Its not like a 2020 event. More information, our agenda as well as the opportunity to register are available here: https://fusion.concur.com/. Is it something that could be you realize value of and take advantage of low rates? Her professional and personal skills will be essential assets in accelerating ENGIEs transformation. In emerging markets, the importance of gas is driven not just by economic growth but also by reducing exposure to higher emitting sources such as coal. I think the team has done, so far, a really nice job. Are you working on a new organizational format? - Play an important role in ensuring security of supply for France and Europe We had very good results from our Italian assets due to higher level of ancillaries as well as to higher spreads captured throughout Europe. Good luck with the new role, Catherine. Other generators like Uniper and Fortum have been very strong as well. 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 so the amount will be much lower than what you have seen in 2020. cookies We will now take our next question from Emmanuel Turpin with Societe Generale. Together, these drivers helped to more than offset negative foreign exchange in Brazil, Mexico and Argentina. I just wanted to remind that given of the absence of the LTO that there is the amortization is now happening quicker. And weve made some moves last year, and we will continue to do that. Next, a few words on the bridge from EBITDA to net recurring income group share. We intend to retain a higher ownership of our renewables project where it is strategically and economically rational as we indicated in our strategic orientation. This impact was partially offset by higher achieved prices for our hydro power production and higher volumes produced mainly by our wind assets. Catherine MacGregor a rejoint le groupe ENGIE le 1. er. And the second one, if I may ask, around Client Solutions. First, you will hear from our new CEO, Catherine MacGregor, on the highlights of 2020, followed by our CFO, Judith Hartmann, on our financial performance. And for the first time, to our Ocean Winds joint venture with EDPR, we commissioned both fixed and floating offshore wind. 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. Learn more in our Cookie Policy. 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. 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. Networks were mainly impacted by warm temperatures and by higher D&A. We are facing an unparalleled opportunity to play a clear and meaningful role in tackling climate change. As we approach our annual SAP Concur Fusion customer event very quickly, this week was rehearsal time for me! Thank you very much, James, for your question. [Foreign Language]. So this is becoming real. H2, On May 18, 2021, ENGIE's Chief Executive Officer Catherine MacGregor unveiled the Group's strategic roadmap, to reaffirm ENGIE as a leader in the energy transition. So quite frankly, it is a normal run rate of dilution of 100 million when you look at a 2 billion debt reduction. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. Catherine MacGregor | 2021 Most Powerful Women International | Fortune Engie's new CEO sets out with the goal of simplifying the energy group We are investing in our strategic priorities for long-term value creation. 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. Overall, these positive factors are expected to more than offset year-on-year negative evolutions. 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. We have a high performing gas fleet, as you know, which is very important in our mind to bring the flexibility to the system. French utility's new chief Catherine MacGregor to increase investment in renewables. Ill start just to say that, I mean, youve identified, yes, two important aspects of our simplification efforts. Solvay Alpharetta celebrates Black History Month. 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 importantly, we reaffirm our dividend policy, which relies on a 65% to 75% payout ratio on the basis of net recurring income group share. - Contribute to measures to support purchasing power Recharge is part of DN Media Group. https://waves-energy.co/maps/. So that is roughly what you have to have in mind. Watch th. Thank you, Emmanuel, for your questions. 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. This very unusual year translated into a mixed set of numbers. We use I think these are really, really good questions. And part of this feedstock sometimes continue to rely on coal. 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. Catherine MacGregor is currently Chief Executive Officer and Director at Engie - View - Engie org chart Create your alert to follow the career of Catherine MacGregor. Before I share my view on 2021, here are our 2020 financial highlights. Currently, Catherine MacGregor holds the position of Chief Executive Officer for ENGIE SA. And Im sure thats a question youve been reflecting on as you took up the new role. The issue of having mtiers and activities that are so different from each other and I think weve talked a little bit about the multi-technical services, as an example, that require a management focus, a capital allocation policy, a system and attention to every cent that you have to spend, which is not necessarily something that is ENGIE DNA. There is a very, very strong will power within the team to do that. Catherine MacGregor est elle-mme mre de deux filles 2 . 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. Offshore wind is typically much longer. And we will now take a last question from Louis Boujard with ODDO. So firstly, theres step-up in CapEx in 2021 versus your sort of prior 10 billion 3-year plan. 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. And of course, hydrogen as it gets developed, indeed, could be very much more linked to power than maybe gas was in the past. The renewables COI, could you break that down, if you dont mind, into the change in hydro versus wind and solar in the 2020 numbers? You mentioned diversity of vast diversity of business line, et cetera. 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. Soliane Varlet, gestionnaire de portefeuille de notre stratgie actions Women Leaders, s'entretient avec Catherine MacGregor, Directrice gnrale d'Engie, l'. Two questions from me. 