I'm looking forward to continuing to make a difference together. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. A cycle, of course, could be 3, 4, 5 years depending on the country. She has spent her entire professional career working in the energy sector. We maintained a high level of liquidity with 23 billion, including 13.3 billion of cash as at the end of December 2020. 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. And so to in that respect, I think your comment might be valid. 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. About Catherine MacGregor MacGregor became the CEO of French energy company Engie in January 2021. You certainly have a lot of people out here who want you to be very successful. Yes. 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. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. Elle est alors nomme prsidente New Ventures de TechnipFMC. And I think, namely complexity is one thing. But what is the tax rate thats assumed in the guidance and what DBpSO has assumed? Hydro had a strong increase organically but was down from a growth perspective because of the FX, of course, in the Brazilian real, and wind was an increase for the obvious reasons because we have been investing quite significantly in the past few years. And this is something, obviously, that we are going to continue and push. And then your other question was related to the organization. Many thoughtful leaders throw up their arms when it comes to taking action on climate change, thinking, understandably, that their company is just a drop in the bucket. And I suppose when we see you planning a CMD in May, I think lot of us are hoping that youll be able to do something similar at the May event. Parit homme-femme au sein des directions gnrales encore loin du Okay. Recharge is part of NHST Global Publications AS and we are responsible for the data that you register with us, and the data we collect when you visit our websites. We also posted higher financial costs. And with that, Im pleased to hand you over to Catherine. 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. Our environment is changing. Simply log into Settings & Account and select "Cancel" on the right-hand side. By 2050, over $15 trillion are expected to be invested in power generation globally with over 70% in renewables. Ms MacGregor is 48, she's been the Chief Exec. But when you think about where that green hydrogen will be produced and where it will be consumed, the fact that we have infrastructure to transport this hydrogen, potentially to store this hydrogen will play to our strength. ENGIE thanks you for your participation. Thats a good clarification. So thats one aspect of it. 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 its hard to know theres obviously been some pretty big changes in competitive dynamics over the last couple of years. Catherine will then come back and share our priorities. This was also driven by higher operational contribution of Brazilian assets and by improved performance from Middle East gas contracted activities. And I was interested to get your philosophy about minorities. commentary and analysis you can trust. 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. The Board of Directors decided on Catherine MacGregor's appointment as ENGIE's Chief Executive Officer on 2 October last year. Thank you. analyse how our Sites are used. I know weve heard from the Chairman very helpfully on this last year, but I think wed love to hear your thoughts on this. Now turning to Networks. 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. Catherine Macgregor, Engie SA: Profile and Biography - Bloomberg Markets Bloomberg TV+ Bloomberg Markets European Close Bloomberg Markets European Close. Catherine MacGregor - Chief . I think, as you pointed out, theres been a little bit of a race to gigawatts. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. And on the availability, given that last year was the last LTO maintenance, we are confident on good availability for the years to come. The enshittification of apps is real. Our regulated networks offer stability and visibility of earnings to the group with regulatory remuneration arrangements in place through to 2024. Its going to take us some time. For example, we significantly enhanced our renewables footprint in the U.S. 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. Following the launch of the new strategic orientation in July, ENGIE completed the disposal of its 29.9% shareholding in SUEZ in October. Alongside renewables, we are also developing projects of up to 3 gigawatts of gas-fired generation. So there will be a capital gain on this. Or is it your budget of the COI for these businesses in 2021? At Climate Week NYC 2021, the CEO of ENGIE, Catherine MacGregor explains how ENGIE will actively participate in decarbonizing its emissions by 2030. And so we will not give specific assets, of course, at any given time. So that is roughly what you have to have in mind. 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. This higher tax rate included notably the adjustment of carrying value of some deferred tax assets and the one-off effect of the tax rate change in the UK. On an organic basis, the business line saw 1% growth, which was a strong result considering that there were over 100 million of positive operational one-offs in 2019 from LDs on newly commissioned power plants in Brazil and Chile. 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. 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. #solvaylife #workculture #lovemyworkfamily, Celebrating our diverse HR team during the HR Seminar in UAE. Yes, two topics that you were talking about, Peter. 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. Ses parents, d'origine corse et basque[1], sont professeurs. And for the first time, to our Ocean Winds joint venture with EDPR, we commissioned both fixed and floating offshore wind. Now that makes me and that makes the team, obviously, extremely motivated and optimistic that we are going to get the benefit from these tailwinds because, as a team, we are extremely focused in making sure that we do outperform, and outperform our peers, outperform the market. Have a nice day. Its a geography refocus. We also continued our relentless pursuit of simplifying the group. How old is Ms MacGregor? In Client Solutions, overall, we are expecting a strong recovery from COVID, albeit with a relatively slower recovery for asset-light activities. 