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ENGIE Reports Strong 9-Month Performance with 2.3 GW Renewable Capacity Added and 7.2 GW in Progress

Source：solarquarter

ENGIE reported strong operational and financial performance for the first nine months of 2024, driven primarily by expansions in renewables, battery energy storage, and strategic international projects. The French energy giant added 2.3 gigawatts (GW) of renewable capacity, with another 7.2 GW under construction, largely in Latin America and Europe. With this momentum, ENGIE remains confident of reaching its annual target of 4 GW in added renewable capacity. Additionally, the company has made strides in battery storage, expanding by 1 GW this year, and is on track with a significant power transmission project in Brazil, solidifying its global infrastructure presence​.

Financially, ENGIE reported an EBIT of €7.1 billion (excluding nuclear), although this represented an 11% decline compared to last year. However, third-quarter organic growth in EBIT, driven by renewables, networks, and global energy management solutions (GEMS), increased by 18%. Despite a 14.8% decrease in total revenue to €52.6 billion, ENGIE maintained a robust cash flow from operations at €11.8 billion. The company’s balance sheet remains solid, with an economic net debt-to-EBITDA ratio of 3.0x, within its long-term goal of remaining below 4.0x​.

Looking ahead, ENGIE reaffirmed its full-year guidance, projecting net recurring income at the higher end of its €5.0-5.6 billion range. The company also confirmed its commitment to dividend stability, targeting a payout ratio between 65% and 75% of net recurring income. CEO Catherine MacGregor expressed optimism, noting that these results highlight ENGIE’s commitment to a decarbonized, reliable, and cost-effective energy future​. Catherine MacGregor, CEO, said: “Over the first nine months of the year, ENGIE has delivered very strong earnings and substantial cash flow. These results are driven by a variety of our activities and demonstrate the relevance of ENGIE’s integrated model. Our development in renewables has continued apace with 2.3GW installed in the year to September, at which point we had 7.2GW under construction, bringing us confidence of achieving our annual target of 4GW. We maintain our leading position in the PPA market, with 2.6GW of signed contracts over the first nine months. Finally, we have continued our growth in the strategic field of power infrastructure, with the significant award of 1,000 km of transmission lines in Brazil. Building on these strong operational and financial performances, ENGIE maintains its progress towards constructing a decarbonized, reliable, and affordable energy system.”

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