We invested 7.7 billion of CapEx in total. 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. So quite frankly, it is a normal run rate of dilution of 100 million when you look at a 2 billion debt reduction. Laut Konzernchefin Catherine MacGregor werde man im laufenden Geschftsjahr 2023 einen Gewinn zwischen 3,4 und 4 Mrd. , Dear Catherine, Let me know below Thank you Renata Spada for being yourself and authentic. As you put a fresh perspective into this organization, do you see room for improvement in terms of organization? Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. And Judith, you want to comment, please, on the impairment? And so we are working really hard on these networks to find alternatives to use preferably renewables, things like biomass for example. university Is it something that you will tell us more about in May? 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. Please. We have ambitious goals to continue to simplify ENGIE at pace to play a key role in accelerating the energy transition and to focus on the long-term profitable growth of the group. 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. So for my question, the first is on the asset rotation. We have a team of about 300 developers who are really good at what they do. 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. Bereits 2025 wolle Engie wieder einen Gewinn von bis zu 4,7 Mrd. 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. So when you will reinvest? Im Aarti Singhal, Director of Investor Relations at ENGIE, and welcome to our 2020 annual results conference call. Depending on opportunities, it could be this asset or another one. And as you might have noticed that lately, we have not really entered the race of enhancement of gigawatt. 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? This very unusual year translated into a mixed set of numbers. 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? Lastly, COI for other activities decreased as 2019 benefited from a positive one-off related to partial sale of a gas supply contract, in 2020 was impacted by COVID mainly due to credit losses for GEM. We will now take our next question from Emmanuel Turpin with Societe Generale. 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. The Board of Directors decided on Catherine MacGregor's appointment as ENGIE's Chief Executive Officer on 2 October last year. In terms of operational performance, I am pleased that the group made progress at pace despite the challenging backdrop. 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%. I'm looking forward to continuing to make a difference together. And the answer is yes. This was mainly due to impairments, especially related to our nuclear reactors. 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. 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. The ability to manage risk, we see mature risk increasing in the renewable arena, and we are really good at that. And second, its really focused and making sure that everybody pulls in the same direction. So I would like to hear your opinion, how maybe your story might be slightly different from electric renewables players, how we maybe think about the gas network as a funding option for the renewables growth. And this is something, obviously, that we are going to continue and push. And hopefully, we can share more of that in May when we come back to you. 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? 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. Lower results from SUEZ also impacted Client Solutions COI by approximately 160 million. But on defining the structure, does that mean we have a disposal in Q3, Q4? In addition, her appointment as Board member of the Group will be proposed for approval during the General Shareholders Meeting in 2021. 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 as in the past, we will be very mindful of timing. In other geographies, we benefited from commissioning new capacity in the United States and from higher wind production. 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 . Yes. Currently under construction is the 1,000-kilometer Gralha Azul project and the 1,800 kilometers Novo Estado project. Judith? Pay my electricity bill of next year. So two questions, please. She has managed numerous complex industrial projects, both . We are facing an unparalleled opportunity to play a clear and meaningful role in tackling climate change. And so the amount will be much lower than what you have seen in 2020. Before I say more on this, let me review the groups overall 2020 performance. The key here is really to give that business its own industrial project, its own identity. You may change or cancel your subscription or trial at any time online. Holidays ? 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. We have already secured better pricing for 18% of our 2021 output at 46 per megawatt hour. 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 that will be something that we will be describing a bit more in details in May. 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? Notre lectricit est dj propre One was the CapEx. I want to take advantage also to clarify on a question that I was asked earlier on the nuclear impairments and the impact on D&A. Sur cette version linguistique de Wikipdia, les liens interlangues sont placs en haut droite du titre de larticle. 