The key here is really to give that business its own industrial project, its own identity. And if so, what quantity? Compared to 2020 guidance, Im pleased that both EBITDA and COI stood above the ranges we indicated last summer. You certainly have a lot of people out here who want you to be very successful. So yes, Thermal is a good fleet for us, good asset. Please go ahead. Ms MacGregor, an engineer by training who was born and raised in Morocco, will start in the CEO job on 1 January 2021, taking over a company that has been roiled over the past few years by a. MacGregor joins Engie as it embarks on a major push into renewables and clean energy. And then, of course, in terms of Thermal, we will be very opportunistic. 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. Our near-term priority in the region is to commission two major electricity transmission projects. She has spent her entire career in the energy sector. 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. - Accompany our customers in their decarbonization strategies to face the climate emergency Harnessing 35 years of expertise to power the future of Energy and Water with data-driven solutions. So you say the inflection on the strategy last summer, ENGIE already has started pretty fast on that as you flagged. The first one regarding the network convergence. This very unusual year translated into a mixed set of numbers. Select Accept to consent or Reject to decline non-essential cookies for this use. We have a high performing gas fleet, as you know, which is very important in our mind to bring the flexibility to the system. We see a huge potential for hydrogen, and we are already making significant progress in biomethane. I am very pleased that Jrme Stubler, who has more than 30 years' experience in the construction industry, joined us recently and will be leading this important project. Obviously, well give you more color on our ambition on renewables in May. To this end, we expect to invest between 5.5 billion to 6 billion growth CapEx, with over 90% of this in renewables, networks and asset-based client solutions. 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. 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. In Nuclear, we expect contribution to increase as volumes should be higher, thanks to better availability. When expanded it provides a list of search options that will switch the search inputs to match the current selection. ENGIE SA (OTCPK:ENGIY) Full Year 2020 Earnings Conference Call February 26, 2021 4:00 AM ETCompany Participants. Aarti Singhal - Director of Investor Relations. We will now take the next question from Rob Pulleyn with Morgan Stanley. This was also driven by higher operational contribution of Brazilian assets and by improved performance from Middle East gas contracted activities. The peer groups done very well. COI decreased mainly driven by a 600 million impact from the pandemic. And for the first time, to our Ocean Winds joint venture with EDPR, we commissioned both fixed and floating offshore wind. 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. A short stay for a rich experience and deep learning. However, the gross COI evolution was negative 125 million mainly due to foreign exchange. Its going to take us some time. The 0.1 billion, is this a 2020 contribution of the businesses youre going to sell? These headwinds were partially offset by various one-offs, including an internal negative 2019 one-off mirrored in Networks. It mainly affects our renewables and supply activities. I think these are really, really good questions. We invested 4 billion of growth CapEx and successfully commissioned 3 gigawatt of wind and solar assets. The Board has reaffirmed the groups dividend policy and proposed for 2020 a payout ratio of 75%, which is at the top end of the range. Yes. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Our portfolio of wind and solar assets has an average age of five years with an average residual contract duration of 15 years, which offers us with good visibility of earnings. And how quickly do you think it can actually contribute to your earnings, please? She has managed numerous complex industrial projects, both . For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. Elle est ingnieur, diplme de l'cole centrale Paris, dont elle sort en 1995. Her appointment as a member of the Group's Board of Directors will be proposed for approval at the General Shareholders' Meeting in 2021. And then your other question was related to the organization. Lower results from SUEZ also impacted Client Solutions COI by approximately 160 million. And Im really I am personally convinced, enthusiastic about the idea of having a very sharp focus on capital allocation making sure that all of our managerial efforts go in the direction that weve announced, and well be able to show very positive results. Thank you, Catherine, and good morning, everybody. Please disable your ad-blocker and refresh. And in terms of the supply, were really expecting supply to recover mainly from less COVID impacts, also looking at the temperature, which will improve. Engie will also capture opportunities resulting from recovery plans announced in Europe, notably related to the development of green gases (biogas and hydrogen). She has spent her entire professional career working in the energy sector. What you would be looking for? Elle s'intresse notamment l'utilisation de la sismique 3D pour la rcupration assiste du ptrole[5]. We are a smaller company than Engie normally would partner with. And my second question will be more accounting related regarding EVBox. You can see that on the recent months trading for renewable players. 