Let me now move to a detailed view per business line. Even if you ten-double the installations of these sources, the 40% remains. Or does it have its own game plan? This decision to appoint Macgregor, effective as of January 1, 2021, is the result of a selection process started at the end of July. 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. At the end of 2020, the financial net debt-to-EBITDA ratio was 2.4 times, a slight decrease compared to December 2019. I will now hand you back to Catherine for our 2021 priorities. 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. Because there was a time when that business was making around 600 million of COI. 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. 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? 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. 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. You mentioned that you would also phase out coal in district heating. We see a huge potential for hydrogen, and we are already making significant progress in biomethane. And first question is for Catherine MacGregor. Lower results from SUEZ also impacted Client Solutions COI by approximately 160 million. 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. Catherine MacGregor joined the ENGIE group on 1 January 2021 as Chief Executive Officer. Thats one thing. Dans ce poste prestigieux et trs expos politiquement, elle succde Isabelle Kocher, partie le 24 fvrier 2020 et remplace provisoirement par Claire Waysand. 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. 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. And its hard to know theres obviously been some pretty big changes in competitive dynamics over the last couple of years. The 281 million year-on-year COI decrease notably reflects warm temperatures and higher D&A in France. So to summarize, ENGIE made progress at pace in 2020. On the 100 million, quite frankly, there isnt any unusuals that you should assume. So firstly, theres step-up in CapEx in 2021 versus your sort of prior 10 billion 3-year plan. Again, especially when it comes to replace when it replace coal. I was wondering whether you could just remind us where youre still using coal in district heating and what the options are there, whether youre planning on investing and converting those units to cleaner fuels? And so the number that I quoted, which was the injection that we did last year, you start to see that it becomes meaningful. And so we consider that these are going to be very important in the near term at least in order to maintain a power system that is both robust and affordable, which was some of the features that I described in my talk, as extremely, extremely important for this energy transition. 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. Here's a bit more, on climate change and from a few years ago, but still relevant. In France, we continued to invest into the gas smart meters rollout. 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. 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. Depending on opportunities, it could be this asset or another one. I was very pleased to participate in the 9th Ministerial Meeting of the Southern Gas Corridor Advisory Council, and the 1st Ministerial Meeting of the Green Energy Advisory Council, held in #Azerbaijan last week. For this, I would like to say a big thank you to Judith, Paulo and Claire for their strong leadership in 2020, as they had the dual challenge of advancing the group simplification agenda whilst, at the same time, ensuring we continue to deliver essential services to our customers. Judith, you want to answer the second question? 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. A very fine, humane gesture that you promised your ENGIE colleagues. Hopefully, thats an easy one, but would be very helpful. 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. Ladies and gentlemen, this concludes this conference call. 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. We also posted higher financial costs. You can still enjoy your subscription until the end of your current billing period. Now of course, its going to depend on when its closing, at what price, but it will be a few hundred million. Her appointment as a member of the Group's Board of Directors will be proposed for approval at the General Shareholders' Meeting in 2021. In other words, direct stable energy is needed these hours. Enel nearly tripled, Orsted quadrupled. Catherine Macgregor (Courtesy of Engie) MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. 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. I have only started to get to know them, and Im already extremely impressed by their engagement, their professionalism and their talent. And also, is there any possibility to reverse the decision on the Belgium life extension should the Belgium government change its stance this year? Thank you, Sam, for this question. 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. So can you be a little bit more specific about where the extra CapEx is being spent this year and how youve been able to ramp it up so quickly? ), has announced that he will retire on 31 CGG announced today (March 2) the appointment of Jrme Serve as Group Chief Financial Officer. Lets keep in mind that revenues are also indexed to inflation and will benefit from that increase over time. Included within this guidance is an estimated impact that follows the extreme cold weather in Texas earlier this month. Turning to our major focus areas starting with Renewables. And I look forward to leveraging their strengths to deliver on a full agenda in such critical times for the energy industry and for ENGIE. Elle est ingnieur, diplme de l' cole centrale Paris, dont elle sort en 1995. But is it bad? If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. These negative figures were partly offset by capital gains mainly coming from the SUEZ transaction. This is what I am committed to. And as you might have noticed that lately, we have not really entered the race of enhancement of gigawatt. Thats what Id like to understand because we need to consider whats the dilution of as well the midterm period, not only 2021. Biography [ edit] Today, I am very pleased to announce a commitment to exit all coal assets in Europe by 2025 and globally by 2027, in line with our purpose to drive carbon neutrality. offers FT membership to read for free. Our portfolio of wind and solar assets has an average age of five years with an average residual contract duration of 15 years, which offers us with good visibility of earnings. Are you talking about Q3, Q4 for the end game? Is it something that could be you realize value of and take advantage of low rates? And so were excited about this transaction. We will then consider next steps and review future ownership options for the new entity in the second half, maximizing value and acting in the interest of all our stakeholders. 