Share Name Share Symbol Market Type Share ISIN Share Description
Energiser Investments Plc LSE:ENGI London Ordinary Share GB00B06CZD75 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.65 0.60 0.70 - 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -0.1 -0.1 - 0

Energiser Investments Share Discussion Threads

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The stock is holding up well (almost stable) while the CAC40 is losing nearly 1%. Barclays reaffirms its 'overweight' recommendation while raising its target price for Veolia from €33 to €35. The stock is one of a list of European utilities stocks that 'look well positioned in the near term'.

Based on our analysis, EDF, Engie, Fortum, RWE and Veolia each benefit from an attractive combination of major strengths...' explains the broker, in a note where it 'seeks to identify the next major short-term catalysts' for the sector.

Translated with (free version)

Nord Stream 2 Comes Just As European Gas Prices Reach 13-Year High

By Tsvetana Paraskova - Sep 15, 2021, 2:00 PM CDT

The sooner Nord Stream 2 is commissioned and launched, the better chance the Russia-led gas pipeline to Germany will have to balance surging gas prices in Europe, including on the spot market, Kremlin spokesman

Dmitry Peskov said on Wednesday.

“Obviously, the commissioning of Nord Stream 2 as soon as possible will substantially balance natural gas price parameters in Europe, including on the spot market,” Peskov told reporters in Moscow today, as carried by Russian news agency TASS.

Europe’s current natural gas demand is huge, and if the winter is colder than usual, even more gas will be needed, Peskov added.

Last Friday, Gazprom said it had completed the construction of the Nord Stream 2 pipeline, although gas flows on the controversial Russia-led pipeline cannot begin until Germany grants an operating license to the project.

Germany’s federal networks regulator BNA said earlier this week that it would decide no later than January 8, 2022, whether it will certify Nord Stream 2 and issue an operating license for the natural gas pipeline.

Europe is grappling with soaring natural gas and electricity prices ahead of the winter heating season due to tight gas supplies, very low gas inventories across the continent, and low wind power generation amid still weather.

During the summer, even with the strong rebound in European natural gas demand and surging prices, Gazprom did not book additional entry capacity to Europe via Ukraine.

Analysts say that this could have been an opportunistic move from the Russian giant to drive up Europe’s gas prices further and take advantage of what are now the highest prices in 13 years. Other analysts think that Gazprom’s effective reduction in supplies would force Europe to recognize that gas customers on the continent need the controversial Nord Stream 2 pipeline to Germany bypassing Ukraine.

By Tsvetana Paraskova for

Air Liquide SA said Tuesday that it is partnering with TotalEnergies SE to optimize performance at the French oil-and-gas major's hydrogen platform in Normandy, France and develop a low-carbon hydrogen network.

The French industrial-gas company said that it will take over and operate TotalEnergies' hydrogen production unit of 255 tons a day under a long-term contract agreement, ultimately connecting it to its network.

Financial details weren't disclosed.

The companies also plan to jointly develop a carbon capture and storage project that will decarbonize the hydrogen produced at the site.

Transferring the hydrogen production unit to Air Liquide is subject to the approval of competent authorities as well as the process of consulting employee representatives at the TotalEnergies Normandy platform.

Write to Giulia Petroni at

(END) Dow Jones Newswires

September 14, 2021 05:04 ET (09:04 GMT)

Nord Stream 2

Gazprom plans to launch Nord Stream 2 on Oct. 1, Bloomberg says

Published Sept. 9 at 1:40 pm

Government moves closer to selling Bolshevik machine factory in Kyiv
High-profile cases that stalled under Venediktova

The first deliveries of gas through Nord Stream 2 may take place on Oct. 1, U.S. media Bloomberg reported, citing anonymous sources within Russian state-owned gas company Gazprom.

Gazprom didn’t answer the Kyiv Post’s request for comment.

Gazprom announced on Sept. 7 that it had welded the final piece of pipeline, which would shortly be laid onto the seabed. The pipe can start operating after the Danish and German sections are connected.

Nord Stream 2 will allow Russia to bypass Ukraine while transporting gas to Europe through Germany, depriving Ukraine of at least $1.5 billion in transit fees per year.

