French group Engie returns to profit as energy prices soar

French utility group Engie returned to profit last year, buoyed by soaring energy prices, company results showed on Tuesday. The firm posted a net profit of €3.7 billion after a loss of €1.5bn in 2020, when the emergence of the COVID pandemic roiled the global economy and energy prices. The results were “driven by energy prices” and a good performance of its assets, said Engie chief executive Catherine MacGregor. The company expects to deliver growth in the 2023-2024 period. This will be “mainly driven” by its investment in renewable energies as well as higher results from its Energy Solutions unit, which provides support to cities and industries transitioning to carbon neutrality. These performances should offset lower results from the phase-out of Belgian nuclear capacity by 2025, Engie said. The forecast is based on “more conservative” estimates of future energy prices due to the volatility of the markets, MacGregor said. The world’s biggest energy firms have posted huge profits for 2021, when oil and gas prices surged due to geopolitical tensions and growing demand after countries emerged from COVID lockdowns.