We are a media company, specifically facilitating the maritime and offshore industry. 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. Thank you very much, Aarti, and good morning, everyone. 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. Thank you, Sam, for your welcome message and your welcome question. Let me start with your second question, and then I will hand over to Judith, who will go through the details of the impairment impact, if you dont mind, Rob. And second, its really focused and making sure that everybody pulls in the same direction. However, the gross COI evolution was negative 125 million mainly due to foreign exchange. And so from a financial impact standpoint, unlikely to be a 2021 story. So there will be a capital gain on this. analyse how our Sites are used. I was happy to see so many enjoying each others company. Hopefully, thats an easy one, but would be very helpful. Her professional and personal skills will be essential assets in accelerating ENGIEs transformation. Catherine Fiamma MacGregor on LinkedIn: ENGIE 9M 2022 Financial Non Madame She has spent her entire professional career working in the energy sector. Thank you Renata Spada for being yourself and authentic. Welcome again to Catherine. 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. And as you might have noticed that lately, we have not really entered the race of enhancement of gigawatt. This is value neutral over time as D&A is integrated in the regulated revenue. However, we claim we have a valid solution to the above problem,, inviting large corporations like Engie and others reading this, to scrutinize our numbers and concept very carefully. 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. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Lower results from SUEZ also impacted Client Solutions COI by approximately 160 million. You may change or cancel your subscription or trial at any time online. Find here the list of all the sessions presented by this speaker in order not to miss any of it. La diversit en actions - Interview de Catherine MacGregor, directrice Long-time Schlumberger executive to join next year as French utility giant gears up in renewables. 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. 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. #beyou #beunique #beunited ENGIE Africa We continue to develop these activities, including through an acquisition of the worlds largest district cooling scheme in Dubai, allowing us to increase our DHC net installed capacity by 9%. 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. is its Ocean Winds joint venture with EDPR. 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. And while were not going to grow it at the same rate as Renewables and Networks, we will be opportunistic in managing this fleet. Now having said that, we are also very excited about transitioning our gas systems into renewable and by that, I mean, renewable gas. To Engie in my case. 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. Elle est alors nomme prsidente New Ventures de TechnipFMC. Excluding the scope out effect of SUEZ in the fourth quarter, the second half performance in 2020 was similar to previous year. Now from a also power system standpoint, gas today is also a very nice complement to renewables because it has brings the flexibility. That's where the "trim tab" comes in. And so we will not give specific assets, of course, at any given time. This translates to a dividend of 0.53, which will be proposed for shareholder approval at our AGM on the 20th of May. And if so, what quantity? 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. The 0.1 billion, is this a 2020 contribution of the businesses youre going to sell? MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. On organic evolution per business line, Renewables, Thermal and Nuclear were resilient and even grew organically. personalising content and ads, providing social media features and to Premium access for businesses and educational institutions. In summer 2019, she joined the Executive Committee of TechnipFMC Group, to lead its engineering division. And the second one, if I may ask, around Client Solutions. https://www12.senado.leg.br/ecidadania/visualizacaoideia?id=167822. 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. 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. Catherine MacGregor est elle-mme mre de deux filles[2]. 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. In that entity that we are forming, which is the object of the consultation weve talked about, there will be 34,000 roughly 74,000, sorry, 74,000 people. https://noviocean.energy/documents/ Before I say more on this, let me review the groups overall 2020 performance. Biography of Catherine MacGregor - The Official Board 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? From 2019 to 2020, she was a member of TechnipFMC Executive Committee and the head of Technip Energies, And I was very pleased to hear that you put simplification at the center of your new vision for the group. 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. We are also expecting a year-on-year accretion resulting from the partial disposal of SUEZ and EVBox, which contributed negatively in 2020. ENGIE - Catherine MacGregor, Chief Executive Officer of ENGIE from 1 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. And my second question will be more accounting related regarding EVBox. So its a huge project. You mentioned the COVID impact and how to think about it in 2021. All options considered for Engie's services business sale-CEO At Climate Week NYC 2021, the CEO of ENGIE, Catherine MacGregor explains how ENGIE will actively participate in decarbonizing its emissions by 2030. 