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Catherine MacGregor - Chief . Stay informed and spot emerging risks and opportunities with independent global reporting, expert 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. So this is becoming real. Alongside renewables, we are also developing projects of up to 3 gigawatts of gas-fired generation. H2, Welcome also and again and similar thing for the CMD and midterm outlook, I would concur. So when you will reinvest? The first one regarding the network convergence. 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. So to summarize, ENGIE made progress at pace in 2020. 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. We have 101 gigawatt of gross power generation capacity, of which around 30% from renewables. Sur cette version linguistique de Wikipdia, les liens interlangues sont placs en haut droite du titre de larticle. And weve made some moves last year, and we will continue to do that. Ill start just to say that, I mean, youve identified, yes, two important aspects of our simplification efforts. I mentioned earlier two things actually. Yes. But what is the tax rate thats assumed in the guidance and what DBpSO has assumed? It is important to say that our renewables growth ambition is not about entering a gigawatt race. We will now take the next question from Rob Pulleyn with Morgan Stanley. Tout au long de cette priode, les quipes d'Elengy, Storengy - ENGIE, GRTgaz, GRDF Catherine Fiamma MacGregor on LinkedIn: nergie : la consommation de gaz a baiss de 6,2% en France en . We use Ill start maybe with, again, the second one on renewables. Yes. Economic net debt-to-EBITDA ratio was four times stable compared with December 2019 and better than 2020 guidance. Organically, these evolutions were slightly better. And with that, Im pleased to hand you over to Catherine. Recharge is part of DN Media Group AS. So without going into any specific, youre right to say that it does contribute to the simplification efforts. commentary and analysis you can trust. Onshore wind can be 1.5 years. The oldest executive at ENGIE SA is Francoise Malrieu, 73, who is the Independent Director. She was in charge of the entitys IPO. This higher tax rate included notably the adjustment of carrying value of some deferred tax assets and the one-off effect of the tax rate change in the UK. We have made the decision to stop the work to prepare for this such an extension. 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. 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. I know weve heard from the Chairman very helpfully on this last year, but I think wed love to hear your thoughts on this. And as you might have noticed that lately, we have not really entered the race of enhancement of gigawatt. In other geographies, we benefited from commissioning new capacity in the United States and from higher wind production. 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. Education Catherine MacGregor has obtained a degree from CentraleSuplec in 1995. 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! But where should we be hoping that Supply COI gets back to either this year or perhaps over the medium term? Current positions of Catherine MacGregor As you put a fresh perspective into this organization, do you see room for improvement in terms of organization? And first question is for Catherine MacGregor. And its hard to know theres obviously been some pretty big changes in competitive dynamics over the last couple of years. MacGregor joins Engie as it embarks on a major push into renewables and clean energy. I have proper control over all inventory department with the skill of my Minimum and Maximum stock levels, Gerente Industrial | Gesto de Operaes e Servios | Supply Chain | Engenheiro de Produo | leo e Gs | Suporte Tcnico | Produo | Gesto da Qualidade, Pessoal, eu criei esta Proposta de Ideia Legislativa no Senado Federal que se transformada em lei criar as Poltica Nacional de Incluso das Pessoas 50+. En 2020, elle est pressentie pour diriger Technip Energies, une socit en cours de cration base Paris d'environ 12000personnes issue de la scission de TechnipFMC en deux entits spares. You can still enjoy your subscription until the end of your current billing period. Since 2007, she held multiple senior management including global positions as Group HR Director or head of strategic activities for the company. I would like to pay tribute to their mobilization, which has enabled us to: And then on your DBSO question, what were expecting for 2021 is roughly in line with what we had in 2020, so just below 100 million. We invested 1.5 billion growth CapEx in 2020, mainly in Brazil, on power transmission lines and for the acquisition of the remaining 10% in TAG. or [indiscernible] Sam, for putting more pressure on us. Thank you. In summer 2019, she joined the Executive Committee of TechnipFMC Group, to lead its engineering division. 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. Do you have a vision about taking this proportion of minorities down for the group? And of course, hydrogen as it gets developed, indeed, could be very much more linked to power than maybe gas was in the past. 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. So there will be a capital gain on this. To conclude on Thermal, let me highlight the demothballing of two Dutch gas units, demonstrating this fleets flexibility to take advantage of market opportunities. 