Currently under construction is the 1,000-kilometer Gralha Azul project and the 1,800 kilometers Novo Estado project. We have a very nice digital platform to help us manage our assets better. ENGIE has developed a strong platform in Client Solutions from which we can tap into the growth in this space. And I was interested to get your philosophy about minorities. Some of your peers there have convinced the market that they transitioned to hydrogen. 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? We continued to put in place dedicated action plans, including OpEx reductions and G&A resizing. It honours and commits me. Catherine MacGregor est elle-mme mre de deux filles 2 . Standard Digital includes access to a wealth of global news, analysis and expert opinion. Her main mission was to prepare for the spin-off and IPO of this entity, with energy transition at the heart of the strategy. And so every year, we will allocate capital to that, and thats 1.3 billion a year. 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. At Climate Week NYC 2021, the CEO of ENGIE, Catherine MacGregor explains how ENGIE will actively participate in decarbonizing its emissions by 2030. Operationally in 2020, the group continuously evolved processes to tackle COVID, and we maintained high health and safety standards for both occupational and process safety. commentary and analysis you can trust. Okay. To conclude on Thermal, let me highlight the demothballing of two Dutch gas units, demonstrating this fleets flexibility to take advantage of market opportunities. I have one question for Judith and one for Catherine, please. Climate Week NYC 2021: Interview With Catherine MacGregor, CEO Of ENGIE 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. Regarding the organizational simplification, you mentioned complexity of the group. 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. Tax charges were 300 million lower mainly due to the decrease in profit. Depending on opportunities, it could be this asset or another one. In addition, we had higher contributions from power transmission lines in Brazil as their construction is progressing well. How quickly can that new CapEx sort of translate into earnings? And sometimes, its okay to lose auctions if we dont get the right returns. And weve made some moves last year, and we will continue to do that. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Again, especially when it comes to replace when it replace coal. On organic evolution per business line, Renewables, Thermal and Nuclear were resilient and even grew organically. We completed the SUEZ transaction in October and launched further strategic reviews. personalising content and ads, providing social media features and to To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. And so the amount will be much lower than what you have seen in 2020. Our group remains committed to Belgium and to contributing to the countrys security of supply. 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. We have a strong position in Brazil, in Peru, in Chile. Thank you, Sam, for this question. From 2019 to 2020, she was a member of TechnipFMC Executive Committee and the head of Technip Energies, hosting the engineering activities. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. So let me start then with your question on Thermal. 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. G&A was up mainly because of acquisitions, asset commissioning and accelerated amortization for some French gas distribution assets. So our main working scenario right now is that it wont happen. Problem: 40% of the hours of the month there is minimum wind and zero sun. Higher D&A was mainly due to accelerated amortization of some distribution assets. So hopefully, this helps. Although we were in crisis management most of 2020, we did not lose focus on our long-term objectives and continued to invest for the future. MacGregor, an engineer . The Board of Directors decided on Catherine MacGregor's appointment as ENGIE's Chief Executive Officer on 2 October last year. Katherine MacGregor - Biography We maintained a high level of liquidity with 23 billion, including 13.3 billion of cash as at the end of December 2020. or Catherine MacGregor a rejoint le groupe ENGIE le 1. er. If we basically look at simplification, we could cut it in two parts, what I would call transactional simplification, disposals buyout of minorities on maybe organizational simplification. 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. Catherine will then come back and share our priorities. In Thermal, we expect a COI decrease due to the normalization of a strong 2020 performance in Europe, which was supported by high spark spreads and ancillary contributions. We support credit card, debit card and PayPal payments. And if so, what quantity? In DHC networks, the worldwide market is expected to grow over 5% per year on average across the next nine the next five years. 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. Il serait pertinent de se concentrer sur l'aprs nuclaire, The contribution of French renewables was also lower due to the reduction in DBSO margins in 2020. And so were excited about this transaction. And Judith, you want to comment, please, on the impairment? https://www.linkedin.com/in/catherine-fiamma-macgregor-3008171/. organisation 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. Now the other aspect, of course, is that we are obviously and we have not talked too much about it yet, but the hydrogen opportunity for us is very, very material. 