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. So naturally, were landing more just below a 100 million figure for 2021. #mixedfeeling :D I would love to hear from you. And sometimes, its okay to lose auctions if we dont get the right returns. Pascal Frings., Assistente de Planejamento e Controle I | ENGIE Brasil | Gesto de Frotas | Logstica | Atendimento ao Cliente | Administrao Estcio, Bizarre, je suis un employ d'Engie et je n'ai pas reu , I am really very Happy after Hearing that Engie is going to make strong and strong renewable resources that makes to process competency of whole work which is going on this projects as i would proudly feel good i wish if you have any vacancy in the Engie organization i would definitely prefer to work this organisation as my last experience were quite satisfactory in Allied Maintenance Company Pvt Ltd at Tabuk Project in Saudi Arabia even i was working two years as store supervisor in Tabuk Projects i forwarded my resume to one of your recruiter for store supervisor as i have 12 years experience in the maintenance Departments like Civil, Plumbing, Mechanical,HVAC, Gardening, Cleaning and most importantly PGP Department. So lots of enthusiasm around renewable. And Judith? We delivered for our customers while continuing to invest in major capital projects. So firstly, theres step-up in CapEx in 2021 versus your sort of prior 10 billion 3-year plan. COVID weighed particularly heavily on Client Solutions and on Supply. We want to develop and further our differentiation. You mentioned the COVID impact and how to think about it in 2021. 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. DN Media Group is the leading news provider in the shipping, seafood, and energy industries, with a number of English- and Norwegian-language news publications across a variety of sectors. Let me now hand you over to Judith to cover our financial overview, and I will come back on strategic priorities. From 2019 to 2020, she was a member of TechnipFMC Executive Committee and the head of Technip Energies, hosting the engineering activities. So quite frankly, it is a normal run rate of dilution of 100 million when you look at a 2 billion debt reduction. Every Friday at a quarter past 10, the fire alarm. 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? Bereits 2025 wolle Engie wieder einen Gewinn von bis zu 4,7 Mrd. The commitment and mobilization of all our teams at ENGIE is truly exceptional and it is an honor to be a part of such a dedicated and forward-thinking organization! So in general, we have 31-gigawatt portfolio. Euro erzielen und am Vorhaben festhalten, jhrlich 65 . The 3 gigawatt that we commissioned last year is in our key growth market for renewables, namely the U.S., Europe and Latin America. Its, for sure, a large part of the investment case. Biography [ edit] But time will tell. Catherine MacGregor est elle-mme mre de deux filles 2 . I think we are now about time, so I would like to thank you for your attention. Dans le SBF 120, on y trouve en tout 13 femmes DG et 12 . Lets keep in mind that revenues are also indexed to inflation and will benefit from that increase over time. Non Madame 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. 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. For this, I would like to say a big thank you to Judith, Paulo and Claire for their strong leadership in 2020, as they had the dual challenge of advancing the group simplification agenda whilst, at the same time, ensuring we continue to deliver essential services to our customers. Simply log into Settings & Account and select "Cancel" on the right-hand side. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. 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 . For example, in addition to the Amazon contract that I mentioned earlier, ENGIE will supply 3 terawatt hours of renewable energy to the global chemicals group, INEOS, through a 10-year corporate PPA. In addition, her appointment as Board member of the Group will be proposed for approval during the General Shareholders Meeting in 2021. I will now hand you back to Catherine for our 2021 priorities. So we feel very good about [indiscernible]. 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. Aprs avoir t auditionne par les cabinets de recrutement Korn Ferry et NB Lemercier & Associs, elle est nomme directrice gnrale d'Engie le 2 octobre 2020, avec entre en fonctions le 1er janvier 2021. Siga o link abaixo e deixe seu apoio a esta poltica de incluso necessria ao nosso pas. This was mainly due to impairments, especially related to our nuclear reactors. From November 1st DN Media Group is responsible for controlling your data on Recharge. 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? Engie plans to accelerate its development in renewables, by increasing the target for renewables capacity commissioned from 3 GW p.a. And so the amount will be much lower than what you have seen in 2020. In our asset-light activities, we have a healthy order book and a project backlog of over 11 billion, offering good visibility for 2021. Yes, two topics that you were talking about, Peter. Now the guidance for 2021. And so to in that respect, I think your comment might be valid. Now of course, its going to depend on when its closing, at what price, but it will be a few hundred million. 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. Dans intrt de la France, 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. Its a geography refocus. And part of this feedstock sometimes continue to rely on coal. Elle travaille pendant 23 ans chez Schlumberger. 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. But where should we be hoping that Supply COI gets back to either this year or perhaps over the medium term? Do you have a vision about taking this proportion of minorities down for the group? Ow, nobetter ! Economic net debt-to-EBITDA ratio was four times stable compared with December 2019 and better than 2020 guidance. EBITDA and COI, at 9.3 billion and 4.6 billion, were down by 11% and 21%, respectively, on a gross basis. We are a media company, specifically facilitating the maritime and offshore industry. 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. ENGIE announces that Catherine MacGregor took up her post as Chief Executive Officer of the Group on 1 January 2021. 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. Alongside renewables, we are also developing projects of up to 3 gigawatts of gas-fired generation. Obviously, you did signal that youd be ramping up CapEx. Net income group share stood at negative 1.5 billion. 