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. Minority interests were lower mainly due to lower contributions from our listed entities in Latin America and to the scope effect of Glow. Is this happening to you frequently? 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? 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. Holidays ? Sign up for more in-depth articles and insights. The contribution of French renewables was also lower due to the reduction in DBSO margins in 2020. modifier - modifier le code - modifier Wikidata. CFFO was 7.1 billion in 2020, down 500 million versus 2019, mainly driven by the following effects. However, the gross COI evolution was negative 125 million mainly due to foreign exchange. Excluding the scope out effect of SUEZ in the fourth quarter, the second half performance in 2020 was similar to previous year. ENGIE announces that Catherine MacGregor took up her post as Chief Executive Officer of the Group on 1 January 2021. Now the guidance for 2021. cookies 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. 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. We see a huge potential for hydrogen, and we are already making significant progress in biomethane. For a full comparison of Standard and Premium Digital, click here. Catherine MacGregor - Biography 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. 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. Ow, nobetter ! 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. 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. La situation en France depuis plus de 50 ans We also continued our relentless pursuit of simplifying the group. It will also require some infrastructure, maybe not with the same density at todays gas network. Catherine MacGregor will join Engie as CEO. 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. 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. But where should we be hoping that Supply COI gets back to either this year or perhaps over the medium term? I would love to hear from you. On organic evolution per business line, Renewables, Thermal and Nuclear were resilient and even grew organically. Weve proven that over and over again in very, very recent past. Engie board set to appoint Catherine MacGregor as new CEO. A short stay for a rich experience and deep learning. #beyou #beunique #beunited ENGIE Africa 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. 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. Yes. And then I also had a question on the coal phase out. And while were not going to grow it at the same rate as Renewables and Networks, we will be opportunistic in managing this fleet. Learn more in our Cookie Policy. I think the team has done, so far, a really nice job. I think, as you pointed out, theres been a little bit of a race to gigawatts. We are assessing the situation, which mainly affects renewables and supply activities. Cheers! Net income group share stood at negative 1.5 billion. Selbst im Worst-Case-Szenario komme Engie dann auf eine Bewertung mit einem KGV von rund 10. Catherine was President of Technip Energies at TechnipFMC, and President of Drilling at Schlumberger. Les miroirs magiques et moulins vent ne seront jamais une alternative au nuclaire franais, There is a very, very strong will power within the team to do that. You can read more about how we handle your information in our privacy policy. Long-time Schlumberger executive to join next year as French utility giant gears up in renewables. Pour viter se gchis financier avec l'argent des franais 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. 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. Her professional and personal skills will be essential assets in accelerating ENGIEs transformation. What is the identity of the Thermal business? So let me start then with your question on Thermal. Not related to what I normally post, but I saw an article this morning from #NewstalkZB and thought it was brilliant. Whilst the overarching priorities are clear, we now need to translate them into an action plan for consistent delivery. Katherine MacGregor - Wikipedia And what is your philosophy there? I guess, whats the kind of your average period of sort of non-productive capital work in progress? Precisamos de 20.000 apoios para que a ideia se transforme em lei. Ladies and gentlemen, this concludes this conference call. Onshore wind can be 1.5 years. We are expecting this to happen in a matter of weeks, following the closing of the SPAC transaction. Catherine MacGregor chez Engie, Christel Heydemann, chez Orange, et Estelle Brachlianoff, chez Veolia, sortent du lot. I was happy to see so many enjoying each others company. And Im going to pass it on to Judith to comment maybe on the other questions. Thanks to Faye Kirby and Rodica Roman for organizing the event and thanks to the many helpers! 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. 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. Elle est ingnieur, diplme de l' cole centrale Paris, dont elle sort en 1995. Pour les articles homonymes, voir MacGregor. 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. 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 do think that we have quite a specific signature within ENGIE, and we do like our gas assets. In just eight weeks that I have been here, I can already see the tremendous potential ENGIE has in accelerating this energy transition. and other data for a number of reasons, such as keeping FT Sites reliable and secure, 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. Because there was a time when that business was making around 600 million of COI. Yes, two topics that you were talking about, Peter. Im Aarti Singhal, Director of Investor Relations at ENGIE, and welcome to our 2020 annual results conference call. This change led to an impairment, which Judith will cover shortly. Ill start just to say that, I mean, youve identified, yes, two important aspects of our simplification efforts. Two questions from me. Supplies offered a net COVID impact of roughly 290 million mainly due to lower consumption, bad debt and lower B2C services. A warm welcome as well to you, Catherine MacGregor. So you say the inflection on the strategy last summer, ENGIE already has started pretty fast on that as you flagged. 