French utility Engie said on Thursday its nine-month earnings fell 11% from a year earlier, as higher hydropower and renewable energy output failed to fully offset lower income from its gas trading business.
Engie has signed a deal with Facebook owner Meta Platforms for the U.S. social media group to buy 100% of the output from its U.S. Sypert solar power plant, the French utility said on Thursday.
Morocco's phosphates and fertilizer giant OCP and French energy firm Engie signed a preliminary agreement on Monday for projects that could generate investments in Morocco worth up to 17 billion euros ($18 billion) in desalination, renewable energy and green hydrogen, a source close to the deal said.
Engie SA has derisked its business significantly over the past 24 months, offering solid yield and potential upside. Lower interest rates make utilities like ENGIY more attractive, with stabilized power prices and falling government bond yields. Engie's valuation and yield patterns are appealing, especially given the current state of the French market.
Engie Brasil was the big winner of a power transmission auction held by Brazil on Friday, securing a contract to build transmission lines and substations in five states with investments of 2.9 billion reais ($533.8 million).
The new upgraded guidance is not reflected in the consensus. This is supportive of the company's equity story. We see support from Engie's renewable capacity addition and lower debt. The company trades at a significant discount to peers. Therefore, we confirm our buy rating.
Engie CEO Catherine MacGregor said on Friday that Engie had submitted an offer to buy a UK asset but that the French company's offer was ultimately not retained.
French power company Engie said on Friday its first-half earnings fell 16% as a warmer winter reduced demand for gas to heat Europe's homes, yet the firm lifted its guidance for the full year.
French energy company Engie on Friday said first-quarter earnings fell 3.2% due to a warmer-than-usual winter depressing natural gas demand and less volatile prices.