Please go ahead. Price is going up. Engie names Catherine MacGregor as new CEO - Offshore Energy 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. MacGregor joins Engie as it embarks on a major push into renewables and clean energy. We have already secured better pricing for 18% of our 2021 output at 46 per megawatt hour. Because there was a time when that business was making around 600 million of COI. Next, a few words on the bridge from EBITDA to net recurring income group share. We will now take our next question from Emmanuel Turpin with Societe Generale. 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. ENGIE thanks you for your participation. 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. We will run processes. 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. Yes. And this is something, obviously, that we are going to continue and push. Engie which is 24%-owned by the French government was formerly the gas monopoly operator known as GDF. Est 53 centrales nuclaires qui vous donnent l'lectricit la moins chre au monde, Thank you #HariPrasad #PulakPrakash #PallavGogoi #AmitGhosh, Player Representation and Scouting for F&F Sports, Two Cows Explain Economics Better Than Any Class She was in charge of the entitys IPO. They represent a key long-term growth engine for the group. 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. Estabelecer as diretrizes legais e normativas para incentivar a contratao de pessoas com 50 anos ou mais nas organizaes privadas atravs da reduo de impostos sobre a folha destes empregados. On organic evolution per business line, Renewables, Thermal and Nuclear were resilient and even grew organically. 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. Regarding COVID, our projections assume restrictions similar to the fourth quarter 2020 and a gradual easing over 2021. And how quickly do you think it can actually contribute to your earnings, please? As we approach our annual SAP Concur Fusion customer event very quickly, this week was rehearsal time for me! Yes, two topics that you were talking about, Peter. And I just wanted maybe to clarify that the government has not explicitly made the decision. 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. We use And one of the things to keep in mind, when you say how can you speed up is also that we have less sell downs in Renewables in 2021. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. For example, we significantly enhanced our renewables footprint in the U.S. At the end of 2020, the financial net debt-to-EBITDA ratio was 2.4 times, a slight decrease compared to December 2019. Engie plans to accelerate its development in renewables, by increasing the target for renewables capacity commissioned from 3 GW p.a. 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. And for the first time, to our Ocean Winds joint venture with EDPR, we commissioned both fixed and floating offshore wind. Thank you very much, Aarti, and good morning, everyone. 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! It mainly affects our renewables and supply activities. Let me now hand you over to Judith to cover our financial overview, and I will come back on strategic priorities. As you put a fresh perspective into this organization, do you see room for improvement in terms of organization? 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. 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. We maintained a high level of liquidity with 23 billion, including 13.3 billion of cash as at the end of December 2020. 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. One second, it will be over soon. #Renewables: We have commissioned 2.5 GW of new #renewableenergy capacity since January and are on track to reach 4 GW by the end of the year. For a full comparison of Standard and Premium Digital, click here. CFFO was 7.1 billion in 2020, down 500 million versus 2019, mainly driven by the following effects. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. [Foreign Language]. We also dynamically managed our hybrid bonds, which are showing an average outstanding amount of 3.9 billion. And then the second one, its for Catherine. Thank you very much for your attention, and I would like to turn now the line back to the operator for the Q&A session. You can update your choices at any time in your settings. Included within this guidance is an estimated impact that follows the extreme cold weather in Texas earlier this month. https://noviocean.energy/novigenews-oeec-startup-award-green-tech-net-zero-future/ Could you clarify how much COVID impact youve included in 2021 relative to the 1.2 billion hit in 2020? This is particularly noteworthy in the context of the unprecedented pandemic. This is value neutral over time as D&A is integrated in the regulated revenue. We had 1.2 billion total impact last year. 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. 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. Ocean Winds to rival Orsted as Engie and EDPR unveil new offshore giant, Only female CEO of a major European utility sacked by board. I have one question for Judith and one for Catherine, please. 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. Theyre going into similar areas with Networks is an important aspect. But where should we be hoping that Supply COI gets back to either this year or perhaps over the medium term? Our greenhouse gas emissions from power production reduced 9% to 68 million tons as the share of coal has further decreased in 2019. Before that she had a 23-year career with oilfield services giant Schlumberger, ending as president of the drilling business. 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.. https://waves-energy.co/maps/. One was the CapEx. 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. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Now of course, its going to depend on when its closing, at what price, but it will be a few hundred million. Higher D&A was mainly due to accelerated amortization of some distribution assets. Selbst im Worst-Case-Szenario komme Engie dann auf eine Bewertung mit einem KGV von rund 10. #mixedfeeling :D We also continued to benefit from the cost actions launched in the second quarter. Catherine, you are in a ENGIE is in a unique position, I think, as a gas network operator with a very attractive Renewables business. https://noviocean.energy/documents/ 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. 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. ), has announced that he will retire on 31 CGG announced today (March 2) the appointment of Jrme Serve as Group Chief Financial Officer. 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. Could you just give us an idea on the potential accounting impact of the operations that you are doing on this subsidiary? Offshore wind is typically much longer. So let me start then with your question on Thermal. French utility's new chief Catherine MacGregor to increase investment in renewables. In addition, her appointment as a board member of Engie will be proposed for approval during the General Shareholders Meeting in 2021. https://www12.senado.leg.br/ecidadania/visualizacaoideia?id=167822. 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 with that, Im pleased to hand you over to Catherine. So I was wondering whether you could share some thoughts on perhaps where you might be able to get back to perhaps over the medium term in that business? organisation currently to 4 GW p.a. Also adding to national energy insecurity and dependence on fossil producing countries at colossal scale. 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. 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. I will try and stick to two questions, too. 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. Yes, Judith, just to follow up on the Nuclear, can I just ask setting aside the provisions and the cash payments against those which we know about, can I just ask, do you anticipate any positive free cash flow from the nuclear fleet now in the rest of its life, I mean, if you just look at operating cash flow and essentially operating CapEx that youve got to put in? 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. Were going to really focus on a few geographies. 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. And then just another one on guidance. G&A was up mainly because of acquisitions, asset commissioning and accelerated amortization for some French gas distribution assets. La diversit en actions - Interview de Catherine MacGregor, directrice Networks were mainly impacted by warm temperatures and by higher D&A. 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? And as a result, the second half of 2020 was actually similar to H2 2019 on an organic basis. So without going into any specific, youre right to say that it does contribute to the simplification efforts. So on EVBox, were very happy to have announced this transaction. Tax charges were 300 million lower mainly due to the decrease in profit.