Energiser Investments Share Discussion Threads

[waldron] 30/6/2023 08:42

News Highlights: Top Company News of the Day
30 June 2023 - 09:30AM
Dow Jones News


Engie Raises Outlook on Strength of Global Energy Management and Sales


Engie increased its 2023 earnings guidance on Friday due to the strength of its global energy management and sales business.

[waldron] 29/6/2023 13:34

Agreement reached for extended operation of Belgian reactors

29 June 2023


French utility Engie and the Belgian federal government have signed an interim agreement defining the terms for the extended operation of the Doel 4 and Tihange 3 nuclear power units by ten years. A final agreement is expected next month.

"This agreement aims to ensure a balanced distribution of risks between the two parties and to eliminate uncertainties concerning future changes in provisions related to the treatment of all nuclear waste," they said in a joint statement.

Under a plan announced by Belgium's coalition government in December 2021, Doel 3 was shut down in September 2022, while Tihange 2 shut down at the end of January this year. The newer Doel 4 and Tihange 3 would be shut down by 2025. However, in March last year the Belgian government decided to start talks with Electrabel - the Belgian subsidiary of Engie - with a view to extending the operation of Doel 4 and Tihange 3, allowing for the retention of 2 GWe of nuclear generation capacity. In July, the government and Electrabel signed a non-binding Letter of Intent on continuing negotiations on the feasibility and terms for the operation of the reactors for a further ten years. The two sides aimed to agree a binding legal agreement by the end of December. On 9 January, a non-binding agreement in principle was signed that "concretises the elements" of the Letter of Intent signed in July.

The parties said the new interim agreement builds on the 9 January agreement and defines the terms for the extended operation of the two reactors.

It calls for "the commitment from both parties to use their best efforts to restart the nuclear units of Doel 4 and Tihange 3 as early as November 2026, or, subject to the effective implementation of an announced relaxation of regulations, as early as November 2025, with the aim to strengthen the security of supply in Belgium".

The agreement also says a legal structure will be established, jointly owned by the Belgian State and Engie, aligning the interests of both parties and guaranteeing long-term commitments.

A business model of the extension is also defined with balanced risk allocation, notably through a contract for difference mechanism with incentives for the operator to achieve favourable technical and economic performance at the plants.

It also defines an agreement on the fixed amount of future costs related to the management of radioactive waste - based on the work and expertise of Ondraf/Niras, the Belgian agency for the management of radioactive waste - covering all of Engie's reactors in Belgium, for a total amount of EUR15 billion (USD16.4 billion). This amount also includes a risk premium of 43% and is paid in two installments: in 2024 for intermediate and high-level waste to be disposed of in geological repository; and at the start of the extended operation of the reactors for low-level waste intended for surface storage.

This is in addition to the amounts already provided for the decommissioning of Engie's reactors in Belgium, for which the company bears the full costs. The total nuclear obligations of the Engie group towards Belgium amount to at least EUR23 billion euros. As a result of the transfer of all nuclear waste liabilities to the Belgian government, Engie will no longer be exposed to the evolution of future costs related to the management of waste.

The agreement has been approved by Engie's board of directors and by the Belgian government. The implementation of the agreement is planned for the end of July.

"After several months of intense and constructive dialogue with the Belgian government, we are pleased with the signing of this balanced agreement for both parties," said Engie CEO Catherine MacGregor. "It provides Engie with the necessary visibility on the total amount related to nuclear waste management and significantly reduces the risks linked to the extension of the two units. This is a new fundamental step towards the extension of Doel 4 and Tihange 3, for which Engie is fully and responsibly committed."

"The extension of the Doel 4 and Tihange 3 nuclear power plants by ten years has now been established," added Belgian Prime Minister Alexander De Croo. "This agreement is important for the security of supply of our families and companies. It strengthens our electricity supply, reduces our country's energy dependence and guarantees the production of carbon-free, affordable electricity in Belgium. I would like to thank the management of Engie for all the work over the past months to reach this agreement."

