For example, we significantly enhanced our renewables footprint in the U.S. Harnessing 35 years of expertise to power the future of Energy and Water with data-driven solutions. At Climate Week NYC 2021, the CEO of ENGIE, Catherine MacGregor explains how ENGIE will actively participate in decarbonizing its emissions by 2030. This growth will be partly offset by a lower benefit from the GFOM ruling in Brazil and by the assumed FX deterioration. Euro erzielen. Again, especially when it comes to replace when it replace coal. At the end of 2020, the financial net debt-to-EBITDA ratio was 2.4 times, a slight decrease compared to December 2019. The second half of 2020 showed a strong recovery after second quarter, which has which was heavily impacted by COVID. The President & CEO of the Finnish grid company Fingrid Oyj, Jukka Ruusunen, D.Sc. 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. It's inspiring to see how ENGIE's strategy for a balanced, affordable, and resilient energy mix has proven its relevance in these uncertain times. And also, 4 of them clearly align with the business activities that are core and are very much part of our strategic priorities. #beyou #beunique #beunited ENGIE Africa And I think, namely complexity is one thing. And so we have assumed a very strong recovery like we have seen it in the second half. And weve made some moves last year, and we will continue to do that. The first one is on strategy. Ms MacGregor is 48, she's been the Chief Exec. On the impact, the positive impact on 2021, on the impairment, it was about 2 billion related to goodwill. Live from New York and. Welcome to the sector, indeed. And as you might have noticed that lately, we have not really entered the race of enhancement of gigawatt. Thank you #HariPrasad #PulakPrakash #PallavGogoi #AmitGhosh, Player Representation and Scouting for F&F Sports, Two Cows Explain Economics Better Than Any Class H2, 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. And this is something, obviously, that we are going to continue and push. 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. She has spent her entire professional career working in the energy sector. Catherine Macgregor (Courtesy of Engie) MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. We are a media company, specifically facilitating the maritime and offshore industry. Delivering on decarbonization while ensuring reliability and affordability can only be achieved through a combination of centralized and decentralized solution and with a mix of energy sources. analyse how our Sites are used. currently to 4 GW p.a. In Nuclear, we expect contribution to increase as volumes should be higher, thanks to better availability. 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. Carbon neutrality is at the heart of ENGIEs purpose and central to our strategic direction. Could you just give us an idea on the potential accounting impact of the operations that you are doing on this subsidiary? So we feel very good about [indiscernible]. Its about 1% of French consumption that was injected, so and thats 2021 or 2020, rather. Non Madame Other generators like Uniper and Fortum have been very strong as well. You can still enjoy your subscription until the end of your current billing period. personalising content and ads, providing social media features and to 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. 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. Ocean Winds to rival Orsted as Engie and EDPR unveil new offshore giant, Only female CEO of a major European utility sacked by board. We invested 1.5 billion of growth CapEx in 2020 mainly for the acquisition of 1.7 gigawatt of hydro assets in Portugal. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 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. In Supply, the outlook is improving, as these activities should strongly recover from COVID and on the assumption of temperature normalization. Catherine MacGregor will join Engie as CEO. I have two questions, and I continue with the trend, 1 for Catherine and 1 on the details for Judith, please. And so obviously, a decision that we communicated today is based on a scenario where it is unlikely that the lifetime extension happens. These negative figures were partly offset by capital gains mainly coming from the SUEZ transaction. Its not like a 2020 event. 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. Catherine Macgregor, Engie SA: Profile and Biography - Bloomberg Markets Bloomberg TV+ Bloomberg Markets European Close Bloomberg Markets European Close. Indeed, you can expect positive cash flow operation from our nuclear activities. And so we are working really hard on these networks to find alternatives to use preferably renewables, things like biomass for example. CFFO was 7.1 billion in 2020, down 500 million versus 2019, mainly driven by the following effects. Okay. 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. Net recurring income group share was within the guidance range, and Judith will cover financial performance in more detail shortly. Catherine MacGregor joined the ENGIE group on 1 January 2021 as Chief Executive Officer. Watch th. 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%. So firstly, theres step-up in CapEx in 2021 versus your sort of prior 10 billion 3-year plan. The renewables COI, could you break that down, if you dont mind, into the change in hydro versus wind and solar in the 2020 numbers? And Ill turn to Judith maybe for the cash flow from Nuclear. Catherine, the floor is yours. Im a lot looking forward to presenting the regional EMEA address on March 1st together with my dear colleague Ryan Demaray. The oldest executive at ENGIE SA is Francoise Malrieu, 73, who is the Independent Director. There are 25 older and 1 younger executives at ENGIE SA. Thank you. Aarti Singhal - Director of Investor Relations. But time will tell. This was mainly due to impairments, especially related to our nuclear reactors. With respect to the recent extreme weather events in Texas, we are assessing the situation. This will mean a transition based on a combination of electrification and decarbonization of gas as well as on the development of flexible and resilient energy systems. This really has two reasons. And yes, let me start by saying also welcome and wishing you success in the new role. Excluding the scope out effect of SUEZ in the fourth quarter, the second half performance in 2020 was similar to previous year. This was due to higher contributions from entities with minorities, which fully contributed at EBITDA and COI levels but only contributed at share at net recurring income group share level. And then I also had a question on the coal phase out. Let me now focus on the evolution of net debt and on our leverage ratios. 