Thank you very much, Aarti, and good morning, everyone. The ENGIE Board set out strategic orientations for the group last year in July 2020, and my new executive team and I have three clear priorities: firstly, simplifying the group at pace; secondly, investing further, investing in renewables, networks and asset-based client solutions, as these are areas of competitive strength for ENGIE; and finally, strengthening our groups commitment to the energy transition. 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. It mainly affects our renewables and supply activities. So there will be a capital gain on this. Onshore wind can be 1.5 years. And I was interested to get your philosophy about minorities. Let me now hand you over to Judith to cover our financial overview, and I will come back on strategic priorities. Holidays ? 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. We remain focused on executing disposals at pace, continuing to simplify the group, creating value and reallocating capital towards growth. 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. So to summarize, ENGIE made progress at pace in 2020. Laut Konzernchefin Catherine MacGregor werde man im laufenden Geschftsjahr 2023 einen Gewinn zwischen 3,4 und 4 Mrd. 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. Engie's new CEO sets out with the goal of simplifying the energy group I think, as you pointed out, theres been a little bit of a race to gigawatts. That's where the "trim tab" comes in. We have a high performing gas fleet, as you know, which is very important in our mind to bring the flexibility to the system. 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. You can read more about how we handle your information in our privacy policy. Higher D&A was mainly due to accelerated amortization of some distribution assets. And as a result, the second half of 2020 was actually similar to H2 2019 on an organic basis. Catherine MacGregor - Chief . During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. And weve announced that there might be a second step, but we will obviously cross that bridge when it comes to it. 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. ENGIE has developed a strong platform in Client Solutions from which we can tap into the growth in this space. A short stay for a rich experience and deep learning. 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. Also adding to national energy insecurity and dependence on fossil producing countries at colossal scale. Included within this guidance is an estimated impact that follows the extreme cold weather in Texas earlier this month. And then your other question was related to the organization. We are investing significantly in these activities to ensure safety and reliability as well as improving energy efficiency. MacGregor said: I would like to thank the board of directors for the confidence it shows in me. Catherine, you are in a ENGIE is in a unique position, I think, as a gas network operator with a very attractive Renewables business. Other generators like Uniper and Fortum have been very strong as well. 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. Her professional and personal skills will be essential assets in accelerating ENGIEs transformation. 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. 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. 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. In Nuclear, following the announcements of the Belgian government in Q4 2020, it has been decided to stop all preparation works that would allow a 20-year extension of two units beyond 2025, as it seems unlikely that such an extension can take place given the technical and the regulatory constraints. Thank you for giving us our voices back with the amazing Diversity, Equity and Inclusion policies at ENGIE . There are 25 older and 1 younger executives at ENGIE SA. We also increased the share of renewables in our portfolio to 31%, and I will cover this in more details shortly. And that will be something that we will be describing a bit more in details in May. ), has announced that he will retire on 31 CGG announced today (March 2) the appointment of Jrme Serve as Group Chief Financial Officer. We announced last December that EVBox would be listed on the New York Stock Exchange. On quick one on numbers, on guidance. organisation modifier - modifier le code - modifier Wikidata. 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. In addition, we had higher contributions from power transmission lines in Brazil as their construction is progressing well. Alongside renewables, we are also developing projects of up to 3 gigawatts of gas-fired generation. Welcome again to Catherine. 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. We are facing an unparalleled opportunity to play a clear and meaningful role in tackling climate change. Overall, we currently estimate a potential net impact at the group COI and net recurring income group share level of between 80 million to 120 million. We have in the U.S. the largest development pipeline. So maybe I will start with your last question, which is around the decision on nuclear. Biography [ edit] And if so, what quantity? So let me start then with your question on Thermal. Or is it your budget of the COI for these businesses in 2021? Cheers! And also, is there any possibility to reverse the decision on the Belgium life extension should the Belgium government change its stance this year? And while were not going to grow it at the same rate as Renewables and Networks, we will be opportunistic in managing this fleet. 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. university But just one observation is a key part of success, I think, for some of your peers has been laying out quite detailed guidance over a 3-year period. Soliane Varlet, gestionnaire de portefeuille de notre stratgie actions Women Leaders, s'entretient avec Catherine MacGregor, Directrice gnrale d'Engie, l'. So yes. Financial net debt decreased by 3.5 billion to 22.5 billion from December 2019 primarily due to disposal proceeds. I was happy to see so many enjoying each others company. Okay. Catherine MacGregor: The winds of change - Leaders League This button displays the currently selected search type. Thank you, Catherine, and good morning, everybody. We are assessing the situation, which mainly affects renewables and supply activities. In Nuclear, we expect contribution to increase as volumes should be higher, thanks to better availability. A quick word on the agenda for this morning. And so to in that respect, I think your comment might be valid. Pour viter se gchis financier avec l'argent des franais 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. Next, a few words on the bridge from EBITDA to net recurring income group share. Together, these drivers helped to more than offset negative foreign exchange in Brazil, Mexico and Argentina. 