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 . We invested 1.5 billion of growth CapEx in 2020 mainly for the acquisition of 1.7 gigawatt of hydro assets in Portugal. So no impact there, of course, on G&A reduction and about 800 million of assets. We are expecting this to happen in a matter of weeks, following the closing of the SPAC transaction. Dans ce poste prestigieux et trs expos politiquement, elle succde Isabelle Kocher, partie le 24 fvrier 2020 et remplace provisoirement par Claire Waysand. 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. PDF CATHERINE MACGREGOR Chief Executive Officer - Engie The biggest, of course, remains Renewables. We had very good results from our Italian assets due to higher level of ancillaries as well as to higher spreads captured throughout Europe. *Criao da poltica nacional de incluso das pessoas 50+ no mercado de trabalho* Some of your peers there have convinced the market that they transitioned to hydrogen. We also continued to benefit from the cost actions launched in the second quarter. My first reaction with the bonus: Wow great ! There are 25 older and 1 younger executives at ENGIE SA. And then, of course, in terms of Thermal, we will be very opportunistic. PDF CATHERINE MACGREGOR Directrice Gnrale - Engie And then the second question is more for Judith. This included 1.7 gigawatt of hydro plants in Portugal, which benefit from long-term concession arrangements. Cheers! Un article de Wikipdia, l'encyclopdie libre. Let me now move to a detailed view per business line. If you have an ad-blocker enabled you may be blocked from proceeding. The second half showed a clear recovery with less stringent confinement measures but also with improved processes and protective equipment for our teams. But now that we have officially become Equans for a few weeks, this message that all ENGIE employees worldwide will receive a bonus of 1500,- comes as a disappointment. ENGIE announces that Catherine MacGregor took up her post as Chief Executive Officer of the Group on 1 January 2021. Catherine MacGREGOR - Les Rencontres conomiques Renewable #Gas: We continue to make progress, with 459 #biomethane production units connected to our networks in France, and with 5 of our #hydrogen projects in Europe selected to benefit from public aid from the European Commission. 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. Within this guidance, we have included our current estimate of the potential impact. 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. Catherine MacGregor | 2020 Most Powerful Women International 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. And so the number that I quoted, which was the injection that we did last year, you start to see that it becomes meaningful. We are focused on driving our ESG performance using a wide range of metrics, three of which I will discuss here. But in short, we have big ambition, but we will be disciplined. What is the identity of the Thermal business? Compare Standard and Premium Digital here. The negative temperature effect was roughly 100 million in France with lower gas volumes distributed in by GRDF. Judith, you have 1 so about 0.1 billion of dilution at the COI level put in your guidance for 2021. In other geographies, we benefited from commissioning new capacity in the United States and from higher wind production. Thank you. We see a huge potential for hydrogen, and we are already making significant progress in biomethane. Are you working on a new organizational format? This is value neutral over time as D&A is integrated in the regulated revenue. Thank you, Sam, for your welcome message and your welcome question. 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. Were, in fact, very positive and excited about the opportunity of these businesses, very, very different from other more traditional mtier that we have in ENGIE, and the idea is really to form a very coherent entity, which Jrme Stubler is very busy doing right now. And youre right to point out that some of our DHC networks rely on a mix of entrance of feedstock. Net interest expense was also slightly higher driven by negative FX and lower cash remuneration. 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. Net recurring income group share was within the guidance range, and Judith will cover financial performance in more detail shortly. 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. 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. Problem: 40% of the hours of the month there is minimum wind and zero sun. If so, do you have a view to what level? How the biggest companies plan mass lay-offs, The benefits of revealing neurodiversity in the workplace, Tim Peake: I do not see us having a problem getting to Mars, Michelle Yeoh: Finally we are being seen, Our ski trip made me question my life choices, Apocalypse then: lessons from history in tackling climate shocks. 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! Please. https://noviocean.energy/documents/ Officer of ENGIE SA since . 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. The Board of Directors decided to appoint Catherine MacGregor as ENGIE Chief Executive Officer. Catherine MacGregor Yes. For a full comparison of Standard and Premium Digital, click here. Obviously, we have made the decision to exit the coal, which is run under Thermal. is its Ocean Winds joint venture with EDPR. So its a huge project. Great post Catherine Fiamma MacGregor! And so were confident to be able to invest in lots of opportunities that Catherine talked about. Excellent example of circular economy ! 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 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. Notre lectricit est dj propre And second, its really focused and making sure that everybody pulls in the same direction. 