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. These headwinds were partly offset by the outperformance of GEM activities on the back of market volatility. 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. university Estabelece ainda cotas 50+ proporcionais a populao para preenchimento de vagas no setor pblico. 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. La diversit en actions - Interview de Catherine MacGregor, directrice This has been a concern for the market. Elle s'intresse notamment l'utilisation de la sismique 3D pour la rcupration assiste du ptrole[5]. But is it bad? So these are some of the things that we are excited about when we think about our network assets, and we like it. It seems to be the trend last few questions. Curious as to what my Linkedin connections think. Iberdrola shares nearly doubled. Let me now hand you over to Judith to cover our financial overview, and I will come back on strategic priorities. It honours and commits me. 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? 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. So to summarize, ENGIE made progress at pace in 2020. So 25% of your business is in Thermal, and its an area that youre not particularly resting hugely behind if you look at the growth CapEx numbers. 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. 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. This very unusual year translated into a mixed set of numbers. Engie will also capture opportunities resulting from recovery plans announced in Europe, notably related to the development of green gases (biogas and hydrogen). 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. Despite unfavorable temperature, our district heating and cooling and on-site generation activities were resilient. Enel nearly tripled, Orsted quadrupled. We use It was in this ramp-up that we were doing on renewability was the first time that we had significant sell downs. We have also good fleet in Middle East and also Latin America. Overall, the average cost of gross debt was 2.38%, down 32 basis points compared with December 2019. I just wanted to remind that given of the absence of the LTO that there is the amortization is now happening quicker. And for the first time, to our Ocean Winds joint venture with EDPR, we commissioned both fixed and floating offshore wind. Elle travaille pendant 23 ans chez Schlumberger. Catherine MacGregor chez Engie, Christel Heydemann, chez Orange, et Estelle Brachlianoff, chez Veolia, sortent du lot. Have a nice day. We invested 7.7 billion of CapEx in total. 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. And so the number that I quoted, which was the injection that we did last year, you start to see that it becomes meaningful. 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]. On the following slide, Ill share our 2021 expectations for each business line. Its a geography refocus. So thats a positive. So hopefully, this helps. (Tech. 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. [Operator Instructions] We will take our first question from James Brand with Deutsche Bank. 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. Catherine MacGregor a t dcrite positivement par d'anciens collaborateurs: des articles de presses rapportent des propos qui la dsignent comme une personne trs simple aux loisirs sans surprise (cinma ou scrabble)[1], directe, mthodique, tenace, trs oprationnelle[4], humble et courageuse[3], efficace, mais elle sait couter (Thierry Pilenko)[2]. cookies 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. Compared to 2020 guidance, Im pleased that both EBITDA and COI stood above the ranges we indicated last summer. 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. And Im sure thats a question youve been reflecting on as you took up the new role. And then, of course, in terms of Thermal, we will be very opportunistic. #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. Therefore, we do continue that we do think that gas will continue to play a very key role. In addition, her appointment as Board member of the Group will be proposed for approval during the General Shareholders Meeting in 2021. Her professional and personal skills will be essential assets in accelerating ENGIEs transformation. And of course, hydrogen as it gets developed, indeed, could be very much more linked to power than maybe gas was in the past. Check if your For cost savings, you can change your plan at any time online in the Settings & Account section. And when we reflect about some of the trends around electrification, around the growth in renewables, we realize that flexibility, dispatchability are going to be very important to the future of the energetic mix. But on defining the structure, does that mean we have a disposal in Q3, Q4? 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. Catherine MacGregor a rejoint le groupe ENGIE le 1. er. So without going into any specific, youre right to say that it does contribute to the simplification efforts. To read more about DN Media Group, 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. Its two and probably a little bit more early. I was happy to see so many enjoying each others company. On the 100 million, quite frankly, there isnt any unusuals that you should assume. personalising content and ads, providing social media features and to Yes. 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! Elle a t leve au Maroc[1]. 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. 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. 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. The biggest, of course, remains Renewables. On your two questions, 1 was on the tax rate. Catherine MacGregor | 2021 Most Powerful Women International | Fortune 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. cookies We have not seen prices like this in many years. Turning to our major focus areas starting with Renewables. Published on 2 October 2020 at 12:48pm EST on Uk.Reuters. Thats what Id like to understand because we need to consider whats the dilution of as well the midterm period, not only 2021. We maintained a high level of liquidity with 23 billion, including 13.3 billion of cash as at the end of December 2020. You can store it. And as a result, the second half of 2020 was actually similar to H2 2019 on an organic basis. A particular region of international growth in Networks has been Latin America, where, in addition to gas, we are also building power transmission lines. Holidays ? 