Researched and written by World Nuclear News

[grupo guitarlumber] 27/6/2023 13:07

Upcoming events on ENGIE

July/28/2023 | 07:15am Interim 2023 Earnings Release

[gibbs1] 22/6/2023 06:45

Posco, Engie, PTTEP and Samsung among partners for $7 billion green hydrogen project in Oman

Consortium envisages first exports of green ammonia to South Korea in 2030



22 June 2023 3:17 GMT Updated 22 June 2023 3:17 GMT
By Amanda Battersby
in Singapore

A consortium led by Engie and Posco, and which includes PTTEP and Samsung Engineering, has ambitious plans for a potential $7 billion green hydrogen project in Oman.

The consortium has been awarded the 340-square kilometre onshore concession Z1-02 in Duqm as part of the Hydrom Phase A Round 1 call for projects; downstream elements of the proposed H2 project will be constructed at the Port of Duqm.

The co-venturers plan to develop a green ammonia project with capacity of 1.2 million tonnes per annum. The other partners in the consortium are Korea East-West Power and Korean Southern Power Company.

The project will include up to approximately 5 gigawatts of new wind and solar capacity, battery energy storage system and a renewable hydrogen plant with a capacity of approximately 200,000 tpa. The hydrogen will then be transported by a new hydrogen pipeline to the Special Economic Zone at the Port of Duqm where it will feed the ammonia production plant.

The aim is to be exporting 1.2 million tpa of green ammonia to South Korea in 2030.

Engie detailed the project’s contract as lasting for 47 years, broken down into a seven-year development and construction phase followed by a 40-year operational period.

Construction is projected to begin in 2027, with the first shipment of green ammonia to Korea planned for the second half of 2030. The consortium will perform feasibility and technical studies, to finalise the exact capital expenditure requirement for the project.

Engie describes Hydrom as “the orchestrator and master planner of Oman's green hydrogen industry”.

"This venture will benefit from Engie's industrial expertise. By developing renewable energies, renewable hydrogen and flexible assets such as batteries, this project is perfectly in line with the group's strategy to accelerate the transition to carbon neutrality. It will contribute to several of our 2030 ambitions: Reaching 4 GW of hydrogen capacity and 10 GW of batteries," said Sebastien Arbola, executive vice president in charge of flex gen & retail activities.

This project, which reaffirms the French energy giant’s commitment to accelerating the Gulf Cooperation Council's low-carbon transition, is also in line with Korea's national decarbonisation target, which aims to reduce the country's carbon footprint by 40% by 2030, noted Engie.

PTTEP chief executive Montri Rawanchaikul confirmed its subsidiary FutureTech Energy Ventures and the consortium partners had been awarded the green hydrogen block and entered into a project development agreement and a sub-usufruct agreement with Oman government subsidiary Hydrom.

While the majority of the green hydrogen will be used to manufacture ammonia for export, the remaining green hydrogen will be for Oman’s domestic consumption. Construction is expected to take place in 2027, followed by targeted commercial operations date in 2030, said PTTEP.

"Oman is at the forefront when it comes to driving substantial development in green hydrogen. Being granted the exclusive rights for this large-scale project is a significant milestone for PTTEP and our partners in expanding business into clean energy in one of the world’s high potential areas for renewables,” said Montri.

“PTTEP will leverage our experience and understanding of the energy business in Oman for over 20 years to contribute to the project development. The participation in this green hydrogen project will reinforce other developments of new form of energy in the future, supporting our goal to become a low-carbon organisation.”

The Thai national company already has upstream and midstream assets in the Middle East nation including producing oil and gas fields and a stake inn Oman LNG, the country’s only liquefied natural gas project.

