Engie Posts Bumper Earnings, Sees Profit Flagging From 2024
- Results may slip in coming years as EU energy prices retreat
- Utility takes writedowns on Chilean coal plants, US renewables
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Engie SA reported bumper earnings for a second year thanks to strong energy trading, continued growth in renewable-power generation and a recovery in its French retail division.
The utility is reaping the benefit of a massive push into renewables, centered on solar and wind, and is also expanding in battery storage and biomethane. That’s helped it offset a recent decline in gas and power prices that’s threatening revenue at Engie and its peers.