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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  ENGIE    ENGI   FR0010208488

ENGIE

(ENGI)
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French energy regulator warns of significant rise in fourth quarter natural gas prices

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06/05/2020 | 02:15pm EDT
FILE PHOTO: A logo of French energy company Engie is seen at an office building in La Defense business district in Courbevoie near Paris

Natural gas prices in Europe are likely to rise significantly in the last quarter of 2020 after a coronavirus-driven slump, which would cause a significant increase in regulated tariffs, the French Energy Regulatory Commission (CRE) warned on Friday.

The commission therefore recommended that the government "smooth over" tariff evolutions over the coming months.

In its analysis of utility Engie costs, which have to be covered by the regulated tariffs for the sale of natural gas, CRE underlined that the coronavirus crisis led to a fall in natural gas prices in Europe during the first half of the year.

The prices dropped to "a historic low point" of around 6 euros ($6.78) per megawatt hour (MWh), falling as far as 4 euros/MWh recently.

CRE stressed that the lows "increase the probability of a significant price rise in the last quarter of 2020" of around 10 euros/MWh when gas heaters are turned back on.

Using partial data and as an indication, the regulator calculated that the gas tariffs in France will increase by 0.7% by Aug. 1, then 1.7% on Sept. 1 and 4.0% on Oct. 1.

"Smoothing over the next tariff period would limit the extent of monthly changes. Given the expectations presented... this smoothing should be done by cancelling the price decrease on July 1, estimated today at -4.6%", CRE said.

If the public authorities wish to smooth the rising rates between July 2020 and the end of winter 2020-2021, this mechanism will have to ensure good coverage of Engie's supply costs over the respective period, like last year, CRE added.

(Reporting by Forrest Crellin; editing by Emelia Sithole-Matarise)


Stocks mentioned in the article
ChangeLast1st jan.
ELECTRICITÉ DE FRANCE -0.15% 10.27 Real-time Quote.3.60%
ENGIE -1.94% 10.895 Real-time Quote.-22.85%
RISE, INC. 7.69% 28 End-of-day quote.-6.67%
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Financials
Sales 2020 55 408 M 65 562 M 65 562 M
Net income 2020 2 156 M 2 551 M 2 551 M
Net Debt 2020 26 491 M 31 345 M 31 345 M
P/E ratio 2020 11,2x
Yield 2020 4,99%
Capitalization 26 810 M 31 728 M 31 723 M
EV / Sales 2020 0,96x
EV / Sales 2021 0,88x
Nbr of Employees 171 000
Free-Float 72,2%
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Technical analysis trends ENGIE
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 13,98 €
Last Close Price 11,11 €
Spread / Highest target 53,0%
Spread / Average Target 25,8%
Spread / Lowest Target -22,4%
EPS Revisions
Managers
NameTitle
Claire Waysand Chief Executive Officer
Jean-Pierre Clamadieu Chairman
Paulo Jorge Tavares Almirante Group Chief Operating Officer & Executive VP
Judith Hartmann CFO, Executive VP-United Kingdom & Ireland
Yves Le Gélard Chief Information & Digital Officer
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