And then, of course, now this partial sell down that were planning into a SPAC transaction. Remember that for regulated activities, volume effects are recoverable in the short to medium term through the clawback mechanism and are, therefore, value neutral. We also increased the share of renewables in our portfolio to 31%, and I will cover this in more details shortly. Because there was a time when that business was making around 600 million of COI. A short stay for a rich experience and deep learning. The peer groups done very well. Thank you very much, Judith. This decision to appoint Macgregor, effective as of January 1, 2021, is the result of a selection process started at the end of July. We maintained a high level of liquidity with 23 billion, including 13.3 billion of cash as at the end of December 2020. Ill start maybe with, again, the second one on renewables. 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. De mme pour Angeles Garcia Poveda, prsidente du conseil d'administration de Legrand et Barbara Dalibard, prsidente du conseil de surveillance de Michelin. On the impact, the positive impact on 2021, on the impairment, it was about 2 billion related to goodwill. Yes. The first one regarding the network convergence. Selbst im Worst-Case-Szenario komme Engie dann auf eine Bewertung mit einem KGV von rund 10. 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. This year is marked by the unprecedented energy crisis in Europe as a result of the tragic war in Ukraine. And then your other question was related to the organization. I have only started to get to know them, and Im already extremely impressed by their engagement, their professionalism and their talent. Turning to our major focus areas starting with Renewables. Catherine MacGregor est elle-mme mre de deux filles 2 . We have 101 gigawatt of gross power generation capacity, of which around 30% from renewables. Its two and probably a little bit more early. We are experts in sourcing projects, in dealing with permitting, land ownership issues, financing, partnering, environmental assessment and all that good stuff as well as aspects of social acceptability, which is really important in the development of renewables as you know. MacGregor began her career at Schlumberger in 1995, where she spent 23 years in important positions on all continents. CEO of French energy giant Engie since January, Catherine MacGregor hopes to lead the company into a brighter and greener future. And what is your philosophy there? And so every year, we will allocate capital to that, and thats 1.3 billion a year. 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. For this, I would like to say a big thank you to Judith, Paulo and Claire for their strong leadership in 2020, as they had the dual challenge of advancing the group simplification agenda whilst, at the same time, ensuring we continue to deliver essential services to our customers. Our near-term priority in the region is to commission two major electricity transmission projects. How quickly can that new CapEx sort of translate into earnings? These negative figures were partly offset by capital gains mainly coming from the SUEZ transaction. A graduate of the Paris cole Centrale (CentraleSuplec), Catherine MacGregor has spent her entire professional career working in the energy sector, including 23 years with Schlumberger, the world's leading supplier of technologies for characterizing, drilling, producing and processing reservoirs for the oil and gas sector. Lets keep in mind that revenues are also indexed to inflation and will benefit from that increase over time. Euro erzielen. Sure. 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. Alongside renewables, we are also developing projects of up to 3 gigawatts of gas-fired generation. 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. on average over the medium-term, while increasing the number of renewables projects retained on its balance sheet. 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. And then, of course, right after that, you have hydrogen. These negative effects were partially offset by the positive GFOM ruling in Brazil of approximately 165 million. H2, In terms of geography, we have a strong hold in Europe. Thank you, Sam, for your welcome message and your welcome question. So that is roughly what you have to have in mind. To Engie in my case. Catherine MacGregor joined the ENGIE group on January 1, 2021 as Chief Executive Officer. Its not like a 2020 event. 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. In addition, ENGIE also progressed geographic rationalization and strengthened its position in key regions. This is value neutral over time as D&A is integrated in the regulated revenue. Catherine will then come back and share our priorities. Organically, these evolutions were slightly better. Catherine MacGregor - Chief . I was very pleased to participate in the 9th Ministerial Meeting of the Southern Gas Corridor Advisory Council, and the 1st Ministerial Meeting of the Green Energy Advisory Council, held in #Azerbaijan last week. A primeira anlise que feita pelo corpo tcnico do Senado j foi feita e agora a ideia est disponvel para votao popular. Following which, as usual, well open the lines for Q&A. 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? Now from a also power system standpoint, gas today is also a very nice complement to renewables because it has brings the flexibility. The Board has reaffirmed the groups dividend policy and proposed for 2020 a payout ratio of 75%, which is at the top end of the range. But let me reassure you, there are several processes that have been launched, and so were confident that we can move at speed to really help simplify the group through the disposals. We use 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. In green mobility, were a leading global provider of smart charging solutions for electric vehicles through EVBox, a start-up we acquired in 2017. Thank you very much, Aarti, and good morning, everyone. As a leader in gas networks, we are playing a critical role in enabling an affordable and smooth energy transition, and we are promoting a progressive increase in the role of renewable gases. We expect EBITDA to be in the 9.9 billion to 10.3 billion range, COI to be in the 5.2 billion to 5.6 billion range, and net recurring income group share to be in the 2.3 billion to 2.5 billion range. 