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. 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. A primeira anlise que feita pelo corpo tcnico do Senado j foi feita e agora a ideia est disponvel para votao popular. We strengthened our leadership in green bonds having issued 2.4 billion green bonds in 2020 for a total of 12 billion since 2014. Our focus is on disciplined investment through organic growth and through targeted acquisitions that offer good returns. 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? And I think, namely complexity is one thing. And I just wanted maybe to clarify that the government has not explicitly made the decision. The peer groups done very well. And then, of course, now this partial sell down that were planning into a SPAC transaction. The 281 million year-on-year COI decrease notably reflects warm temperatures and higher D&A in France. So naturally, were landing more just below a 100 million figure for 2021. Regarding COVID, our projections assume restrictions similar to the fourth quarter 2020 and a gradual easing over 2021. G&A was up mainly because of acquisitions, asset commissioning and accelerated amortization for some French gas distribution assets. We will now take the next question from Meike Becker with Bernstein. We assume up to 100 million dilution effect at the COI level from approximately 2 billion disposals in addition to previously signed transactions. So Ill ask two questions. Significant growth is also expected in the use of renewable gases to accelerate the energy transition. De mme pour Angeles Garcia Poveda, prsidente du conseil d'administration de Legrand et Barbara Dalibard, prsidente du conseil de surveillance de Michelin. This really has two reasons. We have a very nice digital platform to help us manage our assets better. Find here the list of all the sessions presented by this speaker in order not to miss any of it. We have a new business organization and leadership team who is focused on performance, and weve committed to executing our strategy to accelerating the group growth and to strengthening our commitment to the energy transition. Now simplification is a bit of a general concept, and I was hoping for a bit more color from your part. 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. MacGregor said: I would like to thank the board of directors for the confidence it shows in me. And I was interested to get your philosophy about minorities. 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. We are investing significantly in these activities to ensure safety and reliability as well as improving energy efficiency. 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. 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. In addition, her appointment as a board member of Engie will be proposed for approval during the General Shareholders Meeting in 2021. To conclude on Thermal, let me highlight the demothballing of two Dutch gas units, demonstrating this fleets flexibility to take advantage of market opportunities. This included 1.7 gigawatt of hydro plants in Portugal, which benefit from long-term concession arrangements. A short stay for a rich experience and deep learning. 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. This decision to appoint Macgregor, effective as of January 1, 2021, is the result of a selection process started at the end of July. And so were excited about this transaction. These negative effects were partially offset by the positive GFOM ruling in Brazil of approximately 165 million. And Ill turn to Judith maybe for the cash flow from Nuclear. And the second one is very bad timing. Chief Executive Officer at NOVIGE AB, Mission Innovation Champion, Innovator of the Year, Seal of Excellence European Commission, Propeller Prize - Stena Line 2mo Glad to see all the progress. Its been a period in which the sector was exceptionally strong. She has spent her entire career in the energy sector. Next, a few words on the bridge from EBITDA to net recurring income group share. Despite unfavorable temperature, our district heating and cooling and on-site generation activities were resilient. In DHC networks, the worldwide market is expected to grow over 5% per year on average across the next nine the next five years. 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. [Foreign Language]. A warm welcome as well to you, Catherine MacGregor. https://noviocean.energy/novigenews-oeec-startup-award-green-tech-net-zero-future/ You may now disconnect. Anyone whos keen to learn more about the topics that are currently driving our industry is more than welcome to attend the event! As a leader in gas networks, we are playing a critical role in enabling an affordable and smooth energy transition, and we are promoting a progressive increase in the role of renewable gases. The 3 gigawatt that we commissioned last year is in our key growth market for renewables, namely the U.S., Europe and Latin America. Do you have a vision about taking this proportion of minorities down for the group? Premium access for businesses and educational institutions. But where should we be hoping that Supply COI gets back to either this year or perhaps over the medium term? 