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. Its, for sure, a large part of the investment case. How the biggest companies plan mass lay-offs, The benefits of revealing neurodiversity in the workplace, Tim Peake: I do not see us having a problem getting to Mars, Michelle Yeoh: Finally we are being seen, Our ski trip made me question my life choices, Apocalypse then: lessons from history in tackling climate shocks, Smart data to help spot risk and opportunity, Lex, our agenda-setting business commentary (Premium only), Due Diligence, an exclusive M&A newsletter (Premium only). Before I share my view on 2021, here are our 2020 financial highlights. What are you looking at? Hopefully you can also take this into account? So if you add those two effects together, you go from 150 million positive to roughly 160 million positive in 2021. 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. Premium access for businesses and educational institutions. Maybe some thoughts. Ill start just to say that, I mean, youve identified, yes, two important aspects of our simplification efforts. Is it something that you will tell us more about in May? We support credit card, debit card and PayPal payments. cookies ENGIE SA (ENGIY) CEO Catherine MacGregor on Full Year - SeekingAlpha Find here the list of all the sessions presented by this speaker in order not to miss any of it. 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. The peer groups done very well. And Judith? Comptences clefs . In our asset-light activities, we have a healthy order book and a project backlog of over 11 billion, offering good visibility for 2021. These headwinds were partially offset by various one-offs, including an internal negative 2019 one-off mirrored in Networks. Okay. This was mainly due to impairments, especially related to our nuclear reactors. We use I just had indeed, I will stick to two questions as well, maybe a strategic 1 as well and a more detailed 1. We have 101 gigawatt of gross power generation capacity, of which around 30% from renewables. 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. One second, it will be over soon. offers FT membership to read for free. No, thank you. 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. LinkedIn and 3rd parties use essential and non-essential cookies to provide, secure, analyze and improve our Services, and to show you relevant ads (including professional and job ads) on and off LinkedIn. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Very yes, good question. This is particularly noteworthy in the context of the unprecedented pandemic. 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. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Is it something that could be you realize value of and take advantage of low rates? However, we claim we have a valid solution to the above problem,, inviting large corporations like Engie and others reading this, to scrutinize our numbers and concept very carefully. Regarding Client Solutions project backlog, we recorded a total increase of 5% since December 2019, representing approximately 13 months of activity. And weve made some moves last year, and we will continue to do that. I have a couple of questions, 1 for Catherine and 1 for Judith. So first to reiterate on that, we are very pleased with our position on renewables, and we are leader in France. We also invested in #RenewableEnergy with the acquisition of 6 GW of solar and storage capacity projects in the US and signed an MOU to develop 3 GW of #wind power in Egypt. Before I say more on this, let me review the groups overall 2020 performance. A particular region of international growth in Networks has been Latin America, where, in addition to gas, we are also building power transmission lines. We will continue funding nuclear provisions in Belgium and invest for maintenance with a total of approximately 4 billion. Catherine MacGregor - Biography And as you might have noticed that lately, we have not really entered the race of enhancement of gigawatt. Net recurring income group share was in line with guidance but at the bottom end of the range. 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. 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. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 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 if you look at what we announced on January 14 is indeed a smaller executive team, less members. Currently under construction is the 1,000-kilometer Gralha Azul project and the 1,800 kilometers Novo Estado project. 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. 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. This included 4 billion of growth CapEx, almost exclusively in our areas of strategic growth with approximately 40% in renewables, 40% in networks, and 15% in asset-based Client Solutions. You may change or cancel your subscription or trial at any time online. De mme pour Angeles Garcia Poveda, prsidente du conseil d'administration de Legrand et Barbara Dalibard, prsidente du conseil de surveillance de Michelin. Here's a bit more, on climate change and from a few years ago, but still relevant. Firstly, Id like to share everyones sentiments in wishing Catherine well in her role. 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. These headwinds were partly offset by the outperformance of GEM activities on the back of market volatility. But time will tell. Precisamos de 20.000 apoios para que a ideia se transforme em lei. The ENGIE Board set out strategic orientations for the group last year in July 2020, and my new executive team and I have three clear priorities: firstly, simplifying the group at pace; secondly, investing further, investing in renewables, networks and asset-based client solutions, as these are areas of competitive strength for ENGIE; and finally, strengthening our groups commitment to the energy transition. And so were keeping 40%. It seems to be the trend last few questions. Next, a few words on the bridge from EBITDA to net recurring income group share. On organic evolution per business line, Renewables, Thermal and Nuclear were resilient and even grew organically. I have two questions, and I continue with the trend, 1 for Catherine and 1 on the details for Judith, please.