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. Education Catherine MacGregor has obtained a degree from CentraleSuplec in 1995. So again, of course, I mean, it 2020 was heavily impacted. 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. Thank you, Catherine, and good morning, everybody. Pascal Frings., Assistente de Planejamento e Controle I | ENGIE Brasil | Gesto de Frotas | Logstica | Atendimento ao Cliente | Administrao Estcio, Bizarre, je suis un employ d'Engie et je n'ai pas reu , I am really very Happy after Hearing that Engie is going to make strong and strong renewable resources that makes to process competency of whole work which is going on this projects as i would proudly feel good i wish if you have any vacancy in the Engie organization i would definitely prefer to work this organisation as my last experience were quite satisfactory in Allied Maintenance Company Pvt Ltd at Tabuk Project in Saudi Arabia even i was working two years as store supervisor in Tabuk Projects i forwarded my resume to one of your recruiter for store supervisor as i have 12 years experience in the maintenance Departments like Civil, Plumbing, Mechanical,HVAC, Gardening, Cleaning and most importantly PGP Department. In recognition of their outstanding contribution in this energy crisis, given the inflationary context and our financial performance, we have decided to award an extraordinary bonus of 1500 to all ENGIE employees worldwide. I think on the question of network convergence between gas and power, I think were a bit obviously, different drivers behind this, one, which is the trend towards more electrification is something to stay. And if so, what quantity? 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. We are also expecting a year-on-year accretion resulting from the partial disposal of SUEZ and EVBox, which contributed negatively in 2020. 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. Notre lectricit est dj propre We also dynamically managed our hybrid bonds, which are showing an average outstanding amount of 3.9 billion. We also increased the share of renewables in our portfolio to 31%, and I will cover this in more details shortly. It is important to say that our renewables growth ambition is not about entering a gigawatt race. Let me now turn to our ESG performance. It is such an exciting time to have joined ENGIE, exciting time for the group and for the energy industry as a whole. Yes. Her main mission was to prepare for the spin-off and IPO of this entity, with energy transition at the heart of the strategy. offers FT membership to read for free. Catherine MacGregor will join Engie as CEO. 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. 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. Euro erzielen und am Vorhaben festhalten, jhrlich 65 . Other generators like Uniper and Fortum have been very strong as well. On organic evolution per business line, Renewables, Thermal and Nuclear were resilient and even grew organically. The second half of 2020 showed a strong recovery after second quarter, which has which was heavily impacted by COVID. Catherine MacGregor est elle-mme mre de deux filles 2 . Catherine MacGregor is an engineer and graduate of cole Centrale de Paris (CentraleSuplec). 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 hydrogen, massive tailwind for ENGIE, massive tailwind because of it goes hand in hand with renewables. 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.. Next, a few words on the bridge from EBITDA to net recurring income group share. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. Judith, you want to answer the second question? Elle devra y appliquer une stratgie dfinie par le conseil d'administration prsid par Jean-Pierre Clamadieu[6]. Welcome also and again and similar thing for the CMD and midterm outlook, I would concur. But now that we have officially become Equans for a few weeks, this message that all ENGIE employees worldwide will receive a bonus of 1500,- comes as a disappointment. Judith, you want to start with the EVBox question? But really appreciate, thanks again ! Yes, two topics that you were talking about, Peter. Pay my electricity bill of next year. Now having said that, we are also very excited about transitioning our gas systems into renewable and by that, I mean, renewable gas. You certainly have a lot of people out here who want you to be very successful. It's inspiring to see how ENGIE's strategy for a balanced, affordable, and resilient energy mix has proven its relevance in these uncertain times. MacGregor will take the helm at Engie in January 2021, joining from TechnipFMC Group where she has spent just over a year as head of Technip Energies. 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. In November, we discussed the creation of a new leader in multi-technical services, which would benefit from scale and strong growth prospects. 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. 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. You have, of course, in mind, that we have committed to fund our waste provision until 2025. Catherine MacGregor joined the ENGIE group on 1 January 2021 as Chief Executive Officer. or More information, our agenda as well as the opportunity to register are available here: https://fusion.concur.com/. On the following slide, Ill share our 2021 expectations for each business line. And on these assets, if you assume the five remaining years until 2025, its about 150 million of impact a year positive. One was the CapEx. So and then maybe Ill add that there is also, I think, a lot of things we can do and we are doing, and we will continue to do and even increase around industrialization, procurement, supply chain, of course, digital. And weve made some moves last year, and we will continue to do that. Our greenhouse gas emissions from power production reduced 9% to 68 million tons as the share of coal has further decreased in 2019. Good luck with the new role, Catherine. They represent a key long-term growth engine for the group. 