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. 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. We have also good fleet in Middle East and also Latin America. The 281 million year-on-year COI decrease notably reflects warm temperatures and higher D&A in France. So thats a positive. 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. Ow, nobetter ! MacGregor, an engineer . Judith, you want to answer the second question? 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. With respect to the recent extreme weather events in Texas, we are assessing the situation. 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. 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. Strategy: we have made progress in the execution of our plan to build a stronger and more unified Group, on the offensive to accelerate the energy transition. We have made the decision to stop the work to prepare for this such an extension. We are expecting this to happen in a matter of weeks, following the closing of the SPAC transaction. Recharge is part of DN Media Group. Firstly, Id like to share everyones sentiments in wishing Catherine well in her role. Lemjed Bouzekri Thuli MOLOTO Bhupendra Singh Francisca Iturrieta Amadori Berivan Szgn, So pleased that people liked my post on trim tabs. Last but not least, visiting BV head office in Mumbai and meeting SSC and SAR management team. Obviously, well give you more color on our ambition on renewables in May. H2, Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. And Judith will give you a little bit of the background and more details on the rest. The Board of Directors decided to appoint Catherine MacGregor as ENGIE Chief Executive Officer. Catherine, the floor is yours. #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. Harnessing 35 years of expertise to power the future of Energy and Water with data-driven solutions. 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. Other generators like Uniper and Fortum have been very strong as well. Before I share my view on 2021, here are our 2020 financial highlights. 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. The second half of 2020 showed a strong recovery after second quarter, which has which was heavily impacted by COVID. The oldest executive at ENGIE SA is Francoise Malrieu, 73, who is the Independent Director. Therefore our industry is [], ENGIE steps up its energy transition, targets renewables, MacGregor to supply RoRo equipment for K Lines LNG-powered newbuilds, Equinor and Engie press ahead with H2BE hydrogen project in Belgium, Engie names Catherine MacGregor as new CEO, MacGregor to supply all-electric RoRo equipment to H-Lines PCTCs, MacGregor to equip 4 more Hegh Autoliners multi-fuel PCTCs, In focus: Investments in oil, offshore wind hit a snag. And weve announced that there might be a second step, but we will obviously cross that bridge when it comes to it. Problem: 40% of the hours of the month there is minimum wind and zero sun. And Ill turn to Judith maybe for the cash flow from Nuclear. 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. When I think of hydrogen for ENGIE, I think all of our activities, all of our mtier benefit. And the answer is yes. Est 53 centrales nuclaires qui vous donnent l'lectricit la moins chre au monde, Net interest expense was also slightly higher driven by negative FX and lower cash remuneration. No, thank you. Alongside renewables, we are also developing projects of up to 3 gigawatts of gas-fired generation. Engie will also capture opportunities resulting from recovery plans announced in Europe, notably related to the development of green gases (biogas and hydrogen). And I think the way I want to say this is I think we know the broad plan now for the business, but I think its also important to look back at the last 5 years and understand why essentially the investment thesis has not delivered so far for shareholders. Engie board set to appoint Catherine MacGregor as new CEO. Now the markets are looking at the remaining energy services. To this end, we expect to invest between 5.5 billion to 6 billion growth CapEx, with over 90% of this in renewables, networks and asset-based client solutions. The first is on the Supply business. Yes. 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. The negative temperature effect was roughly 100 million in France with lower gas volumes distributed in by GRDF. 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. A cycle, of course, could be 3, 4, 5 years depending on the country. We have a lot of experience over the years developed through our generation and thermal activity. Its, for sure, a large part of the investment case. 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. Pour viter se gchis financier avec l'argent des franais Precisamos de 20.000 apoios para que a ideia se transforme em lei. Thanks to Faye Kirby and Valencia Anderson for setting up the display and sharing books written by black authors. And thats really the key part of what we do. This was linked to a recovery of past energy costs, following the agreement on renegotiation of hydrological risk, which was finalized at the end of 2020. We will run processes. Engie board set to appoint Catherine MacGregor as new CEO We are investing in our strategic priorities for long-term value creation. 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 expect to invest between 5.5 billion and 6 billion in growth CapEx with over 90% allocated to our strategic priorities. commentary and analysis you can trust. 