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Morningstar’s Analysis

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Market Is Wrong To Shrug Off High European Power Prices, Engie and RWE Are Still Our Preferred Plays

Tancrede Fulop, CFA Senior Equity Analyst

Analyst Note

| Tancrede Fulop, CFA |

European forward power prices have rallied massively in 2021, reaching all-time highs of EUR 180 per megawatt-hour because of the surge of gas and CO2 prices. As many coal and nuclear plants will be shut down while intermittent renewables growth will accelerate, we expect CCGTs to remain the marginal source of electricity supply. Therefore, power prices will continue to be driven by CO2 and gas prices.

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Company Profile

Business Description

Engie is a global energy firm formed by the 2008 merger of Gaz de France and Suez and the acquisition of International Power in 2012. It changed its name to Engie from GDF Suez in 2015. The company operates Europe's largest gas pipeline network, including the French system, and a global fleet of power plants with 63 net GW of capacity. Engie also operates a diverse suite of other energy businesses.

Contact
1, place Samuel de Champlain
Courbevoie, 92400, France
T +33 144220000
Sector Utilities
Industry Utilities - Diversified
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 172,703

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