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Ill start just to say that, I mean, youve identified, yes, two important aspects of our simplification efforts. Thank you very much, Aarti, and good morning, everyone. In addition, the extension of fair value accounting to a European gas contract and its related assets also led to a net impairment of 500 million. Select Accept to consent or Reject to decline non-essential cookies for this use. That's where the "trim tab" comes in. DN Media Group is the leading news provider in the shipping, seafood, and energy industries, with a number of English- and Norwegian-language news publications across a variety of sectors. directrice gnrale d'un groupe industriel nergtique; 25 ans de services, Vincent Collen, David Barroux et Julie Chauveau, , Dcret du 31 dcembre 2020 portant promotion et nomination dans l'ordre national de la Lgion d'honneur, https://fr.wikipedia.org/w/index.php?title=Catherine_MacGregor&oldid=201657000, Portail:Biographie/Articles lis/Sciences, Portail:Biographie/Articles lis/Entreprises, licence Creative Commons attribution, partage dans les mmes conditions, comment citer les auteurs et mentionner la licence. Again, especially when it comes to replace when it replace coal. 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.. 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. personalising content and ads, providing social media features and to 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? 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. But what is the tax rate thats assumed in the guidance and what DBpSO has assumed? We have a team of about 300 developers who are really good at what they do. 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. Welcome also and again and similar thing for the CMD and midterm outlook, I would concur. At the end of 2020, the financial net debt-to-EBITDA ratio was 2.4 times, a slight decrease compared to December 2019. Its a geography refocus. This included 4 billion of growth CapEx, almost exclusively in our areas of strategic growth with approximately 40% in renewables, 40% in networks, and 15% in asset-based Client Solutions. 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? [indiscernible] Sam, for putting more pressure on us. The negative temperature effect was roughly 100 million in France with lower gas volumes distributed in by GRDF. 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. 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. Now that makes me and that makes the team, obviously, extremely motivated and optimistic that we are going to get the benefit from these tailwinds because, as a team, we are extremely focused in making sure that we do outperform, and outperform our peers, outperform the market. 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. Ms MacGregor is 48, she's been the Chief Exec. 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. Do you have a vision about taking this proportion of minorities down for the group? Stay informed and spot emerging risks and opportunities with independent global reporting, expert A warm welcome as well to you, Catherine MacGregor. In terms of operational performance, I am pleased that the group made progress at pace despite the challenging backdrop. And so were confident to be able to invest in lots of opportunities that Catherine talked about. MacGregor, an engineer . We also continued to benefit from the cost actions launched in the second quarter. I think thats clearly something the market will be expecting there. And Judith? We support credit card, debit card and PayPal payments. And what is your philosophy there? 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? De mme pour Angeles Garcia Poveda, prsidente du conseil d'administration de Legrand et Barbara Dalibard, prsidente du conseil de surveillance de Michelin. Compare Standard and Premium Digital here. 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. Its about 1% of French consumption that was injected, so and thats 2021 or 2020, rather. 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. But in short, we have big ambition, but we will be disciplined. 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. university Ocean Winds to rival Orsted as Engie and EDPR unveil new offshore giant, Only female CEO of a major European utility sacked by board. Now simplification is a bit of a general concept, and I was hoping for a bit more color from your part. And obviously, it mitigates the intermittency, which is still quite an issue with renewables, as we know. She occupied a number of roles within [] And hopefully, we can share more of that in May when we come back to you. This was due to higher contributions from entities with minorities, which fully contributed at EBITDA and COI levels but only contributed at share at net recurring income group share level. So naturally, were landing more just below a 100 million figure for 2021. We had 1.2 billion total impact last year. Yes, two topics that you were talking about, Peter. Hosted by His Excellency Ilham Aliyev, President of the Republic of Azerbaijan, my dear friend His Excellency Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan, and Kadri Simson, EU Commissioner for Energy, this is an important forum for advancing Europes #cleanenergy ambitions. 