Utility Engie says it is well prepared for less Russia gas as H1 profits surge

Engie added it was working with the Belgian government over the possible extension of two nuclear units.

Engie‘s net income for the six months to June 30 rose to 5 billion euros ($5.1 billion) from 2.3 billion a year earlier, as energy companies around the world have cashed in on a sharp rise in oil and gas prices following Russia’s invasion of Ukraine.

Earlier this week, British rival Centrica also reported a huge increase in first-half profit, boosted by asset sales and soaring energy prices, which enabled Centrica to restore its dividend.

“We have taken actions to significantly reduce and minimize our exposure to Russian gas and the H1 performance announced today positions us well to deliver strong results in 2022, despite uncertainties from the prevailing energy market context,” said Engie CEO Catherine MacGregor.

Engie kept its 2022 financial guidance unchanged, citing uncertainty over the general energy market environment.

Engie also announced new measures in France to help consumers cope with higher energy prices.

The new schemes entail offering an extra 100 euros on average to the 880,000 of its customers who receive energy vouchers, totalling 90 million euros, and a 60 million euros support fund to help small and medium-sized companies facing difficulties as a result of higher energy bills.