Engie CEO warns against revising green contracts — Politico Europe

In France, Engie CEO Catherine MacGregor warned that revising contracts for renewable energy projects could jeopardize future investment. She said this at Politico’s competitiveness summit in Paris, Politico Europe reports.

A warning for investors

According to MacGregor, governments should not change energy policy and decarbonization targets if they want to attract investors. She said that investment is impossible without trust.

In France’s draft budget for 2027, Prime Minister Sébastien Lecornu proposed reviewing a number of contracts in the renewable energy sector. He argued that subsidies for green energy projects, including solar panels, are a significant financial burden on the state.

MacGregor emphasized that trust is of key importance for investors who put money into energy projects over the long term. According to her, a contract must be honored.

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Budget pressure and decarbonization

The deterioration of public finances has become one of the central political issues in France ahead of next year’s presidential election. The government of President Emmanuel Macron is seeking ways to cut spending in order to reduce the budget deficit, which is forecast at 5.4% of gross domestic product.

At the EU level, the second term of European Commission President Ursula von der Leyen has been accompanied by political resistance to the bloc’s key green initiatives, including the ban on internal combustion engines from 2035 and the emissions trading system.

MacGregor believes that the EU’s decarbonization course creates the necessary conditions for investors to plan for the long term. She also defended the competitiveness of renewable energy, noting that with proper organization and scaling, such projects make it possible to produce energy locally and quickly, especially when gas prices are high.