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? Dans le SBF 120, on y trouve en tout 13 femmes DG et 12 . About Catherine MacGregor MacGregor became the CEO of French energy company Engie in January 2021. The second quarter was unprecedented and very, very stringent lockdown measures in our main countries. 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 what is your philosophy there? Select Accept to consent or Reject to decline non-essential cookies for this use. Aprs avoir t auditionne par les cabinets de recrutement Korn Ferry et NB Lemercier & Associs, elle est nomme directrice gnrale d'Engie le 2 octobre 2020, avec entre en fonctions le 1er janvier 2021. We have a high performing gas fleet, as you know, which is very important in our mind to bring the flexibility to the system. From 2019 to 2020, she was a member of TechnipFMC Executive Committee and the head of Technip Energies, hosting the engineering activities. But on defining the structure, does that mean we have a disposal in Q3, Q4? 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. We expect EBITDA to be in the 9.9 billion to 10.3 billion range, COI to be in the 5.2 billion to 5.6 billion range, and net recurring income group share to be in the 2.3 billion to 2.5 billion range. Sur cette version linguistique de Wikipdia, les liens interlangues sont placs en haut droite du titre de larticle. And Judith? You can still enjoy your subscription until the end of your current billing period. Ms MacGregor, an engineer by training who was born and raised in Morocco, will start in the CEO job on 1 January 2021, taking over a company that has been roiled over the past few years by a. And also, 4 of them clearly align with the business activities that are core and are very much part of our strategic priorities. These positive effects were partly offset by lower volumes mainly due to a decrease in availability of our Belgian assets caused by the last planned LTO maintenance works on Doel 1, Doel 2 and Tihange 1. This is particularly noteworthy in the context of the unprecedented pandemic. So its a little bit of a total team, but we at this stage, that decision from the government hasnt been explicit. Now its a little bit difficult for me to really be critical about the past. 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. Revenue declined on a gross basis by approximately 900 million for the full year. Great post Catherine Fiamma MacGregor! We reshaped the portfolio by investing 7.7 billion CapEx and by disposing of 4.2 billion of assets. Please go ahead. And on the availability, given that last year was the last LTO maintenance, we are confident on good availability for the years to come. 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. It seems to be the trend last few questions. 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. Maybe some thoughts. And then the last thing I would want to mention, too, is on the positive side of this decision, is this will help us reallocate some earmarked, lets say, CapEx into, again, our growth opportunities in Renewables and in Networks. In addition to this strong organic growth, we also added 2 gigawatts through acquisition of operating assets. 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. 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 yes, let me start by saying also welcome and wishing you success in the new role. Published on 2 October 2020 at 12:48pm EST on Uk.Reuters. Thanks to Faye Kirby and Rodica Roman for organizing the event and thanks to the many helpers! Now this is mainly provided by fossils, the reason CO2 emissions are increasing since 2015, not decreasing. We will continue funding nuclear provisions in Belgium and invest for maintenance with a total of approximately 4 billion. No, thank you. 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. So we really have some really nice differentiation that we want to use in order, for sure, to be competitive but without sacrificing the return. Curious as to what my Linkedin connections think. And then I also had a question on the coal phase out. 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. And so obviously, a decision that we communicated today is based on a scenario where it is unlikely that the lifetime extension happens. Before I say more on this, let me review the groups overall 2020 performance. 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. Im just wondering, youve identified sort of the identity of Renewables, Networks and across Client Solutions. Following which, as usual, well open the lines for Q&A. A short stay for a rich experience and deep learning. All options for the sale of Equans, the newly-created services unit of French energy group Engie (ENGIE.PA), are being considered, including a possible listing, Chief Executive Catherine MacGregor . 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! As you put a fresh perspective into this organization, do you see room for improvement in terms of organization? 