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. We think, in general, gas is going to be important in this energy transition. As we approach our annual SAP Concur Fusion customer event very quickly, this week was rehearsal time for me! https://waves-energy.co/maps/. Here's a bit more, on climate change and from a few years ago, but still relevant. You can still enjoy your subscription until the end of your current billing period. And the second one, if I may ask, around Client Solutions. So hopefully, this helps. fusion, The President & CEO of the Finnish grid company Fingrid Oyj, Jukka Ruusunen, D.Sc. The biggest, of course, remains Renewables. modifier - modifier le code - modifier Wikidata. We think its important to have a system play on renewables. We have progressed on simplifying the group. 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. Now that doesnt mean that we should not have discipline. The COVID impact on our thermal activities was minimal with lower demand mainly in Chile and Peru. Could you clarify how much COVID impact youve included in 2021 relative to the 1.2 billion hit in 2020? We will run processes. 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. For example, we significantly enhanced our renewables footprint in the U.S. But we really want to focus on a return-based growth strategy. directrice gnrale d'un groupe industriel nergtique; 25 ans de services, Vincent Collen, David Barroux et Julie Chauveau, , Dcret du 31 dcembre 2020 portant promotion et nomination dans l'ordre national de la Lgion d'honneur, https://fr.wikipedia.org/w/index.php?title=Catherine_MacGregor&oldid=201657000, Portail:Biographie/Articles lis/Sciences, Portail:Biographie/Articles lis/Entreprises, licence Creative Commons attribution, partage dans les mmes conditions, comment citer les auteurs et mentionner la licence. All these strategic advances, which place our Group as a leader in the low-carbon transition, are the result of the exceptional commitment of all our teams! And how quickly do you think it can actually contribute to your earnings, please? Ocean Winds to rival Orsted as Engie and EDPR unveil new offshore giant, Only female CEO of a major European utility sacked by board. Okay. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. These projects could participate in the Belgium capacity remuneration market auctions in the second half of this year once approved by the European authorities. I think there was another question, which was related to the calendar. Catherine MacGregor, ne Catherine Fiamma le 7 aot 1972 au Maroc, est un ingnieur et chef d'entreprise de nationalit franaise. And of course, hydrogen as it gets developed, indeed, could be very much more linked to power than maybe gas was in the past. We also continued to benefit from the cost actions launched in the second quarter. We are focused on driving our ESG performance using a wide range of metrics, three of which I will discuss here. Within this guidance, we have included our current estimate of the potential impact. 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. We do think that we have quite a specific signature within ENGIE, and we do like our gas assets. That will put pressure on Ms MacGregor to make her mark . 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. The second half of 2020 showed a strong recovery after second quarter, which has which was heavily impacted by COVID. Strong management actions allowed us to variablize and reduce total OpEx by approximately 300 million. ENGIE thanks you for your participation. Battery storage is expensive, produces no net power, has a very high LCA and basically impossible at the needed grid size. 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. Okay. Soliane Varlet, gestionnaire de portefeuille de notre stratgie actions Women Leaders, s'entretient avec Catherine MacGregor, Directrice gnrale d'Engie, l'. 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. The 48-year-old MacGregor replaces Isabelle Kocher, who was ousted by the Engie board in February, ensuring that a woman maintains a place at the top table of a major European utility. 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. And so were confident to be able to invest in lots of opportunities that Catherine talked about. This decision, effective as from January 1st 2021, is the result of a selection process, led by Jean-Pierre Clamadieu, Franoise Malrieu and members of the Appointments, Compensation and Governance Committee, following the highest standards of governance. So lots of enthusiasm around renewable. Supplies offered a net COVID impact of roughly 290 million mainly due to lower consumption, bad debt and lower B2C services. Her professional and personal skills will be essential assets in accelerating ENGIEs transformation. And sometimes, its okay to lose auctions if we dont get the right returns. Economic net debt-to-EBITDA ratio was four times stable compared with December 2019 and better than 2020 guidance. cookies COI was adversely impacted by roughly 300 million due to foreign exchange and by an aggregate negative scope effect of 75 million. Her appointment as a member of the Group's Board of Directors will be proposed for approval at the General Shareholders' Meeting in 2021. She was in charge of the entitys IPO. Net interest expense was also slightly higher driven by negative FX and lower cash remuneration. Let me now move to a detailed view per business line. At Climate Week NYC 2021, the CEO of ENGIE, Catherine MacGregor explains how ENGIE will actively participate in decarbonizing its emissions by 2030. Now its a little bit difficult for me to really be critical about the past. Because there was a time when that business was making around 600 million of COI. Our regulated networks offer stability and visibility of earnings to the group with regulatory remuneration arrangements in place through to 2024. 