The controversial project is awaiting technical certification and insurance from the German gas regulator, which is still considering Nord Stream 2’s application as an independent transmission system operator.

The amount of gas that will flow through the pipeline is still being negotiated. Russia may only be allowed to use half of the capacity of its Nord Stream 2 undersea pipeline to Germany, a German regional court ruled on Aug. 25.

Under European regulations, half of the pipeline’s capacity must be auctioned to third parties to be allowed to operate in Europe, the court ruled, according to Bloomberg.

There are no third-party gas exporters in Russia, where Gazprom is a monopoly. This ruling would only allow Gazprom to send 27.5 billion cubic meters through the pipeline per year. The maximum annual capacity is 55 billion cubic meters.

Bloomberg’s source also revealed that by the start of December, Gazprom hopes to send gas through both lines of the pipeline, transporting a total of 5.6 billion cubic meters of natural gas by the end of the year.

Gazprom hopes to begin deliveries before the start of the winter due to a gas shortage in Europe.

In May 2021, head of Gazprom’s exporting division Elena Burminstrova suggested that Gazprom could “cover additional demand with the commissioning of Nord Stream 2.”

The comment that led Ukrainian energy think-tank Dixi Group to accuse Gazprom of manipulating the gas market to create an artificial deficit to make it look like Nord Stream 2 is necessary.

Spanners in the gasworks


Europe’s High Energy Prices Are Just The Beginning
By Julianne Geiger - Sep 06, 2021, 3:30 PM CDT

European energy prices might be at record levels, but there is still room for prices to run, according to a Bloomberg analysis.

Of course, natural gas prices are soaring everywhere—not just in Europe. The U.S. benchmark price for natural gas has nearly doubled over the last year, with front-month Henry Hub prices reaching $4.690/MMBtu as of September 6. And that’s despite record natural gas production in hot basins like Appalachia.

But U.S. gas exports are soaring more, hitting all-time records.

For Europe, which is coming off pandemic restrictions, the increased demand for natural gas and electricity as people return for work is triggering higher prices, and therefore inflation. Germany is battling the highest inflation since 2008, thanks to higher energy prices.

Typically, demand for natural gas this time of year is still low.

Today’s high prices, at a time when demand is typically low, are worrisome for Europe, which is now looking at a difficult winter, with natural gas inventories at painfully low levels.

The situation isn’t helped any by wind power, either, because low wind speeds and high temps are tamping down renewable power production, and in the process, paving the way for higher coal consumption.

And if Europe is still hoping that its own fossil fuels would prevent a winter price crunch for power, it would be wrong. According to Bloomberg, several production outages and declining gas fields have helped to send natural gas prices trading at a premium to crude oil.

Some estimates see retail consumers paying 20% more for utility bills.

Julien Hoarau, head of Engie SA’s analytics unit EnergyScan, said that Europe’s problems haven’t even started yet.

By Julianne Geiger for

la forge
6 september 2021, 18:00

Nord Stream 2 AG: the last pipe has been welded in Baltic Sea

The pipeline is expected to begin commercial flows this year, giving Gazprom a new direct supply link to Germany

Nord Stream 2 AG: the last pipe has been welded in Baltic Sea

Source: Nord Stream AG

Moscow, September 6 - Neftegaz.RU. Today, specialists on the laybarge Fortuna welded the last pipe of the 2 strings of the Nord Stream 2 pipeline.
The pipe № 200 858 will be lowered onto the seabed in German waters.

As the next step, the section of the pipe coming from the German shore will be connected to the section coming from the Danish waters in a so-called above water tie-in.
Afterwards, the required pre-commissioning activities are carried out with the goal to put the pipeline into operation before the end of this year.

In August, Gazprom said that Nord Stream 2 might supply 5.6 billion m3 of gas to Europe this year.
Gazprom's estimate for throughput this year is roughly a 10th of the annual nameplate amount, suggesting that if the pipeline is pressured up in the autumn, then flows could start some time in November.

Ukraine fears the pipeline will strengthen Russia’s influence and the country will lose about $3 billion a year in gas transit fees.
Part of the agreement is Germany’s commitment to help Ukraine in negotiating an extension to its current transit agreement with Russia.

