These factors, together with a track record in decentralized infrastructure and a fast-growing position in renewable gases, means we are very well placed indeed. So again, when you think about the business and the need to have a resilient power system, gas has actually a very critical role to play. [indiscernible] Sam, for putting more pressure on us. Im Aarti Singhal, Director of Investor Relations at ENGIE, and welcome to our 2020 annual results conference call. So really, in summary, three elements: complexity, sharper capital allocation, everybody pulling in the same direction and performance culture are three important elements, I think, that are going to make a difference and allow ENGIE, indeed, to strive in those strong tailwinds that continue to be there for us. I was happy to see so many enjoying each others company. I will now hand you back to Catherine for our 2021 priorities. Stepping back. And the second one, if I may ask, around Client Solutions. Pour viter se gchis financier avec l'argent des franais Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. We are focused on driving our ESG performance using a wide range of metrics, three of which I will discuss here. Please go ahead. 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. We support credit card, debit card and PayPal payments. This included 1.7 gigawatt of hydro plants in Portugal, which benefit from long-term concession arrangements. Included within this guidance is an estimated impact that follows the extreme cold weather in Texas earlier this month. Now that doesnt mean that we should not have discipline. Thank you very much, James, for your question. The second quarter was unprecedented and very, very stringent lockdown measures in our main countries. 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. Les miroirs magiques et moulins vent ne seront jamais une alternative au nuclaire franais, Renewables showed continued progress and overall operational resilience to COVID with organic growth of 11% in 2020. Turning to an update on the strategic review of part of our Client Solutions business that was launched in the second half of last year. 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. Thats one thing. Catherine MacGregor, ne Catherine Fiamma le 7 aot 1972 au Maroc, est un ingnieur et chef d'entreprise de nationalit franaise. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. But that brings me to my question actually. I would like to pay tribute to their mobilization, which has enabled us to: 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. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. 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. Jusqu' l'arrive de Christel Heydemann la tte d'Orange en 2022, elle est la seule femme la tte d'une entreprise du CAC 40[7]. Our environment is changing. I have only started to get to know them, and Im already extremely impressed by their engagement, their professionalism and their talent. From November 1st DN Media Group is responsible for controlling your data on Recharge. Joe Biden teaches the EU a lesson or two on big state dirigisme, Elon Musks Twitter is dying a slow and tedious death, Who to fire? Thank you, Sam, for your welcome message and your welcome question. Thank you very much for your attention, and I would like to turn now the line back to the operator for the Q&A session. In 2020, most of our newly commissioned assets were onshore wind followed by solar. Although we were in crisis management most of 2020, we did not lose focus on our long-term objectives and continued to invest for the future. In addition to EVBox, we expect to execute disposals of around 2 billion, aligned with the group simplification. Operationally in 2020, the group continuously evolved processes to tackle COVID, and we maintained high health and safety standards for both occupational and process safety. Next, a few words on the bridge from EBITDA to net recurring income group share. Precisamos de 20.000 apoios para que a ideia se transforme em lei. Again, especially when it comes to replace when it replace coal. You mentioned diversity of vast diversity of business line, et cetera. 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. And side comment also on this is that our employees are obviously very excited about renewable as being a growth center of a growth engine for us in ENGIE, so as well as obviously being a key goal of our ESG road map. An example of the latter is the continued rollout of smart meters, where we installed an additional two million smart meters in France last year. In just eight weeks that I have been here, I can already see the tremendous potential ENGIE has in accelerating this energy transition. Sure. MacGregor, an engineer . 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. Now its a little bit difficult for me to really be critical about the past. In Nuclear, we expect contribution to increase as volumes should be higher, thanks to better availability. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. And the answer is yes. Now of course, its going to depend on when its closing, at what price, but it will be a few hundred million. We had 1.2 billion total impact last year. 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. ENGIE announces that Catherine MacGregor took up her post as Chief Executive Officer of the Group on 1 January 2021. On the impact, the positive impact on 2021, on the impairment, it was about 2 billion related to goodwill. 