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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  ENGIE    ENGI   FR0010208488

ENGIE

(ENGI)
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Engie expects half its new renewables projects from PPA deals

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09/03/2019 | 11:18am EDT
The logo of French gas and power group Engie is seen on the company tower at La Defense in Courbevoie near Paris

PARIS (Reuters) - French gas and power group Engie expects that half of its new renewable energy projects in 2019-2021 will come from power purchase agreements (PPAs) with companies or municipalities, the company said on Tuesday.

As costs and subsidy levels for wind and solar drop, a growing number of government renewable energy projects are being awarded through competitive bidding. Engie and other renewable energy develop
ers are increasingly signing PPA contracts with big companies and cities. [https://reut.rs/2WaM9I4]

Engie expects to develop some 4.5 gigawatts of renewables projects through PPA contracts over the three-year period - out of a total development portfolio of 9 GW - as those contracts become more profitable.

Thierry Kalfon, head of Engie's renewables unit, told reporters that industrial power users increasingly want the renewable power they buy to be available 24/7, rather than just buying all the renewable power that a dedicated solar or wind farm produces.

This forces renewable energy producers to store more renewable power and to have a range of renewable sources to be able to respond to demand.

As pressure grows on companies to respond to the threat of global warming, many firms are keen to show they're switching to green power sources rather t
han relying on electricity generated by fossil-fuel-fired power stations. [https://reut.rs/2lRr7Sp] [https://reut.rs/2lPzePo]

In the United States, the largest market for PPA contracts, Engie has signed 3 GW of corporate PPA contracts for customers such as retailer Target, Boston University and telecom operator T-Mobile.

Engie sees strong growth from corporate PPA contracts in Europe too, although the low price of nuclear energy limits its outlook in France.

At the end of 2018, Engie had 18 GW of installed renewables capacity, accounting for 28% of the capacity operated by the group and 22% of its current operating profit.

Engie typically sells 50 to 80% of the ownership of the renewable energy projects it develops to financial investors once they are completed, while keeping a minority stake and remaining operator.

This reduces the estimated investment cost for the 9 GW it plans to develop between 2019 and 2021 from 8.8 billion euros (£7.9 billion) to 2.5 billion euros, Engie said.

(Reporting by Benjamin Mallet; Writing by Geert De Clercq; Editing by Dale Hudson)

Stocks mentioned in the article
ChangeLast1st jan.
ELECTRICITÉ DE FRANCE 0.70% 10.865 Real-time Quote.-21.81%
ENGIE 1.26% 14.45 Real-time Quote.13.93%
T-MOBILE US -0.51% 80.59 Delayed Quote.27.34%
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Financials (EUR)
Sales 2019 63 370 M
EBIT 2019 5 657 M
Net income 2019 2 625 M
Debt 2019 24 638 M
Yield 2019 5,39%
P/E ratio 2019 13,7x
P/E ratio 2020 12,4x
EV / Sales2019 0,94x
EV / Sales2020 0,90x
Capitalization 34 845 M
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Mean consensus BUY
Number of Analysts 19
Average target price 15,67  €
Last Close Price 14,45  €
Spread / Highest target 28,0%
Spread / Average Target 8,42%
Spread / Lowest Target -10,0%
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Managers
NameTitle
Isabelle Kocher Chief Executive Officer & Director
Jean-Pierre Clamadieu Chairman
Paulo Almirante Chief Operating Officer
Judith Hartmann Chief Financial Officer & Executive Vice President
Gary Leibowitz Finance Director
Sector and Competitors
1st jan.Capitalization (M$)
ENGIE13.93%38 027
ORSTED AS44.82%39 219
SEMPRA ENERGY30.15%38 659
NATIONAL GRID PLC11.38%36 975
ELECTRICITÉ DE FRANCE-21.81%36 335
PPL CORPORATION11.33%22 780