Germany has also guaranteed it will reimburse Ukraine for gas transit fees it will lose from being bypassed by Nord Stream 2 until 2024, with a possible 10-year extension.

Nord Stream 2 could carry hydrogen in the future and would be ready to do so within 10 years.

To read the news in Russian

Source : Neftegaz.RU

the grumpy old men
Spie Submits Offer for Engie's Technical Services Provider Equans

09/06/2021 | 05:18am EDT

By Giulia Petroni

Spie SA said Monday that it is submitting a non-binding offer to acquire Engie SA's newly created technical-services provider Equans.

The French engineering company said the acquisition would be funded through a combination of debt and equity. Investment bank Bpifrance and U.S. private-equity company Clayton, Dubilier & Rice, LLC would help provide equity financing.

"This project and its financing structure would allow for a solid earnings per share accretion as early as the closing of the transaction, and growing strongly thereafter," Spie said.

The offer is subject to confirmatory due diligence.

Equans was launched earlier this year as an independent business, managing most of Engie's services-led activities in 17 countries. Equans combines activities that have a total 12 billion euros ($14.25 billion) in revenue, according to Engie.

French utility company Engie previously said it would consider all options regarding the evolution of the shareholding structure of Equans.

Other parties interested in a deal include French construction-and-media conglomerate Bouygues SA and construction-and-concessions group Eiffage SA.

Write to Giulia Petroni at

(END) Dow Jones Newswires

Nord Stream 2 loses case to have EU pipeline rules waived

Nord Stream 2 AG, the controversial gas pipeline project owned by Gazprom, lost a German court fight to sidestep European Union rules separating production from transportation, a decision that may delay the start of the operations.

By Bloomberg
25/08/2021, 10:20 am
Energy Voice daily newsletter

Nord Stream 2 AG, the controversial gas pipeline project owned by Gazprom, lost a German court fight to sidestep European Union rules separating production from transportation, a decision that may delay the start of the operations.

The Dusseldorf Higher Regional Court on Wednesday dismissed a bid by Gazprom to overturn the German Network Agency’s decision to impose the EU measures, a spokesman for the tribunal said by phone.

While the ruling means that Nord Stream 2 could be fined if it fails to comply with the EU regulation once gas flows, it doesn’t have an impact on the construction of the project, which was licensed under a different set of rules and is expected to be concluded this month. Technically, the EU measures also don’t bar starting the flow of gas, but Gazprom would need to restructure Nord Stream 2, a step that could cost time.

Gas prices initially jumped on the decision, before paring gains to trade 2.5% higher at 45.985 euros a megawatt-hour by 10:36 a.m. in Amsterdam. While the ruling was widely expected, some traders say it could delay much needed flows via the pipeline.

Germany’s regulator in May last year refused to issue a waiver for the project. Under the EU gas directive, exemptions can only be granted to pipelines completed by May 23, 2019. The measures were revised after works on the pipeline had started — a move that Nord Stream 2 alleges was discriminatory.

In order to comply with the rules, Nord Stream 2 must be certified as an independent transmission or system operator under the EU regulation. While that doesn’t require Gazprom to sell ownership rights in the unit, it must give up control and command rights toward its leadership and include other measures like Chinese Walls to guarantee the independence.

As a precaution, Nord Stream 2 has already applied for this kind of certification at the German regulator, known as the Bundesnetzagentur. Documents are being reviewed and more paperwork might be requested, a spokesman for the regulator said by email. Once the application is complete, the agency has four months to prepare a draft decision.

Other Pipelines

There have been other pipelines that were already operating before the certification was completed and no fines were issued in the period when the regulator and the company were in talks over the process. It is likely that the same will apply to Nord Stream 2.

The Nord Stream 2 link can ship 5.6 billion cubic meters of fuel to Europe this year, Gazprom said earlier this month. Traders are watching every step of the project, as it will help ease a supply crunch in the European gas market. The news Nord Stream 2 will start operating soon sent benchmark futures in the Netherlands down as much as 7% last week.

The twin link — which will double the capacity of the existing undersea route from Russian gas fields to Europe — has been a major source of friction in trans-Atlantic relations for several years, with the U.S. claiming it could give Russia new leverage over Europe and introducing sanctions targeting the project. Joe Biden’s administration softened the U.S. stance, reaching a deal with Germany last month to end a longstanding rift over the pipeline.