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. 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. And on these assets, if you assume the five remaining years until 2025, its about 150 million of impact a year positive. And then, of course, right after that, you have hydrogen. We have also started to adopt the existing gas transport networks by commissioning three reverse flow installations in 2020, which allow biomethane to flow from the distribution grid to the gas storage units. 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. Check if your We have a high performing gas fleet, as you know, which is very important in our mind to bring the flexibility to the system. Okay. A short stay for a rich experience and deep learning. So we really have some really nice differentiation that we want to use in order, for sure, to be competitive but without sacrificing the return. Welcome to the sector, indeed. In DHC networks, the worldwide market is expected to grow over 5% per year on average across the next nine the next five years. For cost savings, you can change your plan at any time online in the Settings & Account section. Ow, nobetter ! Im just wondering, youve identified sort of the identity of Renewables, Networks and across Client Solutions. Our greenhouse gas emissions from power production reduced 9% to 68 million tons as the share of coal has further decreased in 2019. Chief Executive Officer at NOVIGE AB, Mission Innovation Champion, Innovator of the Year, Seal of Excellence European Commission, Propeller Prize - Stena Line 2mo Glad to see all the progress. And so we will not give specific assets, of course, at any given time. It was in this ramp-up that we were doing on renewability was the first time that we had significant sell downs. Our regulated networks offer stability and visibility of earnings to the group with regulatory remuneration arrangements in place through to 2024. We have made the decision to stop the work to prepare for this such an extension. ENGIE SA (OTCPK:ENGIY) Full Year 2020 Earnings Conference Call February 26, 2021 4:00 AM ETCompany Participants. Simply log into Settings & Account and select "Cancel" on the right-hand side. 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? organisation Yes, two topics that you were talking about, Peter. It will also require some infrastructure, maybe not with the same density at todays gas network. 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. Okay. 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. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. #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. 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. A cycle, of course, could be 3, 4, 5 years depending on the country. We are investing significantly in these activities to ensure safety and reliability as well as improving energy efficiency. Engie has been riven in the past by fights between chairman and CEO and is a company where the board plays a big role in shaping strategy. And Networks, given that we do, we continue to invest here in France into the RAB, you will see a relative quick turnaround into contribution. For a full comparison of Standard and Premium Digital, click here. Starting with our biggest contributor, Latin America, we had 195 million headwind from FX and an unfavorable energy allocation for hydro in Brazil. And so we have assumed a very strong recovery like we have seen it in the second half. That's where the "trim tab" comes in. But on defining the structure, does that mean we have a disposal in Q3, Q4? And then on your DBSO question, what were expecting for 2021 is roughly in line with what we had in 2020, so just below 100 million. On the following slide, Ill share our 2021 expectations for each business line. Catherine MacGregor will join Engie as CEO. I have a couple of questions, 1 for Catherine and 1 for Judith. Offshore wind is typically much longer. fusion, In our asset-light activities, we have a healthy order book and a project backlog of over 11 billion, offering good visibility for 2021. And how quickly do you think it can actually contribute to your earnings, please? Together, these drivers helped to more than offset negative foreign exchange in Brazil, Mexico and Argentina. Catherine MacGregor chez Engie, Christel Heydemann, chez Orange, et Estelle Brachlianoff, chez Veolia, sortent du lot. We also continued our relentless pursuit of simplifying the group. Networks were mainly impacted by warm temperatures and by higher D&A. 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. Compared to 2020 guidance, Im pleased that both EBITDA and COI stood above the ranges we indicated last summer. 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? The enshittification of apps is real. 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. Il serait pertinent de se concentrer sur l'aprs nuclaire, 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. 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. You can still enjoy your subscription until the end of your current billing period. 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? No, thank you. The first is on the Supply business. Catherine MacGregor is an engineer and graduate of cole Centrale de Paris (CentraleSuplec). Catherine Macgregor (Courtesy of Engie) MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. Problem: 40% of the hours of the month there is minimum wind and zero sun. cookies Okay. Following which, as usual, well open the lines for Q&A. I think, as you pointed out, theres been a little bit of a race to gigawatts. 