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. Let me now hand you over to Judith to cover our financial overview, and I will come back on strategic priorities. So firstly, theres step-up in CapEx in 2021 versus your sort of prior 10 billion 3-year plan. Learn more in our Cookie Policy. Depending on opportunities, it could be this asset or another one. , Dear Catherine, 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. What are you looking at? We reshaped the portfolio by investing 7.7 billion CapEx and by disposing of 4.2 billion of assets. CFFO was 7.1 billion in 2020, down 500 million versus 2019, mainly driven by the following effects. In addition to EVBox, we expect to execute disposals of around 2 billion, aligned with the group simplification. Other generators like Uniper and Fortum have been very strong as well. 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. Following the launch of the new strategic orientation in July, ENGIE completed the disposal of its 29.9% shareholding in SUEZ in October. You can see that on the recent months trading for renewable players. Im Aarti Singhal, Director of Investor Relations at ENGIE, and welcome to our 2020 annual results conference call. So the 150 million I gave is correct. We are focused on driving our ESG performance using a wide range of metrics, three of which I will discuss here. It mainly affects our renewables and supply activities. And then the last thing I would want to mention, too, is on the positive side of this decision, is this will help us reallocate some earmarked, lets say, CapEx into, again, our growth opportunities in Renewables and in Networks. I am very pleased that Jrme Stubler, who has more than 30 years' experience in the construction industry, joined us recently and will be leading this important project. Great post Catherine Fiamma MacGregor! Therefore, we do continue that we do think that gas will continue to play a very key role. 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. Now from a also power system standpoint, gas today is also a very nice complement to renewables because it has brings the flexibility. Please go ahead. on the development of flexible and resilient energy systems. We strengthened our leadership in green bonds having issued 2.4 billion green bonds in 2020 for a total of 12 billion since 2014. We maintained a high level of liquidity with 23 billion, including 13.3 billion of cash as at the end of December 2020. Lets keep in mind that revenues are also indexed to inflation and will benefit from that increase over time. We will now take our next question from Emmanuel Turpin with Societe Generale. And I think, namely complexity is one thing. So again, of course, I mean, it 2020 was heavily impacted. Hopefully, thats an easy one, but would be very helpful. offers FT membership to read for free. Okay. Now the 2021 guidance. Remember that for regulated activities, volume effects are recoverable in the short to medium term through the clawback mechanism and are, therefore, value neutral. Net recurring income group share was in line with guidance but at the bottom end of the range. 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. Elle travaille pendant 23 ans chez Schlumberger. A quick word on the agenda for this morning. Before I say more on this, let me review the groups overall 2020 performance. We announced last December that EVBox would be listed on the New York Stock Exchange. How old is Ms MacGregor? So the what is happening here in France on biomethane is actually quite real, and so we are now looking at potentially having sufficient volume to fully displace what will be needed in gas at the 2050 horizon. 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.. 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 if you look at what we announced on January 14 is indeed a smaller executive team, less members. Comptences clefs . Judith, you want to start with the EVBox question? 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. Economic net debt-to-EBITDA ratio was four times stable compared with December 2019 and better than 2020 guidance. Have a nice day. Thanks to Faye Kirby and Rodica Roman for organizing the event and thanks to the many helpers! And Im going to pass it on to Judith now for the COI details on Renewables. Okay. university So quite frankly, it is a normal run rate of dilution of 100 million when you look at a 2 billion debt reduction. Catherine MacGregor chez Engie, Christel Heydemann, chez Orange, et Estelle Brachlianoff, chez Veolia, sortent du lot. But that brings me to my question actually. 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]. In addition to this strong organic growth, we also added 2 gigawatts through acquisition of operating assets. 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. Simply log into Settings & Account and select "Cancel" on the right-hand side. Catherine MacGregor est elle-mme mre de deux filles 2 . Thats what Id like to understand because we need to consider whats the dilution of as well the midterm period, not only 2021. 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. And the second one, if I may ask, around Client Solutions. And as a result, the second half of 2020 was actually similar to H2 2019 on an organic basis. 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. On the 100 million, quite frankly, there isnt any unusuals that you should assume. ENGIE announces that Catherine MacGregor took up her post as Chief Executive Officer of the Group on 1 January 2021. