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. Thank you very much, Aarti, and good morning, everyone. Our greenhouse gas emissions from power production reduced 9% to 68 million tons as the share of coal has further decreased in 2019. Ladies and gentlemen, this concludes this conference call. (Tech. I want to take advantage also to clarify on a question that I was asked earlier on the nuclear impairments and the impact on D&A. Her main mission was to prepare for the spin-off and IPO of this entity, with energy transition at the heart of the strategy. So when you will reinvest? I think, as you pointed out, theres been a little bit of a race to gigawatts. I guess, whats the kind of your average period of sort of non-productive capital work in progress? In summer 2019, she joined the Executive Committee of TechnipFMC Group, to lead its engineering division. Net interest expense was also slightly higher driven by negative FX and lower cash remuneration. 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. I will now hand you back to Catherine for our 2021 priorities. Elle est ingnieur, diplme de l'cole centrale Paris, dont elle sort en 1995. Catherine MacGregor will join Engie as CEO. 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. So this is becoming real. And then, of course, now this partial sell down that were planning into a SPAC transaction. In Latin America, COI was up significantly, driven by the scope in effect and higher organic contribution of TAG, which, Im very pleased to say, has outperformed our expectations. 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. commentary and analysis you can trust. Please go ahead. The first one is, following the impairment on Belgium Nuclear, could you indicate whether there will be any impact on depreciation and amortization going forward? And as in the past, we will be very mindful of timing. And also, 4 of them clearly align with the business activities that are core and are very much part of our strategic priorities. The peer groups done very well. For cost savings, you can change your plan at any time online in the Settings & Account section. I would love to hear from you. Thank you #HariPrasad #PulakPrakash #PallavGogoi #AmitGhosh, Player Representation and Scouting for F&F Sports, Two Cows Explain Economics Better Than Any Class And that will be something that we will be describing a bit more in details in May. And lets now, indeed, look at our priorities for sustainable long-term value creation. 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. Engie hires oil & gas veteran Catherine MacGregor as CEO for energy A cycle, of course, could be 3, 4, 5 years depending on the country. Let me now move to a detailed view per business line. Financial net debt decreased by 3.5 billion to 22.5 billion from December 2019 primarily due to disposal proceeds. I would like to pay tribute to their mobilization, which has enabled us to: The first one is on strategy. 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. Judith, you have 1 so about 0.1 billion of dilution at the COI level put in your guidance for 2021. COI decreased mainly driven by a 600 million impact from the pandemic. The 3 gigawatt that we commissioned last year is in our key growth market for renewables, namely the U.S., Europe and Latin America. 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. Lastly, no change on the rating since mid-November, in line with the strong investment grade we aimed for. The issue of having mtiers and activities that are so different from each other and I think weve talked a little bit about the multi-technical services, as an example, that require a management focus, a capital allocation policy, a system and attention to every cent that you have to spend, which is not necessarily something that is ENGIE DNA. Net income group share stood at negative 1.5 billion. We want to develop and further our differentiation. Its, for sure, a large part of the investment case. 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. Elle a t leve au Maroc[1]. Sur cette version linguistique de Wikipdia, les liens interlangues sont placs en haut droite du titre de larticle. Check if your It's inspiring to see how ENGIE's strategy for a balanced, affordable, and resilient energy mix has proven its relevance in these uncertain times. And Im going to pass it on to Judith to comment maybe on the other questions. 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Let me now hand you over to Judith to cover our financial overview, and I will come back on strategic priorities. 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. So thats a positive. 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? And Judith, you want to comment, please, on the impairment? France's Engie appointed an oil services executive to execute its strategy of refocusing the utility on renewable energy and grids, overlooking the internal candidate behind its new green strategy.. Engie said in a statement it had appointed Franco-American oil services firm TechnipFMC executive Catherine MacGregor as new CEO, effective Jan. 1, 2021. No, thank you. Soliane Varlet, gestionnaire de portefeuille de notre stratgie actions Women Leaders, s'entretient avec Catherine MacGregor, Directrice gnrale d'Engie, l'. Published on 2 October 2020 at 12:48pm EST on Uk.Reuters. Pour les articles homonymes, voir MacGregor. https://noviocean.energy/documents/ 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. And then the second question is more for Judith. MacGregor joins Engie as it embarks on a major push into renewables and clean energy. As we approach our annual SAP Concur Fusion customer event very quickly, this week was rehearsal time for me! 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. Its going to take us some time. You may change or cancel your subscription or trial at any time online. We also dynamically managed our hybrid bonds, which are showing an average outstanding amount of 3.9 billion. These projects could participate in the Belgium capacity remuneration market auctions in the second half of this year once approved by the European authorities. We remain focused on executing disposals at pace, continuing to simplify the group, creating value and reallocating capital towards growth. ENGIE - Catherine MacGregor, Chief Executive Officer of ENGIE from 1 Current positions of Catherine MacGregor Great post Catherine Fiamma MacGregor! On the impact, the positive impact on 2021, on the impairment, it was about 2 billion related to goodwill. The second half showed a clear recovery with less stringent confinement measures but also with improved processes and protective equipment for our teams. 