Earnings Projections2024 is expected to be a transitional year, with EBITDA projected to decline 4-11% amidst weaker demand and/or prices of gas and power.
Energy Market ChallengesPrice declines of natural gas & power, further margin compression in the renewables, as well as further nuclear charge & provisions could pose downside to earnings.
Market RisksKey risks include French politics, weak hydro volumes, US supply chain risk from tariffs, and lower-than-expected contracting of group earnings.