There is also an arbitration case pending under the European Energy Charta over the issue and Gazprom is also seeking to nullify the rules in a suit filed with the EU’s courts.

Wednesday’s case is OLG Dusseldorf, VI-3 Kart 211/20 [V].

the grumpy old men
European gas prices fall amid restored deliveries from Russia
24 Aug, 2021 08:50
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European gas prices fall amid restored deliveries from Russia


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Russian natural gas supplies over the Yamal-Europe pipeline soared almost twofold on Monday, returning to early August figures, data from the European gas transport operator Gascade showed.

According to Gascade, gas pumping via the Yamal-Europe gas pipeline surged by 77% (from 4pm to 5pm) to 2.71 million cubic meters per hour from about 1.5 million cubic meters per hour.

European gas prices dropped by almost 2% to $493 per 1,000 cubic meters or €41.125 per MWh on the back of growing supplies, ICE data shows.
Also on Russian Nord Stream 2 pipeline may start pumping gas to Europe this year, says Austrian energy major OMV

The resumption in gas deliveries from Russia through the Yamal-Europe gas pipeline follows a fire that broke out at Russian energy giant Gazprom’s Urengoy plant in Siberia on August 5. The fire was localized the following day, but the volume of gas transferred from the facility wasn’t fully restored until now, leading to a natural gas price spike in Europe.

For more stories on economy & finance visit RT's business section

la forge
ENGIE: Medium Term Transformation In Progress

Aug. 24, 2021 1:56 AM ETENGIE SA (ENGIY), ENGQF


ENGIE has agreed to the sale of its 11.5% stake in GRTgaz at an attractive RAB premium of c. 48%.

With other planned disposals also in progress, the strategic shift appears to be on track.

Yet, shares trade well below EU peers despite the re-rating potential and the c. 4% yield on offer.

ENGIE (OTCPK:ENGIY), a French-based global utility company supplying electricity, gas, and energy services, may have outperformed yet again at its H1 '21 results, but the key highlight was the disposal of its stake in GRTgaz for a c. €1.1 billion price tag (implying a considerable premium to the RAB ("regulated asset base"). Beyond the highly favorable valuation benchmark the sale provides for Engie's gas infrastructure assets, it also illustrates that management is progressing well on its medium-term strategy to simplify the company. As such, I am bullish on Engie's plans to create a more straightforward infrastructure/renewable-focused group over the medium term and see a clear re-rating path ahead. In the meantime, shareholders get paid a c. 4% dividend yield to wait.

Making Progress on GRTgaz with Latest Stake Sale

Alongside its earnings results, Engie has signed a binding agreement with Caisse des Dépôts and CNP Assurances (both already minority shareholders) for the sale of its 11.5% stake in GRTgaz (gas transmission in France). The agreement values the GRTgaz group's total equity at €9.75 billion or an enterprise value of €14.6 billion, implying a c. 12x EV/ EBITDA valuation. In turn, the sale price also implies a RAB premium of c. 48%, which is certainly impressive for a minority stake in gas networks. In addition to the partial reduction in Engie's holding, the transaction will also feature a simplification of the GRTgaz group structure, which will lead to GRTgaz taking full ownership of Elengy (up from c. 82% currently).

I view the transaction as a significant positive – not only does it represent another value crystallizing disposal for the group (implying a 1-2% positive impact on Engie's market cap), but it also helps to reduce Engie's net financial debt by c. €1.1 billion. From a broader perspective, the accretive sale also validates the case that there is value in the rest of the gas networks assets in the Engie portfolio despite the market remaining unwilling to capitalize the remaining c. 64% stake in GRTGaz at the implied deal multiple (note shares were slightly down post-announcement). Nonetheless, the deal is on track to close by year-end, and with similar disposals in the pipeline, I remain optimistic on a re-rating of the gas assets down the line.