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. I have a couple of questions, 1 for Catherine and 1 for Judith. Now turning to Networks. Our environment is changing. Yes. CFFO was 7.1 billion in 2020, down 500 million versus 2019, mainly driven by the following effects. We will now take the next question from Rob Pulleyn with Morgan Stanley. A warm welcome as well to you, Catherine MacGregor. Catherine MacGregor | 2020 Most Powerful Women International You may change or cancel your subscription or trial at any time online. The Board of Directors announces the appointment of Catherine MacGregor In Nuclear, following the announcements of the Belgian government in Q4 2020, it has been decided to stop all preparation works that would allow a 20-year extension of two units beyond 2025, as it seems unlikely that such an extension can take place given the technical and the regulatory constraints. It honors and commits me. So we feel very good about [indiscernible]. Im a lot looking forward to presenting the regional EMEA address on March 1st together with my dear colleague Ryan Demaray. Find here the list of all the sessions presented by this speaker in order not to miss any of it. If we basically look at simplification, we could cut it in two parts, what I would call transactional simplification, disposals buyout of minorities on maybe organizational simplification. We invested 4 billion of growth CapEx and successfully commissioned 3 gigawatt of wind and solar assets. And how quickly do you think it can actually contribute to your earnings, please? Could you clarify how much COVID impact youve included in 2021 relative to the 1.2 billion hit in 2020? Together, let's continue to make a difference! Okay. 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. analyse how our Sites are used. MacGregor, an engineer . Obviously, you did signal that youd be ramping up CapEx. CEO - Engie. And so every year, we will allocate capital to that, and thats 1.3 billion a year. Tax charges were 300 million lower mainly due to the decrease in profit. A cycle, of course, could be 3, 4, 5 years depending on the country. 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. We continued to put in place dedicated action plans, including OpEx reductions and G&A resizing. This really has two reasons. Dans intrt de la France, The French group last year pledged to invest 12bn ($13.1bn) in its 2019-21 energy transition programme, and was on track to install 9GW of renewables in that period. And then, of course, in terms of Thermal, we will be very opportunistic. So I was wondering whether you could share some thoughts on perhaps where you might be able to get back to perhaps over the medium term in that business? In addition, her appointment as Board member of the Group will be proposed for approval during the General Shareholders Meeting in 2021. If you have an ad-blocker enabled you may be blocked from proceeding. I want to take advantage also to clarify on a question that I was asked earlier on the nuclear impairments and the impact on D&A. If so, do you have a view to what level? This button displays the currently selected search type. And I think, namely complexity is one thing. The first is on the Supply business. organisation In Supply, the outlook is improving, as these activities should strongly recover from COVID and on the assumption of temperature normalization. And so were keeping 40%. January 7, 2021. Biography of Catherine MacGregor - The Official Board We do believe that its important to keep return in mind whenever we bid, and there is no must-win auction in ENGIE. 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? She has managed numerous complex industrial projects, both . Excellent example of circular economy ! And first question is for Catherine MacGregor. In 2021, we already have hedged 80% of the production at 46. So there will be a capital gain on this. Yes. 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Nothing much more structural than that really, James, on supply improvement. But in short, we have big ambition, but we will be disciplined. Welcome to the sector, indeed. "Until regulations happen," they muse, "there's really nothing I, or my company, can do to make a difference." Indeed, we are reviewing, in a bit of a systematic manner, some of the minorities that we hold. Let me now turn to our ESG performance. 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. EBITDA and COI, at 9.3 billion and 4.6 billion, were down by 11% and 21%, respectively, on a gross basis. The negative temperature effect was roughly 100 million in France with lower gas volumes distributed in by GRDF. Catherine, you are in a ENGIE is in a unique position, I think, as a gas network operator with a very attractive Renewables business. I know weve heard from the Chairman very helpfully on this last year, but I think wed love to hear your thoughts on this. 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. Katherine MacGregor - Biography Why the effort to reorganize this entity given the strategic review regarding a potential disposal? 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 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. That will put pressure on Ms MacGregor to make her mark . The reversal of a positive internal one-off from the fourth quarter of 2019 offset in supply as well as the first effect of the RAB remuneration rate decreases also contributed to this lower COI in France. EBITDA and COI were both down significantly from last year mainly due to the impact of the pandemic. Elle devra y appliquer une stratgie dfinie par le conseil d'administration prsid par Jean-Pierre Clamadieu[6]. 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. We think, in general, gas is going to be important in this energy transition. In DHC networks, the worldwide market is expected to grow over 5% per year on average across the next nine the next five years. And then, of course, right after that, you have hydrogen. As you put a fresh perspective into this organization, do you see room for improvement in terms of organization? click here. The second half showed a clear recovery with less stringent confinement measures but also with improved processes and protective equipment for our teams. Some of your peers there have convinced the market that they transitioned to hydrogen. Renewables showed continued progress and overall operational resilience to COVID with organic growth of 11% in 2020. MacGregor is poised to become the only woman leading a company in the CAC 40France's benchmark stock indexwhen she takes the reins at the utility Engie on Jan. 1. Engie names Catherine MacGregor as new CEO - Offshore Energy Thanks, everyone, for your welcome message and very much look forward Judith and I very much look forward to meeting you, extending with you in the future and again, very, very excited about turning those tailwinds that ENGIE has had into reality. And so we will not give specific assets, of course, at any given time. Dans le SBF 120, on y trouve en tout 13 femmes DG et 12 . One was the CapEx. