Engie To Accelerate Average Annual Renewables Growth

French natural gas and electricity supplier Engie SA (ENGQF.PK,ENGIY.PK) said that it will accelerate its average annual renewables growth from 3 GW currently to 4 GW from 2022 to 2025, and a further step-up to 6 GW from 2026 to 2030, primarily organically. Overall, it will lead to total installed capacity of 50 GW by 2025 and 80 GW by 2030.

The Group has set up a target of adding 8 GW of capacity to reach 32 GW of low carbon distributed energy infrastructure by 2025.

The company said it is concentrating on core activities with a focused geographic footprint and strong local stakeholder relations. By 2023, its geographic footprint will be reduced to less than 30 countries compared to 70 in 2018. The Group has streamlined its organisation from 25 Business Units to 4 GBUs.

Engie noted that it is strengthening its commitment to decarbonization with the ambitious target to reach Net Zero Carbon on all three scopes by 2045, following a "well below 2°C" trajectory.

The overall objective remains to exit coal in Europe by 2025, and globally by 2027.

The company noted that 9 billion euros - 10 billion euros disposals will be executed at pace to simplify the Group and the investor proposition.

ENGIE plans to invest between 15 billion euros -16 billion euros of growth Capex over 2021-2023 with 55% being already committed.

For 2023, the Group anticipates a net recurring income Group share to be between 2.7 billion euros and 2.9 billion euros, based on an indicative EBITDA range of 10.3 billion euros to 10.7 billion euros and EBIT range of 5.7 billion euros to 6.1 billion euros

The Board has re-affirmed the Group's payout policy of 65% to 75% of net recurring income Group share. Engie expects the dividend per share to grow driven by earnings growth. Separately, Engie is also introducing a dividend floor of 0.65 euros per share for the period 2021 to 2023.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration is proposing a rule that will broaden the range of nonprescription or over-the counter drugs available to consumers. The rule titled, "Nonprescription Drug Product with an Additional Condition for Nonprescription Use," is intended to increase options for the development of safe and effective nonprescription drugs. The U.S. Food and Drug Administration announced that Australian organic infant formula and baby food producer, Bellamy's Organic, has agreed to send around 696,000 cans of general formula milk to the United States to meet the supply shortage. Under the FDA's enforcement discretion to source more infant formula to the U.S., the available Bellamy's Organic products include about 1.4 million pounds. The U.S. air travel industry is going through its worst crisis since the troubled travel time during the peek pandemic struggles, with thousands of flights across the country being cancelled or getting delayed. The aviation crisis, as millions are preparing to travel during the upcoming July 4th holiday weekend, is mainly attributed to the staffing issues at airlines, ...
Follow RTT