So I think this is a key point Id be interested in. Officer of ENGIE SA since . This change led to an impairment, which Judith will cover shortly. This was linked to a recovery of past energy costs, following the agreement on renegotiation of hydrological risk, which was finalized at the end of 2020. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. What is the identity of the Thermal business? In France, we continued to invest into the gas smart meters rollout. Regarding the organizational simplification, you mentioned complexity of the group. If you have an ad-blocker enabled you may be blocked from proceeding. Here's a bit more, on climate change and from a few years ago, but still relevant. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. So yes. Catherine Macgregor, Engie SA: Profile and Biography - Bloomberg Markets Bloomberg TV+ Bloomberg Markets European Close Bloomberg Markets European Close. On the 100 million, quite frankly, there isnt any unusuals that you should assume. Overall, these positive factors are expected to more than offset year-on-year negative evolutions. 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 . We have progressed on simplifying the group. And then your other question was related to the organization. We also posted higher financial costs. France's Engie appointed an oil services executive to execute its strategy of refocusing the utility on renewable energy and grids, overlooking the internal candidate behind its new green strategy.. Engie said in a statement it had appointed Franco-American oil services firm TechnipFMC executive Catherine MacGregor as new CEO, effective Jan. 1, 2021. Iberdrola shares nearly doubled. I have a couple of questions, 1 for Catherine and 1 for Judith. Catherine MacGregor, ne Catherine Fiamma le 7 aot 1972 au Maroc, est un ingnieur et chef d'entreprise de nationalit franaise. And given that theyre contracted, to maybe accelerate other areas of the business? ENGIE SA (OTCPK:ENGIY) Full Year 2020 Earnings Conference Call February 26, 2021 4:00 AM ETCompany Participants. 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. Lets now look at the outlook for 2021 starting with our capital reallocation to fund growth. Hopefully you can also take this into account? The second half of 2020 showed a strong recovery after second quarter, which has which was heavily impacted by COVID. In Supply, the outlook is improving, as these activities should strongly recover from COVID and on the assumption of temperature normalization. And that will be something that we will be describing a bit more in details in May. 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. 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+. 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. And then I also had a question on the coal phase out. We will now take our next question from Sam Arie with Union Bank of Switzerland. 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. Catherine MacGregor chez Engie, Christel Heydemann, chez Orange, et Estelle Brachlianoff, chez Veolia, sortent du lot. The current total coupon of 100 million per year has been reduced by 28% since 2017. 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. And if so, what quantity? Hopefully, thats an easy one, but would be very helpful. And the second one, if I may ask, around Client Solutions. Now the guidance for 2021. Please disable your ad-blocker and refresh. 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. Before I share my view on 2021, here are our 2020 financial highlights. So in terms of creating an entity as part of our strategic review of Client Solutions, one of the things that is important to understand about this business is that it has grown within ENGIE as a series of acquisition and local development and so today, dont quite belong into a coherent entity and is not led as an independent or well-defined part of ENGIE. Her main mission was to prepare for the spin-off and IPO of Technip Energies, for which she put the energy transition at the heart of the strategy. Soliane Varlet, gestionnaire de portefeuille de notre stratgie actions Women Leaders, s'entretient avec Catherine MacGregor, Directrice gnrale d'Engie, l'. So this is becoming real. I would say that some of the things that were decided last year with these strategic orientations, I am very, very convinced that well address some of the shortfalls that can explain some of the ENGIEs underperformance in the past few years. Carbon neutrality is at the heart of ENGIEs purpose and central to our strategic direction. 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. But really appreciate, thanks again ! Operationally in 2020, the group continuously evolved processes to tackle COVID, and we maintained high health and safety standards for both occupational and process safety. On the following slide, Ill share our 2021 expectations for each business line. Is it something that could be you realize value of and take advantage of low rates? We have in the U.S. the largest development pipeline. So yes, Thermal is a good fleet for us, good asset. 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. 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. 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. And we will now take our next question from Ajay Patel with Goldman Sachs. Congratulations Engie. And so our thermal fleet has a very, very important role to play there. 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. We are also expecting a year-on-year accretion resulting from the partial disposal of SUEZ and EVBox, which contributed negatively in 2020. Elle travaille pendant 23 ans chez Schlumberger. You can read more about how we handle your information in our privacy policy. The enshittification of apps is real. Chief Executive Officer at NOVIGE AB, Mission Innovation Champion, Innovator of the Year, Seal of Excellence European Commission, Propeller Prize - Stena Line 2mo Glad to see all the progress. From 2019 to 2020, she was a member of TechnipFMC Executive Committee and the head of Technip Energies, hosting the engineering activities. I think there was another question, which was related to the calendar. 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. Sure. And so were keeping 40%. We have strict criteria, and we will stick to them. And I think the way I want to say this is I think we know the broad plan now for the business, but I think its also important to look back at the last 5 years and understand why essentially the investment thesis has not delivered so far for shareholders. Good luck with the new role, Catherine. Obviously, we have made the decision to exit the coal, which is run under Thermal. In November, we discussed the creation of a new leader in multi-technical services, which would benefit from scale and strong growth prospects. We have also started to adopt the existing gas transport networks by commissioning three reverse flow installations in 2020, which allow biomethane to flow from the distribution grid to the gas storage units. Catherine MacGregor est elle-mme mre de deux filles[2]. We intend to retain a higher ownership of our renewables project where it is strategically and economically rational as we indicated in our strategic orientation. And how quickly do you think it can actually contribute to your earnings, please? Have a nice day. What you would be looking for? The second quarter was unprecedented and very, very stringent lockdown measures in our main countries. Now its a little bit difficult for me to really be critical about the past. This is particularly noteworthy in the context of the unprecedented pandemic. And maybe Ill just say a few things, and Ill pass on to Judith, just to say that the Client Solutions project is a big project. I will now hand you back to Catherine for our 2021 priorities. If we look at the long term, weve got an average of 20% of minority as part of group net income with large minority stakes in Latam, for instance. Its been a period in which the sector was exceptionally strong. 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.