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. And so we have assumed a very strong recovery like we have seen it in the second half. And Judith will give you a little bit of the background and more details on the rest. We have a strong position in Brazil, in Peru, in Chile. Les miroirs magiques et moulins vent ne seront jamais une alternative au nuclaire franais, We also invested in #RenewableEnergy with the acquisition of 6 GW of solar and storage capacity projects in the US and signed an MOU to develop 3 GW of #wind power in Egypt. Thank you #HariPrasad #PulakPrakash #PallavGogoi #AmitGhosh, Player Representation and Scouting for F&F Sports, Two Cows Explain Economics Better Than Any Class In addition, her appointment as a board member of Engie will be proposed for approval during the General Shareholders Meeting in 2021. Or does it have its own game plan? You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. And given that theyre contracted, to maybe accelerate other areas of the business? I have a couple of questions, 1 for Catherine and 1 for Judith. Keep abreast of significant corporate, financial and political developments around the world. For a full comparison of Standard and Premium Digital, click here. The oldest executive at ENGIE SA is Francoise Malrieu, 73, who is the Independent Director. Obviously, well give you more color on our ambition on renewables in May. And for the first time, to our Ocean Winds joint venture with EDPR, we commissioned both fixed and floating offshore wind. And then the second question is more for Judith. She was in charge of the entitys IPO. She has managed numerous complex industrial projects, both . Starting with our biggest contributor, Latin America, we had 195 million headwind from FX and an unfavorable energy allocation for hydro in Brazil. Compare Standard and Premium Digital here. Katherine MacGregor (born Dorlee Deane McGregor; January 12, 1925 - November 13, 2018) was an American actress, best known for her role as Harriet Oleson in Little House on the Prairie. Indeed, we had an increase a temporary increase in 2020 to 32.5%. Thank you, Catherine, and good morning, everybody. 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. A cycle, of course, could be 3, 4, 5 years depending on the country. I know weve heard from the Chairman very helpfully on this last year, but I think wed love to hear your thoughts on this. And I just wanted maybe to clarify that the government has not explicitly made the decision. Thank you. And also, 4 of them clearly align with the business activities that are core and are very much part of our strategic priorities. So its a huge project. On your two questions, 1 was on the tax rate. 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. There are 25 older and 1 younger executives at ENGIE SA. So yes. To Engie in my case. 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. Every Friday at a quarter past 10, the fire alarm. https://www.linkedin.com/in/catherine-fiamma-macgregor-3008171/. We have already secured better pricing for 18% of our 2021 output at 46 per megawatt hour. I think on the question of network convergence between gas and power, I think were a bit obviously, different drivers behind this, one, which is the trend towards more electrification is something to stay. (Tech. 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. But is it bad? MacGregor joins Engie as it embarks on a major push into renewables and clean energy. Carbon neutrality is at the heart of ENGIEs purpose and central to our strategic direction. 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 yes, let me start by saying also welcome and wishing you success in the new role. Let me now focus on the evolution of net debt and on our leverage ratios. This change led to an impairment, which Judith will cover shortly. But is it bad? What is the identity of the Thermal business? hosting the engineering activities. I think we are now about time, so I would like to thank you for your attention. All options for the sale of Equans, the newly-created services unit of French energy group Engie (ENGIE.PA), are being considered, including a possible listing, Chief Executive Catherine MacGregor . And so to in that respect, I think your comment might be valid. I have only started to get to know them, and Im already extremely impressed by their engagement, their professionalism and their talent. Lets now look at the outlook for 2021 starting with our capital reallocation to fund growth. 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. ), has announced that he will retire on 31 CGG announced today (March 2) the appointment of Jrme Serve as Group Chief Financial Officer. Compared to 2020 guidance, Im pleased that both EBITDA and COI stood above the ranges we indicated last summer. Higher D&A was mainly due to accelerated amortization of some distribution assets. Estabelece ainda cotas 50+ proporcionais a populao para preenchimento de vagas no setor pblico. [1] She started her career on stage in New York City, in theatres off and on Broadway, credited as Scottie MacGregor . We will make sure that we get the right price. Elle travaille pendant 23 ans chez Schlumberger. Our environment is changing. Thank you for giving us our voices back with the amazing Diversity, Equity and Inclusion policies at ENGIE . Yes. https://noviocean.energy/documents/ So yes, Thermal is a good fleet for us, good asset. Elle s'intresse notamment l'utilisation de la sismique 3D pour la rcupration assiste du ptrole[5]. Because there was a time when that business was making around 600 million of COI. EBITDA and COI, at 9.3 billion and 4.6 billion, were down by 11% and 21%, respectively, on a gross basis. Premium access for businesses and educational institutions. 