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. is its Ocean Winds joint venture with EDPR. hosting the engineering activities. And with that, Im pleased to hand you over to Catherine. EBITDA and COI, at 9.3 billion and 4.6 billion, were down by 11% and 21%, respectively, on a gross basis. How quickly can that new CapEx sort of translate into earnings? I would love to hear from you. Now from a also power system standpoint, gas today is also a very nice complement to renewables because it has brings the flexibility. Anyone whos keen to learn more about the topics that are currently driving our industry is more than welcome to attend the event! - Play an important role in ensuring security of supply for France and Europe So no impact there, of course, on G&A reduction and about 800 million of assets. Let me now hand you over to Judith to cover our financial overview, and I will come back on strategic priorities. To conclude on Thermal, let me highlight the demothballing of two Dutch gas units, demonstrating this fleets flexibility to take advantage of market opportunities. Vocs conseguem nos apoiar? Let me now move to a detailed view per business line. MacGregor joins Engie as it embarks on a major push into renewables and clean energy. 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! 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. 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. And given that theyre contracted, to maybe accelerate other areas of the business? 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. This very unusual year translated into a mixed set of numbers. Overall, these positive factors are expected to more than offset year-on-year negative evolutions. So Id be very interested to reflect to hear your first thought after you have looked at the market for gas. I was very pleased to participate in the 9th Ministerial Meeting of the Southern Gas Corridor Advisory Council, and the 1st Ministerial Meeting of the Green Energy Advisory Council, held in #Azerbaijan last week. 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. How the biggest companies plan mass lay-offs, The benefits of revealing neurodiversity in the workplace, Tim Peake: I do not see us having a problem getting to Mars, Michelle Yeoh: Finally we are being seen, Our ski trip made me question my life choices, Apocalypse then: lessons from history in tackling climate shocks, Smart data to help spot risk and opportunity, Lex, our agenda-setting business commentary (Premium only), Due Diligence, an exclusive M&A newsletter (Premium only). And lets now, indeed, look at our priorities for sustainable long-term value creation. Moving to Networks, which were resilient despite the pandemic. 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. Also from my side, Catherine, a very warm welcome to the sector and wishing you all the best. "Until regulations happen," they muse, "there's really nothing I, or my company, can do to make a difference." - Contribute to measures to support purchasing power CFFO was 7.1 billion in 2020, down 500 million versus 2019, mainly driven by the following effects. Nothing much more structural than that really, James, on supply improvement. 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. Thank you very much, Judith. #solvaylife #workculture #lovemyworkfamily, Celebrating our diverse HR team during the HR Seminar in UAE. This was partially offset by capital gains, the main one being 1.7 billion due to the sale of the 29.9% shareholding in SUEZ. I have one question for Judith and one for Catherine, please. 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 in renewable energies and energy infrastructure such as cooling and heating networks. And second, its really focused and making sure that everybody pulls in the same direction. 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. fusion, Overall, the average cost of gross debt was 2.38%, down 32 basis points compared with December 2019. The President & CEO of the Finnish grid company Fingrid Oyj, Jukka Ruusunen, D.Sc. 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). [Foreign Language]. Lets now move to Thermal, which was impacted by scope and FX, notably, 90 million of disposals mainly in Thailand and close to 40 million negative FX impact. Engie which is 24%-owned by the French government was formerly the gas monopoly operator known as GDF. Networks were mainly impacted by warm temperatures and by higher D&A. Very yes, good question. Est 53 centrales nuclaires qui vous donnent l'lectricit la moins chre au monde, I would like to take this opportunity to thank all ENGIE employees who have worked so hard to deliver critical services for our customers in unprecedented conditions. And then your other question was related to the organization. Ill start just to say that, I mean, youve identified, yes, two important aspects of our simplification efforts. The reversal of a positive internal one-off from the fourth quarter of 2019 offset in supply as well as the first effect of the RAB remuneration rate decreases also contributed to this lower COI in France. So I thought, on this occasion, it would be great if you could take a few minutes just to share with us sort of your perspective on why the last few years have been so difficult for ENGIE, why the 2016 asset rotation plan didnt really deliver in the end and why the current asset rotation plan may be more successful. Ill start maybe with, again, the second one on renewables. These headwinds were partially offset by various one-offs, including an internal negative 2019 one-off mirrored in Networks. Now of course, its going to depend on when its closing, at what price, but it will be a few hundred million. Following the launch of the new strategic orientation in July, ENGIE completed the disposal of its 29.9% shareholding in SUEZ in October. Thank you. Un article de Wikipdia, l'encyclopdie libre. You can store it. And this is something, obviously, that we are going to continue and push. 