And as in the past, we will be very mindful of timing. Euro erzielen. So Id be very interested to reflect to hear your first thought after you have looked at the market for gas. Two questions from me. These headwinds were partly offset by the outperformance of GEM activities on the back of market volatility. Now the guidance for 2021. Net recurring income group share was within the guidance range, and Judith will cover financial performance in more detail shortly. Compare Standard and Premium Digital here. In summer 2019, she joined the Executive Committee of TechnipFMC Group, to lead its engineering division. And thats really the key part of what we do. Stepping back. offers FT membership to read for free. We have already secured better pricing for 18% of our 2021 output at 46 per megawatt hour. And Judith, you want to comment, please, on the impairment? And then just another one on guidance. Turning to our major focus areas starting with Renewables. 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. 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. This decision to appoint Macgregor, effective as of January 1, 2021, is the result of a selection process started at the end of July. We also dynamically managed our hybrid bonds, which are showing an average outstanding amount of 3.9 billion. January 7, 2021. In just eight weeks that I have been here, I can already see the tremendous potential ENGIE has in accelerating this energy transition. We also suffer from the same crisis and have also contributed to this, especially in the Corona years. We are focused on driving our ESG performance using a wide range of metrics, three of which I will discuss here. 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. Its been a period in which the sector was exceptionally strong. This translates to a dividend of 0.53, which will be proposed for shareholder approval at our AGM on the 20th of May. But really appreciate, thanks again ! We will now take our next question from Peter Bisztyga with Bank of America. commentary and analysis you can trust. Our regulated networks offer stability and visibility of earnings to the group with regulatory remuneration arrangements in place through to 2024. And moving now to our international networks, where we are leveraging the deep networks experience we have in Europe. On the next slide, you can see Client Solutions, which faced unprecedented headwinds in 2020. How quickly can that new CapEx sort of translate into earnings? And so were confident to be able to invest in lots of opportunities that Catherine talked about. [Operator Instructions] We will take our first question from James Brand with Deutsche Bank. 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. 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. Economic net debt-to-EBITDA ratio was four times stable compared with December 2019 and better than 2020 guidance. And Judith? And we will now take our next question from Vincent Ayral with JPMorgan. And if so, what quantity? H2, Simply log into Settings & Account and select "Cancel" on the right-hand side. Im Aarti Singhal, Director of Investor Relations at ENGIE, and welcome to our 2020 annual results conference call. 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. Overall, we currently estimate a potential net impact at the group COI and net recurring income group share level of between 80 million to 120 million. COVID had little impact on Nuclear, and its contribution improved by 203 million, mainly reflecting higher achieved prices and lower OpEx. And so these are some of the things that complexity and ability to manage activities that are very, very different from each other, I think really get in the way of performance. And then, of course, right after that, you have hydrogen. I think we are now about time, so I would like to thank you for your attention. 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. Carbon neutrality is at the heart of ENGIEs purpose and central to our strategic direction. So if you add those two effects together, you go from 150 million positive to roughly 160 million positive in 2021. Our group remains committed to Belgium and to contributing to the countrys security of supply. So you say the inflection on the strategy last summer, ENGIE already has started pretty fast on that as you flagged. 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. To read more about DN Media Group, We have a high performing gas fleet, as you know, which is very important in our mind to bring the flexibility to the system. COI was adversely impacted by roughly 300 million due to foreign exchange and by an aggregate negative scope effect of 75 million. And also, is there any possibility to reverse the decision on the Belgium life extension should the Belgium government change its stance this year? 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. Within this guidance, we have included our current estimate of the potential impact. The 281 million year-on-year COI decrease notably reflects warm temperatures and higher D&A in France. In terms of operational performance, I am pleased that the group made progress at pace despite the challenging backdrop. We maintained a high level of liquidity with 23 billion, including 13.3 billion of cash as at the end of December 2020. 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. It was in this ramp-up that we were doing on renewability was the first time that we had significant sell downs. 