[florenceorbis] 21/6/2023 08:37

[France] ENGIE (ENGI)

Euronext Paris - 09:36:42 21/06/2023


14.19 EUR -0.81%

[sarkasm] 20/6/2023 10:49

[France] ENGIE (ENGI)

Euronext Paris - 11:43:24 20/06/2023

14.27 EUR +0.69%

one of the very few shares today in positive territory

[waldron] 19/6/2023 12:27

[France] ENGIE (ENGI)

Euronext Paris - 12:21:51 19/06/2023 BST


14.15 EUR -1.43%

Nearing 13.96 euros Support

[waldron] 18/6/2023 07:52

Hoping for a trend up in the coming week

By late July it is is also hoped share price is substantially higher when Results Reported

Perhaps wishful thinking as markets certainly unpredictable these days

[adrian j boris] 17/6/2023 08:38

[France] ENGIE (ENGI)


Euronext Paris - 16:37:08 16/06/2023 BST


14.36 EUR +0.93%

Needs now to break convincingly thru Resistance

[adrian j boris] 10/6/2023 09:04

slowly trending up but needs to break thru Resistance

[France] ENGIE (ENGI)

Euronext Paris - 16:35:08 09/06/2023 BST


14.23 EUR +0.32%

[waldron] 05/6/2023 09:51

LIKE MANY SHARES, ONE IS EXPECTING A GAP UP

[the grumpy old men] 03/6/2023 20:02

Upcoming events on ENGIE

July/28/2023 | 07:15am Interim 2023 Earnings Release

[sarkasm] 27/5/2023 17:36

what a potential dangerous downtrend

[the grumpy old men] 20/5/2023 05:44

Engie reports encouraging quarterly results, marked by a clear improvement in margins, satisfactory cash generation and slight deleveraging.

The push in renewables continues with 5.5GW of capacity under construction. With the exception of two mega-projects in Egypt and Scotland, this deployment is scattered in dozens of small projects: this will a priori result in lower economies of scale.

Engie has already installed 38GW of renewable capacity, and plans to reach 80GW by the end of the decade. This is less ambitious than TotalEnergies' target of 100GW of renewable capacity by the end of the decade, but the group does not have a lucrative hydrocarbon portfolio to help finance its transition.

Engie has on the whole handled the energy crisis and the Russian problem remarkably well, unlike, for example, its counterparts across the Rhine. It still has to deal with the nuclear issue in Belgium and the financial leverage - its eternal thorn in the side.

This is what it will take to restore Engie's reputation in the long term. The share price in spring 2023 is exactly where it was in spring 2013. The operations generate cash, but not enough to finance investments and the distribution of generous dividends, while the margin profile has largely deteriorated.

The result over the last two decades has been a critical increase in debt, which is necessarily long and painful to bring under control. The economic debt - financial debt plus various provisions, for example linked to decommissioning - has reached €37 billion, i.e. more than fifteen times the free cash flow achieved in 2022.

Its average cost is already starting to rise under the effect of the rise in interest rates, from 2.73% to 3.95% over the last three months.

[waldron] 18/5/2023 07:10

Engie seeks new hydrogen projects in the UAE, Saudi Arabia and Oman


French energy company aiming for 4 gigawatts of green hydrogen capacity globally and more than 100 refuelling stations by 2030, executive says




Fareed Rahman
May 18, 2023


France’s Engie is keen to start new hydrogen projects in Saudi Arabia, the UAE and Oman as it aims for 4 gigawatts of green hydrogen capacity globally by 2030 amid energy transition strategies to cut emissions, a senior executive has said.

The Paris and Brussels-listed company has new projects planned in Asia, the Middle East, Africa and Europe, Stephan Gobert, Engie's senior vice president of hydrogen for Asia, Middle East and Africa, told The National in an exclusive interview.

“The Middle East region and specifically the GCC [Gulf Co-operation Council] is offering great potential … that's why we established the strategic alliance with Masdar and are studying a project at the moment in Ruwais for Fertiglobe,” he said.

“We hope to close the financial decision by the end of this year.”

Last year, Fertiglobe, the Abu Dhabi-based chemicals joint venture of energy major Adnoc and Netherlands-listed OCI, signed an agreement with Masdar as well as France’s Engie to co-develop a green hydrogen facility in the UAE for the production of ammonia.

As part of the agreement, the three companies will study the development, design, financing, procurement, construction, operation and maintenance of an industrial-scale and globally cost-competitive green hydrogen facility in Al Ruwais.

