Engie pushed up its dividend for 2018 as the French energy giant enters into a crucial year for the company. The gas and power group, which is going through a massive transformation, saw recurring net income come in at €2.6bn, ahead of analyst expectations of €2.35bn, according to Reuters data. Earnings before interest, taxation, depreciation and amortisation came in at €9.3bn, down 1.8 per cent, but roughly in line with expectations and at the lower end of the company’s guidance. Engie is moving into the last year of its three year transformation plan with analysts suggesting this will be the year for Ms Kocher to prove her strategy works. As part of that three-year plan, the company has cut costs and reduced its exposure to carbon-intensive industries and from markets most exposed to fluctuating prices. Engie aimed to sell off €15bn of fossil fuel-focused assets between 2016 and 2018 and reinvest the proceeds in renewables and energy services.
FT 8th March 2018 read more »
Engie’s revenue rose slightly year-on-year amid an “ambitious repositioning” by investing in renewable energy, its CEO claimed. Engie’s CEO, Isabelle Kocher, said: “We achieved an ambitious repositioning by reinvesting massively in low CO2 generation, networks and client solutions, laying the foundations for future growth.” Last year, Engie invested in several renewable energy projects — including in wind.
Wind Power Monthly 8th March 2018 read more »