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. 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. The Board of Directors decided to appoint Catherine MacGregor as ENGIE Chief Executive Officer. 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. I look forward to continuing to work closely with our brothers in Azerbaijan, and our partners across Europe and around the world, to deliver on our shared clean energy ambitions. https://noviocean.energy/novigenews-oeec-startup-award-green-tech-net-zero-future/ Current positions of Catherine MacGregor A very fine, humane gesture that you promised your ENGIE colleagues. Okay. Could you clarify how much COVID impact youve included in 2021 relative to the 1.2 billion hit in 2020? All information you need to have a pleasant time during the event. So youve been talking about investment discipline. This button displays the currently selected search type. Energy Solutions: we won major contracts in district heating and cooling networks but also in #greenmobility, notably with 5600 charging points for electric vehicles in Belgium This will mean a transition based on a combination of electrification and decarbonization of gas as well as on the development of flexible and resilient energy systems. Obviously, you did signal that youd be ramping up CapEx. And so the amount will be much lower than what you have seen in 2020. And also, is there any possibility to reverse the decision on the Belgium life extension should the Belgium government change its stance this year? Non Madame Its about 1% of French consumption that was injected, so and thats 2021 or 2020, rather. And that will be something that we will be describing a bit more in details in May. In DHC networks, the worldwide market is expected to grow over 5% per year on average across the next nine the next five years. We completed the SUEZ transaction in October and launched further strategic reviews. So if you add those two effects together, you go from 150 million positive to roughly 160 million positive in 2021. [1] She started her career on stage in New York City, in theatres off and on Broadway, credited as Scottie MacGregor . And so we have assumed a very strong recovery like we have seen it in the second half. Stepping back. 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. Soliane Varlet, gestionnaire de portefeuille de notre stratgie actions Women Leaders, s'entretient avec Catherine MacGregor, Directrice gnrale d'Engie, l'. 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. 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. To remind, the company said in July that it intends to implement a new capital allocation strategy, focusing on two growth areas servicing the energy transition. Select Accept to consent or Reject to decline non-essential cookies for this use. Vocs conseguem nos apoiar? 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. Were going to really focus on a few geographies. This is value neutral over time as D&A is integrated in the regulated revenue. We have a new business organization and leadership team who is focused on performance, and weve committed to executing our strategy to accelerating the group growth and to strengthening our commitment to the energy transition. 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. As we are reminded by extreme events, such as the recent ones in Texas, it is critically important that decarbonization of the energy mix is both reliable and affordable. As we approach our annual SAP Concur Fusion customer event very quickly, this week was rehearsal time for me! Chief Executive Officer at NOVIGE AB, Mission Innovation Champion, Innovator of the Year, Seal of Excellence European Commission, Propeller Prize - Stena Line, Glad to see all the progress Engie is doing in becoming a renewable leader. The 281 million year-on-year COI decrease notably reflects warm temperatures and higher D&A in France. Net income group share stood at negative 1.5 billion. She occupied a number of roles in various geographies (Republic of Congo, the US, Malaysia, ): from Director of Business Entities (Wireline, Reservoir Characterization, Drilling, ) to Regional Division (Europe and Africa). Second, change in working capital requirements from activities, excluding energy management, had an impact of negative 200 million. 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. This translates to a dividend of 0.53, which will be proposed for shareholder approval at our AGM on the 20th of May. Maybe I will start with your second question, which relates to the coal used in DHC. And we will now take our next question from Ajay Patel with Goldman Sachs. 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. The 0.1 billion, is this a 2020 contribution of the businesses youre going to sell? One second, it will be over soon. I guess, whats the kind of your average period of sort of non-productive capital work in progress? Net recurring income group share amounted to 1.7 billion, down 37% year-on-year. In summer 2019, she joined the Executive Committee of TechnipFMC Group, to lead its engineering division. However, the gross COI evolution was negative 125 million mainly due to foreign exchange. 2020 was really a milestone year for ENGIE in the U.S. with nearly 2 gigawatts of this new capacity commissioned across four states, taking our total installed renewable generation there to over 3 gigawatts. I was happy to see so many enjoying each others company. This decision, effective as from January 1st 2021, is the result of a selection process, led by Jean-Pierre Clamadieu, Franoise Malrieu and members of the Appointments, Compensation and Governance Committee, following the highest standards of governance. The first one regarding the network convergence. And also, 4 of them clearly align with the business activities that are core and are very much part of our strategic priorities. COVID weighed particularly heavily on Client Solutions and on Supply. Price is going up. Its two and probably a little bit more early. We are expecting this to happen in a matter of weeks, following the closing of the SPAC transaction. Euro erzielen. Carbon neutrality is at the heart of ENGIEs purpose and central to our strategic direction. We continued to put in place dedicated action plans, including OpEx reductions and G&A resizing. These positive effects were partly offset by lower volumes mainly due to a decrease in availability of our Belgian assets caused by the last planned LTO maintenance works on Doel 1, Doel 2 and Tihange 1. You mentioned the COVID impact and how to think about it in 2021. Lets now look at the outlook for 2021 starting with our capital reallocation to fund growth. But is it bad? And given that theyre contracted, to maybe accelerate other areas of the business? We use On the next slide, you can see Client Solutions, which faced unprecedented headwinds in 2020. Warm temperatures in the first half also weighed on energy consumption, mainly in France, for B2C gas volumes. She occupied a number of roles within [] Employee consultation on the proposed organization design started this month as planned, and we expect it to conclude by the end of the second quarter. Strong management actions allowed us to variablize and reduce total OpEx by approximately 300 million. Elle est ingnieur, diplme de l'cole centrale Paris, dont elle sort en 1995. 