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. 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. A cycle, of course, could be 3, 4, 5 years depending on the country. But let me reassure you, there are several processes that have been launched, and so were confident that we can move at speed to really help simplify the group through the disposals. 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. And then the second question is more for Judith. Before I say more on this, let me review the groups overall 2020 performance. European utility giant Engie named oil & gas industry veteran Catherine MacGregor as its new CEO with a remit to lead the French groups ambitious renewables and energy transition plans. And moving now to our international networks, where we are leveraging the deep networks experience we have in Europe. Now having said that, we are also very excited about transitioning our gas systems into renewable and by that, I mean, renewable gas. 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 yes. You mentioned the COVID impact and how to think about it in 2021. And so from a financial impact standpoint, unlikely to be a 2021 story. Net recurring income group share was in line with guidance but at the bottom end of the range. Jean-Pierre Clamadieu, Chairman of the Board of Directors, declared: On behalf of the Board and employees of the Group, I am pleased to welcome Catherine MacGregor and wish her full success in her missions. And I just wanted maybe to clarify that the government has not explicitly made the decision. 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. Our regulated networks offer stability and visibility of earnings to the group with regulatory remuneration arrangements in place through to 2024. Strategy: we have made progress in the execution of our plan to build a stronger and more unified Group, on the offensive to accelerate the energy transition. ENGIE announces that Catherine MacGregor took up her post as Chief Executive Officer of the Group on 1 January 2021. So there will be a capital gain on this. Supplies offered a net COVID impact of roughly 290 million mainly due to lower consumption, bad debt and lower B2C services. And that will be something that we will be describing a bit more in details in May. And obviously, it mitigates the intermittency, which is still quite an issue with renewables, as we know. That's where the "trim tab" comes in. On the next slide, you can see Client Solutions, which faced unprecedented headwinds in 2020. And we will now take our next question from Vincent Ayral with JPMorgan. 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Precisamos de 20.000 apoios para que a ideia se transforme em lei. Catherine MacGregor est elle-mme mre de deux filles 2 . Recharge is part of DN Media Group. The first is on the Supply business. So we really have some really nice differentiation that we want to use in order, for sure, to be competitive but without sacrificing the return. Following the launch of the new strategic orientation in July, ENGIE completed the disposal of its 29.9% shareholding in SUEZ in October. And then, of course, now this partial sell down that were planning into a SPAC transaction. Its been a period in which the sector was exceptionally strong. Simply log into Settings & Account and select "Cancel" on the right-hand side. And Im going to pass it on to Judith now for the COI details on Renewables. 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. Dans intrt de la France, Is it something that could be you realize value of and take advantage of low rates? Were going to really focus on a few geographies. And as in the past, we will be very mindful of timing. These projects further cement Masdars position as a leading clean energy powerhouse, helping Azerbaijan to unlock its tremendous clean energy potential. And then the second one, its for Catherine. And while were not going to grow it at the same rate as Renewables and Networks, we will be opportunistic in managing this fleet. Firstly, Id like to share everyones sentiments in wishing Catherine well in her role. So in short obviously, its a topic we could talk for hours. Revenue declined on a gross basis by approximately 900 million for the full year. 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. 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? Dans ce poste prestigieux et trs expos politiquement, elle succde Isabelle Kocher, partie le 24 fvrier 2020 et remplace provisoirement par Claire Waysand. We reshaped the portfolio by investing 7.7 billion CapEx and by disposing of 4.2 billion of assets. Standard Digital includes access to a wealth of global news, analysis and expert opinion. COVID weighed particularly heavily on Client Solutions and on Supply. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. EBITDA and COI were both down significantly from last year mainly due to the impact of the pandemic. Some others, there is still a good portion of assumption that there might be a stranded asset. First, you will hear from our new CEO, Catherine MacGregor, on the highlights of 2020, followed by our CFO, Judith Hartmann, on our financial performance. By Gwnalle Barzic and Geert De Clercq. And how quickly do you think it can actually contribute to your earnings, please? and other data for a number of reasons, such as keeping FT Sites reliable and secure, With our strong local presence in key geographies and leading capabilities across the power generation value chain, including in energy management, which is a key for commercializing renewable energy, we are confident in our ability to drive long-term value creation from this renewables growth. These headwinds were partially offset by various one-offs, including an internal negative 2019 one-off mirrored in Networks. One is, of course, to participate in the future growth that we are projecting for this company; and second, of course, the close link into this space, which is a very important space for us.