ENGIE announces that Catherine MacGregor took up her post as Chief Executive Officer of the Group on 1 January 2021. We are a media company, specifically facilitating the maritime and offshore industry. Learn more in our Cookie Policy. You may change or cancel your subscription or trial at any time online. MacGregor joins Engie as it embarks on a major push into renewables and clean energy. Regarding COVID, our projections assume restrictions similar to the fourth quarter 2020 and a gradual easing over 2021. 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. #beyou #beunique #beunited ENGIE Africa Strong management actions allowed us to variablize and reduce total OpEx by approximately 300 million. I would love to hear from you. 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. These positive effects were partly offset by lower volumes mainly due to a decrease in availability of our Belgian assets caused by the last planned LTO maintenance works on Doel 1, Doel 2 and Tihange 1. The first one is on strategy. She occupied a number of roles in various geographies (Republic of Congo, the US, Malaysia, ): from Director of Business Entities (Wireline, Reservoir Characterization, Drilling, ) to Regional Division (Europe and Africa). And also, 4 of them clearly align with the business activities that are core and are very much part of our strategic priorities. The current total coupon of 100 million per year has been reduced by 28% since 2017. And that will be something that we will be describing a bit more in details in May. 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. 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. I was wondering whether you could just remind us where youre still using coal in district heating and what the options are there, whether youre planning on investing and converting those units to cleaner fuels? So here, generally, the question, how do you think about the future of the gas networks? Catherine, the floor is yours. Ow, nobetter ! 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. 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 Judith will give you a little bit of the background and more details on the rest. So Id be very interested to reflect to hear your first thought after you have looked at the market for gas. According to the IEAs latest sustainable development scenario, in Europe alone, energy from biomethane and hydrogen could potentially grow three times from 2019 levels to over 300 terawatt hours in 2030. organisation We also rapidly launched strategic reviews of businesses, including part of Client Solutions, GTT and ENGIE EPS. She has spent her entire career in the energy sector. G&A was up mainly because of acquisitions, asset commissioning and accelerated amortization for some French gas distribution assets. There is a very, very strong will power within the team to do that. We invested 4 billion of growth CapEx and successfully commissioned 3 gigawatt of wind and solar assets. [Operator Instructions] We will take our first question from James Brand with Deutsche Bank. Were very pleased. hosting the engineering activities. I will try and stick to two questions, too. #solvaylife #workculture #lovemyworkfamily, Celebrating our diverse HR team during the HR Seminar in UAE. Now the guidance for 2021. 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. And I was interested to get your philosophy about minorities. Let me now focus on the evolution of net debt and on our leverage ratios. You can read more about how we handle your information in our privacy policy. Stepping back. And then the second one, its for Catherine. 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. And then, of course, right after that, you have hydrogen. Good luck with the new role, Catherine. We will run processes. Okay. And so were excited about this transaction. And I look forward to leveraging their strengths to deliver on a full agenda in such critical times for the energy industry and for ENGIE. So we feel very good about [indiscernible]. Our environment is changing. And as a result, the second half of 2020 was actually similar to H2 2019 on an organic basis. Catherine MacGregor will join Engie as CEO. The final area of 2020 performance I would like to highlight is the groups continued progress in growing our renewable portfolio, which has grown significantly by 32% since the end of 2018. Watch th. You can store it. I would like to pay tribute to their mobilization, which has enabled us to: The peer groups done very well. Following the launch of the new strategic orientation in July, ENGIE completed the disposal of its 29.9% shareholding in SUEZ in October. So indeed, were going from 4 billion of growth CapEx to 5.5 billion, 6 billion in 2021. Obviously, well give you more color on our ambition on renewables in May. January 7, 2021. This was mainly due to impairments, especially related to our nuclear reactors. 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. We assume up to 100 million dilution effect at the COI level from approximately 2 billion disposals in addition to previously signed transactions. Higher D&A was mainly due to accelerated amortization of some distribution assets. *Criao da poltica nacional de incluso das pessoas 50+ no mercado de trabalho* A particular region of international growth in Networks has been Latin America, where, in addition to gas, we are also building power transmission lines. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. Second, change in working capital requirements from activities, excluding energy management, had an impact of negative 200 million. #buckminsterfuller #trimtab #climatechange. Catherine MacGregor, ne Catherine Fiamma le 7 aot 1972 au Maroc, est un ingnieur et chef d'entreprise de nationalit franaise. She has spent her entire professional career working in the energy sector. We have already secured better pricing for 18% of our 2021 output at 46 per megawatt hour. Catherine MacGregor - Chief . Carbon neutrality is at the heart of ENGIEs purpose and central to our strategic direction. Vocs conseguem nos apoiar? Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. university I guess, whats the kind of your average period of sort of non-productive capital work in progress? 