It will have a potential capacity of up to 200 megawatts and be operational by 2025, with Fertiglobe as the sole long term off-taker, the companies said at the time.

In 2021, Engie and Masdar also announced a $5 billion partnership to develop the UAE’s hydrogen economy as well as develop new projects throughout the region with a capacity of at least 2 gigawatts by 2030.

“We truly believe that there is a great future for hydrogen,” Mr Gobert said.

“The demand will be very high especially in the countries where they have strong targets to decarbonise, which is the case for Japan, Korea, the European Union and the US. There is a great potential and that's why we set ourselves a target by 2030.”


Hydrogen, which can be produced using renewable energy (green hydrogen) and natural gas (blue hydrogen), is expected to play a key role in the coming years as economies and industries transition to a low-carbon world to mitigate climate change.

French investment bank Natixis estimates that investment in hydrogen will exceed $300 billion by 2030.

Ambitious net zero targets announced by countries is also boosting demand for hydrogen. The US as well as the EU aim to reach net zero by 2050.

Governments are pressuring companies and industries to decarbonise their operations and there are obligations from banks to follow ESG (environmental, social and governance) key performance indicators while lending, which will boost demand for hydrogen, Mr Gobert added.

“There are also other sectors that are transforming to reduce emissions … power generation and transport … because they are preparing for the moment which is already happening in Europe where you will have to pay for your carbon dioxide emissions. That's the carbon tax, which will have a huge impact on the balance sheet of those companies.”



A carbon tax is a type of penalty that businesses will have to pay for excessive greenhouse gas emissions. The tax is usually levied per tonne of greenhouse gas emitted.

The company also has other targets, which is to reach more than 100 refuelling hydrogen stations globally in the next seven years and to build about 700km of dedicated pipelines and storage capacity to boost hydrogen infrastructure.

Engie currently has about 30 hydrogen refuelling stations in Europe with another 20 being installed.


“There is a good chance for the Middle East countries to export towards the European Union as well as South Korea, Japan and other countries,” Mr Gobert said, adding that the EU does not have enough capacity to install new renewables to produce hydrogen because the installed renewables are already feeding the grid.

“That is where we see there is a good chance for the Middle East to export towards the European Union, because here you still have land as well as good and affordable renewables.”

The UAE as well as other countries in the region are boosting investments in renewables as countries move to lower carbon economies.

The Arab world’s second largest economy is investing Dh600 billion ($163.5 billion) in clean and renewable energy projects over the next three decades as it aims to achieve net zero emissions by 2050.

The country is building the world’s largest solar plant in the Al Dhafra region of Abu Dhabi with a capacity of 2 gigawatts, as well as the Mohammed bin Rashid Solar Park in Dubai with a 5-gigawatt capacity.

Egypt, Saudi Arabia, Morocco, Jordan and Oman are also increasing investments in clean energy projects.

The UAE aims to be among the top 10 hydrogen-producing countries globally and plans to capture 25 per cent of the low carbon hydrogen key markets amid rising demand for the fuel, Sharif Al Olama, the ministry's undersecretary for energy and petroleum affairs, told the Abu Dhabi Sustainability Week in January.

The cost of producing of hydrogen is going down with OEM manufacturers of technology like electrolysers (for producing hydrogen) reducing price amid higher demand, Mr Gobert said.

The cost of renewable energy for the production of hydrogen is also dropping, making its production cheaper, he said.

Engie is a global player in low-carbon energy and services with operations in 31 countries. The company reported a net revenue of €29.2 billion ($32 billion) in the first quarter of 2023, up 14 per cent compared with the same period last year.


Updated: May 18, 2023, 5:00 AM

[adrian j boris] 17/5/2023 17:47

Engie JV reaches financial close for Abu Dhabi's road lighting project



ABU DHABI, 2 hours, 42 minutes ago


Abu Dhabi Investment Office said it has achieved the financial close with Nojoom, a joint venture between French multinational utility companies EDF and Engie, for the implementation of its key LED road lighting PPP project in the UAE capital.

