CreditSights logo
Forgot Password?

Engie

On 31 July 2015 GDF Suez shareholder's formally approved the company changing its name to Engie. Engie is one of the largest quoted utilities in Europe by market cap (€33.5bn at August 2017). It is vertically integrated and operates in electricity generation, natural gas and infrastructures (#1 in Europe) and LNG (#1 in the world). The company was formed in 2008 from the merger of Gas de France and French electricity and environmental company Suez (whose main asset was 100% owned Belgian electricity company Electrabel). In 2011 the company bought 70% of UK IPP International Power (IPR), and became the largest IPP in the world. In 2012 Engie acquired the IPR minorities and now fully owns the company. At the end of 2016 Engie had a total gross installed capacity of 113GW (58% gas, 20% renewables including hydro), with another 5GW under construction. Suez previously owned Suez Environnement (now simply called Suez), but Engie reduced its shareholding to 32.3% largely through an IPO/spin off in July 2008. There has been speculation Engie is considering buying back a majority holding in the company. (08 Aug 2017)

Search Results

Excerpts only. To access full content please login or request a free trial.

Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.
Focused

Engie: Solid Performance Offsets Nuke Headwinds

Worth Watching: 07 Nov 2018, 12:52 PM ET - Engie (A2/A-) has faced significant Belgian nuclear headwinds in 2018, so much so that it updated the market on its nuclear operations in a conference call on 24 September. The company sees a negative EBITDA impact from the nuclear outages of ..

ESG and Utilities: CSights Sector View and Ratings

Sector Analysis: 30 Oct 2018, 3:25 PM ET - We are following up the formal launch of the CreditSights ESG investing framework with a in-depth look at ESG issues in the utility sector.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
Focused

Engie: Belgian Nuclear Outages Extended

Worth Watching: 24 Sep 2018, 5:48 AM ET - Engie (A2/A-) announced on Friday 21 September that it had extended the outages at two of its Belgian nuclear plants, Tihange 2 and Tihange 3, and that as a result 2018 group EBITDA would be about €250 mn lower than previous guidance. However, ..

Hybrids: Accounting For Change

Strategy Analysis: 05 Sep 2018, 9:35 PM ET - In our view accounting changes proposed in the recent IASB discussion paper, if they do eventually bring an accounting change, are unlikely to have a material impact on the hybrid asset class.
Focused

Engie 1H18: In Line Results, Nothing On EDPR

Earnings Note: 29 Jul 2018, 10:27 PM ET - The Engie results were in line with consensus, and while the question was asked the company would not comment on speculation it is interested in EDPRs US wind assets.
Focused

Engie/Orsted: Interested In EDPR?

Company Analysis: 26 Jun 2018, 10:07 PM ET - There is speculation that both Engie and Orsted are considering bidding for EDPR. We do not see this as likely but it is possible they might look to buy individual assets.
Focused

Engie: Sells Thai Generator, Glow

Worth Watching: 20 Jun 2018, 11:07 AM ET - Engie (A2/A-) announced on 20 June that it had reached agreement to sell its 69.11% interest in Glow, an IPP based in Thailand. As of 31 December, 2017, Glow had a total generating capacity of 3.2GW of electricity (1GW of coal, 2GW of gas and 0 ..

Euro HY Conference 2018: Insurers and Utilities

Transcript: 19 Jun 2018, 10:51 PM ET - Hybrid bonds issued by European Utilities and Insurers offer an interesting investment opportunity considering their relatively high yield levels while benefiting from strong ratings. We believe they offer an excellent risk/return.
Focused

Engie: 10 Year Drive-By Is Potentially Rich

Worth Watching: 15 Jun 2018, 5:35 AM ET - Engie (A2/A-) is in the market with a 10 year benchmark sized euro bond with IPT at MS+65. The company already has a 2029 bond (10.7 years to maturity) which is trading at a current I-spread of MS+ 47.5. In our view this means you would be get ..

EDP: Equity Up But Bonds Down On CTG Offer

Company Analysis: 14 May 2018, 9:53 PM ET - While equity was up on the CTG offer for EDP, bonds did not fare so well, with the hybrid being the worst hit. However fundamentally we view the potential offer as broadly credit neutral and believe the weakness unwarranted.

EDP: CTG Bids €12 bn For EDP

Company Analysis: 13 May 2018, 8:40 PM ET - We see the CTG bid on EDP, tabled over the weekend, as a low offer and one with regulatory hurdles, but it could bring other bidders out of the woodwork given previous speculation of interest in the company.
Focused

Euro Utilities: 2017 Results Roundup

Sector Analysis: 12 Apr 2018, 10:19 PM ET - We take a look at the trends and the highlights of the recent 2017 Euro utility results season 
Focused

EDP/Engie: Will They? Won't They?

Worth Watching: 09 Apr 2018, 5:58 AM ET - EDP/Engie : Speculation emerged this morning that Engie (A2/A-) is considering an offer for EDP (Baa3/BBB-). EDP equity is up 5% and CDS on EDP Finance is 5bp tighter as we write. There has been a lot of speculation around Engie making a big ..
Focused

Engie FY17: Ready for Growth

Earnings Note: 08 Mar 2018, 12:05 PM ET - The Engie results were an upbeat affair with guidance met and strategy being delivered. We like the company but the bonds offer little relative value and we maintain our Market perform view.
Focused

Engie: Reportedly Considering "Big Acquisitions"

Worth Watching: 06 Mar 2018, 3:12 PM ET - Engie (A2/A-) has been reported on Reuters as looking at "big acquisitions" with CEO Isabelle Kocher reportedly "cautiously" considering bigger deals to boost earnings. We wrote in our 2018 Euro Utilities outlook that we expect declining profi ..
Focused

IG Note: Engie In The Market With Green Hybrid

IG Note: 10 Jan 2018, 5:56 AM ET - Engie is in the market with a new green hybrid, and while we like the name we see this as just too rich to give any relative value.

2018 Outlook: Euro Utilities, Brave New World

Sector Outlook: 12 Dec 2017, 4:04 PM ET - In 2018 we see operating results and credit quality being relatively stable for the utility sector, but longer term increasing competition and declining profitability will likely lead to anew wave of M&A.

Total: Acquires Engie LNG Assets for $1.49 Bn EV

Worth Watching: 09 Nov 2017, 5:28 AM ET - Total (Aa3/A+/AA-): Following some recent comments (see: Engie: Announces Strategic Review Of LNG Business), Total announced alongside Engie (see: Engie: FY Confirmed and LNG Sale Agreed) its intention to buy Engie's Upstream LNG assets for $1.4 ..

Request A Free Trial

CreditSights offers free trials to individuals in qualified institutions.

Sign up now >>

Reports

Sector

Refine Results