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. We have a lot of experience over the years developed through our generation and thermal activity. Engie board set to appoint Catherine MacGregor as new CEO. Warm temperatures in the first half also weighed on energy consumption, mainly in France, for B2C gas volumes. Lets now move to Thermal, which was impacted by scope and FX, notably, 90 million of disposals mainly in Thailand and close to 40 million negative FX impact. French Networks had limited COVID impact also mainly on distributed gas volumes. So to summarize, ENGIE made progress at pace in 2020. The 0.1 billion, is this a 2020 contribution of the businesses youre going to sell? Long-time Schlumberger executive to join next year as French utility giant gears up in renewables. Now the 2021 guidance. By Gwnalle Barzic and Geert De Clercq. Engie will also capture opportunities resulting from recovery plans announced in Europe, notably related to the development of green gases (biogas and hydrogen). Biography. So these are some of the things that we are excited about when we think about our network assets, and we like it. Yes. Compared to 2020 guidance, Im pleased that both EBITDA and COI stood above the ranges we indicated last summer. Catherine MacGregor chez Engie, Christel Heydemann, chez Orange, et Estelle Brachlianoff, chez Veolia, sortent du lot. 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. 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. Now from a also power system standpoint, gas today is also a very nice complement to renewables because it has brings the flexibility. offers FT membership to read for free. Its coal exits. And given that theyre contracted, to maybe accelerate other areas of the business? In Nuclear, we expect contribution to increase as volumes should be higher, thanks to better availability. With respect to the recent extreme weather events in Texas, we are assessing the situation. So in general, we have 31-gigawatt portfolio. The enshittification of apps is real. Engie which is 24%-owned by the French government was formerly the gas monopoly operator known as GDF. The Board of Directors decided on Catherine MacGregor's appointment as ENGIE's Chief Executive Officer on 2 October last year. First, we recorded significant impairments mainly driven by the 2.9 billion nuclear impairment caused by the change in lifetime assumption for Belgian nuclear reactors as well as by changes in the commodity price scenario. 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? 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. 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. We also continued our relentless pursuit of simplifying the group. This was due to higher contributions from entities with minorities, which fully contributed at EBITDA and COI levels but only contributed at share at net recurring income group share level. So naturally, were landing more just below a 100 million figure for 2021. 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. However, the gross COI evolution was negative 125 million mainly due to foreign exchange. You have to keep in mind, about 200 million of that were related to SUEZ, which is now gone, of course. So quite frankly, it is a normal run rate of dilution of 100 million when you look at a 2 billion debt reduction. Both include the construction of new substations and upgrades to existing substations and are expected to be commissioned in the second half of this year. European utility giant Engie named oil & gas industry veteran Catherine MacGregor as its new CEO with a remit to lead the French group's ambitious renewables and energy transition plans. And of course, hydrogen as it gets developed, indeed, could be very much more linked to power than maybe gas was in the past. Very yes, good question. Employee consultation on the proposed organization design started this month as planned, and we expect it to conclude by the end of the second quarter. 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. In the past Ms. MacGregor held the position of President-Drilling Group at Schlumberger NV and Personnel Director at Oilfield Services Co. Ltd. Ms. MacGregor received an undergraduate degree from cole Centrale Paris. We will now take our next question from Emmanuel Turpin with Societe Generale. personalising content and ads, providing social media features and to Elle s'intresse notamment l'utilisation de la sismique 3D pour la rcupration assiste du ptrole[5]. Problem: 40% of the hours of the month there is minimum wind and zero sun. Thank you. And with that, Im pleased to hand you over to Catherine. 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. 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. This growth will be partly offset by a lower benefit from the GFOM ruling in Brazil and by the assumed FX deterioration. Her main mission was to prepare for the spin-off and IPO of Technip Energies, for which she put the energy transition at the heart of the strategy. 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. Overall, these positive factors are expected to more than offset year-on-year negative evolutions. Now the other aspect, of course, is that we are obviously and we have not talked too much about it yet, but the hydrogen opportunity for us is very, very material. 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. EBITDA and COI, at 9.3 billion and 4.6 billion, were down by 11% and 21%, respectively, on a gross basis. 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? I look forward to working with her in the months and years to come to deliver the Groups strategic orientations. Euro erzielen. So again, of course, I mean, it 2020 was heavily impacted. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. Sure. COVID had little impact on Nuclear, and its contribution improved by 203 million, mainly reflecting higher achieved prices and lower OpEx. A warm welcome as well to you, Catherine MacGregor. 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. We are investing in our strategic priorities for long-term value creation. Let me know below Other generators like Uniper and Fortum have been very strong as well. It seems to be the trend last few questions. Im a lot looking forward to presenting the regional EMEA address on March 1st together with my dear colleague Ryan Demaray. COI decreased mainly driven by a 600 million impact from the pandemic. ), has announced that he will retire on 31 CGG announced today (March 2) the appointment of Jrme Serve as Group Chief Financial Officer. The second half showed a clear recovery with less stringent confinement measures but also with improved processes and protective equipment for our teams. Let me now turn to our ESG performance. Also adding to national energy insecurity and dependence on fossil producing countries at colossal scale. Maybe some thoughts. Catherine MacGregor joined the ENGIE group on January 1, 2021 as Chief Executive Officer. For a full comparison of Standard and Premium Digital, click here. Son profil de spcialiste, sa connaissance des enjeux oprationnels et des mtiers de l'nergie, son exprience internationale sont autant d'atouts pour le groupe Following which, as usual, well open the lines for Q&A. Price is going up. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. I have proper control over all inventory department with the skill of my Minimum and Maximum stock levels, Gerente Industrial | Gesto de Operaes e Servios | Supply Chain | Engenheiro de Produo | leo e Gs | Suporte Tcnico | Produo | Gesto da Qualidade, Pessoal, eu criei esta Proposta de Ideia Legislativa no Senado Federal que se transformada em lei criar as Poltica Nacional de Incluso das Pessoas 50+. So there will be a capital gain on this. 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 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 100 million, quite frankly, there isnt any unusuals that you should assume. And then just another one on guidance. We expect EBITDA to be in the 9.9 billion to 10.3 billion range, COI to be in the 5.2 billion to 5.6 billion range, and net recurring income group share to be in the 2.3 billion to 2.5 billion range. And so were keeping 40%. Thanks to Faye Kirby and Valencia Anderson for setting up the display and sharing books written by black authors. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. We will make sure that we get the right price. 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 does is your vision about full ownership versus minorities guiding your capital allocation going forward? Lemjed Bouzekri Thuli MOLOTO Bhupendra Singh Francisca Iturrieta Amadori Berivan Szgn, So pleased that people liked my post on trim tabs. In 2021, we already have hedged 80% of the production at 46. I just had indeed, I will stick to two questions as well, maybe a strategic 1 as well and a more detailed 1. To read more about DN Media Group, 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. But really appreciate, thanks again ! Obviously, you did signal that youd be ramping up CapEx. fusion, The enshittification of apps is real. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. And sorry, just a follow-up on the CapEx. So in terms of creating an entity as part of our strategic review of Client Solutions, one of the things that is important to understand about this business is that it has grown within ENGIE as a series of acquisition and local development and so today, dont quite belong into a coherent entity and is not led as an independent or well-defined part of ENGIE. Engie plans to accelerate its development in renewables, by increasing the target for renewables capacity commissioned from 3 GW p.a. Judith, you want to start with the EVBox question? Financial net debt decreased by 3.5 billion to 22.5 billion from December 2019 primarily due to disposal proceeds. organisation We reshaped the portfolio by investing 7.7 billion CapEx and by disposing of 4.2 billion of assets. And Im sure thats a question youve been reflecting on as you took up the new role. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. And maybe the last point, which is around performance culture, which I think can be improved within ENGIE, and here again, I can assess that the first reaction to this discussion within the company leads me to believe that we can make some inroads on that topic as well. We think its important to have a system play on renewables. and other data for a number of reasons, such as keeping FT Sites reliable and secure, So its a little bit of a total team, but we at this stage, that decision from the government hasnt been explicit. In just eight weeks that I have been here, I can already see the tremendous potential ENGIE has in accelerating this energy transition. These projects further cement Masdars position as a leading clean energy powerhouse, helping Azerbaijan to unlock its tremendous clean energy potential. In this uncertain environment, ENGIE's strategy for a balanced, affordable, and resilient energy mix has proven its relevance and we have stayed on track! So you say the inflection on the strategy last summer, ENGIE already has started pretty fast on that as you flagged. I have two questions, and I continue with the trend, 1 for Catherine and 1 on the details for Judith, please. 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. We are investing significantly in these activities to ensure safety and reliability as well as improving energy efficiency. https://noviocean.energy/documents/ Its were rounding numbers here, as you can see, because like I said, this is our target. And the answer is yes. Solvay Alpharetta celebrates Black History Month. #economics #business #culture, Chief Executive Officer at Masdar (Abu Dhabi Future Energy Company). The second half of 2020 showed a strong recovery after second quarter, which has which was heavily impacted by COVID. You can see that on the recent months trading for renewable players. On quick one on numbers, on guidance. analyse how our Sites are used. Ill start just to say that, I mean, youve identified, yes, two important aspects of our simplification efforts. Elle travaille pendant 23 ans chez Schlumberger. 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. When I think of hydrogen for ENGIE, I think all of our activities, all of our mtier benefit. 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. I think thats clearly something the market will be expecting there. We will now take the next question from Rob Pulleyn with Morgan Stanley. And Im going to pass it on to Judith now for the COI details on Renewables. Yes. We have also good fleet in Middle East and also Latin America. These negative effects were partially offset by the positive GFOM ruling in Brazil of approximately 165 million. Dans le SBF 120, on y trouve en tout 13 femmes DG et 12 . We are expecting this to happen in a matter of weeks, following the closing of the SPAC transaction. 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. 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. 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. In 2020, most of our newly commissioned assets were onshore wind followed by solar. Starting with our biggest contributor, Latin America, we had 195 million headwind from FX and an unfavorable energy allocation for hydro in Brazil. Select Accept to consent or Reject to decline non-essential cookies for this use. Thank you, Emmanuel, for your questions. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Some of your peers there have convinced the market that they transitioned to hydrogen. 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. Recharge is part of DN Media Group AS. 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. COI was adversely impacted by roughly 300 million due to foreign exchange and by an aggregate negative scope effect of 75 million. 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.