Energiser Investments Share Discussion Threads

[the grumpy old men] 05/12/2023 16:38

Tax rulings

Engie absolved of paying €120 million in taxes to Luxembourg

The European Commission was wrong in saying that Luxembourg had granted illegal state aid through tax rulings in favour of the French energy company, the European Court of Justice has ruled

The European Court of Justice in Luxembourg said that the Europe Commission had made errors in its various analyses of the reference frameworks defining Luxembourg’s normal tax system



The European Court of Justice on Tuesday upheld appeals lodged by French company Engie and Luxembourg in a case brought against them by the European Commission. The commission argued in June 2018 that Luxembourg had granted the Engie group unlawful state aid through tax rulings relating to restructuring operations in the Grand Duchy.

Initially, the General Court of the European Union (in effect, the European Court of Justice’s lower court) agreed with the commission, and Engie looked set to have to pay some €120 million in taxes to Luxembourg. But on Tuesday the ECJ ruled that the commission had “made errors in its various analyses of the reference frameworks defining the normal tax system”.

The court said in a statement Tuesday that the commission was required to demonstrate that the tax rulings conferred a selective advantage on Engie and that the measures applied by Luxembourg deviated from the normal tax system in that it differentiated between undertakings in a comparable situation.

In May, advocate general Juliane Kokott had opined that the tax rulings do not, in themselves, constitute illegal state aid. That opinion was non-binding, but the ECJ has now confirmed her assessment of the case and said that the various errors committed by the commission and the lower court “vitiated the whole of the selectivity analysis and the Commission’s decision is therefore annulled”.


It is not the first time that the European Court of Justice has ruled in favour of the Grand Duchy and companies that are headquartered here. In November 2022, it ruled that a tax ruling carmaker Fiat received from the Grand Duchy did not constitute illegal state aid. And in 2021, the commission failed to convince the court that Luxembourg should collect €250 million in back taxes from Amazon EU.

[waldron] 07/11/2023 18:54

French Utility Giant: European Natural Gas Demand Is Unlikely To Recover
By Charles Kennedy - Nov 07, 2023, 10:30 AM CST

Europe’s natural gas demand continues to be weak after last year’s energy crisis and most of the demand destruction will likely be permanent, according to France’s utility giant Engie.

European gas demand has slumped since the end of 2021 due to skyrocketing prices, the Russian invasion of Ukraine, and the cut-off of a large part of Russia’s pipeline gas supply to Europe. Governments have called for energy savings and industries have been using lower gas volumes due to the high prices and weakening activity.

“Depending on the size of these customers today, we have not seen the demand recovery from what happened last year,” Engie’s chief executive officer Catherine MacGregor said on the company’s earnings call on Tuesday, as carried by Bloomberg.

Demand destruction has been in the range of 10% to 20%, depending on the type of customers, MacGregor added.

“We think that this is here to stay to a large extent,” the executive noted.

“We don’t think that it will worsen, but we think it’s quite structural.”

MacGregor’s comments echo those of Vitol Group’s chief executive Russel Hardy, who said last month that some of the lost European demand for natural gas due to the energy crisis and record-high prices could never return.

“For gas, demand has plummeted in Europe, with double-digit percentage reductions. We expect some of the lost demand to be permanent,” Hardy told the Energy Intelligence Forum in October.

Earlier this month, analysts and industry professionals told Bloomberg that Europe’s natural gas demand could begin to rise this winter with higher electricity consumption in major markets and easing industrial demand destruction in the Eurozone.

A survey of economists carried out by Bloomberg has shown that the experts believe the plunge in industry gas demand could ease early next year. In addition, BloombergNEF sees power consumption returning to levels from before the energy crisis in some key European markets.

By Charles Kennedy for Oilprice.com

[florenceorbis] 07/11/2023 11:12

Engie Upgrades Outlook on Positive Performance, Reduced Risks

Engie raised its full-year guidance after what it called a continued good performance with reduced risks as it approaches the end of the year.