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. Hopefully you can also take this into account? 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. I have one question for Judith and one for Catherine, please. 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. Education Catherine MacGregor has obtained a degree from CentraleSuplec in 1995. Organically, these evolutions were slightly better. Ladies and gentlemen, this concludes this conference call. Strong management actions allowed us to variablize and reduce total OpEx by approximately 300 million. Lets keep in mind that revenues are also indexed to inflation and will benefit from that increase over time. We have a very nice digital platform to help us manage our assets better. We remain committed to a strong investment-grade credit rating and continue to target a ratio of below or equal to four times economic net debt to EBITDA over the long term. On the strength of our shared industry culture and my operational experience, I will work with all of our teams to achieve our goal of enabling ENGIE to accelerate the energy transition.. These projects could participate in the Belgium capacity remuneration market auctions in the second half of this year once approved by the European authorities. As we approach our annual SAP Concur Fusion customer event very quickly, this week was rehearsal time for me! You can still enjoy your subscription until the end of your current billing period. 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. French utility's new chief Catherine MacGregor to increase investment in renewables. I think the team has done, so far, a really nice job. 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. Okay. Starting with our biggest contributor, Latin America, we had 195 million headwind from FX and an unfavorable energy allocation for hydro in Brazil. Good luck with the new role, Catherine. In her efforts to "simplify" Engie, MacGregor is moving from 25 business units to 4 globally, and . 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. Thats a good clarification. This impact was partially offset by higher achieved prices for our hydro power production and higher volumes produced mainly by our wind assets. 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. Live from New York and. Despite unfavorable temperature, our district heating and cooling and on-site generation activities were resilient. It will also require some infrastructure, maybe not with the same density at todays gas network. https://noviocean.energy/novigenews-oeec-startup-award-green-tech-net-zero-future/ Yes. A warm welcome as well to you, Catherine MacGregor. organisation 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. Okay. She is the only female CEO in France's CAC-40 stock index; French Finance Minister Bruno. CEO of French energy giant Engie since January, Catherine MacGregor hopes to lead the company into a brighter and greener future. 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. personalising content and ads, providing social media features and to And of course, hydrogen as it gets developed, indeed, could be very much more linked to power than maybe gas was in the past. This included 1.7 gigawatt of hydro plants in Portugal, which benefit from long-term concession arrangements. Try full digital access and see why over 1 million readers subscribe to the FT, Purchase a Trial subscription for 1 for 4 weeks, You will be billed 65 per month after the trial ends, Russian far-right fighter claims border stunt exposes Putins weakness, Germany seeks to buy Leopard tanks from Switzerland, Germany and Italy stall EU ban on combustion engines, Ukraine asks EU for 250,000 artillery shells a month, Russia on alert after reconnaissance group crosses over from Ukraine, Panic station at Fox News: how the Murdochs agonised over Trumps loss, Saudi owner of Londons most expensive house sued over alleged unpaid private jet bills, UK housing market braced for make-or-break spring, UK cabbage king turns to plant-based proteins, Airlines plan to sue Dutch government over Schiphol airport flight cap, There are no domestic equity investors: why companies are fleeing Londons stock market, Live news updates from March 3: Amazon pauses HQ2 construction, UK regulators launch LME probe, Deluge of inflation data pushes US borrowing costs to 2007 levels, FCA regulator blamed for Arms decision to shun London listing, Clutching Warrens letter, Im still positive on stocks. Her main mission was to prepare for the spin-off and IPO of this entity, with energy transition at the heart of the strategy. So maybe I will start with your last question, which is around the decision on nuclear. Thats what Id like to understand because we need to consider whats the dilution of as well the midterm period, not only 2021. Catherine Macgregor (Courtesy of Engie) MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. 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. We completed the SUEZ transaction in October and launched further strategic reviews. We are facing an unparalleled opportunity to play a clear and meaningful role in tackling climate change. 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. In addition, her appointment as Board member of the Group will be proposed for approval during the General Shareholders Meeting in 2021. I think thats clearly something the market will be expecting there. Check if your And then, of course, in terms of Thermal, we will be very opportunistic. 