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Engie to sell 15-20 bln eur of assets

February 11, 2016

(Reuters) – French gas and power group Engie plans to sell 15 to 20 billion euros worth of assets over 2016-18, including 7 billion euros ($7.8 billion) in the short term, French newsletter La Lettre de l’Expansion reported on Monday.

The newsletter said Engie plans to sell 2.5 to 3 billion euros worth of exploration and production assets, 2 to 3 billion euros of coal-fired power plants, 5 billion euros worth of U.S. plants, and some infrastructure assets.

The asset sales list also includes various other non-strategic assets worth 3 to 5 billion euros, as well as the opening of the capital of Engie’s Belgian unit Electrabel, the newsletter said.

The newsletter also said Engie planned to speed up its “Perform” cost-cutting plan, aiming for 2.8 billion euros worth of cost cuts over 2016-18, up from 1.9 billion between 2012 and 2015.

An Engie spokesperson was not immediately available for comment. ($1 = 0.8970 euros) (Reporting by Geert De Clercq and Benjamin Mallet; Editing by James Regan)

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