The French energy giant Engie will record strong growth in most of its activities in 2022, in particular those related to gas and renewable energies boosted by soaring prices. Its revenue reached 93.9 billion euros, up 62.2% compared to 2021. The supply of energy, particularly gas, contributes the most to the group’s operating performance, with record natural gas prices reached last year.
The division of Engie which operates in the energy markets thus brought in two billion euros more. The thermal – production of electricity from gas – jumped 49.4%, while renewable energies are up 36.6%.
A mixed result
But the net profit of the group – which makes it possible to measure the profitability of the company – finds itself amputated by 95%. It falls to 200 million euros, against 3.7 billion last year. Among the charges weighing on this profit, the group deplores 2.8 billion in value losses due to the future dismantling of its Belgian nuclear power plants, and a billion in credit lost in the Nord Stream 2 gas pipeline, which has never been opened. following the war in Ukraine.
Engie has chosen to withdraw from certain activities in order to be able to invest in particular in renewables, while advocating the maintenance of gas as a transition energy. The group thus finalized the sale of its Equans multi-services business, sold to Bouygues, which brought in a capital gain partially offsetting other expenses.
Energetic transition
“Its refocusing and simplification now achieved, Engie is embarking on the second stage of its strategic plan and is accelerating its growth in the energy transition”, underlines the group in a press release. It is thus targeting an annual growth of 4 gigawatts (GW) of installed renewable capacity worldwide between 2022 and 2025, as well as 6 GW between 2026 and 2030, to reach 50 GW of installed capacity in 2025 and 80 GW in 2030.
These results are released two weeks after those of TotalEnergies, which had revived the debate on the taxation of superprofits. The hydrocarbon giant had announced a record profit of 19.5 billion euros in 2022.