The project, being implemented in collaboration with the Department of Municipalities and Transport (DMT), is part of the wider Abu Dhabi Road Lighting Programme, said ADIO in a statement.

The scope of work for Nojoom includes the finance, supply, installation, operation and maintenance of 133,473 LED energy-efficient luminaires across the emirate.

On completion, the PPP project will result in significant electricity savings of almost 2,400 million kWh, equivalent to a reduction of approximately 74% in power consumption, over the 12-year concession period.

With financial close reached between the parties, work will now commence, it stated.

Lauding EDF and Engie on reaching financial close, ADIO Acting Director General Engineer Abdulla Abdul Aziz AlShamsi said: "It will begin delivering significant energy reductions across Abu Dhabi’s Road lighting during the UAE's Year of Sustainability and ahead of hosting COP28."

"Abu Dhabi continues to effectively utilise our advanced PPP framework to deliver key infrastructure projects," he stated.

DMT too played a critical role in the selection process of the winning consortium for the Road Lighting LED PPP project. After a thorough evaluation of the proposals submitted by pre-qualified bidders, EDF and Engie signed a partnership agreement with the DMT to deliver the project.

The project was procured in accordance with Abu Dhabi's PPP Law and ADIO's Partnership Projects Guidebook and Environmental, Social and Governance (ESG) Policy.

EDF and Engie signed a partnership agreement with DMT after a thorough three-stage evaluation of the proposals submitted by pre-qualified bidders. The selected consortium will deliver the project over five phases covering smaller geographical zones across Abu Dhabi to ensure the highest efficiency and sustainability standards.

Salem Al Kaabi, Director General of Operational Affairs at the Department of Municipalities and Transport said: “The project is an excellent example of our commitment to collaborating with private entities to deliver high-quality infrastructure projects in Abu Dhabi.”

“The Road Lighting LED PPP project highlights DMT's adherence to the highest standards of governance, social responsibility, and environmental sustainability," noted Al Kaabi.

The project's successful implementation will not only result in significant energy savings but also contribute to the UAE's Net Zero 2050 strategic initiative, further reinforcing DMT's commitment towards sustainable development”,he added.-TradeArabia News Service

[waldron] 15/5/2023 15:15

Saint-Gobain and ENGIE Romania start the construction of the largest on-site photovoltaic park in Romania


Petre Barac Posted On May 15, 2023



Saint-Gobain and ENGIE Romania announce the start of the construction of the largest on-site photovoltaic park in Romania. Located on the land of the Saint-Gobain glass factory in Calarasi, on an area of 14 hectares, the photovoltaic panel system will be intended for the production of renewable energy within the industrial site, the resulting production will be used 100 percent for self-consumption.

With an installed capacity of 8.6 MWp, the park will consist of 15,760 photovoltaic panel modules. The photovoltaic panels mounted on the ground will provide an important part of the electricity needs of the glass factory in Calarasi.

“We are delighted to meet the decarbonisation needs of our partner Saint-Gobain and thank them for their trust in implementing this key project. Decentralized energy production solutions are increasingly becoming a necessity for businesses that want to stay competitive by reducing energy costs, but also sustainable by limiting CO2 emissions.” said Nicolas Richard, Vice President of ENGIE Romania, Responsible for the Energy Solutions Division.

“The start of the construction works of the photovoltaic park at the Saint-Gobain factory in Calarasi represents a reference moment in the course of Saint-Gobain Romania towards achieving the objective of “zero CO2 emissions” and we are honored to have a reliable partner in the development of this project scope, such as ENGIE. We prioritize environmentally friendly energy sources, in parallel with the permanent streamlining of production processes to reduce carbon emissions and energy consumption. Our efforts are also geared towards the circular economy by increasing the recycled content of the products and packaging we use, in addition to sustainable solutions for energy efficient buildings – all with the aim of drastically reducing carbon emissions and resource consumption non-renewables and to create a greener future,” said Ovidiu Pascutiu, CEO of Saint-Gobain Romania.”