The French power utility on Tuesday said that it now expects recurring net income in a range of 5.1 billion euros to 5.7 billion euros ($5.47 billion-$6.11 billion), up from a prior forecast between EUR4.7 billion and EUR5.3 billion.

[adrian j boris] 07/11/2023 08:25

Engie Upgrades Outlook on Positive Performance, Reduced Risks
07/11/2023 8:00am
Dow Jones News

Engie (EU:ENGI)



Tuesday 7 November 2023


By Andrea Figueras



Engie raised its full-year guidance after what it called a continued good performance with reduced risks as it approaches the end of the year.

The French power utility on Tuesday said that it now expects recurring net income in a range of 5.1 billion euros to 5.7 billion euros ($5.47 billion-$6.11 billion), up from a prior forecast between EUR4.7 billion and EUR5.3 billion.

It now sees non-nuclear earnings before interest and taxes of EUR9 billion to EUR10 billion, while it previously anticipated EBIT excluding nuclear between EUR8.5 billion and EUR9.5 billion.

The company posted earnings before interest, taxes, depreciation and amortization of EUR11.9 billion, compared with EUR10.67 billion for the same period last year, while revenue fell to EUR61.8 billion in the period, down 10.2% organically on-year.

Non-nuclear EBIT was EUR8 billion, up from EUR6.3 billion, mainly driven by the units global energy management and sales as well as renewables.

Engie backed its dividend policy with a 65% to 75% payout ratio based on net recurring income and a floor of EUR0.65 a share for the 2023 to 2025 period.



Write to Andrea Figueras at [e-mail]



(END) Dow Jones Newswires

November 07, 2023 02:45 ET (07:45 GMT)

[grupo guitarlumber] 02/11/2023 12:24

Engie bolsters Peruvian portfolio with 4 wind farms

Published 02 Nov 2023 Last Updated 02 Nov 2023 10:43

Alix Publie Contact Author



France's Engie has signed an agreement to acquire 4 wind projects in Peru

[sarkasm] 31/10/2023 15:32

ENGIE acquires 545MW of solar assets in Brazil



By NS Energy Staff Writer 31 Oct 2023



ENGIE signed an agreement to acquire 100 % of Atlas Energia Renovável do Brasil S.A. and Atlas Brasil Energia Holding 2 S.A. This acquisition will bring to ENGIE solar photovoltaic (PV) plants in the Northeast (Bahia and Ceará) and the Southeast (Minas Gerais), for a total capacity of 545 MWac in operation.

The transaction value is €618 million, which can be adapted depending on certain contractual conditions.

This transaction strengthens ENGIE’s position in Brazil, a key country where the Group has been present for over 25 years with 2,400 employees, and already operates 10 GW of 100 % renewable installed capacity. Over the past six years ENGIE has invested more than €3.8 billion in the energy transition in Brazil, including investments in clean energy and the implementation of transmission lines.

With the decision to invest in these assets, ENGIE will benefit from contracted long-term assets at attractive returns and immediately contributive.

Paulo Almirante, ENGIE Senior Executive Vice President Renewables, Energy Management and Nuclear, said: “This acquisition is fully in line with ENGIE’s strategy. It strengthens the Group’s portfolio of renewable assets in operation and its presence in Brazil. The opportunistic acquisition of operating assets has become an attractive option for efficiently expanding ENGIE businesses, at this time in the market, benefiting from synergies with existing operations. This tuck-in transaction also contributes to our ambition to reach 50 GW of installed renewable capacity by 2025 and 80 GW by 2030.”

The completion of the transaction is subject to compliance with certain precedent conditions negotiated between the parties, including approval by the Administrative Council for Economic Defense – CADE, among others.

