuters. 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. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Simply log into Settings & Account and select "Cancel" on the right-hand side. Catherine MacGregor joined the ENGIE group on 1 January 2021 as Chief Executive Officer. We will now take our next question from Emmanuel Turpin with Societe Generale. So we feel very good about [indiscernible]. 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%. Thank you, Catherine, and good morning, everybody. Ow, nobetter ! These negative effects were partially offset by the positive GFOM ruling in Brazil of approximately 165 million. One second, it will be over soon. You may change or cancel your subscription or trial at any time online. This is what I am committed to. Our focus is on disciplined investment through organic growth and through targeted acquisitions that offer good returns. 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.. Good morning, everyone. We had very good results from our Italian assets due to higher level of ancillaries as well as to higher spreads captured throughout Europe. We see a huge potential for hydrogen, and we are already making significant progress in biomethane. 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. ), has announced that he will retire on 31 CGG announced today (March 2) the appointment of Jrme Serve as Group Chief Financial Officer. French energy group Engie's ENGIE.PA board is set to appoint Catherine MacGregor, a top executive at Franco-American oil services firm TechnipFMC FTI.N as CEO, eight months after the ouster of Isabelle Kocher, a source familiar with the situation told Reuters. Im just wondering, youve identified sort of the identity of Renewables, Networks and across 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. And then your other question was related to the organization. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. First, operating cash flow was 1.1 billion lower, mainly reflecting the drop of EBITDA. #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. Yes. 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. Est 53 centrales nuclaires qui vous donnent l'lectricit la moins chre au monde, CEO Affiliation Engie Country France 2020 Rank 13 In her first year as CEO of the giant French power company, MacGregor, an oil and gas industry veteran, focused on simplifying the $63.5. But ENGIE shares have gone, lets say, sort of sideways and even down a bit in that time. The biggest, of course, remains Renewables. Live from New York and. 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 . organisation Is this happening to you frequently? Dans ce poste prestigieux et trs expos politiquement, elle succde Isabelle Kocher, partie le 24 fvrier 2020 et remplace provisoirement par Claire Waysand. And hydrogen, massive tailwind for ENGIE, massive tailwind because of it goes hand in hand with renewables. https://www12.senado.leg.br/ecidadania/visualizacaoideia?id=167822. And given that theyre contracted, to maybe accelerate other areas of the business? EBITDA and COI were both down significantly from last year mainly due to the impact of the pandemic. Why the effort to reorganize this entity given the strategic review regarding a potential disposal? We intend to retain a higher ownership of our renewables project where it is strategically and economically rational as we indicated in our strategic orientation. We are also expecting a year-on-year accretion resulting from the partial disposal of SUEZ and EVBox, which contributed negatively in 2020. 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. Access to customer sites was much reduced during the strict lockdowns of the second quarter 2020, and we were not able to perform various services. #solvaylife #futureemployees #career #mockinterviews, Bringing some sun and fun to the Solvay Alpharetta site in February, employees and friends enjoyed an Hawaiian themed luau complete with ukulele music from Jason Chung and Ryan Carey. But is it bad? Elle est alors nomme prsidente New Ventures de TechnipFMC. So these are some of the things that we are excited about when we think about our network assets, and we like it. In addition, her appointment as a board member of Engie will be proposed for approval during the General Shareholders Meeting in 2021. ENGIE announces that Catherine MacGregor took up her post as Chief Executive Officer of the Group on 1 January 2021. Lastly, no change on the rating since mid-November, in line with the strong investment grade we aimed for. She occupied a number of roles within [] 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? Onshore wind can be 1.5 years. Hopefully you can also take this into account? Have a nice day. On the impact, the positive impact on 2021, on the impairment, it was about 2 billion related to goodwill. I have a couple of questions, 1 for Catherine and 1 for Judith. 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. A short stay for a rich experience and deep learning. We do think that we have quite a specific signature within ENGIE, and we do like our gas assets. And so our whole plan that weve announced today, and obviously, very pleased to have made this announcement today, includes for each of these networks solution to convert the coal to other source of feedstock. Minority interests were lower mainly due to lower contributions from our listed entities in Latin America and to the scope effect of Glow. The ability to manage risk, we see mature risk increasing in the renewable arena, and we are really good at that. Depending on opportunities, it could be this asset or another one. Published on 2 October 2020 at 12:48pm EST on Uk.Reuters. You mentioned the COVID impact and how to think about it in 2021. on the development of flexible and resilient energy systems. How quickly can that new CapEx sort of translate into earnings? Its were rounding numbers here, as you can see, because like I said, this is our target. 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