
ENGIE has said it targets to reach 95 gigawatts (GW) of installed renewable energy (RE) and energy storage capacities by the end of the decade as it announced “an accelerated decarbonization path”.
The French state-backed multinational power and natural gas utility eyes to cut greenhouse gas emissions by 55 percent between 2017 and 2030, toward its existing goal of achieving net zero by 2045.
ENGIE, whose main country of operation is France, set EUR 21 billion ($21.88 billion) to EUR 24 billion in growth capital expenditure between 2025 and 2027. Seventy-five percent is allotted for renewables, batteries and electricity networks.
Last year ENGIE raised its installed RE capacity by 4.2 GW to 46 GW. For storage it said it had over 5 GW in operation and under construction at the end of 2024.
“The strong demand for electricity expected in the coming years, along with the growing challenges related to climate, sovereignty, and affordability are the structural drivers of the energy transition”, ENGIE said in an online statement. “For these reasons, electrification will accelerate and renewable energies will continue to experience significant growth while molecules will remain fundamental to the global energy system.
“Flexibility will be more important than ever to support the system’s resilience, and investments in power grid will expand steadily”.
ENGIE also aims to, by 2030, operate 10,000 kilometers (6,213.71 miles) of power transmission lines and connect 50 terawatt hours a year of biomethane production capacity to its network.
It expects to have EUR 8 billion to EUR 9 billion in earnings before interest and taxes (EBIT) excluding nuclear contributions for 2025. ENGIE was to end nuclear generation this year as specified by the law in Belgium, where its nuclear assets are. However, in March 2022 amid energy supply concerns induced by Russia’s invasion of Ukraine, the Belgian government extended the life of the country’s two newest nuclear plants, Engie’s majority-owned Doel 4 and Tihange 3, for 10 years.
ENGIE had EUR 8.9 billion in EBIT excluding nuclear for 2024, of which EUR 5.47 billion came from renewables. Last year’s EBIT excluding nuclear fell from 2023’s EUR 9.5 billion.
For 2026 the figure is planned to be EUR 8.2 billion to EUR 9.2 billion. For 2027, EBIT excluding nuclear is projected to be EUR 9 billion to EUR 10 billion.
The average yearly growth rate of EBIT excluding nuclear between 2021 and 2027 would be 10 percent.
“Over the past four years, ENGIE has refocused, simplified, and de-risked, while continuing its trajectory towards net zero by 2045”, said chief executive Catherine MacGregor.
ENGIE expects to have EUR 4.4 billion to EUR 5 billion in net recurring profit for 2025. It reported EUR 5.5 billion in net recurring income for last year, up 3.1 percent on a gross basis and 3.4 percent on an organic basis against 2023.
ENGIE, listed on the Paris and Brussels stock exchanges, posted EUR 1.66 in basic earnings per share and EUR 1.65 in diluted earnings per share for 2024.
Revenue dropped 10.6 percent on a gross basis and 10.7 percent on an organic basis to EUR 73.8 billion. Cash flow from operations totaled EUR 13.1 billion, down 0.1 percent gross.
ENGIE raised its annual floor dividend to EUR 1.1 per share with a payout ratio of 65-75 percent of net recurring earnings.
ENGIE ended 2024 with EUR 79.36 billion in current assets including EUR 16.93 billion in cash and cash equivalents. Current liabilities stood at EUR 72.88 billion including EUR 9.13 billion in short-term borrowings.
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