This growth will be partly offset by a lower benefit from the GFOM ruling in Brazil and by the assumed FX deterioration. No, absolutely. Networks were mainly impacted by warm temperatures and by higher D&A. And I think, namely complexity is one thing. 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. I just had indeed, I will stick to two questions as well, maybe a strategic 1 as well and a more detailed 1. Remember that for regulated activities, volume effects are recoverable in the short to medium term through the clawback mechanism and are, therefore, value neutral. Yes. But we really want to focus on a return-based growth strategy. Please go ahead. 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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. In Networks, lower RAB remuneration rates in France should be offset by the reversal of 2020 warm temperatures as well as continued growth in Latin America. Thank you Renata Spada for being yourself and authentic. Lets keep in mind that revenues are also indexed to inflation and will benefit from that increase over time. Were very pleased. I think these are really, really good questions. No, thank you. We have not seen prices like this in many years. 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 so we will not give specific assets, of course, at any given time. We are a media company, specifically facilitating the maritime and offshore industry. Turning to our major focus areas starting with Renewables. 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. 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. When we mentioned the 2 billion of additional disposal to drive simplification, the topics you know about, of course, the strategic reviews that we have announced. 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. I have two questions, and I continue with the trend, 1 for Catherine and 1 on the details for Judith, please. Yes. If we look at the long term, weve got an average of 20% of minority as part of group net income with large minority stakes in Latam, for instance. Catherine MacGregor | 2020 Most Powerful Women International ENGIE - Catherine MacGregor, Chief Executive Officer of ENGIE from 1 organisation In summer 2019, she joined the Executive Committee of TechnipFMC Group, to lead its engineering division. or Together, let's continue to make a difference! COVID had little impact on Nuclear, and its contribution improved by 203 million, mainly reflecting higher achieved prices and lower OpEx. Climate Week NYC 2021: Interview With Catherine MacGregor, CEO Of ENGIE Firstly, Id like to share everyones sentiments in wishing Catherine well in her role. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. French Networks had limited COVID impact also mainly on distributed gas volumes. 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. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. 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. You can still enjoy your subscription until the end of your current billing period. You certainly have a lot of people out here who want you to be very successful. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. I will now hand you back to Catherine for our 2021 priorities. On your two questions, 1 was on the tax rate. 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. Catherine MacGregor chez Engie, Christel Heydemann, chez Orange, et Estelle Brachlianoff, chez Veolia, sortent du lot. I think the team has done, so far, a really nice job. Price is going up. 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 Problem: 40% of the hours of the month there is minimum wind and zero sun. To read more about DN Media Group, Next, a few words on the bridge from EBITDA to net recurring income group share. This was partly offset by a temporary higher effective recurring tax rate at 32.5% in 2020 versus 28.2% in 2019. We will now take the next question from Rob Pulleyn with Morgan Stanley. Two questions from me. So youve been talking about investment discipline. 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. So Id be very interested to reflect to hear your first thought after you have looked at the market for gas. So indeed, were going from 4 billion of growth CapEx to 5.5 billion, 6 billion in 2021. It honours and commits me. 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. So here, generally, the question, how do you think about the future of the gas networks? And how quickly do you think it can actually contribute to your earnings, please? So when you will reinvest? In addition to this strong organic growth, we also added 2 gigawatts through acquisition of operating assets. I'm looking forward to continuing to make a difference together. We are focused on driving our ESG performance using a wide range of metrics, three of which I will discuss here. Other generators like Uniper and Fortum have been very strong as well. Compare Standard and Premium Digital here. And while were not going to grow it at the same rate as Renewables and Networks, we will be opportunistic in managing this fleet. Net recurring income group share was in line with guidance but at the bottom end of the range. So no impact there, of course, on G&A reduction and about 800 million of assets. We strengthened our leadership in green bonds having issued 2.4 billion green bonds in 2020 for a total of 12 billion since 2014. And second, its really focused and making sure that everybody pulls in the same direction. For a full comparison of Standard and Premium Digital, click here. We will run processes. Economic net debt-to-EBITDA ratio was four times stable compared with December 2019 and better than 2020 guidance. In recognition of their outstanding contribution in this energy crisis, given the inflationary context and our financial performance, we have decided to award an extraordinary bonus of 1500 to all ENGIE employees worldwide. We have in the U.S. the largest development pipeline. Net income group share stood at negative 1.5 billion. And as you might have noticed that lately, we have not really entered the race of enhancement of gigawatt. She occupied a number of roles within [] "Until regulations happen," they muse, "there's really nothing I, or my company, can do to make a difference." 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 Its, quite frankly, one of the big wins, I think, of last year when you think about it because both operationally to take this company to a level and multiply by almost 10 times their revenue over the last two years. 