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France’s Engie added 3.9 GW of renewables in 2023, nuclear output down by 24%

The French energy group Engie has released its 2023 results, posting a net income of €5.4bn, a 3% increase compared to 2022 (€5.2bn). The group commissioned 3.9 GW of renewable capacities in 2023, including 1.9 GW in Northern America, 0.8 GW in Europe, 0.7 GW in Latin America and 0.4 GW in the rest of the world. Engie’s total renewable installed capacity reached 41.4 GW at end-2023, including 17.9 GW of hydropower, 14.3 GW of onshore wind and 6.0 GW of solar. Most of the capacity is located in Latin America (over 16 GW), France (8.6 GW), and Europe (7.5 GW). In addition, the group had 6.3 GW of capacity under construction. The company confirmed its total installed capacity target of reaching 50 GW by 2025 and 80 GW by 2030. The share of renewables in Engie’s total power generation capacity increased from 38% at the end of 2022 to 41% at the end of 2023. The group generated 118 TWh of electricity in the world in 2023, including 23.7 TWh in France (mainly hydropower with 14.6 TWh), over 59 TWh in Latin America and 15.5 TWh in Europe. Global nuclear power generation fell by 24% to 32 TWh, notably due to the shutdown of the 1 GW Tihange-2 nuclear reactor in Belgium.

In France, Engie's subsidiaries transported 626 TWh (-11.5%) and distributed 227 TWh of gas (-5.4%) in 2023. Oversees, the group transported 242 TWh (-18%) and distributed 124 TWh (-21%). The group sold 152 TWh on the retail markets (-9.4%), including 79 TWh in France (-6.8%).

In 2023, the group's capital expenditures amounted to €10.6bn, including €8.1bn of growth capex (mainly for renewables, energy solutions and flex generation). The group plans to invest €22-25bn in growth capex over 2023-2025.