ENGIE

Will has asked us, he's looking at utilities a lot lately because they are hopefully a good defensive part of a portfolio.

We all like Iberdrola, but what do you think of similar companies like Engie or Enel? He likes that they're European.

They seem to be getting behind the energy transition and have a nice dividend.

And he takes on them.

Einel was always quite okay, but I haven't looked into them for like two years, so I probably should do again.

Yeah, they've been on my list for quite a while.

I think Engie is going through like quite a transformation i believe they were into like lng and gas but now they've kind of transitioned more into renewables and batteries and so yeah that that that one's quite interesting to look at and l similar similar to that they are really big into renewables um which we all know i'm quite a fan of but i haven't looked at them like that in in a long time so On the list, good

businesses with utilities, you've got to look at the debt and the capital intensity.

Yeah.

So those 18, 19 years I spent in leadership positions and at these fast-growing cleantech companies and experience, you know, being taken over by Shell or by Engie, Electrabel, big utility companies, and that friction already happening of the core team initially not really wanting to work for a big corporate like that.

And I would always then also move back to a smaller startup and do the whole growth cycle again, because that wasn't then for me, but all those discussions already of, oh, is it greenwashing? And very much being aware of that regenerative it not being very regenerative in its thinking you're still in that system of it's all about the growth and especially in my function it was always in my role was always very commercial you have to yeah we have to sell more and we have to grow and there are investors and there so I had a lot that was a lot of pressure on those roles and then I also had a lot of I think that stress also of also experiencing that in those leadership teams there's a lot of toxicity or politics.

And I found that all very stressful.

I will do the very, very best I possibly can.

I've got the edits for Engie Kills a God that are going to be coming in to me this week.

And I've also got a second draft of another book that my agent is expecting in a couple months.

So lots and lots going on behind the scenes over here.

Yes.

So you've got the utilities provider like British Gas, SSC, Engie, etc.

And they have to create a really clear, accurate read to validate your bill.

So they have to say this is accurate data coming from the meter.

It could be the person that comes direct to IM Serve and they can say, I want you to install a smart meter and I want you to collect that data and I want you to validate my bills through a data management tool.

So we do get direct customers.

And then you have one of our biggest customers, the majority of our customer base are all the utility providers, SSE, Engie, British Gas.

They are our main customers.

...

Engie, et cetera, and they have to create a really clear, accurate read to validate your bill.

So they have to say, "This is accurate data coming from the meter, and I can prove that this is actual power being used, and therefore-

Mm-hmm

And then you have one of our, our biggest customers, the customers, the majority of our customer base are all the utility providers.

Okay.

SSE, Engie, British Gas, they are our main customers.

But we do deal directly with big direct customers, such as Boots-

It was a great place to learn, but after six years I wanted to see something different.

So in twenty eighteen I moved to Tradestone, which has since been bought by Engie, where I stayed for around three years.

I started there as an intraday trader, so managing renewable portfolios across Europe.

Also, I was involved in the bidding of cross-border capacity.

In terms of price action, European bourses trade lower, with banks, travel and leisure and telecoms outperforming, while autos, media and retail lag.

Nokia rises after it, and Engie were announced to join the Eurostoxx 50, replacing Volkswagen and Walters Kluwer.

U.S. equity futures are slightly lower, with Dell rallying pre-market after beating quarterly estimates and sharply raising its full-year outlook.

In FX, the dollar is stronger against most peers.

Right.

The brief points out companies like Enel and Engie.

And this really brings us full circle to that European energy shock we were talking about.

Yeah.

We talked about benchmark gas prices hitting 3.5 year highs due to those Qatar disruptions.

And for a utility company like Enel or Engie, that isn't just a headline.

It's an immediate balance sheet

emergency.