Even by 2020 standards Engie has had a difficult year. The French energy group ousted a chief executive, hired another, dramatically changed strategy and sold a €3.4bn stake in water and waste group Suez, kicking off a corporate fight that is still shaking the world of French business. Now the company has to prove to investors it can turn itself round under a new leader as it shifts away from services to focus on energy infrastructure and renewable power — while making sure it does not become a takeover target in the process. Engie plans to plough at least some of the money it raises from the asset sales into building up its renewables portfolio. It is also looking at winding down its Belgian nuclear operations, in line with the country’s energy plans. Engie has provisioned about €13bn for the eventual shutdown, including dismantling the plants and disposing of the nuclear waste.
FT 30th Dec 2020 read more »