Medium Term Disposal Plan on Track

Since the strategic shift outlined by management at its previous investor day, Engie has made impressive progress, disposing of its 29.9% stake in Suez for €3.3 billion and signing the sale of EVBox for c. €200 million, leading to a total of €3.6bn in the last year. Engie has since guided for a €9-10 billion disposal plan from 2021-2023, including Customer Solutions business Equans and another c. €2 billion tranche of disposals. On the former, expect steady news flow over the upcoming month – per recent news reports, Engie is kicking off an auction process for some of its services assets, with initial bids (expected in September) already valuing Equans in the €5-6 billion range.

On the other hand, there will be some dilution at the EBIT level from the medium-term disposal plan – management has guided for a c. €700 million EBIT dilution scenario over the 2021-2023 period, mainly from the planned Equans sale. On balance, however, I view the disposals as a net positive, as it helps to de-risk the overall group, and depending on how the sale of Equans is structured, Engie still has options to manage the dilution side of the rotation (e.g., by executing in stages). With commodity prices also on the rise, expect higher profitability for Engie's supply activity and potentially its IPP business as well, both of which should help offset any earnings headwinds ahead.

Strategic Transition to Infrastructure Underpins Incremental Upside

In addition to the disposal plans, shareholders also stand to gain from a focus on infrastructure-like activities such as regulated networks, renewables developed on the balance sheet, along with contracted heating/cooling and cogeneration. A simpler group structure producing a visible and steady earnings stream on which the market can apply similar multiples to other bond proxy utilities in the sector (e.g., renewables peers) would likely be accretive. Assuming successful execution, the strategic shift should support a material re-rating of Engie's other activities, supporting the case for value unlocking ahead.

Source: Engie Strategic Update Presentation Slides (2021)

Alternatively, the planned transition would also make Engie a compelling M&A target for infrastructure or oil & gas funds/companies (with a lower cost of capital) looking to redeploy capital away from fossil fuels. Furthermore, Engie is currently trading at a considerable valuation discount to peers Enel (OTCPK:ESOCF) and Iberdrola (OTCPK:IBDRY) despite operating out of northern Europe. Considering Enel and Iberdrola are tied to higher Italian and Spanish underlying sovereign yields, I think Engie should instead trade at a premium multiple (note French 10-year bonds are negative yielding while similar durations in Italy and Spain offer modest positive yields).
Final Take

Overall, I like where Engie is going with its strategy, and considering its progress on the planned disposals, I see further positive catalysts ahead. Yet, Engie shares have been range-bound in recent months, even moving down slightly after an excellent quarterly earnings release. This seems unjustified, especially with earnings already growing ahead of expectations, disposals coming in at good valuations, and a near-term catalyst in the form of the Equans sale ahead (targeted before year-end). Trading well below peers at the current EV/EBITDA of c. 7x despite a dividend yield of c. 4%, Engie remains a great pick in the EU utilities space.

la forge
Only 15 km left to finish Nord Stream 2 pipeline, Putin says

Aug. 20, 2021 3:33 PM ETPublic Joint Stock Company Gazprom (OGZPY)BASF SE (BASFY), ENGIE SA (ENGIY), OMV Aktiengesellschaft (OMVJF)...

By: Carl Surran, SA News Editor

Russia's President Vladimir Putin says only 15 km remain to be completed on the Nord Stream 2 gas pipeline from Russia to Germany, despite U.S. sanctions that have slowed the $11B project.

Russia is ready to transit gas via Ukraine after the current contract expires in 2024, but needs to have contracts to supply its consumers in Europe, Putin said today following a meeting with German Chancellor Angela Merkel in Moscow.

"We need to get an answer from our European partners on how much they are ready to buy," Putin said. "We cannot sign a transit contract if we don't have supply contracts with our consumers in Europe."

Meanwhile, the Biden administration says it is imposing sanctions on two Russian entities over their involvement in Nord Stream 2 but will leave in place a waiver that spared the company overseeing the construction and its top executive.

Russia's state-run Gazprom (OTCPK:OGZPY) leads the project, which includes Western partners Royal Dutch Shell (RDS.A, RDS.B), BASF's (OTCQX:BASFY) Wintershall, Uniper (OTC:UNPPY), OMV (OTCPK:OMVJF) and Engie (OTCPK:ENGIY).

Gazprom said earlier that the pipeline should deliver the first batches of natural gas to Germany this year.