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. ENGIE announces that Catherine MacGregor took up her post as Chief Executive Officer of the Group on 1 January 2021. This really has two reasons. So we feel very good about [indiscernible]. If so, do you have a view to what level? Carbon neutrality is at the heart of ENGIEs purpose and central to our strategic direction. And as in the past, we will be very mindful of timing. Thank you, Sam, for this question. 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. 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. 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. Now that doesnt mean that we should not have discipline. Let me now move to a detailed view per business line. The current total coupon of 100 million per year has been reduced by 28% since 2017. 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. These projects could participate in the Belgium capacity remuneration market auctions in the second half of this year once approved by the European authorities. Estabelecer as diretrizes legais e normativas para incentivar a contratao de pessoas com 50 anos ou mais nas organizaes privadas atravs da reduo de impostos sobre a folha destes empregados. Im a lot looking forward to presenting the regional EMEA address on March 1st together with my dear colleague Ryan Demaray. 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. and other data for a number of reasons, such as keeping FT Sites reliable and secure, So on EVBox, were very happy to have announced this transaction. And we will now take our next question from Ajay Patel with Goldman Sachs. How old is Ms MacGregor? Together, these drivers helped to more than offset negative foreign exchange in Brazil, Mexico and Argentina. They represent a key long-term growth engine for the group. Moving to Networks, which were resilient despite the pandemic. I have one question for Judith and one for Catherine, please. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Check if your Judith? and other data for a number of reasons, such as keeping FT Sites reliable and secure, So and then maybe Ill add that there is also, I think, a lot of things we can do and we are doing, and we will continue to do and even increase around industrialization, procurement, supply chain, of course, digital. Biography [ edit] You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. In 2020, most of our newly commissioned assets were onshore wind followed by solar. Delivering on decarbonization while ensuring reliability and affordability can only be achieved through a combination of centralized and decentralized solution and with a mix of energy sources. Comptences clefs . The ENGIE Board set out strategic orientations for the group last year in July 2020, and my new executive team and I have three clear priorities: firstly, simplifying the group at pace; secondly, investing further, investing in renewables, networks and asset-based client solutions, as these are areas of competitive strength for ENGIE; and finally, strengthening our groups commitment to the energy transition. Catherine MacGregor Lets now move to our Supply, Nuclear and Other activities. Selbst im Worst-Case-Szenario komme Engie dann auf eine Bewertung mit einem KGV von rund 10. 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. 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 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). If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. And hopefully, we can share more of that in May when we come back to you. 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. 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. Yes. As you put a fresh perspective into this organization, do you see room for improvement in terms of organization? For example, we significantly enhanced our renewables footprint in the U.S. 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. I would say that some of the things that were decided last year with these strategic orientations, I am very, very convinced that well address some of the shortfalls that can explain some of the ENGIEs underperformance in the past few years. In addition, her appointment as Board member of the Group will be proposed for approval during the General Shareholders Meeting in 2021. And does is your vision about full ownership versus minorities guiding your capital allocation going forward? 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. French utility's new chief Catherine MacGregor to increase investment in renewables. Climate Week NYC 2021: Interview With Catherine MacGregor, CEO Of ENGIE And this is something, obviously, that we are going to continue and push. And so to in that respect, I think your comment might be valid. This very unusual year translated into a mixed set of numbers. 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. And the second one is very bad timing. Maybe some thoughts. 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. These headwinds were partly offset by a 700 million positive change in working capital requirements from energy management activities driven by dynamic management of margin calls in 2020 in a context of extreme volatility of commodity prices. We will now take our next question from Peter Bisztyga with Bank of America. 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. It honours and commits me. 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. *Criao da poltica nacional de incluso das pessoas 50+ no mercado de trabalho* So Id be very interested to reflect to hear your first thought after you have looked at the market for gas.
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