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. I will now hand you back to Catherine for our 2021 priorities. Catherine MacGregor | 2020 Most Powerful Women International We also rapidly launched strategic reviews of businesses, including part of Client Solutions, GTT and ENGIE EPS. Following the launch of the new strategic orientation in July, ENGIE completed the disposal of its 29.9% shareholding in SUEZ in October. Biography of Catherine MacGregor - The Official Board Now the 2021 guidance. We have made the decision to stop the work to prepare for this such an extension. The ability to manage risk, we see mature risk increasing in the renewable arena, and we are really good at that. January 7, 2021. This year is marked by the unprecedented energy crisis in Europe as a result of the tragic war in Ukraine. And on these assets, if you assume the five remaining years until 2025, its about 150 million of impact a year positive. Yes. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. 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. And given that theyre contracted, to maybe accelerate other areas of the business? Thank you. 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. We are a media company, specifically facilitating the maritime and offshore industry. commentary and analysis you can trust. To conclude on Thermal, let me highlight the demothballing of two Dutch gas units, demonstrating this fleets flexibility to take advantage of market opportunities. On quick one on numbers, on guidance. Catherine MacGregor, ne Catherine Fiamma le 7 aot 1972 au Maroc, est un ingnieur et chef d'entreprise de nationalit franaise. There are 25 older and 1 younger executives at ENGIE SA. And so from a financial impact standpoint, unlikely to be a 2021 story. And if you look at what we announced on January 14 is indeed a smaller executive team, less members. And how quickly do you think it can actually contribute to your earnings, please? Our focus is on disciplined investment through organic growth and through targeted acquisitions that offer good returns. 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. Now its a little bit difficult for me to really be critical about the past. We had very good results from our Italian assets due to higher level of ancillaries as well as to higher spreads captured throughout Europe. And as a result, the second half of 2020 was actually similar to H2 2019 on an organic basis. And I was interested to get your philosophy about minorities. Biography. Thank you very much, Aarti, and good morning, everyone. We have a very nice digital platform to help us manage our assets better. And I think, namely complexity is one thing. And Judith, you want to comment, please, on the impairment? Together, these drivers helped to more than offset negative foreign exchange in Brazil, Mexico and Argentina. Depending on opportunities, it could be this asset or another one. Biography [ edit] ENGIE thanks you for your participation. She has spent her entire career in the energy sector. Stepping back. 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. So yes. De mme pour Angeles Garcia Poveda, prsidente du conseil d'administration de Legrand et Barbara Dalibard, prsidente du conseil de surveillance de Michelin. As we approach our annual SAP Concur Fusion customer event very quickly, this week was rehearsal time for me! It seems to be the trend last few questions. A graduate of the Paris cole Centrale (CentraleSuplec), Catherine MacGregor has spent her entire professional career working in the energy sector, including 23 years with Schlumberger, the world's leading supplier of technologies for characterizing, drilling, producing and processing reservoirs for the oil and gas sector. Hopefully you can also take this into account? Theyre going into similar areas with Networks is an important aspect. Engie appoints oil services executive to execute new renewables strategy Its coal exits. And as you might have noticed that lately, we have not really entered the race of enhancement of gigawatt. And part of this feedstock sometimes continue to rely on coal. You mentioned the COVID impact and how to think about it in 2021. Warm temperatures in the first half also weighed on energy consumption, mainly in France, for B2C gas volumes. A very fine, humane gesture that you promised your ENGIE colleagues. Maybe some thoughts. It was in this ramp-up that we were doing on renewability was the first time that we had significant sell downs. So if we have opportunities, which, from an energy transition makes sense, because, for example, they would replace coal or even worst, fuel assets and bring a solution of flexibility to the system is something that we might consider. Then potentially collaborate/partner with us for less than EUR 10 m in costs, together solving the crucially important 40% of the hours of the month. And does is your vision about full ownership versus minorities guiding your capital allocation going forward? Thank you, Catherine, and good morning, everybody. And so our whole plan that weve announced today, and obviously, very pleased to have made this announcement today, includes for each of these networks solution to convert the coal to other source of feedstock. janvier 2021 en qualit de Directrice Gnrale. 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. Some others, there is still a good portion of assumption that there might be a stranded asset. And Im going to pass it on to Judith now for the COI details on Renewables. [Operator Instructions] We will take our first question from James Brand with Deutsche Bank. Second, change in working capital requirements from activities, excluding energy management, had an impact of negative 200 million. So no specific things to be taken into account. More information, our agenda as well as the opportunity to register are available here: https://fusion.concur.com/. Sure. Are you working on a new organizational format? We will make sure that we get the right price. Its, for sure, a large part of the investment case. These projects could participate in the Belgium capacity remuneration market auctions in the second half of this year once approved by the European authorities. Currently, we have 3 gigawatts under construction for commissioning in 2021, and we are on track to achieve the 2019 target of commissioning 9 gigawatts in three years by the end of this year. https://www12.senado.leg.br/ecidadania/visualizacaoideia?id=167822. https://noviocean.energy/novigenews-oeec-startup-award-green-tech-net-zero-future/ 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. First, operating cash flow was 1.1 billion lower, mainly reflecting the drop of EBITDA. Overall, we have 100 cooling networks with a total installed capacity of 6.1 gigawatts and 300 heating networks of various sizes that distribute 19 terawatt hours yearly. Solvay Alpharetta celebrates Black History Month. 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. 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! 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.