Engie returns to profit

After being fined by the 2020 health crisis and the setbacks of the Belgian nuclear power, Engie returns to growth. The French energy company on Tuesday released significantly improved results for the 2021 fiscal year. They are driven by rising energy prices and a return to good fortune for its power plants in Belgium.

Net profit reached 3.7 billion euros. In 2020, the group reported a loss of 1.5 billion, weighed down by the depreciation of the value of its Belgian nuclear plants. The Brussels government has decided to close by 2025 .

“In an unprecedented energy environment, we have adhered to our commitment to reflect on consistent financial performance,” General Manager Catherine McGregor commented in a statement.

Renewable and gas

For the most business representatives, operating income rose 42% to 6.1 billion euros. Nuclear only gave 1.1 billion more profit than the previous year.

The Nuclear Fleet’s availability rate reached 92% last year, up from 63% in 2020, according to Catherine Macrigor, to profit after three consecutive years of losses.

More renewable

In addition to nuclear power, profit growth was driven by two of Engie’s key functions: renewables (+ 22%) and gas infrastructure such as GRDF and GRTgaz (+ 13%). They benefited from rising electricity and gas prices.

Engie operates some 34 gigawatts of hydraulic, wind and solar power generation capacity, up from 3 gigawatts a year ago.

Three year goals

Engie sets consistent growth forecasts for its results for the next three years. Operating profit in 2024 will be between 6.4 and 6.8 billion euros. The total operating surplus will reach $ 11.7 billion on this horizon against 10.6 billion in 2021.

These projections take into account the cost of dismantling power plants in Belgium. The bill, to be passed by the Belgian government in the spring, will expedite planned spending for Engie in the region.

Removal of Belgian power plants

Funding for the removal, most of which has already been provided up to 14 14 billion, will result in an increase of மில்லியன் 700 million a year between 2022 and 2024, the group announced Tuesday. “It doesn’t change the total quota or Engi’s net debt,” Catherine Macrigor said. Engie shares gained 0.45% in mid-day on the Paris Stock Exchange.