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. "Until regulations happen," they muse, "there's really nothing I, or my company, can do to make a difference." 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. 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. But time will tell. In France, we continued to invest into the gas smart meters rollout. Now the guidance for 2021. Sign up for more in-depth articles and insights. We are a media company, specifically facilitating the maritime and offshore industry. Lemjed Bouzekri Thuli MOLOTO Bhupendra Singh Francisca Iturrieta Amadori Berivan Szgn, So pleased that people liked my post on trim tabs. So without going into any specific, youre right to say that it does contribute to the simplification efforts. We are facing an unparalleled opportunity to play a clear and meaningful role in tackling climate change. So when you will reinvest? We invested 1.5 billion of growth CapEx in 2020 mainly for the acquisition of 1.7 gigawatt of hydro assets in Portugal. For example, last year, 91 additional biomethane production units were connected to the French gas grids, and over 85% of these were connected to GRDF. 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. 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. And I was very pleased to hear that you put simplification at the center of your new vision for the group.
PDF CATHERINE MACGREGOR Chief Executive Officer - Engie Strong management actions allowed us to variablize and reduce total OpEx by approximately 300 million. Aarti Singhal - Director of Investor Relations. Thats really clear. 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. 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. To conclude on Thermal, let me highlight the demothballing of two Dutch gas units, demonstrating this fleets flexibility to take advantage of market opportunities. 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.
New organizational structure for a simpler ENGIE to go live on July 1 Let me know below Elle est ingnieur, diplme de l' cole centrale Paris, dont elle sort en 1995. Catherine MacGregor will join Engie as CEO. 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. By Gwnalle Barzic and Geert De Clercq. 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. click here. 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. But we really want to focus on a return-based growth strategy. And I can confirm that the whole executive committee is passionate about moving along our strategy and enhancing our performance culture. Okay. In other geographies, we benefited from commissioning new capacity in the United States and from higher wind production. 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. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. The negative temperature effect was roughly 100 million in France with lower gas volumes distributed in by GRDF. You may change or cancel your subscription or trial at any time online. But on defining the structure, does that mean we have a disposal in Q3, Q4? 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. Holidays ? And so were excited about this transaction. Catherine, the floor is yours.
All options considered for Engie's services business sale-CEO When I think of hydrogen for ENGIE, I think all of our activities, all of our mtier benefit. Finally, on Client Solutions, we see a strong growth potential driven by decarbonization and energy efficiency, especially in heating and cooling networks, on-site generation, and green mobility among other asset-based solutions. And obviously, it mitigates the intermittency, which is still quite an issue with renewables, as we know. We have not seen prices like this in many years. About Catherine MacGregor MacGregor became the CEO of French energy company Engie in January 2021. Even if you ten-double the installations of these sources, the 40% remains. We have a lot of experience over the years developed through our generation and thermal activity. on the development of flexible and resilient energy systems. From 2013 to 2016, she also served as president Europe & Africa at Schlumberger, before being promoted in 2017 to president of the drilling business, while based in London. Overall, we currently estimate a potential net impact at the group COI and net recurring income group share level of between 80 million to 120 million. 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. In addition, we had higher contributions from power transmission lines in Brazil as their construction is progressing well. Included within this guidance is an estimated impact that follows the extreme cold weather in Texas earlier this month. Areas of expertise ; For cost savings, you can change your plan at any time online in the Settings & Account section. The contribution of French renewables was also lower due to the reduction in DBSO margins in 2020. You may now disconnect. And part of this feedstock sometimes continue to rely on coal. And so we are working really hard on these networks to find alternatives to use preferably renewables, things like biomass for example. Her appointment as a member of the Group's Board of Directors will be proposed for approval at the General Shareholders' Meeting in 2021. We completed the SUEZ transaction in October and launched further strategic reviews. In the summer of 2019, she chose to pursue her career in the energy industry by joining the Executive Committee of the TechnipFMC Group to lead its onshore and offshore engineering and construction activities, Technip Energies. I think the team has done, so far, a really nice job. She was in charge of the entitys IPO. At the end of 2020, the financial net debt-to-EBITDA ratio was 2.4 times, a slight decrease compared to December 2019. Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. #solvaylife #workculture #lovemyworkfamily, Celebrating our diverse HR team during the HR Seminar in UAE. Elle est alors nomme prsidente New Ventures de TechnipFMC. A key part of that strategy is its Ocean Winds joint venture with EDPR, which has set out its stall as a global leader in offshore wind. (Tech. Sure. Good luck with the new role, Catherine. Welcome to the utilities world. 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. Thats one thing. Catherine MacGregor joined the ENGIE group on January 1, 2021 as Chief Executive Officer. This really has two reasons. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. Excellent example of circular economy ! En juillet 2019, elle est candidate au poste de prsidente de Schlumberger, mais le conseil d'administration prfre nommer Olivier Le Peuch. And given that theyre contracted, to maybe accelerate other areas of the business? 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. A primeira anlise que feita pelo corpo tcnico do Senado j foi feita e agora a ideia est disponvel para votao popular. Aged 48 and a graduate of cole Centrale Paris, Catherine MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. You can still enjoy your subscription until the end of your current billing period. The key here is really to give that business its own industrial project, its own identity. 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. Our regulated networks offer stability and visibility of earnings to the group with regulatory remuneration arrangements in place through to 2024. The second half of 2020 showed a strong recovery after second quarter, which has which was heavily impacted by COVID. Its, for sure, a large part of the investment case. Aged 48 and a graduate of cole Centrale Paris, Catherine MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. 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. 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? She has spent her entire professional career working in the energy sector. In DHC networks, the worldwide market is expected to grow over 5% per year on average across the next nine the next five years.
Catherine MacGregor Wikipdia We will make sure that we get the right price. Thank you for giving us our voices back with the amazing Diversity, Equity and Inclusion policies at ENGIE . analyse how our Sites are used. And lets now, indeed, look at our priorities for sustainable long-term value creation. But where should we be hoping that Supply COI gets back to either this year or perhaps over the medium term? Could you just give us an idea on the potential accounting impact of the operations that you are doing on this subsidiary? Economic net debt-to-EBITDA ratio was four times stable compared with December 2019 and better than 2020 guidance.
Engie hires oil & gas veteran Catherine MacGregor as CEO for energy She has spent her entire professional career working in the energy sector. This was also driven by higher operational contribution of Brazilian assets and by improved performance from Middle East gas contracted activities.
ENGIE - Catherine MacGregor, Chief Executive Officer of ENGIE from 1 Catherine MacGregor - Chief . Try full digital access and see why over 1 million readers subscribe to the FT, Purchase a Trial subscription for 1 for 4 weeks, You will be billed 65 per month after the trial ends, Russian far-right fighter claims border stunt exposes Putins weakness, Germany seeks to buy Leopard tanks from Switzerland, Germany and Italy stall EU ban on combustion engines, Ukraine asks EU for 250,000 artillery shells a month, Russia on alert after reconnaissance group crosses over from Ukraine, Panic station at Fox News: how the Murdochs agonised over Trumps loss, Saudi owner of Londons most expensive house sued over alleged unpaid private jet bills, UK housing market braced for make-or-break spring, UK cabbage king turns to plant-based proteins, Airlines plan to sue Dutch government over Schiphol airport flight cap, There are no domestic equity investors: why companies are fleeing Londons stock market, Live news updates from March 3: Amazon pauses HQ2 construction, UK regulators launch LME probe, Deluge of inflation data pushes US borrowing costs to 2007 levels, FCA regulator blamed for Arms decision to shun London listing, Clutching Warrens letter, Im still positive on stocks. Catherine was President of Technip Energies at TechnipFMC, and President of Drilling at Schlumberger. Nothing much more structural than that really, James, on supply improvement. Were very pleased. Lets now look at the outlook for 2021 starting with our capital reallocation to fund growth. We will now take our next question from Sam Arie with Union Bank of Switzerland. The peer groups done very well. Thank you, Sam, for your welcome message and your welcome question. 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. And then I also had a question on the coal phase out. 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.