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. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Dans intrt de la France, Currently, we have 3 gigawatts under construction for commissioning in 2021, and we are on track to achieve the 2019 target of commissioning 9 gigawatts in three years by the end of this year. Have a nice day. I have a couple of questions, 1 for Catherine and 1 for Judith. And I just wanted maybe to clarify that the government has not explicitly made the decision. 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. We are facing an unparalleled opportunity to play a clear and meaningful role in tackling climate change. Starting with our biggest contributor, Latin America, we had 195 million headwind from FX and an unfavorable energy allocation for hydro in Brazil. 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. Compared to 2020 guidance, Im pleased that both EBITDA and COI stood above the ranges we indicated last summer. 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. It is such an exciting time to have joined ENGIE, exciting time for the group and for the energy industry as a whole. This translates to a dividend of 0.53, which will be proposed for shareholder approval at our AGM on the 20th of May. This is one of the largest renewable PPAs signed with an industrial group in Belgium and demonstrates the growing appetite for PPAs from a broader range of customers. https://noviocean.energy/documents/ Good luck with the new role, Catherine. And so were confident to be able to invest in lots of opportunities that Catherine talked about. Live from New York and. university The first is on the Supply business. And the answer is yes. https://waves-energy.co/maps/. 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. In addition to EVBox, we expect to execute disposals of around 2 billion, aligned with the group simplification. European utility giant Engie named oil & gas industry veteran Catherine MacGregor as its new CEO with a remit to lead the French group's ambitious renewables and energy transition plans. Dans le SBF 120, on y trouve en tout 13 femmes DG et 12 . She has spent her entire professional career working in the energy sector. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. You mentioned diversity of vast diversity of business line, et cetera. If you have an ad-blocker enabled you may be blocked from proceeding. We had very good results from our Italian assets due to higher level of ancillaries as well as to higher spreads captured throughout Europe. 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. We will now take the next question from Meike Becker with Bernstein. So youve been talking about investment discipline. So in general, we have 31-gigawatt portfolio. 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. Lets now move to our Supply, Nuclear and Other activities. Is it something that you will tell us more about in May? And so from a financial impact standpoint, unlikely to be a 2021 story. 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. Yes. The enshittification of apps is real. To read more about DN Media Group, Thank you Renata Spada for being yourself and authentic. We are assessing the situation, which mainly affects renewables and supply activities. A particular region of international growth in Networks has been Latin America, where, in addition to gas, we are also building power transmission lines. 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. Indeed, we are reviewing, in a bit of a systematic manner, some of the minorities that we hold. offers FT membership to read for free. 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 will try and stick to two questions, too. A key area of value creation from renewables is the ability to commercialize energy with new and innovative solutions for customers, and we have made great progress on this front. *Criao da poltica nacional de incluso das pessoas 50+ no mercado de trabalho* I think these are really, really good questions. The key here is really to give that business its own industrial project, its own identity. cookies Catherine MacGregor: The winds of change - Leaders League And then, of course, in terms of Thermal, we will be very opportunistic. Are you talking about Q3, Q4 for the end game? 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. In Renewables, we expect growth from asset commissioning in the United States from higher achieved prices for French hydro and from the potential positive effect of the CNR concession extension. And Judith? 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. Engie board set to appoint Catherine MacGregor as new CEO. So I was wondering whether you could share some thoughts on perhaps where you might be able to get back to perhaps over the medium term in that business? 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. "Until regulations happen," they muse, "there's really nothing I, or my company, can do to make a difference." You can still enjoy your subscription until the end of your current billing period. 