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. Yes, two topics that you were talking about, Peter. #solvaylife #workculture #lovemyworkfamily, Celebrating our diverse HR team during the HR Seminar in UAE. 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. Ses parents, d'origine corse et basque[1], sont professeurs. This decrease in total COI was mainly driven by a negative 1.2 billion COVID impact, a negative 300 million pressure from foreign exchange mainly due to the depreciation of the Brazilian real and a negative 160 million impact from French temperatures. In November, we discussed the creation of a new leader in multi-technical services, which would benefit from scale and strong growth prospects. So you say the inflection on the strategy last summer, ENGIE already has started pretty fast on that as you flagged. 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. We invested 4 billion of growth CapEx and successfully commissioned 3 gigawatt of wind and solar assets. personalising content and ads, providing social media features and to To remind, the company said in July that it intends to implement a new capital allocation strategy, focusing on two growth areas servicing the energy transition. She has spent her entire career in the energy sector. #buckminsterfuller #trimtab #climatechange. And so were confident to be able to invest in lots of opportunities that Catherine talked about. 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. Obviously, you did signal that youd be ramping up CapEx. Pour les articles homonymes, voir MacGregor. I wish to thank Paulo Almirante, Judith Hartmann and Claire Waysand who will continue to serve as the interim management team until January 1st., I would like to thank the Board of Directors for the confidence it shows in me. For a full comparison of Standard and Premium Digital, click here. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. But that brings me to my question actually. Its two and probably a little bit more early. 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. All information you need to have a pleasant time during the event. This decision to appoint Macgregor, effective as of January 1, 2021, is the result of a selection process started at the end of July. 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. Bereits 2025 wolle Engie wieder einen Gewinn von bis zu 4,7 Mrd. The enshittification of apps is real. Let me give you the 2020 COI highlights. Engie names Catherine MacGregor as new CEO - Offshore Energy And I was interested to get your philosophy about minorities. 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. And so from a financial impact standpoint, unlikely to be a 2021 story. 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. Altogether, these units can contribute to a yearly production of up to 3.9 terawatt hours, equating to the annual gas consumption for hitting approximately one million new build homes in France. On the 100 million, quite frankly, there isnt any unusuals that you should assume. 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. A warm welcome as well to you, Catherine MacGregor. Lets now move to our Supply, Nuclear and Other activities. A short stay for a rich experience and deep learning. 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. Now its a little bit difficult for me to really be critical about the past. Selbst im Worst-Case-Szenario komme Engie dann auf eine Bewertung mit einem KGV von rund 10. You can store it. The ability to manage risk, we see mature risk increasing in the renewable arena, and we are really good at that. 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. Regarding Client Solutions project backlog, we recorded a total increase of 5% since December 2019, representing approximately 13 months of activity. But let me reassure you, there are several processes that have been launched, and so were confident that we can move at speed to really help simplify the group through the disposals. Non Madame 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. For example, we signed several corporate PPAs with Amazon for a 650-megawatt global portfolio of wind and solar projects across the U.S., Italy and France. Compared to 2020 guidance, Im pleased that both EBITDA and COI stood above the ranges we indicated last summer. It's inspiring to see how ENGIE's strategy for a balanced, affordable, and resilient energy mix has proven its relevance in these uncertain times. They represent a key long-term growth engine for the group. 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. Judith, you want to answer the second question? 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. There is a very, very strong will power within the team to do that. Elle travaille pendant 23 ans chez Schlumberger. And moving now to our international networks, where we are leveraging the deep networks experience we have in Europe. Regarding COVID, our projections assume restrictions similar to the fourth quarter 2020 and a gradual easing over 2021. 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? Stepping back. 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]. offers FT membership to read for free. To Engie in my case. In 2021, we already have hedged 80% of the production at 46. 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. 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! Katherine MacGregor - Wikipedia [Operator Instructions] We will take our first question from James Brand with Deutsche Bank. Ow, nobetter ! With our strong local presence in key geographies and leading capabilities across the power generation value chain, including in energy management, which is a key for commercializing renewable energy, we are confident in our ability to drive long-term value creation from this renewables growth. We have already secured better pricing for 18% of our 2021 output at 46 per megawatt hour. We will now take our next question from Sam Arie with Union Bank of Switzerland. And weve made some moves last year, and we will continue to do that. 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. We also continued our relentless pursuit of simplifying the group. So thats one aspect of it. And Ill turn to Judith maybe for the cash flow from Nuclear. 