Source: Company Press Release

[the grumpy old men] 31/10/2023 13:46

Euronext Paris 14:43:19 31/10/2023

ENGIE


14,99 EUR +0,05%

[florenceorbis] 30/10/2023 08:25

Euronext Paris 04:24:08 2023-10-30 am EDT

ENGIE



15.04 EUR +0.79%

[adrian j boris] 28/10/2023 15:14

Engie secures green light for Libelula solar project

Published 26 Oct 2023 Last Updated 26 Oct 2023 09:26

Alix Publie Contact Author



French developer Engie has secured approval to move ahead with its Libelula solar project in Chile

[misca2] 28/10/2023 06:36

Analysts' Consensus

Mean consensus
BUY

Number of Analysts
15

Last Close Price
14.92EUR

Average target price
17.88EUR
Spread / Average Target
+19.80%

High Price Target
21.20EUR
Spread / Highest target
+42.07%

Low Price Target
15.30EUR
Spread / Lowest Target
+2.53%

[florenceorbis] 26/10/2023 13:22

Engie
14.85 -0.03%

[gibbs1] 25/10/2023 20:03

Analysts' Consensus

Mean consensus
BUY

Number of Analysts
15

Last Close Price
14.73EUR

Average target price
17.88EUR
Spread / Average Target
+21.32%

High Price Target
21.20EUR
Spread / Highest target
+43.88%

Low Price Target
15.30EUR
Spread / Lowest Target
+3.84%

[waldron] 25/10/2023 16:16

Euronext Paris 11:35:28 2023-10-25 am EDT




14.85 EUR +0.81%

[waldron] 25/10/2023 12:00

Euronext Paris 07:55:59 2023-10-25 am EDT


ENGIE


14.76 EUR +0.18%

[grupo guitarlumber] 24/10/2023 09:07

French Utility Engie to Report 'More Normalized' Q3 Results, Barclays Says
October 24, 2023 at 03:14 am EDT

(MT Newswires) -- Engie (ENGI.PA) is expected to post results showing a "more normalized" performance in the third quarter following the lack of unforeseen items in its pre-release, Barclays analysts said in a Tuesday note.

Based on the pre-release, Engie saw slightly milder weather in the third quarter, with improved nuclear availability in Belgium and marginally better hydrogen volumes in France. Barclays believes that the "extraordinary high" EBIT at Engie's global energy management and sales, or GEMS, segment in the first half will not be repeated in the third quarter.

The research firm forecasts a third-quarter group EBIT including nuclear of 1.28 billion euros, lower than the previous two quarters amid the assumption that Engie's GEMS business will contribute a 250 million-euro EBIT. For the first nine months of 2023, Barclays estimates Engie's group EBIT excluding nuclear at 7.96 billion euros, benefiting from "good" organic growth rates in its renewables segment, flex gen and retail businesses.

Consequently, the analysts expect the French utility to reiterate its full-year guidance. Engie will publish its third-quarter report on Nov. 7.

Barclays maintained its equal-weight rating on the stock, with a price target of 18 euros.

[ariane] 23/10/2023 15:27

Euronext Paris 12:25:47 2023-10-23 pm




14.54 EUR -1.02%

[la forge] 21/10/2023 15:10

Euronext Paris 11:38:22 2023-10-20 am EDT



ENGIE



14.69 EUR -1.25%

[florenceorbis] 20/10/2023 08:53

Euronext Paris 04:51:48 2023-10-20 am EDT

14.84 EUR -0.26%

[ariane] 19/10/2023 18:27

Engie
14.874 +1.05%

[sarkasm] 19/10/2023 10:59

Euronext Paris 0:57:11 2023-10-19 pm


ENGIE


14.81 EUR +0.62%

[the grumpy old men] 14/10/2023 11:37

Euronext Paris 17:35:15 13/10/2023


ENGIE



14.78 EUR +0,65%

[ariane] 10/10/2023 04:45

Euronext Paris 17:35:10 09/10/2023






14.28 EUR +1,03%