30 July 2019 | Herpreet Kaur Grewal
Multinational electric utility company Engie has reported that its revenues were up 9.3 per cent in its latest financial report for the first half of 2019.
Revenues were 33.0 billion on a gross basis and 7.6 per cent on an organic basis.
The organic revenue growth was primarily driven by supply activities, effective energy management services and favourable market conditions, according to Engie.
The group's "robust financial structure has been reaffirmed by S&P, which confirmed its A- rating in April, and by Fitch, which confirmed its A-rating in June, both maintaining their stable outlook".
In Europe, Engie says it strengthened its presence in the renewable energy market in Spain with the launch of Phoenix, a new project developed in cooperation with Mirova and Forestalia. Phoenix aims to develop 10 wind farms in Aragon for a total capacity of 342MW. Engie will participate as equity investor and as energy manager selling the generated electricity to the wholesale market and hedging in the forward market.