COI was adversely impacted by roughly 300 million due to foreign exchange and by an aggregate negative scope effect of 75 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. The contribution of French renewables was also lower due to the reduction in DBSO margins in 2020. In addition, we had higher contributions from power transmission lines in Brazil as their construction is progressing well. MacGregor will take the helm at Engie in January 2021, joining from TechnipFMC Group where she has spent just over a year as head of Technip Energies. Battery storage is expensive, produces no net power, has a very high LCA and basically impossible at the needed grid size. Euro erzielen und am Vorhaben festhalten, jhrlich 65 . To Engie in my case. This very unusual year translated into a mixed set of numbers. We had very good results from our Italian assets due to higher level of ancillaries as well as to higher spreads captured throughout Europe. On the impact, the positive impact on 2021, on the impairment, it was about 2 billion related to goodwill. ENGIE SA (ENGIY) CEO Catherine MacGregor on Full Year - SeekingAlpha [1] She started her career on stage in New York City, in theatres off and on Broadway, credited as Scottie MacGregor . The second half of 2020 showed a strong recovery after second quarter, which has which was heavily impacted by COVID. In other words, direct stable energy is needed these hours. I guess, whats the kind of your average period of sort of non-productive capital work in progress? And on these assets, if you assume the five remaining years until 2025, its about 150 million of impact a year positive. My first reaction with the bonus: Wow great ! 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. Its about 1% of French consumption that was injected, so and thats 2021 or 2020, rather. We expect to invest between 5.5 billion and 6 billion in growth CapEx with over 90% allocated to our strategic priorities. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Regarding Client Solutions project backlog, we recorded a total increase of 5% since December 2019, representing approximately 13 months of activity. Long-time Schlumberger executive to join next year as French utility giant gears up in renewables. And does is your vision about full ownership versus minorities guiding your capital allocation going forward? Some others, there is still a good portion of assumption that there might be a stranded asset. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. Est 53 centrales nuclaires qui vous donnent l'lectricit la moins chre au monde, Our environment is changing. And hopefully, we can share more of that in May when we come back to you. Supplies offered a net COVID impact of roughly 290 million mainly due to lower consumption, bad debt and lower B2C services. We also continued to benefit from the cost actions launched in the second quarter. Catherine Fiamma MacGregor on LinkedIn: ENGIE 9M 2022 Financial Its a pleasure to welcome Catherine to ENGIE, and Im looking forward to executing our strategic plan together. Pascal Frings., Assistente de Planejamento e Controle I | ENGIE Brasil | Gesto de Frotas | Logstica | Atendimento ao Cliente | Administrao Estcio, Bizarre, je suis un employ d'Engie et je n'ai pas reu , I am really very Happy after Hearing that Engie is going to make strong and strong renewable resources that makes to process competency of whole work which is going on this projects as i would proudly feel good i wish if you have any vacancy in the Engie organization i would definitely prefer to work this organisation as my last experience were quite satisfactory in Allied Maintenance Company Pvt Ltd at Tabuk Project in Saudi Arabia even i was working two years as store supervisor in Tabuk Projects i forwarded my resume to one of your recruiter for store supervisor as i have 12 years experience in the maintenance Departments like Civil, Plumbing, Mechanical,HVAC, Gardening, Cleaning and most importantly PGP Department. So youve been talking about investment discipline. In Supply, the outlook is improving, as these activities should strongly recover from COVID and on the assumption of temperature normalization. Catherine MacGregor - Chief . And hydrogen, massive tailwind for ENGIE, massive tailwind because of it goes hand in hand with renewables. Engie hires oil & gas veteran Catherine MacGregor as CEO for energy In recognition of their outstanding contribution in this energy crisis, given the inflationary context and our financial performance, we have decided to award an extraordinary bonus of 1500 to all ENGIE employees worldwide. 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. We have this 28 billion RAB, or regulated asset base, in France, which gives us this good visibility and predictability, which is a very nice complement to the renewable. Lower results from SUEZ also impacted Client Solutions COI by approximately 160 million. 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? Obviously, we have made the decision to exit the coal, which is run under Thermal. Catherine MacGregor chez Engie, Christel Heydemann, chez Orange, et Estelle Brachlianoff, chez Veolia, sortent du lot. So quite frankly, it is a normal run rate of dilution of 100 million when you look at a 2 billion debt reduction. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. She was in charge of the entitys IPO. In November, we discussed the creation of a new leader in multi-technical services, which would benefit from scale and strong growth prospects. 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. So maybe I will start with your last question, which is around the decision on nuclear. currently to 4 GW p.a. This decision to appoint Macgregor, effective as of January 1, 2021, is the result of a selection process started at the end of July. 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. Thank you, Emmanuel, for your questions. Indeed, you can expect positive cash flow operation from our nuclear activities. Now that doesnt mean that we should not have discipline. Yes. 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. It will also require some infrastructure, maybe not with the same density at todays gas network. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. But in short, we have big ambition, but we will be disciplined. Let me now turn to our ESG performance. On the next slide, you can see Client Solutions, which faced unprecedented headwinds in 2020. Catherine, you are in a ENGIE is in a unique position, I think, as a gas network operator with a very attractive Renewables business. It is such an exciting time to have joined ENGIE, exciting time for the group and for the energy industry as a whole. 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. Solvay Alpharetta celebrates Black History Month. The peer groups done very well. Revenue declined on a gross basis by approximately 900 million for the full year. 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 impact was partially offset by higher achieved prices for our hydro power production and higher volumes produced mainly by our wind assets. Together, let's continue to make a difference! Its the first step. And Judith, you want to comment, please, on the impairment? We have also good fleet in Middle East and also Latin America. But what is the tax rate thats assumed in the guidance and what DBpSO has assumed? And so were keeping 40%. 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.. How quickly can that new CapEx sort of translate into earnings? Let me now hand you over to Judith to cover our financial overview, and I will come back on strategic priorities. organisation Maybe I will start with your second question, which relates to the coal used in DHC. So there will be a capital gain on this. Thank you for giving us our voices back with the amazing Diversity, Equity and Inclusion policies at ENGIE . 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 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. 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? CFFO was 7.1 billion in 2020, down 500 million versus 2019, mainly driven by the following effects. 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. So its a little bit of a total team, but we at this stage, that decision from the government hasnt been explicit. We have already secured better pricing for 18% of our 2021 output at 46 per megawatt hour. We expect financial performance to improve significantly from 2020 driven by a combination of strong recovery from COVID impacts, growth in renewables and international networks, improved nuclear availability and higher achieved price, and reversal of warm weather effects. 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.. 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. Jean-Pierre Clamadieu, Chairman of the Board of Directors, declared: On behalf of the Board and employees of the Group, I am pleased to welcome Catherine MacGregor and wish her full success in her missions. We will now take the next question from Meike Becker with Bernstein. Following the launch of the new strategic orientation in July, ENGIE completed the disposal of its 29.9% shareholding in SUEZ in October. Her appointment as a member of the Group's Board of Directors will be proposed for approval at the General Shareholders' Meeting in 2021. And weve made some moves last year, and we will continue to do that. We are also expecting a year-on-year accretion resulting from the partial disposal of SUEZ and EVBox, which contributed negatively in 2020. 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. MacGregor said: I would like to thank the board of directors for the confidence it shows in me. 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. No, absolutely. And so every year, we will allocate capital to that, and thats 1.3 billion a year.