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. analyse how our Sites are used. One was the CapEx. And then, of course, right after that, you have hydrogen. Weve proven that over and over again in very, very recent past. What an insightful stay in India this week starting with a technical conference on #hydrogen #certification at #IndiaEnergyWeek then meetings with 7 industrial players developing hydrogen projects across #India. The second half of 2020 showed a strong recovery after second quarter, which has which was heavily impacted by COVID. 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. MacGregor said: I would like to thank the board of directors for the confidence it shows in me. 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. Hopefully, thats an easy one, but would be very helpful. Welcome also and again and similar thing for the CMD and midterm outlook, I would concur. 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. Firstly, Id like to share everyones sentiments in wishing Catherine well in her role. So in terms of creating an entity as part of our strategic review of Client Solutions, one of the things that is important to understand about this business is that it has grown within ENGIE as a series of acquisition and local development and so today, dont quite belong into a coherent entity and is not led as an independent or well-defined part of ENGIE. Because there was a time when that business was making around 600 million of COI. Engie appoints oil services executive to execute new renewables strategy So its a little bit of a total team, but we at this stage, that decision from the government hasnt been explicit. #mixedfeeling :D Please. We are a media company, specifically facilitating the maritime and offshore industry. This really has two reasons. We have a team of about 300 developers who are really good at what they do. In her efforts to "simplify" Engie, MacGregor is moving from 25 business units to 4 globally, and . 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. Catherine MacGregor chez Engie, Christel Heydemann, chez Orange, et Estelle Brachlianoff, chez Veolia, sortent du lot. Now that doesnt mean that we should not have discipline. Elle est ingnieur, diplme de l'cole centrale Paris, dont elle sort en 1995. Enel nearly tripled, Orsted quadrupled. 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. 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. Judith, you want to start with the EVBox question? 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. 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]. Judith? 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. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. La situation en France depuis plus de 50 ans Obviously, you did signal that youd be ramping up CapEx. And while were not going to grow it at the same rate as Renewables and Networks, we will be opportunistic in managing this fleet. Recharge is part of DN Media Group AS. Onshore wind can be 1.5 years. So two questions, please. My first reaction with the bonus: Wow great ! Following which, as usual, well open the lines for Q&A. Lets keep in mind that revenues are also indexed to inflation and will benefit from that increase over time. And it would be helpful if you could highlight for us any meaningful one-offs embedded in the 2020 results, whether positive or negative that we should bear in mind as we build our bridge to 2021? Education Catherine MacGregor has obtained a degree from CentraleSuplec in 1995. 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. 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. [1] She started her career on stage in New York City, in theatres off and on Broadway, credited as Scottie MacGregor . Comptences clefs . (Tech. What is the identity of the Thermal business? And I think, namely complexity is one thing. From 2013 to 2016, she served as President Europe & Africa at Schlumberger, before being promoted in 2017 to President of the group's drilling activity, based in London. I'm looking forward to continuing to make a difference together. Before I say more on this, let me review the groups overall 2020 performance. French Networks had limited COVID impact also mainly on distributed gas volumes. First, operating cash flow was 1.1 billion lower, mainly reflecting the drop of EBITDA. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 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. And so we are working really hard on these networks to find alternatives to use preferably renewables, things like biomass for example. Catherine MacGregor appointed new Engie CEO | Financial Times Then potentially collaborate/partner with us for less than EUR 10 m in costs, together solving the crucially important 40% of the hours of the month. #beyou #beunique #beunited ENGIE Africa 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. 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. With our experience, knowledge and reach we can optimally meet your businesses media needs and requirements in three cohesive ways: Network with the right people, Insight into the industry, and Talent to the right place. But on defining the structure, does that mean we have a disposal in Q3, Q4? And so we will not give specific assets, of course, at any given time. Even if you ten-double the installations of these sources, the 40% remains. You will remember last year, we had close to 200 million, which was really driven by 2 things or 2019, sorry, we had roughly 200 million, 2 things. In other words, direct stable energy is needed these hours. We are focused on driving our ESG performance using a wide range of metrics, three of which I will discuss here. So thats one aspect of it. But we really want to focus on a return-based growth strategy. Now the markets are looking at the remaining energy services. 