The EBRD is lowering its growth forecast for 2023 due to high inflation and continued fighting in Ukraine. The regions covered by the EBRD are expected to grow by 2.1% in 2023 compared to 3.0% in the previous projection in September. High gas prices and a mild winter have calmed prices, but inflation is eroding real wages and weighing on consumption.
Schneider Electric had an outstanding 2022 with strong growth in its electrification and energy efficiency business. The group recorded a net profit of 3.477 billion euros, up 9%, and revenues of 34.176 billion, up 18.2%. Schneider Electric continues its expansion with the appointment of Peter Herweck as CEO for 2023, and ambitious goals for the coming year.
Air Liquide is accelerating its investment dynamic to respond to the profound changes in heavy industries that are being decarbonized. With projects linked to the energy transition bringing growth to 40%, Air Liquide is banking on Europe and the United States. Indeed, the group is planning significant investments in connection with the Inflation Reduction Act for the development of the green industry in North America. In Europe, the group is investing in decarbonizing industry by approving seven major industrial projects for a total investment of more than 1.8 billion euros.
France is going through an energy crisis unprecedented since the oil crisis of the 1970s, with electricity production at its lowest since 1992. Low nuclear and hydro generation, due to corroded pipes and the Covid-19 pandemic, forced the country to become a net importer of electricity for the first time since 1980. However, France has managed to maintain its security of supply thanks to a mild autumn and early winter, sobriety on the part of individuals and businesses, as well as the import of electricity and the return of nuclear power.
Russia is adopting new tax rules to limit the impact of low oil prices on the state budget, but analysts fear this will exacerbate the pressure of sanctions, which are set to increase in 2023. Oil producers, already struggling under high taxes and deteriorating market fundamentals, could see their output cut even further.
The French government has announced the merger of the Institute for Radiation Protection and Nuclear Safety (IRSN) and the Nuclear Safety Authority (ASN) to streamline the nuclear safety review process. However, this decision has raised concerns about France’s nuclear safety.
Athens and Sofia on Thursday entered into an energy alliance to diversify energy supply sources, after talks initiated by Greek Prime Minister Kyriakos Mitsotakis. The two countries are signing agreements today concerning, among other things, the storage of natural gas and the construction of a new oil pipeline.
Finland has just taken a decision that could mark the Finnish nuclear landscape in the long term. After obtaining the agreement of the government parties, including the Greens, Minister of the Economy Mika Lintilä announced that the nuclear power plant near Loviisa – whose life was initially planned to last until 2027 and 2030 – will be extended until 2050. This measure is intended to be a significant investment to ensure a positive climate balance and reliable electricity for another 30 years.
French private equity is mobilizing in favor of the ecological transition. Investments in eco-responsible companies have reached a record of more than 3.4 billion euros in 2022, according to a study published Thursday by France Invest, in partnership with EY and GreenUnivers. Mobility and renewable energies have attracted particular attention from investors, who see strong growth potential in these sectors.
A growing business in 2023 thanks to a strong order book. After a decline last year that penalized the net profit, GTT expects an increase in activities and sales in 2023 thanks to a successful order dynamic and Russian Arctic projects that are still open. The dividend is unchanged at 3.10 euros per share.
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