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. We remain focused on executing disposals at pace, continuing to simplify the group, creating value and reallocating capital towards growth. organisation In recognition of their outstanding contribution in this energy crisis, given the inflationary context and our financial performance, we have decided to award an extraordinary bonus of 1500 to all ENGIE employees worldwide. Dans ce poste prestigieux et trs expos politiquement, elle succde Isabelle Kocher, partie le 24 fvrier 2020 et remplace provisoirement par Claire Waysand. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. And my second question will be more accounting related regarding EVBox. 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]. Its were rounding numbers here, as you can see, because like I said, this is our target. Sur cette version linguistique de Wikipdia, les liens interlangues sont placs en haut droite du titre de larticle. And sometimes, its okay to lose auctions if we dont get the right returns. La situation en France depuis plus de 50 ans Hopefully, thats an easy one, but would be very helpful. In Supply, the outlook is improving, as these activities should strongly recover from COVID and on the assumption of temperature normalization. Comptences clefs . We will now take the next question from Rob Pulleyn with Morgan Stanley. On organic evolution per business line, Renewables, Thermal and Nuclear were resilient and even grew organically. On the strength of our shared industry culture and my operational experience, I will work with all of our teams to achieve our goal of enabling Engie to accelerate the energy transition.. But is it bad? Our environment is changing. We invested 4 billion of growth CapEx and successfully commissioned 3 gigawatt of wind and solar assets. Welcome again to Catherine. Lower results from SUEZ also impacted Client Solutions COI by approximately 160 million. 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. 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. Its not like a 2020 event. 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. What you would be looking for? Often, its actually a very small proportion of coal that is being used, but it is indeed the case that it is part of our feedstock. Together, let's continue to make a difference! 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. 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. She has managed numerous complex industrial projects, both . And sorry, just a follow-up on the CapEx. Excellent example of circular economy ! 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. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. So there will be a capital gain on this. 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. 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. Yes. This growth will be partly offset by a lower benefit from the GFOM ruling in Brazil and by the assumed FX deterioration. Estabelece ainda cotas 50+ proporcionais a populao para preenchimento de vagas no setor pblico. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. I think these are really, really good questions. You may now disconnect. And Im going to pass it on to Judith now for the COI details on Renewables. Learn more in our Cookie Policy. Then rapidly followed: "what am I gonna use that for ? We delivered for our customers while continuing to invest in major capital projects. So indeed, were going from 4 billion of growth CapEx to 5.5 billion, 6 billion in 2021. We are expecting this to happen in a matter of weeks, following the closing of the SPAC transaction. Pay my electricity bill of next year. The key here is really to give that business its own industrial project, its own identity. Holidays ? From 2019 to 2020, she was a member of TechnipFMC Executive Committee and the head of Technip Energies, hosting the engineering activities. Lemjed Bouzekri Thuli MOLOTO Bhupendra Singh Francisca Iturrieta Amadori Berivan Szgn, So pleased that people liked my post on trim tabs. And weve made some moves last year, and we will continue to do that. 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 . 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. Could you clarify how much COVID impact youve included in 2021 relative to the 1.2 billion hit in 2020? But what is the tax rate thats assumed in the guidance and what DBpSO has assumed? We will now take our next question from Sam Arie with Union Bank of Switzerland. I would like to take this opportunity to thank all ENGIE employees who have worked so hard to deliver critical services for our customers in unprecedented conditions. I wish to thank Paulo Almirante, Judith Hartmann and Claire Waysand who will continue to serve as the interim management team until January 1st., I would like to thank the Board of Directors for the confidence it shows in me. Some others, there is still a good portion of assumption that there might be a stranded asset. Again, especially when it comes to replace when it replace coal. Biography [ edit] You can see that on the recent months trading for renewable players. What is the identity of the Thermal business? I have two questions, and I continue with the trend, 1 for Catherine and 1 on the details for Judith, please. So two questions, please. 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. 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. Its youre obviously guiding for a significant improvement in Supply COI this year versus last year.