Elle a t leve au Maroc[1]. 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. Lets now move to our Supply, Nuclear and Other activities. A quick word on the agenda for this morning. It will also require some infrastructure, maybe not with the same density at todays gas network. So thats one aspect of it. #economics #business #culture, Chief Executive Officer at Masdar (Abu Dhabi Future Energy Company). You can store it. Turning to our major focus areas starting with Renewables. Welcome also and again and similar thing for the CMD and midterm outlook, I would concur. Yes. Remember that for regulated activities, volume effects are recoverable in the short to medium term through the clawback mechanism and are, therefore, value neutral. on the development of flexible and resilient energy systems. 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. university We invested 1.5 billion of growth CapEx in 2020 mainly for the acquisition of 1.7 gigawatt of hydro assets in Portugal. Were going to really focus on a few geographies. Thanks to Faye Kirby and Rodica Roman for organizing the event and thanks to the many helpers! The President & CEO of the Finnish grid company Fingrid Oyj, Jukka Ruusunen, D.Sc. Catherine MacGregor appointed new Engie CEO | Financial Times - Contribute to measures to support purchasing power 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. And hopefully, we can share more of that in May when we come back to you. Then rapidly followed: "what am I gonna use that for ? 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. 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. And weve announced that there might be a second step, but we will obviously cross that bridge when it comes to it. And yes, let me start by saying also welcome and wishing you success in the new role. I have two questions, and I continue with the trend, 1 for Catherine and 1 on the details for Judith, please. 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. Revenue declined on a gross basis by approximately 900 million for the full year. And Judith, you want to comment, please, on the impairment? 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. Next, a few words on the bridge from EBITDA to net recurring income group share. 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. 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. 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 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. Catherine MacGregor will join Engie as CEO. And also, is there any possibility to reverse the decision on the Belgium life extension should the Belgium government change its stance this year? 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 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. We had 1.2 billion total impact last year. We do believe that its important to keep return in mind whenever we bid, and there is no must-win auction in ENGIE. #solvaylife #futureemployees #career #mockinterviews, Bringing some sun and fun to the Solvay Alpharetta site in February, employees and friends enjoyed an Hawaiian themed luau complete with ukulele music from Jason Chung and Ryan Carey. This really has two reasons. And then I also had a question on the coal phase out. CFFO was 7.1 billion in 2020, down 500 million versus 2019, mainly driven by the following effects. So really, in summary, three elements: complexity, sharper capital allocation, everybody pulling in the same direction and performance culture are three important elements, I think, that are going to make a difference and allow ENGIE, indeed, to strive in those strong tailwinds that continue to be there for us. 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]. 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. But what is the tax rate thats assumed in the guidance and what DBpSO has assumed? You can still enjoy your subscription until the end of your current billing period. Welcome to the utilities world. On quick one on numbers, on guidance. Warm temperatures in the first half also weighed on energy consumption, mainly in France, for B2C gas volumes. Starting with our biggest contributor, Latin America, we had 195 million headwind from FX and an unfavorable energy allocation for hydro in Brazil. 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 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. Her appointment as a member of the Group's Board of Directors will be proposed for approval at the General Shareholders' Meeting in 2021. #solvaylife #workculture #lovemyworkfamily, Celebrating our diverse HR team during the HR Seminar in UAE. We assume up to 100 million dilution effect at the COI level from approximately 2 billion disposals in addition to previously signed transactions. Are you talking about Q3, Q4 for the end game? So no impact there, of course, on G&A reduction and about 800 million of assets. 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. 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And so the amount will be much lower than what you have seen in 2020. Dans intrt de la France, And first question is for Catherine MacGregor. 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. Is it something that could be you realize value of and take advantage of low rates? We remain focused on executing disposals at pace, continuing to simplify the group, creating value and reallocating capital towards growth. 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. Despite unfavorable temperature, our district heating and cooling and on-site generation activities were resilient. This was also driven by higher operational contribution of Brazilian assets and by improved performance from Middle East gas contracted activities. Financial net debt decreased by 3.5 billion to 22.5 billion from December 2019 primarily due to disposal proceeds. Nothing much more structural than that really, James, on supply improvement. It honors and commits me. Premium access for businesses and educational institutions. Live from New York and. 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. #Renewables: We have commissioned 2.5 GW of new #renewableenergy capacity since January and are on track to reach 4 GW by the end of the year. We have in the U.S. the largest development pipeline. So thank you very much, and bye-bye. I would love to hear from you. Yes. Pour viter se gchis financier avec l'argent des franais 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. 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. Yes. 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 think its important to have a system play on renewables. Catherine MacGREGOR - Les Rencontres conomiques This has been a concern for the market. We delivered for our customers while continuing to invest in major capital projects. https://waves-energy.co/maps/. We have 101 gigawatt of gross power generation capacity, of which around 30% from renewables. 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. So two questions, please. She has spent her entire career in the energy sector. Please. https://noviocean.energy/documents/ Standard Digital includes access to a wealth of global news, analysis and expert opinion. Now of course, its going to depend on when its closing, at what price, but it will be a few hundred million. 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. We have 101 gigawatt of gross power generation capacity, of which around 30% from renewables. A very fine, humane gesture that you promised your ENGIE colleagues. We will now take our next question from Peter Bisztyga with Bank of America. 