During a press breakfast organized this Tuesday by the AJEF (Association of Economic and Financial Journalists), Catherine MacGregor, CEO of Engie since January 1, 2021, engaged in a Q&A session with a panel of journalists.

The French executive began her presentation with a comparative analysis between the current energy crisis linked to Middle East tensions and the 2022 crisis following Russia's invasion of Ukraine: "We are currently navigating a global systemic crisis affecting numerous commodities (oil, LNG, fertilizers, helium). While LNG (liquefied natural gas) remains a niche market, representing 15% of global gas, the volatility of Brent around 100 dollars underscores the importance of the oil stakes. The market is marked by such unpredictability that analysts are struggling to forecast what will happen, effectively flying blind. Oil prices are fluctuating, with Brent oscillating around the 100 USD mark."

She also emphasized that Europe is now better prepared than in 2022. Its dependence on Russian gas (40% in 2022) has been reduced through a diversification of supply sources. Today, with gas prices stabilized between 40 and 50 euros/MWh (megawatt-hour) and rapidly growing decarbonized power generation, European countries are reaping the rewards of their sovereignty strategy. According to Catherine MacGregor, "to protect itself from external shocks, Europe must continue its electrification and rely on its local resources (nuclear and renewables)."

A share price driven by strategic clarity

Questioned by Zonebourse.com during the morning session, the CEO then revisited the performance of Engie's share price, listed in Paris since July 7, 2005. Since January 1, the French energy giant's stock has surged by more than 26%, and nearly 8% over the past month.

In her view, "Engie's stock market trajectory is extremely strong." This performance must be analyzed with the necessary perspective. The last six years have been marked by a profound transformation "aimed at refocusing the group, improving its operational performance, and increasing its predictability, notably by securing agreements on nuclear power."

Catherine MacGregor highlighted the "regaining of investor confidence." In this regard, confidence is built over the long term. For a market to support a company, two pillars are essential: buy-in to the strategic vision (the chosen direction) and proof of execution (meeting commitments).

Today, Engie has restored this link: "the market now recognizes the relevance of our strategy centered on electrification and our ability to deliver the announced results," she stated.

The success of the UK Power Networks transaction

Furthermore, she explained the rise in Engie's stock through the acquisition of UK Power Networks (UKPN, the electricity distribution network operator covering the South East of England, the East of England, and London), which has been a genuine success. In early March 2026, the major French player in the energy transition announced it had finalized a capital increase of nearly 3 billion EUR to partially finance this operation. The French State did not participate in this fundraising, which was carried out via an accelerated private placement at 28 EUR per share.

The group placed 107,142,857 new shares, representing approximately 4.4% of the share capital prior to issuance, as part of an accelerated bookbuild private placement.

The shares were issued at a unit price of 28 EUR, representing a 3.2% discount to the last closing price preceding the announcement of the operation on February 27, 2026. This relatively narrow discount for such a transaction signals the positive reception given to the acquisition by the market and the potential it sees in the Engie investment case. Gross proceeds thus reached nearly 3 billion EUR, before deduction of commissions and expenses.

The net proceeds of the operation are intended to partially finance the acquisition of UK Power Networks, with completion expected in mid-2026. This transaction, announced in late February, represents an investment of just over 12 billion EUR for Engie.

Regarding this UKPN buyout, Catherine MacGregor noted that "in the face of capital increases - an event usually greeted with caution by the stock market - the stock jumped 7% upon the announcement."

She attributes the success of this operation to two key factors:

- Agility and timing: despite banking conventions advising against operations on Fridays, we raised 3 billion EUR in a few hours, just before the geopolitical context (U.S. invasion of Iran) closed the window of opportunity.

- The absence of surprises: the market was not destabilized because it had been prepared. "We now apply a simple rule: 'say what we do and do what we say'," declared Catherine MacGregor. To explain the progression of Engie's share price, she stated that her group clearly embraces its profile as a utility (public service including production, trading, distribution, and marketing of electricity and gas). "This is now the foundation of our market valuation," she emphasized.

Questioned next on the concrete impact of the Middle Eastern conflict on Engie's business since the start of the hostilities, Catherine MacGregor believes the impact is evident: "With 3,000 employees on the ground, Engie maintains a strong presence in the Middle East. While power and desalination plants continue to operate, the group has moved into crisis management mode, similar to other major companies operating in the region."

Furthermore, the French electricity and gas supplier is closely monitoring energy price trends. It is not directly exposed to gas prices as it does not produce gas. As for electricity, extensive hedging carried out at the beginning of the year helps avoid impacts comparable to those of 2022.

Moreover, unlike 2022 when nuclear power was exposed to market prices, Engie now benefits from established prices (via CFD-type contracts) for its two plants. This strategy considerably reduces the group's sensitivity to electricity price volatility in Europe, affirming its profile as a de-risked utility.

On Engie's market profile, the CEO concluded that Engie belongs to the utilities sector, often considered a safe haven. The stock tends to show better resilience when cyclical sectors of the market falter.

Engie's strategy on green hydrogen was the other topic addressed this morning. Catherine MacGregor mentioned several key factors to explain its slowdown and to redefine priorities. According to her, the delay in the sector is explained by two major factors:

- Regulatory complexity: Europe has imposed very strict standards that have slowed down initial investments.

- Production costs: the transition to low carbon requires either accepting higher prices or implementing financial support mechanisms such as CFDs (Contracts for Difference - a public support financial mechanism used to encourage investment in low-carbon energy) to offset the price gap with fossil hydrogen.

Faced with the challenges of immediate "all-green" solutions, other options are necessary to reach carbon neutrality by 2050:

- Blue hydrogen: produced from gas with CO2 capture, it serves as a more accessible transition for industrial players.

- Biomethane: presented as a priority lever, this methane-rich gas has the advantage of being identical to fossil gas and utilizing existing infrastructure. Its potential in France is estimated at 15-20% of gas consumption by 2030.