European utilities expect first quarter 2021 profits to be hundreds of millions of euros lower as a consequence of the impact the extreme cold in Texas had on renewables, power supply and pricing.
Engie as part of its financial guidance for this year currently estimates a potential net negative impact on its current operating income (COI) of €80-120m ($97-146m).
“Included within this guidance is an estimated impact that follows the extreme cold weather in Texas earlier this month,” the French utility said in its 2020 earnings report.
