For the moment Europe is ahead of the game in terms

of energy transition and has set a target of achieving

carbon neutrality by 2050 We cannot run the risk

of taking a step backward

JeanPierre Clamadieu Chairman of the Board of Directors

WHAT CONSEQUENCES WILL

THIS CRISIS HAVE ON THE

EUROPEAN ENERGY MIX?

Jean-Pierre Clamadieu: For the moment,

Europe is ahead of the game in terms

of energy transition and has set a target

of achieving carbon neutrality by 2050.

We cannot run the risk of taking a step

backward. On the contrary, we must

accelerate this transition to build

an energy mix that is diversified,

carbon-free, and as affordable as

possible. To do so, we must develop

renewable energies, nuclear power

in the countries that so wish, yet also

the flexible production and storage

facilities required to ensure a balanced

and reliable network. In addition,

the use of molecules, essential for

the decarbonization of heavy industry

and transport, will be a key element.

Initially, natural gas will be used,

but biogas and hydrogen are in line

to rapidly replace it. To ensure the

acceleration of this transition, further

improve the competitiveness of

our industry and provide a level of

consumer protection, the European

electricity market must evolve:

ENGIE has made recommendations

in this regard.

HOW DO YOU SEE

THE CONSEQUENCES

OF THIS CRISIS FOR ENGIE?

Catherine MacGregor: It demonstrates

the relevance of our strategy in meeting

these challenges Our vision for a balanced

energy mix requires stepping up the

development of renewable electricity

and gas while also maximizing

the use of existing networks We have

commissioned 39 GW of renewable

capacity this year in line with our

target of 50 GW by 2025 and 80 GW

by 2030 We have also achieved

major successes in heating and cooling

networks green mobility and on

site energy production And we are

pursuing our objectives in developing

the energies of the future with 4 GW of

green hydrogen by 2030 and 10 TWh

of biomethane production annually

WHAT IS YOUR VIEW OF THE

TRANSFORMATIONS IN THE

GLOBAL ENERGY LANDSCAPE?

Jean-Pierre Clamadieu: The outbreak of

war in Ukraine triggered an unprecedented

situation on the energy markets with

the gradual isolation of Russia which,

as recently as 2021, was the leading

energy exporter. Against this backdrop,

securing supplies and stepping up

the energy transition to boost its

strategic independence have become

top priorities for Europe. This energy

transition is all the more urgent as

climate change is becoming increasingly

visible, through extreme weather and

climate phenomena which underline the

pressing need to reduce our greenhouse

gas emissions. At the same time, with

regard to the commitments made by

States, no major progress was achieved

during COP27.

Notwithstanding its emergency responses,

it is vital for Europe to understand that

a combination of high energy prices

and the implementation in the United

States of a highly attractive framework

for investors, and in particular those

committed to green technologies, could

weaken its industrial heritage in the

long term. I believe that a European

response is essential, by leveraging tools

as simple and powerful as those set out

in the

Inflation Reduction Act.

HOW HAS ENGIE ADDRESSED

THE CRISIS BROUGHT ABOUT

BY THE WAR IN UKRAINE?

Catherine MacGregor: ENGIE has been

at the forefront. We have successfully

diversified and secured our gas supply

source to meet our customers’ needs.

We have fulfilled our mission alongside

other States, by maximizing the use of

our gas networks, in terms of transport,

distribution, and import and storage

terminals. This allowed us to prepare

for the winter with confidence.

We have also acted to support both

our individual and corporate customers,

alongside the public authorities.

Our Group has been fully focused

and I would like to thank the teams

for their unwavering commitment.

At the same time, despite the crisis,

we have continued to implement our

strategic plan. ENGIE is now refocused

on its core businesses and key

markets and is in an excellent position

to generate growth. We are fully

committed to stepping up the energy

transition, thanks to a more integrated,

more digital and more industrial Group.

This includes reinforcing our efforts

in terms of health and safety at work,

which is a top priority for ENGIE – this

year we have launched a plan to rally

the entire Group and its subcontractors

around this crucial issue.

EDITORIAL

04 - OUR AMBITION