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. This is what I am committed to. Why the effort to reorganize this entity given the strategic review regarding a potential disposal? Minority interests were lower mainly due to lower contributions from our listed entities in Latin America and to the scope effect of Glow. So indeed, were going from 4 billion of growth CapEx to 5.5 billion, 6 billion in 2021. I just wanted to remind that given of the absence of the LTO that there is the amortization is now happening quicker. Standard Digital includes access to a wealth of global news, analysis and expert opinion. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. Yes, its hard to give any precise guidelines on that because, of course, it depends on the M&A and greenfield mix, and it depends on the type of projects that youre after. And still on the asset rotation, this leaves you probably, I dont know, 12 billion of total proceeds, maybe overall when we put everything all together. Our regulated networks offer stability and visibility of earnings to the group with regulatory remuneration arrangements in place through to 2024. 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? And Im going to pass it on to Judith to comment maybe on the other questions. For example, last year, 91 additional biomethane production units were connected to the French gas grids, and over 85% of these were connected to GRDF. We support credit card, debit card and PayPal payments. We think its important to have a system play on renewables. 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. Organically, these evolutions were slightly better. Check if your 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. Thats what Id like to understand because we need to consider whats the dilution of as well the midterm period, not only 2021. Carbon neutrality is at the heart of ENGIEs purpose and central to our strategic direction. Selbst im Worst-Case-Szenario komme Engie dann auf eine Bewertung mit einem KGV von rund 10. 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. 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. I was happy to see so many enjoying each others company. Catherine, the floor is yours. This has been a concern for the market. I think there was another question, which was related to the calendar. 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 was linked to a recovery of past energy costs, following the agreement on renegotiation of hydrological risk, which was finalized at the end of 2020. So thats one aspect of it. We support credit card, debit card and PayPal payments. On 14th of January, I announced a new executive committee, and Im very pleased that Paulo, Edouard, Ccile and Sbastien have started their new business roles. We also posted higher financial costs. What are you looking at? The first one is, following the impairment on Belgium Nuclear, could you indicate whether there will be any impact on depreciation and amortization going forward? So these are some of the things that we are excited about when we think about our network assets, and we like it. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Here's a bit more, on climate change and from a few years ago, but still relevant. Battery storage is expensive, produces no net power, has a very high LCA and basically impossible at the needed grid size. 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. At Climate Week NYC 2021, the CEO of ENGIE, Catherine MacGregor explains how ENGIE will actively participate in decarbonizing its emissions by 2030. 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. In Thermal, we expect a COI decrease due to the normalization of a strong 2020 performance in Europe, which was supported by high spark spreads and ancillary contributions. We have a lot of experience over the years developed through our generation and thermal activity. We have strict criteria, and we will stick to them. On the impact, the positive impact on 2021, on the impairment, it was about 2 billion related to goodwill. Her main mission was to prepare for the spin-off and IPO of this entity, with energy transition at the heart of the strategy. Pour les articles homonymes, voir MacGregor. We have also good fleet in Middle East and also Latin America. But on defining the structure, does that mean we have a disposal in Q3, Q4? 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. You mentioned that you would also phase out coal in district heating. On the 100 million, quite frankly, there isnt any unusuals that you should assume. And Judith, you want to comment, please, on the impairment? 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 . 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. We will then consider next steps and review future ownership options for the new entity in the second half, maximizing value and acting in the interest of all our stakeholders. Onshore wind can be 1.5 years. But is it bad? organisation Stepping back. Financial net debt decreased by 3.5 billion to 22.5 billion from December 2019 primarily due to disposal proceeds. Not related to what I normally post, but I saw an article this morning from #NewstalkZB and thought it was brilliant. Ill start just to say that, I mean, youve identified, yes, two important aspects of our simplification efforts. We are focused on driving our ESG performance using a wide range of metrics, three of which I will discuss here. Catherine MacGregor joined the ENGIE group on 1 January 2021 as Chief Executive Officer. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. On organic evolution per business line, Renewables, Thermal and Nuclear were resilient and even grew organically. These negative effects were partially offset by the positive GFOM ruling in Brazil of approximately 165 million. You may change or cancel your subscription or trial at any time online. We are investing significantly in these activities to ensure safety and reliability as well as improving energy efficiency. We use And Networks, given that we do, we continue to invest here in France into the RAB, you will see a relative quick turnaround into contribution. And the second one, if I may ask, around Client Solutions. Net recurring income group share amounted to 1.7 billion, down 37% year-on-year. 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.