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? But on defining the structure, does that mean we have a disposal in Q3, Q4? In the summer of 2019, she chose to pursue her career in the energy industry by joining the Executive Committee of the TechnipFMC Group to lead its onshore and offshore engineering and construction activities, Technip Energies. Now the 2021 guidance. From November 1st DN Media Group is responsible for controlling your data on Recharge. Despite unfavorable temperature, our district heating and cooling and on-site generation activities were resilient. Yes. We will make sure that we get the right price. Onshore wind can be 1.5 years. Dans intrt de la France, 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. If so, do you have a view to what level? Hopefully, thats an easy one, but would be very helpful. 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. Lower results from SUEZ also impacted Client Solutions COI by approximately 160 million. We also continued our relentless pursuit of simplifying the group. 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. 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. I look forward to working with her in the months and years to come to deliver the Groups strategic orientations. Aarti Singhal - Director of Investor Relations. Now its a little bit difficult for me to really be critical about the past. I just wanted to remind that given of the absence of the LTO that there is the amortization is now happening quicker. Its youre obviously guiding for a significant improvement in Supply COI this year versus last year. We continued to put in place dedicated action plans, including OpEx reductions and G&A resizing. I have one question for Judith and one for Catherine, please. 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. In Nuclear, following the announcements of the Belgian government in Q4 2020, it has been decided to stop all preparation works that would allow a 20-year extension of two units beyond 2025, as it seems unlikely that such an extension can take place given the technical and the regulatory constraints. French utility's new chief Catherine MacGregor to increase investment in renewables. So no specific things to be taken into account. But really appreciate, thanks again ! 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. We will run processes. Catherine Macgregor, Engie SA: Profile and Biography - Bloomberg Markets Bloomberg TV+ Bloomberg Markets European Close Bloomberg Markets European Close. So thats a positive. I would like to pay tribute to their mobilization, which has enabled us to: Now the markets are looking at the remaining energy services. As always, my team and I are here to assist you, so do please reach out. currently to 4 GW p.a. Minority interests were lower mainly due to lower contributions from our listed entities in Latin America and to the scope effect of Glow. 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. To this end, we expect to invest between 5.5 billion to 6 billion growth CapEx, with over 90% of this in renewables, networks and asset-based client solutions. 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. Her appointment as a member of the Group's Board of Directors will be proposed for approval at the General Shareholders' Meeting in 2021. On quick one on numbers, on guidance. We have already secured better pricing for 18% of our 2021 output at 46 per megawatt hour. In Nuclear, we expect contribution to increase as volumes should be higher, thanks to better availability. Before I share my view on 2021, here are our 2020 financial highlights. 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. And I was interested to get your philosophy about minorities. In other geographies, we benefited from commissioning new capacity in the United States and from higher wind production. In that entity that we are forming, which is the object of the consultation weve talked about, there will be 34,000 roughly 74,000, sorry, 74,000 people. But ENGIE shares have gone, lets say, sort of sideways and even down a bit in that time. 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. 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. - Accompany our customers in their decarbonization strategies to face the climate emergency A warm welcome as well to you, Catherine MacGregor. And weve announced that there might be a second step, but we will obviously cross that bridge when it comes to it. MacGregor, an engineer . Maybe some thoughts. 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. 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. And as you might have noticed that lately, we have not really entered the race of enhancement of gigawatt. Elle est ingnieur, diplme de l'cole centrale Paris, dont elle sort en 1995. So its a huge project. By Gwnalle Barzic and Geert De Clercq. Following the launch of the new strategic orientation in July, ENGIE completed the disposal of its 29.9% shareholding in SUEZ in October. We also continued to benefit from the cost actions launched in the second quarter. Are you talking about Q3, Q4 for the end game? Check if your Currently, Catherine MacGregor holds the position of Chief Executive Officer for ENGIE SA. These headwinds were partly offset by the outperformance of GEM activities on the back of market volatility.