Eng “not worried at all” about possible Russian gas cuts
Although the Nord Stream 1 gas pipeline, which connects Russia to Europe through the Baltics, has been working at simply 20% of its capability for days, the Old Continent is on battle orders to diversify its provide sources. A coverage that has been rejected by the technique of the massive gas firms, up to now concerned in Vladimir Putin’s nation’s very concerned hydrocarbon exploitation. Including French group Engie, which is benefiting from rising exercise, particularly due to rising power costs, to broaden its portfolio and transfer away from Moscow.
In reality, France’s important gas provider, of which the French state holds about 24%, this Friday, was happy to current its outcomes, ” considerably diminished “his” Financial and bodily publicity to Russian gas ” Although Russia nonetheless accounted for about 20% of its provide just a few months in the past, solely a ” Small residual quantity is about 4%. Gas bought by Engie from Gazprom, mentioned its managing director, Catherine McGregor.
“It’s fully inside the flexibility of our portfolios, so we’re not worried at all. […] The threat stays at the extent we recurrently face because of modifications in temperature, modifications in financial exercise, and so on. “, he mentioned throughout a phone briefing.
Therefore, the whole disruption of deliveries in Europe will solely have a restricted influence on Engie, and clients will proceed to be served, assured the enterprise supervisor.
Integration of Partnerships
It have to be mentioned that the corporate has elevated the variety of contracts over the months, rising purchases from Norway, Algeria, the Netherlands and even the United States. a approach” Participate in various and safe provide efforts “, we clarify in his rank, whereas the European states might miss 45 billion cubic meters of gas this winter, the results of which is disciplined of their economic system.
What is the justification for its signature Deal Harmful to the local weather, as NG is gaining power particularly in American shale gas. Indeed, in 2020, underneath strain from state shareholders and environmentalists, the French group will lastly purchase 1.75 million tons of LNG per 12 months, following a mega-contract negotiated with Nextdecade for the provision of liquefied pure gas (LNG). , from 2026 to the long run Texas Rio Grande terminal and for fifteen years, we realized in early May. A reversal had already begun in late March, as NG then prolonged a contract with one other American group, Cheniere Energy, to purchase extra LNG from it than deliberate, and for twenty years.
By consolidating its partnerships with a number of nations, the group was in a position to contract extra volumes, which “ It will make it possible to interchange Russian gas and attain the required storage stage within the occasion of a complete discount in Russian gas provide For winter 2023-2024.
As far as this winter is worried, Engie is however relying on a component ” Decrease in demand “, Catherine MacGregor additional co-signed the well-known Tribune’s Call of Emergency Sobriety JDD, alongside the CEOs of EDF and TotalEnergies. But even right here, the corporate is assured: ” We have already seen a lower in demand, which exhibits that there’s a sure flexibility on the demand facet, and if there’s a situation of disruption of Russian gas within the winter, we might be capable to totally ‘exploit just a few %’. “, assured Catherine McGregor.
Solid outcomes however a lot of uncertainty
Overall, this diversification coverage relies on strong monetary outcomes, pushed by rising hydrocarbon costs. Indeed, NG achieved a web revenue of 5 billion euros within the first half of 2022, up from 2.3 billion a 12 months earlier, the corporate revealed on Friday. Especially because it has already made a snug revenue in 2021, with working earnings up greater than 40% from the earlier 12 months, once more thanks partly to cost will increase for the reason that autumn.
However, a lot is given uncertainty », each when it comes to market evolution and the Russian place, Engie retains its forecast for the 12 months unchanged. The group is thus nonetheless aiming for a web recurring results of between 3.8 and 4.4 billion euros in 2022, even when this result’s inflated by 0.7 billion. If market circumstances and value setting [au 30 juin 2022, ndlr] Had to proceed in second semester “