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. So no specific things to be taken into account. So these are some of the things that we are excited about when we think about our network assets, and we like it. Estabelecer as diretrizes legais e normativas para incentivar a contratao de pessoas com 50 anos ou mais nas organizaes privadas atravs da reduo de impostos sobre a folha destes empregados. French utility's new chief Catherine MacGregor to increase investment in renewables. And Judith will give you a little bit of the background and more details on the rest. Thank you very much, Judith. Finally, on Client Solutions, we see a strong growth potential driven by decarbonization and energy efficiency, especially in heating and cooling networks, on-site generation, and green mobility among other asset-based solutions. We intend to retain a higher ownership of our renewables project where it is strategically and economically rational as we indicated in our strategic orientation. 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 . Higher D&A was mainly due to accelerated amortization of some distribution assets. The issue of having mtiers and activities that are so different from each other and I think weve talked a little bit about the multi-technical services, as an example, that require a management focus, a capital allocation policy, a system and attention to every cent that you have to spend, which is not necessarily something that is ENGIE DNA. And then, of course, now this partial sell down that were planning into a SPAC transaction. We also dynamically managed our hybrid bonds, which are showing an average outstanding amount of 3.9 billion. How quickly can that new CapEx sort of translate into earnings? Catherine MacGregor joined the ENGIE group on 1 January 2021 as Chief Executive Officer. MacGregor joins Engie as it embarks on a major push into renewables and clean energy. And importantly, we reaffirm our dividend policy, which relies on a 65% to 75% payout ratio on the basis of net recurring income group share. Good morning, everyone. As CEO of ENGIE, I am particularly proud of what we have achieved with our teams. Her main mission was to prepare for the spin-off and IPO of this entity, with energy transition at the heart of the strategy. 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! Catherine will then come back and share our priorities. The second half of 2020 showed a strong recovery after second quarter, which has which was heavily impacted by COVID. Does this mean that Equans is now getting nothing? cookies And so the number that I quoted, which was the injection that we did last year, you start to see that it becomes meaningful. But ENGIE shares have gone, lets say, sort of sideways and even down a bit in that time. 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. 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. 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. 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. In Client Solutions, overall, we are expecting a strong recovery from COVID, albeit with a relatively slower recovery for asset-light activities. We also benefited from higher contributions of GTT thanks to a strong past order intake. In Latin America, COI was up significantly, driven by the scope in effect and higher organic contribution of TAG, which, Im very pleased to say, has outperformed our expectations. We also rapidly launched strategic reviews of businesses, including part of Client Solutions, GTT and ENGIE EPS. And finally, we also strengthened our position in the rapidly growing market of corporate PPAs with over 1.5 gigawatts of contracts signed in 2020. On organic evolution per business line, Renewables, Thermal and Nuclear were resilient and even grew organically. And its hard to know theres obviously been some pretty big changes in competitive dynamics over the last couple of years. , Dear Catherine, Engie boosts asset sales as it targets 'doing less stuff' 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. - Play an important role in ensuring security of supply for France and Europe New organizational structure for a simpler ENGIE to go live on July 1 We have some core competencies. (Tech. French energy group Engie's ENGIE.PA board is set to appoint Catherine MacGregor, a top executive at Franco-American oil services firm TechnipFMC FTI.N as CEO, eight months after the ouster of Isabelle Kocher, a source familiar with the situation told Reuters. Hopefully, thats an easy one, but would be very helpful. And I was very pleased to hear that you put simplification at the center of your new vision for the group. 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. Lets now look at the outlook for 2021 starting with our capital reallocation to fund growth. Offshore wind is typically much longer. Published on 2 October 2020 at 12:48pm EST on Uk.Reuters. And the second one, if I may ask, around Client Solutions. This is particularly noteworthy in the context of the unprecedented pandemic. One second, it will be over soon. 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. Let me now hand you over to Judith to cover our financial overview, and I will come back on strategic priorities. Biography. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. You can update your choices at any time in your settings. 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Following which, as usual, well open the lines for Q&A. Other generators like Uniper and Fortum have been very strong as well. We think, in general, gas is going to be important in this energy transition. Watch th. ), has announced that he will retire on 31 CGG announced today (March 2) the appointment of Jrme Serve as Group Chief Financial Officer. But where should we be hoping that Supply COI gets back to either this year or perhaps over the medium term? I have a couple of questions, 1 for Catherine and 1 for Judith. So you say the inflection on the strategy last summer, ENGIE already has started pretty fast on that as you flagged. So our main working scenario right now is that it wont happen. As you put a fresh perspective into this organization, do you see room for improvement in terms of organization? To Engie in my case. Find here the list of all the sessions presented by this speaker in order not to miss any of it. And so we will not give specific assets, of course, at any given time. In 2020, most of our newly commissioned assets were onshore wind followed by solar. Thats one thing. We continued to put in place dedicated action plans, including OpEx reductions and G&A resizing. We are a smaller company than Engie normally would partner with. 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. 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. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. So if you add those two effects together, you go from 150 million positive to roughly 160 million positive in 2021. And so obviously, a decision that we communicated today is based on a scenario where it is unlikely that the lifetime extension happens. So all of the work that we started last year and that we are doing as part of this consultation is to bring these activities into a coherent entity, and this is really happening now with a commonality in terms of mtier, activity type, expertise, purpose and also industrial project. Head of Core Laboratories US - Alpharetta Site Manager, Thanks to Solvay Alpharetta employees Michael O'Keeffe and Edna Carbajal for reaching out to students in Dawson county GA for their junior high school career fair and mock interview days.