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. 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. Very yes, good question. And maybe Ill just say a few things, and Ill pass on to Judith, just to say that the Client Solutions project is a big project. All information you need to have a pleasant time during the event. More information, our agenda as well as the opportunity to register are available here: https://fusion.concur.com/. Chef d'Agence Filire Vente Centre Ouest chez GRDF, Thank you Catherine Fiamma MacGregor for your post that combine strategy, progress and well-balanced energy mix (#renewable #gaz #power) to confirm meaning and a consistent vision to our company, not to mention the recognition. Thanks to Faye Kirby and Rodica Roman for organizing the event and thanks to the many helpers! So there will be a capital gain on this. Catherine Macgregor (Courtesy of Engie) MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. So yes, Thermal is a good fleet for us, good asset. Regarding Client Solutions project backlog, we recorded a total increase of 5% since December 2019, representing approximately 13 months of activity. Let me now turn to our ESG performance. For cost savings, you can change your plan at any time online in the Settings & Account section. We completed the SUEZ transaction in October and launched further strategic reviews. We remain focused on executing disposals at pace, continuing to simplify the group, creating value and reallocating capital towards growth. Before that she had a 23-year career with oilfield services giant Schlumberger, ending as president of the drilling business. How old is Ms MacGregor? 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. I would like to pay tribute to their mobilization, which has enabled us to: Our group remains committed to Belgium and to contributing to the countrys security of supply. Welcome to the sector, indeed. Okay. 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. So in general, we have 31-gigawatt portfolio. Elle a t leve au Maroc[1]. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Its coal exits. or Good morning, everyone. [Operator Instructions] We will take our first question from James Brand with Deutsche Bank. But really appreciate, thanks again ! And also, 4 of them clearly align with the business activities that are core and are very much part of our strategic priorities. Firstly, Id like to share everyones sentiments in wishing Catherine well in her role. Were going to really focus on a few geographies. Catherine was President of Technip Energies at TechnipFMC, and President of Drilling at Schlumberger. Weve seen peers in renewables showing a bit of a lack thereof of investment discipline, among other thing, the auction in UK offshore. cookies And we will now take a last question from Louis Boujard with ODDO. Un article de Wikipdia, l'encyclopdie libre. 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. Elle devra y appliquer une stratgie dfinie par le conseil d'administration prsid par Jean-Pierre Clamadieu[6]. These headwinds were partly offset by the outperformance of GEM activities on the back of market volatility. 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. 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. You mentioned diversity of vast diversity of business line, et cetera. So you say the inflection on the strategy last summer, ENGIE already has started pretty fast on that as you flagged. I will now hand you back to Catherine for our 2021 priorities. Check if your 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. Engie has been riven in the past by fights between chairman and CEO and is a company where the board plays a big role in shaping strategy. If you have an ad-blocker enabled you may be blocked from proceeding. In other words, direct stable energy is needed these hours. 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. 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. We currently have leadership positions in all of these activities, and recent successes include a 30-year contract signed in Monaco to design, build, own and operate a seawater heating and cooling network that will enhance energy efficiency. Starting with our biggest contributor, Latin America, we had 195 million headwind from FX and an unfavorable energy allocation for hydro in Brazil. These projects further cement Masdars position as a leading clean energy powerhouse, helping Azerbaijan to unlock its tremendous clean energy potential. https://www12.senado.leg.br/ecidadania/visualizacaoideia?id=167822. Lets now look at the outlook for 2021 starting with our capital reallocation to fund growth. 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 . 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. And part of this feedstock sometimes continue to rely on coal. And while were not going to grow it at the same rate as Renewables and Networks, we will be opportunistic in managing this fleet.