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. Recharge is part of DN Media Group AS. Now the 2021 guidance. And as a result, the second half of 2020 was actually similar to H2 2019 on an organic basis. Her professional and personal skills will be essential assets in accelerating ENGIEs transformation. But in short, we have big ambition, but we will be disciplined. About Catherine MacGregor MacGregor became the CEO of French energy company Engie in January 2021. La situation en France depuis plus de 50 ans 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. We have 101 gigawatt of gross power generation capacity, of which around 30% from renewables. I have two questions, and I continue with the trend, 1 for Catherine and 1 on the details for Judith, please. I would like to pay tribute to their mobilization, which has enabled us to: In her efforts to "simplify" Engie, MacGregor is moving from 25 business units to 4 globally, and . A quick word on the agenda for this morning. In 2020, most of our newly commissioned assets were onshore wind followed by solar. And I can confirm that the whole executive committee is passionate about moving along our strategy and enhancing our performance culture. Biography of Catherine MacGregor - The Official Board Thank you. , Dear Catherine, My first reaction with the bonus: Wow great ! 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? Catherine MacGregor is an engineer and graduate of cole Centrale de Paris (CentraleSuplec). And the second one is very bad timing. So I think this is a key point Id be interested in. #mixedfeeling :D 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. 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. Yes. Minority interests were lower mainly due to lower contributions from our listed entities in Latin America and to the scope effect of Glow. The key here is really to give that business its own industrial project, its own identity. The negative temperature effect was roughly 100 million in France with lower gas volumes distributed in by GRDF. We had very good results from our Italian assets due to higher level of ancillaries as well as to higher spreads captured throughout Europe. Ms MacGregor, an engineer by training who was born and raised in Morocco, will start in the CEO job on 1 January 2021, taking over a company that has been roiled over the past few years by a. Previous to these positions, she has worked 23 years at Schlumberger, the world's leading provider of reservoir characterization, drilling, production and processing technologies for the oil and gas industry. 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. Posted mercredi, avril 14 2021 Last month, with her feet barely under the desk, Catherine MacGregor was required to appear before the French senate's economic affairs committee be grilled on Engie's strategy. And we will now take a last question from Louis Boujard with ODDO. In November, we discussed the creation of a new leader in multi-technical services, which would benefit from scale and strong growth prospects. https://lnkd.in/ea25krWt So in short obviously, its a topic we could talk for hours. 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. Catherine MacGregor Net Worth (2022) | wallmine 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? 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. So and then maybe Ill add that there is also, I think, a lot of things we can do and we are doing, and we will continue to do and even increase around industrialization, procurement, supply chain, of course, digital. As CEO of ENGIE, I am particularly proud of what we have achieved with our teams. If so, do you have a view to what level? French giant Engie has concluded its search for the new chief executive officer, naming Catherine MacGregor to the position. Some others, there is still a good portion of assumption that there might be a stranded asset. At the end of 2020, the financial net debt-to-EBITDA ratio was 2.4 times, a slight decrease compared to December 2019. Its, quite frankly, one of the big wins, I think, of last year when you think about it because both operationally to take this company to a level and multiply by almost 10 times their revenue over the last two years. And Im sure thats a question youve been reflecting on as you took up the new role. Why the effort to reorganize this entity given the strategic review regarding a potential disposal? We also posted higher financial costs. This decision to appoint Macgregor, effective as of January 1, 2021, is the result of a selection process started at the end of July. 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. We do think that we have quite a specific signature within ENGIE, and we do like our gas assets. And this is something, obviously, that we are going to continue and push. Could you just give us an idea on the potential accounting impact of the operations that you are doing on this subsidiary? 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. ), has announced that he will retire on 31 CGG announced today (March 2) the appointment of Jrme Serve as Group Chief Financial Officer. And maybe more importantly, where do you see subsidiary in five years and what it could contribute to your P&L considering the potential growth of these assets? That will put pressure on Ms MacGregor to make her mark . However, our results were ahead of our expectations on both metrics, and this was driven by the fact that the second half confinements were lighter in our main markets and that we adapted our processes, contributing to improved activity levels. So 25% of your business is in Thermal, and its an area that youre not particularly resting hugely behind if you look at the growth CapEx numbers. I look forward to working with her in the months and years to come to deliver the Groups strategic orientations. Enel nearly tripled, Orsted quadrupled. 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. Thats one thing. Before I share my view on 2021, here are our 2020 financial highlights. 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. This was also driven by higher operational contribution of Brazilian assets and by improved performance from Middle East gas contracted activities. So on EVBox, were very happy to have announced this transaction. No, thank you. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Whilst the overarching priorities are clear, we now need to translate them into an action plan for consistent delivery. 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. university 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. Within this guidance, we have included our current estimate of the potential impact. Do you have a vision about taking this proportion of minorities down for the group? On the impact, the positive impact on 2021, on the impairment, it was about 2 billion related to goodwill. Catherine MacGregor joined the ENGIE group on 1 January 2021 as Chief Executive Officer. And hopefully, we can share more of that in May when we come back to you. Theyre going into similar areas with Networks is an important aspect. Starting with our biggest contributor, Latin America, we had 195 million headwind from FX and an unfavorable energy allocation for hydro in Brazil. Live from New York and. On the following slide, Ill share our 2021 expectations for each business line. 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 if so, what quantity? When expanded it provides a list of search options that will switch the search inputs to match the current selection. We support credit card, debit card and PayPal payments. 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. Judith, you have 1 so about 0.1 billion of dilution at the COI level put in your guidance for 2021.
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