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 the second one is very bad timing. Net recurring income group share was within the guidance range, and Judith will cover financial performance in more detail shortly. We also continued our relentless pursuit of simplifying the group. This year is marked by the unprecedented energy crisis in Europe as a result of the tragic war in Ukraine. Does this mean that Equans is now getting nothing? Thank you, Emmanuel, for your questions. To read more about DN Media Group, Financial net debt decreased by 3.5 billion to 22.5 billion from December 2019 primarily due to disposal proceeds. Aged 48 and an engineering graduate of cole Centrale Paris, Catherine MacGregor started her career at Schlumberger in 1995, where she spent 23 years in positions of international responsibility, notably as group HR director. And so the amount will be much lower than what you have seen in 2020. 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. We also dynamically managed our hybrid bonds, which are showing an average outstanding amount of 3.9 billion. Watch th. EBITDA and COI were both down significantly from last year mainly due to the impact of the pandemic. The enshittification of apps is real. And that will be something that we will be describing a bit more in details in May. 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. Nothing much more structural than that really, James, on supply improvement. I just wanted to remind that given of the absence of the LTO that there is the amortization is now happening quicker. So that is roughly what you have to have in mind. Head of Core Laboratories US - Alpharetta Site Manager, Thanks to Solvay Alpharetta employees Michael O'Keeffe and Edna Carbajal for reaching out to students in Dawson county GA for their junior high school career fair and mock interview days. Thank you, Sam, for this question. [Foreign Language]. We have not seen prices like this in many years. 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. And then I also had a question on the coal phase out. 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. Elle est ingnieur, diplme de l' cole centrale Paris, dont elle sort en 1995. Were very pleased. In other geographies, we benefited from commissioning new capacity in the United States and from higher wind production. Now Ill comment on the bridge from net recurring income group share to net income group share, which was negative 1.5 billion in 2020. In 2020, most of our newly commissioned assets were onshore wind followed by solar. And so obviously, a decision that we communicated today is based on a scenario where it is unlikely that the lifetime extension happens. And so we will not give specific assets, of course, at any given time. 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. MacGregor said: I would like to thank the board of directors for the confidence it shows in me. 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. Turning to our major focus areas starting with Renewables. Current positions of Catherine MacGregor 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. Okay. Areas of expertise ; I think the team has done, so far, a really nice job. Yes. 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, Smart data to help spot risk and opportunity, Lex, our agenda-setting business commentary (Premium only), Due Diligence, an exclusive M&A newsletter (Premium only). If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Holidays ? Significant growth is also expected in the use of renewable gases to accelerate the energy transition. Indeed, you can expect positive cash flow operation from our nuclear activities. https://waves-energy.co/maps/. 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. As CEO of ENGIE, I am particularly proud of what we have achieved with our teams. Her main mission was to prepare for the spin-off and IPO of this entity, with energy transition at the heart of the strategy. I guess, whats the kind of your average period of sort of non-productive capital work in progress? The commitment and mobilization of all our teams at ENGIE is truly exceptional and it is an honor to be a part of such a dedicated and forward-thinking organization! 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. So Id be very interested to reflect to hear your first thought after you have looked at the market for gas. Currently under construction is the 1,000-kilometer Gralha Azul project and the 1,800 kilometers Novo Estado project. Catherine MacGregor - Chief . We also increased the share of renewables in our portfolio to 31%, and I will cover this in more details shortly. Biography [ edit] We will now take the next question from Rob Pulleyn with Morgan Stanley. Now the markets are looking at the remaining energy services. Thank you Renata Spada for being yourself and authentic. Catherine MacGregor joined the ENGIE group on 1 January 2021 as Chief Executive Officer. The 48-year-old MacGregor replaces Isabelle Kocher, who was ousted by the Engie board in February, ensuring that a woman maintains a place at the top table of a major European utility.