So its a huge project. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Long-time Schlumberger executive to join next year as French utility giant gears up in renewables. This is particularly noteworthy in the context of the unprecedented pandemic. Learn more in our Cookie Policy. We invested 4 billion of growth CapEx and successfully commissioned 3 gigawatt of wind and solar assets. Other generators like Uniper and Fortum have been very strong as well. Let me now turn to our ESG performance. In that entity that we are forming, which is the object of the consultation weve talked about, there will be 34,000 roughly 74,000, sorry, 74,000 people. MacGregor, an engineer . And we will now take our next question from Vincent Ayral with JPMorgan. 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. So for my question, the first is on the asset rotation. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. We have a strong position in Brazil, in Peru, in Chile. Every Friday at a quarter past 10, the fire alarm. And sometimes, its okay to lose auctions if we dont get the right returns. 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. Also adding to national energy insecurity and dependence on fossil producing countries at colossal scale. If you have an ad-blocker enabled you may be blocked from proceeding. So yes, Thermal is a good fleet for us, good asset. In Renewables, we expect growth from asset commissioning in the United States from higher achieved prices for French hydro and from the potential positive effect of the CNR concession extension. First, operating cash flow was 1.1 billion lower, mainly reflecting the drop of EBITDA. Good morning, everyone. Net recurring income group share amounted to 1.7 billion, down 37% year-on-year. 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 also suffer from the same crisis and have also contributed to this, especially in the Corona years. And so our thermal fleet has a very, very important role to play there. When expanded it provides a list of search options that will switch the search inputs to match the current selection. And also, is there any possibility to reverse the decision on the Belgium life extension should the Belgium government change its stance this year? Net recurring income group share was in line with guidance but at the bottom end of the range. ENGIE - Catherine MacGregor, Chief Executive Officer of ENGIE from 1 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. We also continued our relentless pursuit of simplifying the group. Energy Solutions: we won major contracts in district heating and cooling networks but also in #greenmobility, notably with 5600 charging points for electric vehicles in Belgium Thank you Renata Spada for being yourself and authentic. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. This change led to an impairment, which Judith will cover shortly. On quick one on numbers, on guidance. Therefore, we do continue that we do think that gas will continue to play a very key role. The biggest, of course, remains Renewables. So maybe I will start with your last question, which is around the decision on nuclear. Catherine was President of Technip Energies at TechnipFMC, and President of Drilling at Schlumberger. On the next slide, you can see Client Solutions, which faced unprecedented headwinds in 2020. The first one is on strategy. So quite frankly, it is a normal run rate of dilution of 100 million when you look at a 2 billion debt reduction. Engie appoints oil services executive to execute new renewables strategy So in short obviously, its a topic we could talk for hours. 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. And Judith will give you a little bit of the background and more details on the rest. 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. "Until regulations happen," they muse, "there's really nothing I, or my company, can do to make a difference." First of all, I think you are highlighting through your question the fact that we have, at ENGIE, significant tailwinds, tailwinds that some of our peers have enjoyed and we havent. 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 hopefully, this helps. This was partly offset by a temporary higher effective recurring tax rate at 32.5% in 2020 versus 28.2% in 2019. A primeira anlise que feita pelo corpo tcnico do Senado j foi feita e agora a ideia est disponvel para votao popular. All options considered for Engie's services business sale-CEO Solvay Alpharetta celebrates Black History Month. And as a result, the second half of 2020 was actually similar to H2 2019 on an organic basis. In summer 2019, she joined the Executive Committee of TechnipFMC Group, to lead its engineering division. offers FT membership to read for free. 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. Engie board set to appoint Catherine MacGregor as new CEO I was very pleased to participate in the 9th Ministerial Meeting of the Southern Gas Corridor Advisory Council, and the 1st Ministerial Meeting of the Green Energy Advisory Council, held in #Azerbaijan last week. Il serait pertinent de se concentrer sur l'aprs nuclaire, So its a little bit of a total team, but we at this stage, that decision from the government hasnt been explicit. So Paulo, Ccile, Edouard and Sbastien will be obviously leading this organization effort, which I very, very much look forward to, indeed, seeing simplified over the coming months. commentary and analysis you can trust. 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. Katherine MacGregor - Wikipedia And then on your DBSO question, what were expecting for 2021 is roughly in line with what we had in 2020, so just below 100 million. Catherine MacGregor Net Worth (2022) | wallmine This impact was partially offset by higher achieved prices for our hydro power production and higher volumes produced mainly by our wind assets. So you say the inflection on the strategy last summer, ENGIE already has started pretty fast on that as you flagged. 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. This was really driven by mix of the results, changes in some tax laws, including in the UK, and we are expecting to go to a more normal level at the 25% kind of range in 2021. university Before that she had a 23-year career with oilfield services giant Schlumberger, ending as president of the drilling business. Turning to an update on the strategic review of part of our Client Solutions business that was launched in the second half of last year. Lets now look at the outlook for 2021 starting with our capital reallocation to fund growth. Thats a good clarification. Her professional and personal skills will be essential assets in accelerating ENGIEs transformation. So two questions, please. Overall, these positive factors are expected to more than offset year-on-year negative evolutions. and other data for a number of reasons, such as keeping FT Sites reliable and secure, 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. Welcome again to Catherine. Ms MacGregor is 48, she's been the Chief Exec. In Client Solutions, overall, we are expecting a strong recovery from COVID, albeit with a relatively slower recovery for asset-light activities. To conclude on Thermal, let me highlight the demothballing of two Dutch gas units, demonstrating this fleets flexibility to take advantage of market opportunities. La diversit en actions - Interview de Catherine MacGregor, directrice Also on the same point, risking up or risking down in the future strategy, what is your view on how the risk profile for ENGIE should change going forward? Catherine Macgregor, Engie SA: Profile and Biography - Bloomberg Markets Bloomberg TV+ Bloomberg Markets European Close Bloomberg Markets European Close. On organic evolution per business line, Renewables, Thermal and Nuclear were resilient and even grew organically. And given that theyre contracted, to maybe accelerate other areas of the business? Yes. We announced last December that EVBox would be listed on the New York Stock Exchange. Notre lectricit est dj propre As you put a fresh perspective into this organization, do you see room for improvement in terms of organization? 