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. And so these are some of the things that complexity and ability to manage activities that are very, very different from each other, I think really get in the way of performance. Very yes, good question. Indeed, we had an increase a temporary increase in 2020 to 32.5%. https://noviocean.energy/novigenews-oeec-startup-award-green-tech-net-zero-future/ CEO of French energy giant Engie since January, Catherine MacGregor hopes to lead the company into a brighter and greener future. We will now take our next question from Peter Bisztyga with Bank of America. Its youre obviously guiding for a significant improvement in Supply COI this year versus last year. analyse how our Sites are used. Dans ce poste prestigieux et trs expos politiquement, elle succde Isabelle Kocher, partie le 24 fvrier 2020 et remplace provisoirement par Claire Waysand. Excluding the scope out effect of SUEZ in the fourth quarter, the second half performance in 2020 was similar to previous year. So thank you very much, and bye-bye. Now its a little bit difficult for me to really be critical about the past. 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. 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? https://lnkd.in/ea25krWt 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. And youre right to point out that some of our DHC networks rely on a mix of entrance of feedstock. This is value neutral over time as D&A is integrated in the regulated revenue. So these are some of the things that we are excited about when we think about our network assets, and we like it. Sign up for more in-depth articles and insights. For a full comparison of Standard and Premium Digital, click here. 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. Some others, there is still a good portion of assumption that there might be a stranded asset. Great post Catherine Fiamma MacGregor! 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. About Catherine MacGregor MacGregor became the CEO of French energy company Engie in January 2021. And as in the past, we will be very mindful of timing. We have 101 gigawatt of gross power generation capacity, of which around 30% from renewables. 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? 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. 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. I will try and stick to two questions, too. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 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. I would love to hear from you. The enshittification of apps is real. Our environment is changing. Ill start just to say that, I mean, youve identified, yes, two important aspects of our simplification efforts. In the summer of 2019, she chose to pursue her career in the energy industry by joining the executive committee of the TechnipFMC group to lead its onshore and offshore engineering and construction activities, Technip Energies. Her appointment as a member of the Group's Board of Directors will be proposed for approval at the General Shareholders' Meeting in 2021. Carbon neutrality is at the heart of ENGIEs purpose and central to our strategic direction. 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. And so every year, we will allocate capital to that, and thats 1.3 billion a year. 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.. No, absolutely. And what is your philosophy there? Thanks to Faye Kirby and Valencia Anderson for setting up the display and sharing books written by black authors. The enshittification of apps is real. 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. I know weve heard from the Chairman very helpfully on this last year, but I think wed love to hear your thoughts on this. MacGregor, an engineer . January 7, 2021. From 2019 to 2020, she was a member of TechnipFMC Executive Committee and the head of Technip Energies, hosting the engineering activities. 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. I think these are really, really good questions. Weve seen peers in renewables showing a bit of a lack thereof of investment discipline, among other thing, the auction in UK offshore. So when you will reinvest? 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. Our group remains committed to Belgium and to contributing to the countrys security of supply. - Play an important role in ensuring security of supply for France and Europe 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. Simply log into Settings & Account and select "Cancel" on the right-hand side. And given that theyre contracted, to maybe accelerate other areas of the business? 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 reshaped the portfolio by investing 7.7 billion CapEx and by disposing of 4.2 billion of assets. The first one is on strategy. Networks were mainly impacted by warm temperatures and by higher D&A. 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. 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. 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. Turning to our major focus areas starting with Renewables. *Criao da poltica nacional de incluso das pessoas 50+ no mercado de trabalho* To Engie in my case. Now the markets are looking at the remaining energy services. or 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? In the past Ms. MacGregor held the position of President-Drilling Group at Schlumberger NV and Personnel Director at Oilfield Services Co. Ltd. Ms. MacGregor received an undergraduate degree from cole Centrale Paris. Areas of expertise ; cookies It was in this ramp-up that we were doing on renewability was the first time that we had significant sell downs. You mentioned the COVID impact and how to think about it in 2021. How old is Ms MacGregor? Problem: 40% of the hours of the month there is minimum wind and zero sun. Name: Katherine MacGregor Birth Year: 1925 Birth date: January 12, 1925 Birth State: California Birth City: Glendale Birth Country: United States Gender: Female Best Known For: Katherine. But in short, we have big ambition, but we will be disciplined. 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). Non Madame So in general, we have 31-gigawatt portfolio. personalising content and ads, providing social media features and to 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. 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. Ses parents, d'origine corse et basque[1], sont professeurs. This included 1.7 gigawatt of hydro plants in Portugal, which benefit from long-term concession arrangements. And Ill turn to Judith maybe for the cash flow from Nuclear. But that brings me to my question actually. This was also driven by higher operational contribution of Brazilian assets and by improved performance from Middle East gas contracted activities. Long-term growth drivers for asset-light activities are also strong, underpinned by major international actions plans, such as the European green deal towards making the EUs economy sustainable. 