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Engie EPS Cites Earnings Uncertainty from Coronavirus. Sticks to Long-term Microgrid Strategy

By Microgrid Resources Coalition posted 03-24-2020 15:34

  

Elisa Wood, Microgrid Knowledge

Summary

Engie EPS sees microgrids and energy storage as key to its growth, but expects a short-term disruption because its manufacturing facilities are in Italy, which has been heavily hit by the coronavirus (COVID-19).

The technology division of France-based energy giant Engie issued the warning in its 2019 earnings results released March 19.

The company reported 2019 revenues and other income of $21.6 million, up 29% year over year, with a 127% increase in its project pipeline.

The 2019 growth stems from the company’s long-term strategic plan to pursue microgrids, energy storage and solar plus storage projects, according to the earnings release.

“The COVID-19 outbreak is heavily impacting both the industrial operations of Engie EPS and its short-term business prospects. Engie EPS’ operations and the majority of the supply chain are based in Italy, the country currently at the epicenter of the European outbreak,” the company said in the statement.

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