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. But now that we have officially become Equans for a few weeks, this message that all ENGIE employees worldwide will receive a bonus of 1500,- comes as a disappointment. So lots of enthusiasm around renewable. CEO of French energy giant Engie since January, Catherine MacGregor hopes to lead the company into a brighter and greener future. Engie has been riven in the past by fights between chairman and CEO and is a company where the board plays a big role in shaping strategy. Judith, you want to start with the EVBox question? Solvay Alpharetta celebrates Black History Month. As CEO, Catherine MacGregor will focus on defining and implementing the Group's strategic road map, in particular around the two priority areas announced in July 2020 by the Board of Directors: speeding up growth in renewable energies and energy infrastructure such as cooling and heating networks. 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? We are a media company, specifically facilitating the maritime and offshore industry. We also increased the share of renewables in our portfolio to 31%, and I will cover this in more details shortly. Ladies and gentlemen, this concludes this conference call. And what is your philosophy there? The ability to manage risk, we see mature risk increasing in the renewable arena, and we are really good at that. Its the first step. Judith, you want to answer the second question? 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. According to the IEAs latest sustainable development scenario, in Europe alone, energy from biomethane and hydrogen could potentially grow three times from 2019 levels to over 300 terawatt hours in 2030. 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. 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.. 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. Thank you for giving us our voices back with the amazing Diversity, Equity and Inclusion policies at ENGIE . Depending on opportunities, it could be this asset or another one. Her main mission was to prepare for the spin-off and IPO of this entity, with energy transition at the heart of the strategy. Renewables showed continued progress and overall operational resilience to COVID with organic growth of 11% in 2020. . Why the effort to reorganize this entity given the strategic review regarding a potential disposal? G&A was up mainly because of acquisitions, asset commissioning and accelerated amortization for some French gas distribution assets. Now the 2021 guidance. You can update your choices at any time in your settings. It will also require some infrastructure, maybe not with the same density at todays gas network. This was notably due to the discounting of liabilities related to hydro concessions in Brazil that are indexed to inflation and which increased significantly in 2020. Net interest expense was also slightly higher driven by negative FX and lower cash remuneration. Moving to Networks, which were resilient despite the pandemic. The first is on the Supply business. Now turning to Networks. 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. Now the markets are looking at the remaining energy services. A quick word on the agenda for this morning. 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. We also benefited from higher contributions of GTT thanks to a strong past order intake. So really, in summary, three elements: complexity, sharper capital allocation, everybody pulling in the same direction and performance culture are three important elements, I think, that are going to make a difference and allow ENGIE, indeed, to strive in those strong tailwinds that continue to be there for us. Net income group share stood at negative 1.5 billion. One is, of course, to participate in the future growth that we are projecting for this company; and second, of course, the close link into this space, which is a very important space for us. These projects could participate in the Belgium capacity remuneration market auctions in the second half of this year once approved by the European authorities. Regarding Client Solutions project backlog, we recorded a total increase of 5% since December 2019, representing approximately 13 months of activity. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Excluding the scope out effect of SUEZ in the fourth quarter, the second half performance in 2020 was similar to previous year. Good luck with the new role, Catherine. Anyone whos keen to learn more about the topics that are currently driving our industry is more than welcome to attend the event! This decision to appoint Macgregor, effective as of January 1, 2021, is the result of a selection process started at the end of July. So thats one aspect of it. This included 1.7 gigawatt of hydro plants in Portugal, which benefit from long-term concession arrangements. And side comment also on this is that our employees are obviously very excited about renewable as being a growth center of a growth engine for us in ENGIE, so as well as obviously being a key goal of our ESG road map. Engie which is 24%-owned by the French government was formerly the gas monopoly operator known as GDF. I have one question for Judith and one for Catherine, please. We want to develop and further our differentiation. I was happy to see so many enjoying each others company. 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? We see a huge potential for hydrogen, and we are already making significant progress in biomethane. First of all, I think you are highlighting through your question the fact that we have, at ENGIE, significant tailwinds, tailwinds that some of our peers have enjoyed and we havent. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. So the what is happening here in France on biomethane is actually quite real, and so we are now looking at potentially having sufficient volume to fully displace what will be needed in gas at the 2050 horizon. Recharge is part of DN Media Group. Now the other aspect, of course, is that we are obviously and we have not talked too much about it yet, but the hydrogen opportunity for us is very, very material.