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. Lets now move to our Supply, Nuclear and Other activities. For example, we significantly enhanced our renewables footprint in the U.S. Financial net debt decreased by 3.5 billion to 22.5 billion from December 2019 primarily due to disposal proceeds. (Tech. Judith, you have 1 so about 0.1 billion of dilution at the COI level put in your guidance for 2021. 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. *Criao da poltica nacional de incluso das pessoas 50+ no mercado de trabalho* So its a huge project. And as you might have noticed that lately, we have not really entered the race of enhancement of gigawatt. We are investing significantly in these activities to ensure safety and reliability as well as improving energy efficiency. Its two and probably a little bit more early. 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. And lets now, indeed, look at our priorities for sustainable long-term value creation. Excluding the scope out effect of SUEZ in the fourth quarter, the second half performance in 2020 was similar to previous year. 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. Check if your 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. I think there was another question, which was related to the calendar. Do you have a vision about taking this proportion of minorities down for the group? We are also expecting a year-on-year accretion resulting from the partial disposal of SUEZ and EVBox, which contributed negatively in 2020. Thank you, Catherine, and good morning, everybody. French giant Engie has concluded its search for the new chief executive officer, naming Catherine MacGregor to the position. It mainly affects our renewables and supply activities. And obviously, it mitigates the intermittency, which is still quite an issue with renewables, as we know. First, operating cash flow was 1.1 billion lower, mainly reflecting the drop of EBITDA. Its youre obviously guiding for a significant improvement in Supply COI this year versus last year. ENGIE thanks you for your participation. To Engie in my case. We invested 7.7 billion of CapEx in total. And maybe more importantly, where do you see subsidiary in five years and what it could contribute to your P&L considering the potential growth of these assets? Great post Catherine Fiamma MacGregor! Hosted by His Excellency Ilham Aliyev, President of the Republic of Azerbaijan, my dear friend His Excellency Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan, and Kadri Simson, EU Commissioner for Energy, this is an important forum for advancing Europes #cleanenergy ambitions. 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? During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Laut Konzernchefin Catherine MacGregor werde man im laufenden Geschftsjahr 2023 einen Gewinn zwischen 3,4 und 4 Mrd. In France, we continued to invest into the gas smart meters rollout. We think its important to have a system play on renewables. Okay. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. As always, my team and I are here to assist you, so do please reach out. 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. Maybe I will start with your second question, which relates to the coal used in DHC. Could you just give us an idea on the potential accounting impact of the operations that you are doing on this subsidiary? We remain focused on executing disposals at pace, continuing to simplify the group, creating value and reallocating capital towards growth. And as a result, the second half of 2020 was actually similar to H2 2019 on an organic basis. I think, as you pointed out, theres been a little bit of a race to gigawatts. Weve proven that over and over again in very, very recent past. When I think of hydrogen for ENGIE, I think all of our activities, all of our mtier benefit. Yes. Her appointment as a member of the Group's Board of Directors will be proposed for approval at the General Shareholders' Meeting in 2021. Her main mission was to prepare for the spin-off and IPO of this entity, with energy transition at the heart of the strategy. By Gwnalle Barzic and Geert De Clercq. A very fine, humane gesture that you promised your ENGIE colleagues. Elle est alors nomme prsidente New Ventures de TechnipFMC. A short stay for a rich experience and deep learning. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. The first one regarding the network convergence. Net interest expense was also slightly higher driven by negative FX and lower cash remuneration. We are a smaller company than Engie normally would partner with. 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. Thats really clear. Les miroirs magiques et moulins vent ne seront jamais une alternative au nuclaire franais, Catherine MacGregor will join Engie as CEO. And also, is there any possibility to reverse the decision on the Belgium life extension should the Belgium government change its stance this year? But where should we be hoping that Supply COI gets back to either this year or perhaps over the medium term? We have also good fleet in Middle East and also Latin America. But ENGIE shares have gone, lets say, sort of sideways and even down a bit in that time. personalising content and ads, providing social media features and to Net recurring income group share was in line with guidance but at the bottom end of the range. We also suffer from the same crisis and have also contributed to this, especially in the Corona years. 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. https://noviocean.energy/novigenews-oeec-startup-award-green-tech-net-zero-future/ Alongside renewables, we are also developing projects of up to 3 gigawatts of gas-fired generation. 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! So no impact there, of course, on G&A reduction and about 800 million of assets. Selbst im Worst-Case-Szenario komme Engie dann auf eine Bewertung mit einem KGV von rund 10. In summer 2019, she joined the Executive Committee of TechnipFMC Group, to lead its engineering division. 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. We have made the decision to stop the work to prepare for this such an extension. Im just wondering, youve identified sort of the identity of Renewables, Networks and across Client Solutions. Turning to our major focus areas starting with Renewables. We have progressed on simplifying the group.