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. Elle est alors nomme prsidente New Ventures de TechnipFMC. 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. We do think that we have quite a specific signature within ENGIE, and we do like our gas assets. 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. We use cookies in a variety of ways to improve your experience, such as keeping NHST websites reliable and secure, personalising content and ads and to analyse how our sites are being used. So naturally, were landing more just below a 100 million figure for 2021. 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. You have to keep in mind, about 200 million of that were related to SUEZ, which is now gone, of course. 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. Access to customer sites was much reduced during the strict lockdowns of the second quarter 2020, and we were not able to perform various services. This growth will be partly offset by a lower benefit from the GFOM ruling in Brazil and by the assumed FX deterioration. And this is something, obviously, that we are going to continue and push. Chief Executive Officer at NOVIGE AB, Mission Innovation Champion, Innovator of the Year, Seal of Excellence European Commission, Propeller Prize - Stena Line, Glad to see all the progress Engie is doing in becoming a renewable leader. You mentioned the COVID impact and how to think about it in 2021. Please. We will now take the next question from Rob Pulleyn with Morgan Stanley. Elle a t leve au Maroc[1]. Yes. Net recurring income group share was within the guidance range, and Judith will cover financial performance in more detail shortly. Lets keep in mind that revenues are also indexed to inflation and will benefit from that increase over time. ), has announced that he will retire on 31 CGG announced today (March 2) the appointment of Jrme Serve as Group Chief Financial Officer. We have already secured better pricing for 18% of our 2021 output at 46 per megawatt hour. Good luck with the new role, Catherine. 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+. We are also expecting a year-on-year accretion resulting from the partial disposal of SUEZ and EVBox, which contributed negatively in 2020. 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. And its hard to know theres obviously been some pretty big changes in competitive dynamics over the last couple of years. The Board of Directors decided to appoint Catherine MacGregor as ENGIE Chief Executive Officer. is its Ocean Winds joint venture with EDPR. And so every year, we will allocate capital to that, and thats 1.3 billion a year. And the second one is very bad timing. 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 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. Organically, these evolutions were slightly better. Last but not least, visiting BV head office in Mumbai and meeting SSC and SAR management team. If so, do you have a view to what level? personalising content and ads, providing social media features and to Not related to what I normally post, but I saw an article this morning from #NewstalkZB and thought it was brilliant. So in general, we have 31-gigawatt portfolio. 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. I would love to hear from you. Net recurring income group share was in line with guidance but at the bottom end of the range. 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. Before I share my view on 2021, here are our 2020 financial highlights. Ms MacGregor, an engineer by training who was born and raised in Morocco, will start in the CEO job on 1 January 2021, taking over a company that has been roiled over the past few years by a. From 2019 to 2020, she was a member of TechnipFMC Executive Committee and the head of Technip Energies, And Ill turn to Judith maybe for the cash flow from Nuclear. So all of the work that we started last year and that we are doing as part of this consultation is to bring these activities into a coherent entity, and this is really happening now with a commonality in terms of mtier, activity type, expertise, purpose and also industrial project. Euro erzielen und am Vorhaben festhalten, jhrlich 65 . Lower results from SUEZ also impacted Client Solutions COI by approximately 160 million. 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. We invested 4 billion of growth CapEx and successfully commissioned 3 gigawatt of wind and solar assets. My first reaction with the bonus: Wow great ! Good morning, everyone. There are 25 older and 1 younger executives at ENGIE SA. This was really driven by mix of the results, changes in some tax laws, including in the UK, and we are expecting to go to a more normal level at the 25% kind of range in 2021. Thanks to Faye Kirby and Rodica Roman for organizing the event and thanks to the many helpers! Is it something that could be you realize value of and take advantage of low rates? Long-term growth drivers for asset-light activities are also strong, underpinned by major international actions plans, such as the European green deal towards making the EUs economy sustainable. And does is your vision about full ownership versus minorities guiding your capital allocation going forward? 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. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. 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