Nord Stream 2 pipeline can ship gas this year, Gazprom says

Aug. 19, 2021 11:59 AM ETPublic Joint Stock Company Gazprom (OGZPY)BASF SE (BASFY), ENGIE SA (ENGIY), OMV Aktiengesellschaft (OMVJF)...By: Carl Surran, SA News Editor11

Gazprom (OTCPK:OGZPY) says the Nord Stream 2 pipeline should deliver the first batches of natural gas to Germany this year, and could supply 5.6B cm of natural gas to Europe this year.

The new pipeline will help ease a supply crunch in the European market, and Gazprom's statement sent TTF European benchmark gas futures down as much as 12%.

The Nord Stream 2 consortium says the pipeline is 99% complete, with the Russian Fortuna pipe-laying vessel nwo working on the final part of the construction.

The Gazprom-led project includes partners Royal Dutch Shell (RDS.A, RDS.B), BASF's (OTCQX:BASFY) Wintershall, Uniper (OTC:UNPPY), OMV (OTCPK:OMVJF) and Engie (OTCPK:ENGIY).

Engie commissions 200MW solar power project in Gujarat, India


By NS Energy Staff Writer 19 Aug 2021

The solar plant at the Raghanesda Solar Power Park will produce around 546GWh of clean power and reduce 387,056 tons of carbon dioxide emissions annually

Engie completed the 200MW solar power project in 14 months. (Credit: ENGIE)

French energy company Engie has announced the commissioning of a 200MW solar power project at the Raghanesda Solar Power Park in Gujarat, India.

The company said that it has collaborated with various entities of the Gujarat government to build the solar plant.

The project will produce nearly 546GWh of clean power, while offsetting 387,056 tons of carbon dioxide emissions annually.

Engie India country manager Neerav Nanavaty said: “After overcoming several challenges at the site, the team is excited to announce the commissioning of this marquee project that is sure to boost the dynamic Indian solar industry and contribute towards decarbonising India’s energy mix.

“We would like to thank all the public and private sector stakeholders and the local communities for their support and cooperation in helping us achieve this critical milestone in our renewable growth journey in India.”

Located in Raghanesda, the solar power project is the second-largest photovoltaic (PV) project for Engie in India after the 250MW solar plant in Kadapa, Andhra Pradesh.

Engie had won the project under a tender process held by Gujarat Urja Vikas Nigam (GUVNL), the state electricity regulation board in Gujarat.

The project is underpinned by a 25-year power purchase agreement signed in August 2019 with Gujarat Urja Vikas Nigam (GUVNL).

An implementation support agreement for the project was signed by Engie in October 2019 with Gujarat Power Corporation Limited (GPCL), the owner of the Raghanesda Solar Power Park.

Engie had arranged debt for the solar power project under a long-term project financing arrangement with the Asian Development Bank (ADB) and Societe Generale.

Spread across 380ha, the project was implemented through Engie’s special purpose vehicle called Electro Solaire. It was wrapped up in 14 months, involving more than 800 personnel.

The solar power project features modules procured from Jinko and Longi and String. Its inverters were supplied by Huawei.

Engie said that Sterling & Wilson, which was the balance of plant contractor, will also be the operations and maintenance (O&M) provider for a period of five years.

With the commissioning of the solar plant at the Raghanesda Solar Power Park, Engie has grown its portfolio of developed power projects in India to 17 with more than 1.1GW of solar PV and 280MW of wind power.

Engie: Goldman Sachs goes long and marginally adjusts its target from EUR 16.10 to EUR 16.30.
French group wins geothermal project for cooling in Martinique

Alexander Richter
3 Aug 2021

French consortium of Engie, TLS Geothermics and Storengy wins a project to develop a geothermal project aimed for cooling in the Caribbean territory of Martinique.

Already announced early last month, French companies Storengy, TLS Géothermics and ENGIE Solutions have won the call for expressions of interest launched by the partners of the Territorial Energy Management Program for the development of geothermal energy in Martinique, a Caribbean territory of France.

This regional development project, launched at the end of 2020 by ADEME and the Territorial Collectivity of Martinique, will make it possible to create a new cold distribution network by developing natural resources and greening the island’s energy mix.