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. Financial net debt decreased by 3.5 billion to 22.5 billion from December 2019 primarily due to disposal proceeds. Catherine will then come back and share our priorities. In addition to EVBox, we expect to execute disposals of around 2 billion, aligned with the group simplification. And Im going to pass it on to Judith now for the COI details on Renewables. Standard Digital includes access to a wealth of global news, analysis and expert opinion. ENGIE announces that Catherine MacGregor took up her post as Chief Executive Officer of the Group on 1 January 2021. Lets now look at the outlook for 2021 starting with our capital reallocation to fund growth. Now from a also power system standpoint, gas today is also a very nice complement to renewables because it has brings the flexibility. Also from my side, Catherine, a very warm welcome to the sector and wishing you all the best. We support credit card, debit card and PayPal payments. We will now take our next question from Peter Bisztyga with Bank of America. MacGregor said: I would like to thank the board of directors for the confidence it shows in me. Im Aarti Singhal, Director of Investor Relations at ENGIE, and welcome to our 2020 annual results conference call. You may change or cancel your subscription or trial at any time online. Thank you. En juillet 2019, elle est candidate au poste de prsidente de Schlumberger, mais le conseil d'administration prfre nommer Olivier Le Peuch. Catherine MacGregor est elle-mme mre de deux filles[2]. In our asset-light activities, we have a healthy order book and a project backlog of over 11 billion, offering good visibility for 2021. Let me give you the 2020 COI highlights. 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. You may now disconnect. 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. 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. CEO of French energy giant Engie since January, Catherine MacGregor hopes to lead the company into a brighter and greener future. You have to keep in mind, about 200 million of that were related to SUEZ, which is now gone, of course. And on the availability, given that last year was the last LTO maintenance, we are confident on good availability for the years to come. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. It is a great source, among others, of motivation and satisfaction to continue the (so essential) low-caborn transition in an extremely challenging environment , | Financial Reporting |Taxation| Month, Year-end Closings |Corporate Accounting| Financial Statement Analysis| SAP Hana FICO |IFRS. The President & CEO of the Finnish grid company Fingrid Oyj, Jukka Ruusunen, D.Sc. 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. And then I also had a question on the coal phase out. Learn more in our Cookie Policy. Indeed, you can expect positive cash flow operation from our nuclear activities. We invested 1.5 billion of growth CapEx in 2020 mainly for the acquisition of 1.7 gigawatt of hydro assets in Portugal. offers FT membership to read for free. The COVID impact on our thermal activities was minimal with lower demand mainly in Chile and Peru. And second, its really focused and making sure that everybody pulls in the same direction. So this is becoming real. https://www12.senado.leg.br/ecidadania/visualizacaoideia?id=167822. The Board of Directors decided on Catherine MacGregor's appointment as ENGIE's Chief Executive Officer on 2 October last year. 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. Aarti Singhal - Director of Investor Relations. 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. And finally, we also strengthened our position in the rapidly growing market of corporate PPAs with over 1.5 gigawatts of contracts signed in 2020. So first to reiterate on that, we are very pleased with our position on renewables, and we are leader in France. 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. 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. 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? Ill start just to say that, I mean, youve identified, yes, two important aspects of our simplification efforts. You mentioned the COVID impact and how to think about it in 2021. So there will be a capital gain on this. Now turning to Networks. Elle travaille pendant 23 ans chez Schlumberger. And then the second one, its for Catherine. What are you looking at? Anyone whos keen to learn more about the topics that are currently driving our industry is more than welcome to attend the event! 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. Please. Last but not least, visiting BV head office in Mumbai and meeting SSC and SAR management team. It is important to say that our renewables growth ambition is not about entering a gigawatt race. Let me now turn to our ESG performance. 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. G&A was up mainly because of acquisitions, asset commissioning and accelerated amortization for some French gas distribution assets. Catherine MacGregor chez Engie, Christel Heydemann, chez Orange, et Estelle Brachlianoff, chez Veolia, sortent du lot. Lastly, no change on the rating since mid-November, in line with the strong investment grade we aimed for. 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]. ENGIE has developed a strong platform in Client Solutions from which we can tap into the growth in this space. Obviously, you did signal that youd be ramping up CapEx. But time will tell. Good morning, everyone. 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. 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. A quick word on the agenda for this morning. We also dynamically managed our hybrid bonds, which are showing an average outstanding amount of 3.9 billion. or We have a high performing gas fleet, as you know, which is very important in our mind to bring the flexibility to the system. 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. Published on 2 October 2020 at 12:48pm EST on Uk.Reuters. And yes, let me start by saying also welcome and wishing you success in the new role. We are facing an unparalleled opportunity to play a clear and meaningful role in tackling climate change. In summer 2019, she joined the Executive Committee of TechnipFMC Group, to lead its engineering division. Net recurring income group share amounted to 1.7 billion, down 37% year-on-year. Laut Konzernchefin Catherine MacGregor werde man im laufenden Geschftsjahr 2023 einen Gewinn zwischen 3,4 und 4 Mrd. 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.