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. 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. A warm welcome as well to you, Catherine MacGregor. Whilst the overarching priorities are clear, we now need to translate them into an action plan for consistent delivery. We also posted higher financial costs. We will run processes. Supplies offered a net COVID impact of roughly 290 million mainly due to lower consumption, bad debt and lower B2C services. Posted mercredi, avril 14 2021 Last month, with her feet barely under the desk, Catherine MacGregor was required to appear before the French senate's economic affairs committee be grilled on Engie's strategy. Catherine MacGregor - Chief . By Gwnalle Barzic and Geert De Clercq. The ability to manage risk, we see mature risk increasing in the renewable arena, and we are really good at that. Great post Catherine Fiamma MacGregor! These headwinds were partly offset by a 700 million positive change in working capital requirements from energy management activities driven by dynamic management of margin calls in 2020 in a context of extreme volatility of commodity prices. And my second question will be more accounting related regarding EVBox. Let me now focus on the evolution of net debt and on our leverage ratios. We delivered for our customers while continuing to invest in major capital projects. Its, for sure, a large part of the investment case. Her professional and personal skills will be essential assets in accelerating ENGIEs transformation. Elle s'intresse notamment l'utilisation de la sismique 3D pour la rcupration assiste du ptrole[5]. analyse how our Sites are used. We have 101 gigawatt of gross power generation capacity, of which around 30% from renewables. I will now hand you back to Catherine for our 2021 priorities. What you would be looking for? 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. Are you working on a new organizational format? This is value neutral over time as D&A is integrated in the regulated revenue. Siga o link abaixo e deixe seu apoio a esta poltica de incluso necessria ao nosso pas. Its going to take us some time. Congratulations Engie. Catherine MacGregor joined the ENGIE group on January 1, 2021 as Chief Executive Officer. Its the first step. We are also expecting a year-on-year accretion resulting from the partial disposal of SUEZ and EVBox, which contributed negatively in 2020. That's where the "trim tab" comes in. Now the 2021 guidance. So for my question, the first is on the asset rotation. 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. 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. Yes. 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. But is it bad? Okay. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Now this is mainly provided by fossils, the reason CO2 emissions are increasing since 2015, not decreasing. We think its important to have a system play on renewables. And then the second one, its for Catherine. We also dynamically managed our hybrid bonds, which are showing an average outstanding amount of 3.9 billion. But really appreciate, thanks again ! click here. Stay informed and spot emerging risks and opportunities with independent global reporting, expert Does this mean that Equans is now getting nothing? Net interest expense was also slightly higher driven by negative FX and lower cash remuneration. Thank you very much, James, for your question. ENGIE thanks you for your participation. Stepping back. 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. 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. Elle devra y appliquer une stratgie dfinie par le conseil d'administration prsid par Jean-Pierre Clamadieu[6]. And yes, let me start by saying also welcome and wishing you success in the new role. And if you look at what we announced on January 14 is indeed a smaller executive team, less members. It seems to be the trend last few questions. Now the guidance for 2021. Our near-term priority in the region is to commission two major electricity transmission projects. Please disable your ad-blocker and refresh. CEO of French energy giant Engie since January, Catherine MacGregor hopes to lead the company into a brighter and greener future. So quite frankly, it is a normal run rate of dilution of 100 million when you look at a 2 billion debt reduction. This has been a concern for the market. Do you see eventually opportunities in the future going forward with the convergence between power network and gas network considering the evolution of the hydrogen, Catherine? So the 150 million I gave is correct. 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! So these are some of the things that we are excited about when we think about our network assets, and we like it. We have a high performing gas fleet, as you know, which is very important in our mind to bring the flexibility to the system. By 2050, over $15 trillion are expected to be invested in power generation globally with over 70% in renewables. With respect to the recent extreme weather events in Texas, we are assessing the situation. ENGIE - Catherine MacGregor, Chief Executive Officer of ENGIE from 1
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