The Engie group estimated on Tuesday that the amount of the new European solidarity contribution on the profits of energy groups would have an impact of 1.2 to 1.5 billion euros on its operating profit in 2023, according to a press release.
Engie also indicates that it "
reserves the possibility of contesting the taxes which, in its opinion, would not respect the existing legal framework and would introduce unjustified discrimination between operators or technologies, in particular in Belgium and Italy
".
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The Engie share fell 5.83% to 13.14 euros around 9:20 a.m. (8:20 a.m. GMT), while the CAC 40 lost 1.22% at the same time.
Since the beginning of the year, the Engie share has risen by 2.35%.
It is one of the few in the Paris Stock Exchange's flagship index to be up at this stage.
The group recalls that in October, the Council of the European Union adopted “
a regulation relating to emergency intervention aimed at remedying the rise in energy prices
”, via the application of a “
ceiling revenue from the production of electricity using so-
called "
inframarginal
" technologies.
These measures are to be implemented in all member states from December 1, 2022 to June 30, 2023, and “
potentially extended
”.
Main impacts in France, Belgium and Italy
It specifies that transcription procedures are under way in each country, with "
consequent adjustments compared to the EU mechanism, in particular in terms of duration, scope, amount of the ceiling and method of calculating the recipes
”.
“
The main impacts for Engie are expected to occur in Belgium, France and Italy, in addition to the already existing extraordinary contribution enacted before the adoption of the EU regulation
,” the statement said.
While the Parliaments in Belgium and France - the two European countries where Engie produces the most electricity - have now adopted these measures in their internal law, the group believes that these measures will have an impact on its operating result (Ebit) "
between 0.7 and 0.9 billion euros in 2022 and between 1.2 and 1.5 billion euros in 2023, most of the annual increase being related to nuclear activities in France and Belgium
” .
“
The impact on net recurring income group share is estimated between 0.8 and 1.0 billion euros in 2022 and 1.1 and 1.4 billion euros in 2023
”, he adds.
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In France, the finance law for 2023 provides for a revenue cap over a period of eighteen months, from July 1, 2022 to December 31, 2023. The amount of the cap varies between
40 euros / MWh and 175 euros / MWh, in depending on the power generation technology used.
Excess receipts are taxed at the rate of 90%.
