logo
  

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
Google, owned by Alphabet Inc., plans to merge its teams working on Maps products and the mapping service Waze with effect from December 9, reports said. The decision to consolidate processes comes as the search giant is facing pressure to streamline operations and cut costs. The restructuring is expected to reduce overlapping work across the Waze and Maps products. The Pentagon announced that up to $9 billion worth of cloud-computing contracts were awarded to Google, Oracle, Amazon, and Microsoft. In a statement, the U.S. Department of Defense said, "The purpose of this contract is to provide the Department of Defense with enterprise-wide, globally available cloud services across all security domains and classification levels..." Juul Labs, an e-cigarette maker, said it has reached settlements with more than 5,000 vaping lawsuits in the United States. The cases were related to personal injury, consumer class action, government entity, and Native American tribes. In a statement, the company said it cannot disclose the settlement amount at this time as part of the settlement and court process.
RELATED NEWS
Follow RTT