Engie will exit 20 countries and look to invest billions in renewables, infrastructure and services, as part of an extended plan of € 11-12 billion over three years.

Engie CFO Judith Hartmann mentioned Romania in the context of the need to increase energy demand and possible investments in renewable energy, according to Reuters.

The French energy company meanwhile reported mixed full-year results as it was punished by outages at its Belgian nuclear plants. The group posted net recurring income of €2.5bn last year, just up from the €2.4bn forecast, based on revenues of €60.6bn, below analysts’ expectations but up 1.7 per cent from the year before. Earnings before interest, taxes, depreciation and amortization climbed 0.4 per cent to €9.2bn, bang in line with expectations. A Reuters poll showed that analysts had predicted revenues of €64.4bn, according to Financial Times.

Engie was hit by “a very significant 134 per cent organic decrease” in Benelux earnings, “mainly due to nuclear activities which were severely affected by unscheduled outages”.