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. 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. She has managed numerous complex industrial projects, both . 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. It will also require some infrastructure, maybe not with the same density at todays gas network. Is it something that could be you realize value of and take advantage of low rates? Elle est ingnieur, diplme de l' cole centrale Paris, dont elle sort en 1995. Following the launch of the new strategic orientation in July, ENGIE completed the disposal of its 29.9% shareholding in SUEZ in October. I'm looking forward to continuing to make a difference together. offers FT membership to read for free. The contribution of French renewables was also lower due to the reduction in DBSO margins in 2020. Thats what Id like to understand because we need to consider whats the dilution of as well the midterm period, not only 2021. Good luck with the new role, Catherine. We will now take our next question from Sam Arie with Union Bank of Switzerland. Then potentially collaborate/partner with us for less than EUR 10 m in costs, together solving the crucially important 40% of the hours of the month. We invested 7.7 billion of CapEx in total. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. And Im really I am personally convinced, enthusiastic about the idea of having a very sharp focus on capital allocation making sure that all of our managerial efforts go in the direction that weve announced, and well be able to show very positive results. 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. I have a couple of questions, 1 for Catherine and 1 for Judith. Some of your peers there have convinced the market that they transitioned to hydrogen. French energy group Engie's ENGIE.PA board is set to appoint Catherine MacGregor, a top executive at Franco-American oil services firm TechnipFMC FTI.N as CEO, eight months after the ouster of Isabelle Kocher, a source familiar with the situation told Reuters. So its a huge project. At Climate Week NYC 2021, the CEO of ENGIE, Catherine MacGregor explains how ENGIE will actively participate in decarbonizing its emissions by 2030. Thank you very much, Judith. At the event, we were pleased to highlight how #Masdar is working with our partners in Azerbaijan to develop world-class clean energy projects like the 230 MW Garadagh Solar PV Plant, with further agreements to develop up to 10GW of clean energy capacity across #onshorewind, #offshorewind, #solar, and #greenhydrogen projects. And also, is there any possibility to reverse the decision on the Belgium life extension should the Belgium government change its stance this year? Together, let's continue to make a difference! university And as a result, the second half of 2020 was actually similar to H2 2019 on an organic basis. To conclude on Thermal, let me highlight the demothballing of two Dutch gas units, demonstrating this fleets flexibility to take advantage of market opportunities. 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. Hopefully, thats an easy one, but would be very helpful. 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. So its a little bit of a total team, but we at this stage, that decision from the government hasnt been explicit. Our group remains committed to Belgium and to contributing to the countrys security of supply. Theyre going into similar areas with Networks is an important aspect. Elle y dirige des activits de forage au Congo, en Mer du Nord 3, aux tats-Unis, en Malaisie, au Royaume-Uni et en France 4. Here's a bit more, on climate change and from a few years ago, but still relevant. 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. 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? I think there was another question, which was related to the calendar. Thank you, Emmanuel, for your questions. 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. And part of this feedstock sometimes continue to rely on coal. La diversit en actions - Interview de Catherine MacGregor, directrice Okay. This impact was partially offset by higher achieved prices for our hydro power production and higher volumes produced mainly by our wind assets. Yes. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. The negative temperature effect was roughly 100 million in France with lower gas volumes distributed in by GRDF. So these are some of the things that we are excited about when we think about our network assets, and we like it. But time will tell. Because there was a time when that business was making around 600 million of COI. Dans ce poste prestigieux et trs expos politiquement, elle succde Isabelle Kocher, partie le 24 fvrier 2020 et remplace provisoirement par Claire Waysand. We assume up to 100 million dilution effect at the COI level from approximately 2 billion disposals in addition to previously signed transactions. But where should we be hoping that Supply COI gets back to either this year or perhaps over the medium term? So no specific things to be taken into account. So no impact there, of course, on G&A reduction and about 800 million of assets. Climate Week NYC 2021: Interview With Catherine MacGregor, CEO Of ENGIE 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. Holidays ? All these strategic advances, which place our Group as a leader in the low-carbon transition, are the result of the exceptional commitment of all our teams! 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. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. Thank you for giving us our voices back with the amazing Diversity, Equity and Inclusion policies at ENGIE . What are you looking at? Engie boosts asset sales as it targets 'doing less stuff' I think these are really, really good questions. I think the team has done, so far, a really nice job. We are also expecting a year-on-year accretion resulting from the partial disposal of SUEZ and EVBox, which contributed negatively in 2020. This is one of the largest renewable PPAs signed with an industrial group in Belgium and demonstrates the growing appetite for PPAs from a broader range of customers. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Thank you very much, James, for your question. In November, we discussed the creation of a new leader in multi-technical services, which would benefit from scale and strong growth prospects. 