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. And of course, hydrogen as it gets developed, indeed, could be very much more linked to power than maybe gas was in the past. Indeed, we had an increase a temporary increase in 2020 to 32.5%. And so our thermal fleet has a very, very important role to play there. On the strength of our shared industry culture and my operational experience, I will work with all of our teams to achieve our goal of enabling Engie to accelerate the energy transition.. How old is Ms MacGregor? Find here the list of all the sessions presented by this speaker in order not to miss any of it. From 2019 to 2020, she was a member of TechnipFMC Executive Committee and the head of Technip Energies, hosting the engineering activities. The Board has reaffirmed the groups dividend policy and proposed for 2020 a payout ratio of 75%, which is at the top end of the range. So its a little bit of a total team, but we at this stage, that decision from the government hasnt been explicit. We have strict criteria, and we will stick to them. En 2020, elle est pressentie pour diriger Technip Energies, une socit en cours de cration base Paris d'environ 12000personnes issue de la scission de TechnipFMC en deux entits spares. 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. And Im going to pass it on to Judith now for the COI details on Renewables. These headwinds were partially offset by various one-offs, including an internal negative 2019 one-off mirrored in Networks. And this is something, obviously, that we are going to continue and push. Weve proven that over and over again in very, very recent past. MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. So the 150 million I gave is correct. . We remain focused on executing disposals at pace, continuing to simplify the group, creating value and reallocating capital towards growth. 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. So I think this is a key point Id be interested in. We had very good results from our Italian assets due to higher level of ancillaries as well as to higher spreads captured throughout Europe. Read more about DN Media Group here. 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. We have ambitious goals to continue to simplify ENGIE at pace to play a key role in accelerating the energy transition and to focus on the long-term profitable growth of the group. Great post Catherine Fiamma MacGregor! 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. Catherine MacGregor joined the ENGIE group on January 1, 2021 as Chief Executive Officer. 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? COI decreased mainly driven by a 600 million impact from the pandemic. 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. Currently, Catherine MacGregor holds the position of Chief Executive Officer for ENGIE SA. And I just wanted maybe to clarify that the government has not explicitly made the decision. So for my question, the first is on the asset rotation. We also increased the share of renewables in our portfolio to 31%, and I will cover this in more details shortly. Thank you very much, Judith. #Renewables: We have commissioned 2.5 GW of new #renewableenergy capacity since January and are on track to reach 4 GW by the end of the year. But the idea is that for the big production projects, we will give the Thermal people and the Thermal team, the responsibility to run those hydrogen production plans and projects because some of the skills are actually quite similar. As CEO of ENGIE, I am particularly proud of what we have achieved with our teams. It is important to say that our renewables growth ambition is not about entering a gigawatt race. Hopefully, thats an easy one, but would be very helpful. 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. I think we are now about time, so I would like to thank you for your attention. Let me now turn to our ESG performance. Its coal exits. Engie board set to appoint Catherine MacGregor as new CEO. Compare Standard and Premium Digital here. Hopefully you can also take this into account? As CEO, Catherine MacGregor will focus on defining and implementing the Group's strategic road map, in particular around the two priority areas announced in July 2020 by the Board of Directors: speeding up growth in renewable energies and energy infrastructure such as cooling and heating networks. 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. On the impact, the positive impact on 2021, on the impairment, it was about 2 billion related to goodwill. There are 25 older and 1 younger executives at ENGIE SA. Yes. Engie appoints oil services executive to execute new renewables strategy Also adding to national energy insecurity and dependence on fossil producing countries at colossal scale. Select Accept to consent or Reject to decline non-essential cookies for this use. So these are some of the things that we are excited about when we think about our network assets, and we like it. We have also good fleet in Middle East and also Latin America. H2, In Supply, the outlook is improving, as these activities should strongly recover from COVID and on the assumption of temperature normalization. Before I say more on this, let me review the groups overall 2020 performance. 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. A particular region of international growth in Networks has been Latin America, where, in addition to gas, we are also building power transmission lines. And what is your philosophy there? This is what I am committed to. And Judith will give you a little bit of the background and more details on the rest. Thank you very much, James, for your question. What you would be looking for? And so were excited about this transaction. We are facing an unparalleled opportunity to play a clear and meaningful role in tackling climate change. Its were rounding numbers here, as you can see, because like I said, this is our target. This change led to an impairment, which Judith will cover shortly. Simply log into Settings & Account and select "Cancel" on the right-hand side. 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. So I thought, on this occasion, it would be great if you could take a few minutes just to share with us sort of your perspective on why the last few years have been so difficult for ENGIE, why the 2016 asset rotation plan didnt really deliver in the end and why the current asset rotation plan may be more successful.
Sue Hart Psychologist Albany, Articles C
Sue Hart Psychologist Albany, Articles C