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. 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 oldest executive at ENGIE SA is Francoise Malrieu, 73, who is the Independent Director. We have 101 gigawatt of gross power generation capacity, of which around 30% from renewables. Katherine MacGregor (born Dorlee Deane McGregor; January 12, 1925 - November 13, 2018) was an American actress, best known for her role as Harriet Oleson in Little House on the Prairie. Thats what Id like to understand because we need to consider whats the dilution of as well the midterm period, not only 2021. In addition, her appointment as Board member of the Group will be proposed for approval during the General Shareholders Meeting in 2021. Laut Konzernchefin Catherine MacGregor werde man im laufenden Geschftsjahr 2023 einen Gewinn zwischen 3,4 und 4 Mrd. So quite frankly, it is a normal run rate of dilution of 100 million when you look at a 2 billion debt reduction. 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. The first one is, following the impairment on Belgium Nuclear, could you indicate whether there will be any impact on depreciation and amortization going forward? Price is going up. And then just another one on guidance. Bereits 2025 wolle Engie wieder einen Gewinn von bis zu 4,7 Mrd. These negative figures were partly offset by capital gains mainly coming from the SUEZ transaction. It will also require some infrastructure, maybe not with the same density at todays gas network. And then the second question is more for Judith. We want to develop and further our differentiation. MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. This translates to a dividend of 0.53, which will be proposed for shareholder approval at our AGM on the 20th of May. We remain focused on executing disposals at pace, continuing to simplify the group, creating value and reallocating capital towards growth. 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. Were very pleased. And we will now take a last question from Louis Boujard with ODDO. Its coal exits. 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. Before that she had a 23-year career with oilfield services giant Schlumberger, ending as president of the drilling business. I will now hand you back to Catherine for our 2021 priorities. Currently, Catherine MacGregor holds the position of Chief Executive Officer for ENGIE SA. Today, I am very pleased to announce a commitment to exit all coal assets in Europe by 2025 and globally by 2027, in line with our purpose to drive carbon neutrality. Okay. And my second question will be more accounting related regarding EVBox. Now the guidance for 2021. We have progressed on simplifying the group. Thank you for giving us our voices back with the amazing Diversity, Equity and Inclusion policies at ENGIE . And we will now take our next question from Vincent Ayral with JPMorgan. The 0.1 billion, is this a 2020 contribution of the businesses youre going to sell? personalising content and ads, providing social media features and to Net recurring income group share was within the guidance range, and Judith will cover financial performance in more detail shortly. And for the first time, to our Ocean Winds joint venture with EDPR, we commissioned both fixed and floating offshore wind. We have not seen prices like this in many years. 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]. So indeed, were going from 4 billion of growth CapEx to 5.5 billion, 6 billion in 2021. Lets now move to our Supply, Nuclear and Other activities. on average over the medium-term, while increasing the number of renewables projects retained on its balance sheet. Pour les articles homonymes, voir MacGregor. So on EVBox, were very happy to have announced this transaction. To read more about DN Media Group, Check if your With respect to the recent extreme weather events in Texas, we are assessing the situation. 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. I wish to thank Paulo Almirante, Judith Hartmann and Claire Waysand who will continue to serve as the interim management team until January 1st., I would like to thank the Board of Directors for the confidence it shows in me. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Thats really clear. The biggest, of course, remains Renewables. In summer 2019, she joined the Executive Committee of TechnipFMC Group, to lead its engineering division. So if you add those two effects together, you go from 150 million positive to roughly 160 million positive in 2021. Now turning to Networks. From November 1st DN Media Group is responsible for controlling your data on Recharge. But when you think about where that green hydrogen will be produced and where it will be consumed, the fact that we have infrastructure to transport this hydrogen, potentially to store this hydrogen will play to our strength. Recharge is part of DN Media Group AS. 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. Weve proven that over and over again in very, very recent past. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Live from New York and. And does is your vision about full ownership versus minorities guiding your capital allocation going forward? Within this guidance, we have included our current estimate of the potential impact. Battery storage is expensive, produces no net power, has a very high LCA and basically impossible at the needed grid size. On your two questions, 1 was on the tax rate.