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. Iberdrola shares nearly doubled. You mentioned that you would also phase out coal in district heating. Precisamos de 20.000 apoios para que a ideia se transforme em lei. Following which, as usual, well open the lines for Q&A. Onshore wind can be 1.5 years. That will put pressure on Ms MacGregor to make her mark . Congratulations to all of our employees on the well-deserved bonus. We are facing an unparalleled opportunity to play a clear and meaningful role in tackling climate change. 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. For a full comparison of Standard and Premium Digital, click here. And Judith will give you a little bit of the background and more details on the rest. 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. French giant Engie has concluded its search for the new chief executive officer, naming Catherine MacGregor to the position. 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. The enshittification of apps is real. EBITDA and COI were both down significantly from last year mainly due to the impact of the pandemic. Catherine MacGregor - Chief . 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. Why the effort to reorganize this entity given the strategic review regarding a potential disposal? analyse how our Sites are used. organisation #solvaylife #workculture #lovemyworkfamily, Celebrating our diverse HR team during the HR Seminar in UAE. The second quarter was unprecedented and very, very stringent lockdown measures in our main countries. Premium access for businesses and educational institutions. With our experience, knowledge and reach we can optimally meet your businesses media needs and requirements in three cohesive ways: Network with the right people, Insight into the industry, and Talent to the right place. And so were excited about this transaction. So we feel very good about [indiscernible]. And the second one is very bad timing. On organic evolution per business line, Renewables, Thermal and Nuclear were resilient and even grew organically. You can still enjoy your subscription until the end of your current billing period. The first one regarding the network convergence. 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. 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. We see a huge potential for hydrogen, and we are already making significant progress in biomethane. And hydrogen, massive tailwind for ENGIE, massive tailwind because of it goes hand in hand with renewables. Comptences clefs . Catherine Fiamma MacGregor on LinkedIn: nergie : la consommation de But is it bad? 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. These headwinds were partly offset by the outperformance of GEM activities on the back of market volatility. 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. Starting with our biggest contributor, Latin America, we had 195 million headwind from FX and an unfavorable energy allocation for hydro in Brazil. I just wanted to remind that given of the absence of the LTO that there is the amortization is now happening quicker. In Networks, lower RAB remuneration rates in France should be offset by the reversal of 2020 warm temperatures as well as continued growth in Latin America. On the next slide, you can see Client Solutions, which faced unprecedented headwinds in 2020. And first question is for Catherine MacGregor. on the development of flexible and resilient energy systems. We use We invested 4 billion of growth CapEx and successfully commissioned 3 gigawatt of wind and solar assets. 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. 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. Biography. This was partially offset by capital gains, the main one being 1.7 billion due to the sale of the 29.9% shareholding in SUEZ. 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. 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. Do you have a vision about taking this proportion of minorities down for the group? Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. You may change or cancel your subscription or trial at any time online. So without going into any specific, youre right to say that it does contribute to the simplification efforts. De mme pour Angeles Garcia Poveda, prsidente du conseil d'administration de Legrand et Barbara Dalibard, prsidente du conseil de surveillance de Michelin. From 2019 to 2020, she was a member of TechnipFMC Executive Committee and the head of Technip Energies, hosting the engineering activities. Judith? Yes. Is this happening to you frequently? Elle est alors nomme prsidente New Ventures de TechnipFMC. I was happy to see so many enjoying each others company. In 2020, most of our newly commissioned assets were onshore wind followed by solar. 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. 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. 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. Turning to our major focus areas starting with Renewables. Katherine MacGregor - Wikipedia Catherine MacGregor is an engineer and graduate of cole Centrale de Paris (CentraleSuplec). Catherine MacGregor joined the ENGIE group on 1 January 2021 as Chief Executive Officer. I have one question for Judith and one for Catherine, please. Solvay Alpharetta celebrates Black History Month. We have a team of about 300 developers who are really good at what they do. 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. And thank you, Catherine, too, for your answer, which I think we all appreciate, and we wish you with that, just final comment from my side, then Ill turn it over. Catherine MacGregor est elle-mme mre de deux filles 2 . Standard Digital includes access to a wealth of global news, analysis and expert opinion. And so were confident to be able to invest in lots of opportunities that Catherine talked about. For cost savings, you can change your plan at any time online in the Settings & Account section. In terms of operational performance, I am pleased that the group made progress at pace despite the challenging backdrop. Or is it your budget of the COI for these businesses in 2021? And sorry, just a follow-up on the CapEx. 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. Second, change in working capital requirements from activities, excluding energy management, had an impact of negative 200 million. And so the number that I quoted, which was the injection that we did last year, you start to see that it becomes meaningful. #solvaylife #futureemployees #career #mockinterviews, Bringing some sun and fun to the Solvay Alpharetta site in February, employees and friends enjoyed an Hawaiian themed luau complete with ukulele music from Jason Chung and Ryan Carey. 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. Catherine MacGregor You certainly have a lot of people out here who want you to be very successful.