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 other data for a number of reasons, such as keeping FT Sites reliable and secure, [indiscernible] Sam, for putting more pressure on us. Katherine MacGregor - Biography You can update your choices at any time in your settings. 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. We also posted higher financial costs. We expect financial performance to improve significantly from 2020 driven by a combination of strong recovery from COVID impacts, growth in renewables and international networks, improved nuclear availability and higher achieved price, and reversal of warm weather effects. And then just another one on guidance. Let me know below So here, generally, the question, how do you think about the future of the gas networks? On the 100 million, quite frankly, there isnt any unusuals that you should assume. For cost savings, you can change your plan at any time online in the Settings & Account section. On the impact, the positive impact on 2021, on the impairment, it was about 2 billion related to goodwill. 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? This is particularly noteworthy in the context of the unprecedented pandemic. Try full digital access and see why over 1 million readers subscribe to the FT, Purchase a Trial subscription for 1 for 4 weeks, You will be billed 65 per month after the trial ends, Russian far-right fighter claims border stunt exposes Putins weakness, Germany seeks to buy Leopard tanks from Switzerland, Germany and Italy stall EU ban on combustion engines, Ukraine asks EU for 250,000 artillery shells a month, Russia on alert after reconnaissance group crosses over from Ukraine, Panic station at Fox News: how the Murdochs agonised over Trumps loss, Saudi owner of Londons most expensive house sued over alleged unpaid private jet bills, UK housing market braced for make-or-break spring, UK cabbage king turns to plant-based proteins, Airlines plan to sue Dutch government over Schiphol airport flight cap, There are no domestic equity investors: why companies are fleeing Londons stock market, Live news updates from March 3: Amazon pauses HQ2 construction, UK regulators launch LME probe, Deluge of inflation data pushes US borrowing costs to 2007 levels, FCA regulator blamed for Arms decision to shun London listing, Clutching Warrens letter, Im still positive on stocks. Following which, as usual, well open the lines for Q&A. I look forward to working with her in the months and years to come to deliver the Groups strategic orientations. We maintained a high level of liquidity with 23 billion, including 13.3 billion of cash as at the end of December 2020. 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. Economic net debt-to-EBITDA ratio was four times stable compared with December 2019 and better than 2020 guidance. 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. Elle travaille pendant 23 ans chez Schlumberger. And Judith, you want to comment, please, on the impairment? Ms MacGregor is 48, she's been the Chief Exec. And we will now take our next question from Ajay Patel with Goldman Sachs. I have a couple of questions, 1 for Catherine and 1 for Judith. Engie plans to accelerate its development in renewables, by increasing the target for renewables capacity commissioned from 3 GW p.a. In 2021, we already have hedged 80% of the production at 46. This was partly offset by a temporary higher effective recurring tax rate at 32.5% in 2020 versus 28.2% in 2019. Welcome also and again and similar thing for the CMD and midterm outlook, I would concur. Hosted by His Excellency Ilham Aliyev, President of the Republic of Azerbaijan, my dear friend His Excellency Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan, and Kadri Simson, EU Commissioner for Energy, this is an important forum for advancing Europes #cleanenergy ambitions. In terms of operational performance, I am pleased that the group made progress at pace despite the challenging backdrop. Now this is mainly provided by fossils, the reason CO2 emissions are increasing since 2015, not decreasing. She has spent her entire career in the energy sector. 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. 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. 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. If so, do you have a view to what level? And so from a financial impact standpoint, unlikely to be a 2021 story. So no specific things to be taken into account. But we really want to focus on a return-based growth strategy. Published on 2 October 2020 at 12:48pm EST on Uk.Reuters. 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. Engie which is 24%-owned by the French government was formerly the gas monopoly operator known as GDF. Published on 2 October 2020 at 12:48pm EST on Uk.Reuters. 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. To conclude on Thermal, let me highlight the demothballing of two Dutch gas units, demonstrating this fleets flexibility to take advantage of market opportunities. And I look forward to leveraging their strengths to deliver on a full agenda in such critical times for the energy industry and for ENGIE. For example, we signed several corporate PPAs with Amazon for a 650-megawatt global portfolio of wind and solar projects across the U.S., Italy and France. 2020 was really a milestone year for ENGIE in the U.S. with nearly 2 gigawatts of this new capacity commissioned across four states, taking our total installed renewable generation there to over 3 gigawatts. Is it something that you will tell us more about in May? You may change or cancel your subscription or trial at any time online. Significant growth is also expected in the use of renewable gases to accelerate the energy transition. Engie board set to appoint Catherine MacGregor as new CEO 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. 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. In November, we discussed the creation of a new leader in multi-technical services, which would benefit from scale and strong growth prospects. or And I think the way I want to say this is I think we know the broad plan now for the business, but I think its also important to look back at the last 5 years and understand why essentially the investment thesis has not delivered so far for shareholders. 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. Let me give you the 2020 COI highlights. And we will now take a last question from Louis Boujard with ODDO. 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.
Pentosin Atf 44 Equivalent, Eyre Peninsula Tribune Death Notices, Articles C
Pentosin Atf 44 Equivalent, Eyre Peninsula Tribune Death Notices, Articles C