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. Do you see eventually opportunities in the future going forward with the convergence between power network and gas network considering the evolution of the hydrogen, Catherine? It mainly affects our renewables and supply activities. Elle s'intresse notamment l'utilisation de la sismique 3D pour la rcupration assiste du ptrole[5]. 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. 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. 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%. We will now take our next question from Emmanuel Turpin with Societe Generale. And then the second one, its for Catherine. 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. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Selbst im Worst-Case-Szenario komme Engie dann auf eine Bewertung mit einem KGV von rund 10. De mme pour Angeles Garcia Poveda, prsidente du conseil d'administration de Legrand et Barbara Dalibard, prsidente du conseil de surveillance de Michelin. 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. 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. Lemjed Bouzekri Thuli MOLOTO Bhupendra Singh Francisca Iturrieta Amadori Berivan Szgn, So pleased that people liked my post on trim tabs. Catherine MacGregor joined the ENGIE group on 1 January 2021 as Chief Executive Officer. I just wanted to remind that given of the absence of the LTO that there is the amortization is now happening quicker. fusion, Dans le SBF 120, on y trouve en tout 13 femmes DG et 12 . A key part of that strategy is its Ocean Winds joint venture with EDPR, which has set out its stall as a global leader in offshore wind. The first is on the Supply business. [1] She started her career on stage in New York City, in theatres off and on Broadway, credited as Scottie MacGregor . Anyone whos keen to learn more about the topics that are currently driving our industry is more than welcome to attend the event! So to summarize, ENGIE made progress at pace in 2020. So the what is happening here in France on biomethane is actually quite real, and so we are now looking at potentially having sufficient volume to fully displace what will be needed in gas at the 2050 horizon. And yes, let me start by saying also welcome and wishing you success in the new role. 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. organisation Catherine MacGregor, ne Catherine Fiamma le 7 aot 1972 au Maroc, est un ingnieur et chef d'entreprise de nationalit franaise. 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. To Engie in my case. 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]. In November, we discussed the creation of a new leader in multi-technical services, which would benefit from scale and strong growth prospects. More information, our agenda as well as the opportunity to register are available here: https://fusion.concur.com/. This is value neutral over time as D&A is integrated in the regulated revenue. And then the second question is more for Judith. Supplies offered a net COVID impact of roughly 290 million mainly due to lower consumption, bad debt and lower B2C services. 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. 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. So thats one aspect of it. 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. And weve made some moves last year, and we will continue to do that. The 3 gigawatt that we commissioned last year is in our key growth market for renewables, namely the U.S., Europe and Latin America. Remember that for regulated activities, volume effects are recoverable in the short to medium term through the clawback mechanism and are, therefore, value neutral. And what is your philosophy there? Her vision on ENGIEs transformation and development, her industrial and international track record as well as her leadership and managerial skills will fully contribute to the achievement of the strategic orientations announced at the end of July, the companys statement reads. I think these are really, really good questions. We are a media company, specifically facilitating the maritime and offshore industry. You can update your choices at any time in your settings. Thank you very much, James, for your question. Now that doesnt mean that we should not have discipline. Yes. 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. You may now disconnect. Our focus is on disciplined investment through organic growth and through targeted acquisitions that offer good returns. (Tech. 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. 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 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]. French Networks had limited COVID impact also mainly on distributed gas volumes. Euro erzielen und am Vorhaben festhalten, jhrlich 65 . Judith, you have 1 so about 0.1 billion of dilution at the COI level put in your guidance for 2021. In green mobility, were a leading global provider of smart charging solutions for electric vehicles through EVBox, a start-up we acquired in 2017. Firstly, Id like to share everyones sentiments in wishing Catherine well in her role. And while were not going to grow it at the same rate as Renewables and Networks, we will be opportunistic in managing this fleet. She occupied a number of roles within [] Hopefully, thats an easy one, but would be very helpful. on average over the medium-term, while increasing the number of renewables projects retained on its balance sheet. In DHC networks, the worldwide market is expected to grow over 5% per year on average across the next nine the next five years. We have a high performing gas fleet, as you know, which is very important in our mind to bring the flexibility to the system. Recharge is part of DN Media Group. Catherine Fiamma MacGregor on LinkedIn: nergie : la consommation de We maintained a high level of liquidity with 23 billion, including 13.3 billion of cash as at the end of December 2020. Elle est alors nomme prsidente New Ventures de TechnipFMC. Okay. These headwinds were partially offset by various one-offs, including an internal negative 2019 one-off mirrored in Networks. So we feel very good about [indiscernible]. We have made the decision to stop the work to prepare for this such an extension. We also continued to benefit from the cost actions launched in the second quarter. Let me give you the 2020 COI highlights. 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. Read more about DN Media Group here. Two questions from me. The second half showed a clear recovery with less stringent confinement measures but also with improved processes and protective equipment for our teams. 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. We strengthened our leadership in green bonds having issued 2.4 billion green bonds in 2020 for a total of 12 billion since 2014.
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