After the ouster of general manager Isabelle Kocher, the French energy giant Engie is hoping for the end of the internal wars that have plagued him for years. However, many questions remain unanswered regarding the future of state participation in Belgian nuclear power.
State share
The State currently owns nearly 24% of the company and can, if it wishes, reduce or even liquidate its stake since the adoption of the Pacte law last year. "It is absolutely not on the agenda," however said Wednesday the Minister of Economy, Bruno Le Maire. For his part, the president of the board of directors Jean-Pierre Clamadieu had declared in May during the general assembly of the group that "to date, I see no sign saying that the State will rush to reduce his participation ”.
Gas infrastructure
A possible sale of gas infrastructure in France has been the subject of rumors, but this scenario, feared by the unions, has been denied both by Jean-Pierre Clamadieu and by the State. But the departure of Isabelle Kocher could appear as "the optimal time to sell the networks in France at high prices, with an increase in action to the key, thus facilitating a complete or partial sale on the part of the State" , wrote HSBC analysts last month.
"Completely separate from gas infrastructure in France, that seems to me out of the question," said Xavier Regnard, analyst at Bryan Garnier. "What we can have is an opening of the capital (of the gas transport network) GRTgaz to private investors but that does not mean a complete separation of the group", according to him. “Besides, GRTgaz's capital is already open today since 25% belongs to CNP and CDC. We can open up the capital a bit to crystallize a little value and reinvest all that in other infrastructure, ”notes the analyst.
Belgian nuclear
In Belgium, Engie operates seven nuclear reactors via its subsidiary Electrabel, but the management of this aging fleet is at times complex and causes tensions with the Belgian government. The future is also uncertain as Belgium plans to phase out nuclear power by 2025. A problem that seems hopeless in the immediate future because no credible buyer is possible for the moment. Isabelle Kocher would have tried to offer to sell this park to its competitor EDF, without success.
Suez
Last major issue: the future of the group's 32% stake in the water and waste giant Suez. Engie had indicated in late 2018 that it intended to maintain "its current level of participation", while the shareholder relations between the two companies are the subject of recurring speculation. "The departure of Isabelle Kocher could be a good opportunity to come back to the subject, especially since on the Suez side we are going to have the departure (of the president) Mr. Chaussade in May, estimates for his part Xavier Regnard. I think there will be no return of Suez into the fold of Engie because today it is not Engie's strategy. The two groups collaborate on certain subjects but there is not really any synergies to be drawn from them. I think we will rather go towards a scenario of capital outflow. "
Economy
The mandate of Isabelle Kocher, CEO of Engie, will not be renewed
Economy
Board of Directors in Engie Thursday to decide the future of the CEO
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