French energy group Engie has announced its 2018 results. The group generated 420 TWh in 2018 (at 100%, 221 TWh considering Engie's net ownership), 63% of which from gas, 17% from hydro, 7% each from nuclear and coal and 3% from wind. 70% of its power generation was located outside Europe: 41% in the Middle East, Turkey and Africa, 16% in Latin America, 8% in Asia and 4% in North America.
At the end of 2018, the group operated more than 104 GW of power capacity (fully consolidated, 59.5 GW of net ownership capacity), i.e. 1.6 GW more than in 2017. The group commissioned 2.7 GW of new capacity during 2018, including 1.25 GW in Morocco (Safi coal-fired power plant), 0.8 GW in Europe (France and Belgium) and 0.6 GW in America (United States, Peru and Brazil). Engie sold 1 GW of coal-fired capacity in Australia and closed 0.3 GW of non-renewable assets in Latin America. Most of the capacity (58 GW) was gas-fired, with 20 GW from hydropower, 7.2 GW from coal and 6.4 GW from nuclear. Engie commissioned 1.1 GW of new wind and solar capacity throughout the year and reached 5.4 GW of wind and 2.2 GW of solar at the end of 2018 (100% consolidated).
The company targets a capacity addition of 9 GW over the 2019-2021 period, of which 3.5 GW in Europe, 2.5 GW in North America, 1.5 GW in Latin America and 1.5 GW in the rest of the world. This figure will be spread as follows: 6 GW of onshore wind, 2 GW of solar, 0.5 GW of offshore wind and 0.5 GW for other technologies.
Engie has also outlined plans to invest between €11bn-€12bn over the 2019-2021 period, of which €4-5bn will be allocated to client solutions services. The remainder will go to power grids (€3bn-€3.3bn), renewables (€2.3bn-€2.8bn), and thermal and supply (€1-1.2bn). Moreover, the company will also divest another €6bn worth of assets during this period, after selling some €14bn worth of mainly coal-related assets in the past three years. It also unveiled plans to exit from about 20 countries in the next three years and instead focus on target markets in Southeast Asia and Africa.