Engie embrace of renewables paying off

Engie has recorded a positive first half performance with profits growing 3.5 per cent, as the group made further progress in moving away from fossil fuel production to focus on renewables and energy services.

Income rose to €1.3bn on revenues of €33.1bn, 1.6 per cent higher than the same period last year.
Isabelle Kocher of Engie
Engie has changed strategic direction under Isabelle Kocher, who took the helm of Engie last year, and she said low carbon generation, infrastructure and services now made up 90 per cent of the group’s earnings before interest, taxes and amortisation (Ebitda) which stood at €5bn at the half-way stage, flat on the same period a year earlier.

The company has also succeeded in reducing its net debt by €2.1bn since the end of last year to €22.7bn at June 30.

“These solid and encouraging results are the fruit of the commitment of our teams all over the world. They prove the progress we have made at every level in our 3-year transformation plan. They also allow us to confirm the targets set for 2017 and the Group’s strategic choices to secure its future growth.”

Ther has been speculation of Engie considering a potential consolidation with German group Innogy, the clean energy business that was hived off from RWE. However, the Engie CEO has played down the link.

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