ENGIE is Acting to Address the Energy Problem

Source: www.gulfoilandgas.com 7/29/2022, Location: Europe

Since Russia's invasion of Ukraine, ENGIE has been actively supporting consumers and the economy.

The Group is introducing two new schemes as part of this commitment:
- an extra €100 (on average) to the 880,000 of its customers who receive chèques énergie (energy vouchers), totalling €90 million
- a €60 million support fund to help small and medium-sized companies through these difficulties.
These measures are in addition to the actions that ENGIE already had in place for a number of months now.

Since the start of the crisis, ENGIE has been supporting consumers (both private individuals and professionals).

In France,
- ENGIE has introduced a pay-by-instalments scheme for its customers (both private individuals and companies) to mitigate the effects of the price increases.
- The Group is also supporting its customers by helping them to apply for and then make good use of energy vouchers, and as part of its solidarity plan to help vulnerable clients. On a one-off basis, ENGIE has doubled its contribution to the housing solidarity fund for 2022.

Internationally,
- The Group is making significant contribution to the tax effort, particularly in Belgium.
- ENGIE is also helping with price caps in Romania and Chile and has introduced schemes for paying in instalments for its Belgian and Italian clients.
- In Italy, ENGIE is subsidising a share of the “energy” component for some of its customers connected up to its urban heating networks.

In France, in addition to existing measures, ENGIE will put in place another two important measures to help shore up its customers' purchasing power.
- For the 880,000 of its private customers who get energy vouchers and who are on an energy contract as of 27 July 2022, ENGIE is committing to paying them an additional €100 on average per household – a scheme worth €90 million in total. This will be paid in November 2022.
- For small, medium and intermediary-sized companies which have been the hardest hit by energy price increases, ENGIE is setting up a €60 million fund to exempt them from the guarantees required to contract their energy supply.?

ENGIE is also working on solutions to maximise energy savings.
- Information / awareness-raising campaigns aimed at the general public to promote energy savings.
- Deployment of digital tools, supported by ENGIE, subject to the technical capacities and availability of the equipment, in private customers' homes to enable them to better monitor and control their consumption.
- Introduction of schemes for private customers to incentivize them to use less energy.
- Introduction of incentive schemes for professional clients to accept reduction of energy supply.

Some measures taken by the French government since the start of the war in Ukraine imply a significant financial commitment of ENGIE.

Since the beginning, ENGIE has been providing working capital support to the measures introduced by the French State:
- Within the framework of the gas tariff shield, ENGIE is covering the cost of the difference between the price of its gas purchases on the markets and the frozen resale price. The Group will be refunded the difference later on.
- The purchasing power law, currently being discussed in the French Parliament, would imply a need for the Group to provide further cash support to enhance gas storage levels to 100%.


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