Engie ratchets up focus on energy transition

France's Engie announced on February 21 it would expand investments in the energy transition to €22-25bn ($23.4-26.6bn) in 2023-25, representing a 50% increase compared with 2021-23.

Besides an expansion in renewable power capacity, the company said it would expand its annual biomethane production to 10 TWh by 2030. Currently it operates 492 biomethane production units with a combined output of 8.3 TWh.

The company has set aside €3.5bn in capital expenditure for biomethane development in the 2023-30 period.

Engie also plans to produce 4 GW of green hydrogen capacity by the end of the decade, and develop a 700-km dedicated hydrogen network and 1 TWh of storage capacity, and have 100 hydrogen refuelling stations up and running. 

Capital expenditure earmarked for hydrogen comes to €4bn for 2023-30. Engie has had five hydrogen projects in Belgium, France, the Netherlands and Spain selected for public support from the European Commission.