[grupo guitarlumber] 15/5/2023 09:08

[France] ENGIE (ENGI)


Euronext Paris - 10:06:46 15/05/2023


14.88 EUR +0.11%

[adrian j boris] 15/5/2023 08:08

Vintage Energy Ltd (ASX:VEN) First Gas Supply Contract for Odin
05/15/2023 | 02:27am BST


Melbourne, Australia, May 15, 2023 - (ABN Newswire) - Vintage Energy Ltd (ASX:VEN), 50% interest holder and Operator of the PRL 211 Joint Venture ("the joint venture", other interest holders: Metgasco Ltd, 25%; and Bridgeport (Cooper Basin) Pty Ltd, 25%) announces the securing of the first gas supply contract for the Odin gas field located in the Cooper Basin.



The joint venture interest holders have contracted with Pelican Point Power Limited, a joint venture between ENGIE Australia and New Zealand (72%)

and Mitsui & Co Ltd (28%), to supply gas from Odin from field start-up until 31 December 2024, the maximum period permissible for contracting under the existing interim ACCC authorisation for Odin.

Pelican Point Power Station is a 497 MW combined cycle gas power plant in South Australia operated by ENGIE and Mitusi.


The plant is regarded as a critical infrastructure asset for energy security and system stability in South Australia

The agreement provides Pelican with all of Odin's gas production over the contract term with commercial terms that encourage field appraisal and production expansion.

The contract has been secured less than 5 months after the joint venture resolved to accelerate connection of the Odin-1 gas well in South Australia so gas from the field could be supplied to eastern Australia at the earliest opportunity.

Work on the accelerated connection, involving a 1.4 km spur to the existing Vali-Beckler pipeline, is advancing on schedule and budget for first flows in the coming September quarter.

The Vali gas field and facilities are owned by the ATP 2021 joint venture which has an identical composition to the PRL 211 joint venture. The contract has been signed approximately two months after gas from the nearby Vali gas field started flowing to eastern Australia under a gas supply agreement with AGL.

Comment

Vintage Managing Director, Neil Gibbins, said "we are delighted to have secured this agreement. ENGIE are a major energy provider to eastern Australia and their commitment in becoming the inaugural customer for Odin gas enables a new field to be brought online into the eastern Australia energy network.

"This agreement expands our production and revenue generating footprint and provides an attractive commercial footing for addressing the promising appraisal opportunities we have identified on the field."

The GSA provides for interruptible supply of all gas produced from the Odin gas field to ENGIE for a period of up to 17 months.

Customer engagement on Odin gas was conducted following granting of an interim authorisation earlier this year. The joint venture has applied for authorisation to contract supply of gas for longer periods.

"The Odin experience has highlighted the eagerness of gas users to secure the supply they need. At Vali and Odin we have uncontracted gas we expect will be supplying eastern Australia for many years" said Mr Gibbins.

"It is clear these resources are valued by gas users, as are the appraisal and exploration opportunities we have identified around the Vali-Odin hub".

Odin will become Vintage's second producing field when it comes online with gas produced from the field joining that from Vali in the 14 km Vali-Beckler pipeline through which it is transported by the South Australian Cooper Basin Joint Venture to the Moomba facility for processing and sale. The accelerated connection of the Odin gas field will enable supply whilst a long-term connection, involving tieback to the Vali facilities, is installed.

The Odin gas field was discovered by the joint venture in 2021. Odin-1 confirmed gas pay in the Toolachee, Epsilon and Patchawarra formations and delivered a stable gas flow rate of 6.5 MMscfd from the Epsilon and Toolachee formations. The well was completed as a Toolachee and Epsilon gas producer as part of the Vali well completion campaign conducted in July - August 2022.

The field has independently certified Contingent Resources (2C) of 40 PJ (Vintage Energy share 19 PJ).


About Vintage Energy Ltd:

Vintage Energy Ltd (ASX:VEN) has been established to acquire, explore and develop energy assets principally within, but not limited to, Australia, to take advantage of a generally favourable energy pricing outlook.