A first in overseas France

For the first time in France, a geothermal project will supply a cooling distribution network and will be used for various purposes, such as air conditioning for the Fort de France urban area.

Storengy and TLS Geothermics have filed a research permit to explore the subsoil and the potential of geothermal energy. Storengy’s teams will be responsible for working on and managing the underground part of the project, i.e. underground studies and exploration in conjunction with TLS Geothermics, as well as permitting and associated drilling. Engie Solutions is bringing its expertise in heating and cooling networks to the project.

The geothermal doublet will allow geothermal water to be drawn off and reinjected to ensure the sustainability of the resource and limit the impact on the environment. The heat energy extracted will be used to power an absorption refrigeration unit for cold production, or to meet heating needs.

Source: Storengy

Natural Gas

Engie raises 2021 guidance with better first-half results

Jul 30, 2021 9:35:am


The French company is also making progress towards a simpler, lower-carbon future.

by: William Powell

Shrugging off the first-quarter losses in Texas, French energy company Engie announced improved first-half results July 30 as Europe's economy continued its recovery from the effects of COVID-19 and its own operations improved. It also raised its guidance for the year as its asset sales continue.

And although Nord Stream 2 was not mentioned, as one of the five lenders to the project it can also expect to see its loan repayments start this year – if the pipeline flows then as planned.

First-half Ebitda was €5.4bn, up 23.1% on an organic basis while Ebit was €3.1bn up 44.4% on an organic basis. Of that, half (€1.514bn) came from networks and a sixth (€492mn) came from renewables, down just 1.7% year-on-year despite the losses in Texas. And after a mild H1 202o, the cold winter the following year led to a gain of €284mn for its networks and supply businesses. It has sold a stake in French network operator GRTGaz for a large premium to its regulated value.

Foreign exchange losses amounted to €107mn mainly driven by the depreciation of the Brazilian real and, to a lesser extent, of the US dollar.

CEO Catherine MacGregor said the company had also made progress with its reorganistion, asset sales and development of renewable energy. "For the full year, taking into account the strong performance in H1 and improved expectations for the full year, we are upgrading our guidance for 2021,” she said.

Its Belgian nuclear assets have delivered high levels of availability and the freeze in France and strong power prices are are also expected to contribute to a stronger financial performance than previously anticipated. As a result, Engie now expects profits of €2.5bn-2.7bn – €200mn more than at the time of its Q1 results – based on indicative 2021 Ebitda range of €10.2 -10.6bn and Ebit between €5.5bn and €5.9bn.

Engie expects growth capital expenditure of between €15bn-€16bn in the 2021 to 2023 period and for this capex to be "more evenly phased across this period," with €5bn to be spent this year. It is still aiming for €9bn-€10bn of disposals over the three years, with €2.5bn achievable this year. Engie said it remains committed to a strong investment grade credit-grade rating.

Engie Lifts 2021 Guidance on Stronger 1st Half Results; Selling Stake in French Gas Operator
07/30/2021 | 07:56am BST

By Cecilia Butini

Engie SA said Friday that it has raised its outlook for 2021 as earnings and revenue grew in the first half; separately, it said that it has agreed to sell part of its stake in French gas operator GRTgaz SA.

The French power utility company posted net profit of 2.34 billion euros ($2.78 billion) for the first half, up from EUR24 million in the same period a year earlier, when the company's business was hit by the coronavirus pandemic. Revenue grew to EUR31.26 billion in the period, from EUR27.43 billion the year prior.

The company raised its outlook for the full year, saying it now expects net recurring income in the range of EUR2.5 billion and EUR2.7 billion. The guidance is based on an indicative 2021 earnings before interest, tax, depreciation and amortization range of EUR10.2 billion and EUR10.6 billion, as well as on an earnings before interest and tax range of EUR5.5 billion to EUR5.9 billion.

Separately, Engie said that it has agreed to sell 11.5% of GRTgaz stake to Caisse des Depots and CNP Assurances. The sale is part of Engie's execution of a strategic plan to rebalance its exposure from gas networks toward renewables and other infrastructure assets, it said.

Engie currently holds a 75% stake in the gas operator.

Write to Cecilia Butini at

(END) Dow Jones Newswires

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