Engie turnover jumps 85 percent in nine months

French energy group Engie said Thursday it has raised its full-year projections after bumper results in the third quarter, driven by high energy prices and business growth.

The group’s net income, excluding exceptional items, should now be in the range of 4.9 billion to 5.5 billion euros, Engie said, after turnover jumped.

Over the year to date turnover reached 69.3 billion euros, a hike of 85 percent on the same period last year.

Engie — which is nearly a quarter owned by the French government — also reported operating profit of 7.3 billion euros over the last nine months, up 84 percent.

The group said that it had “managed through significant disruptions to Russian gas flows with no implication on physical supply.”

For the upcoming winter it said it was “confident that additional volumes contracted through new supply sources… together with an expected decrease in demand, will contribute to replacing the need for Russian volumes, and enable Engie to reach its required storage levels.”

Russia has slashed gas exports to Europe in response to Western sanctions over its war against Ukraine, while many of France’s nuclear reactors — providing around 70 percent of its electricity — are offline for safety checks or repairs.

Russian energy giant Gazprom said in August it would suspend gas supplies to Engie after it failed to pay for all deliveries made in July.

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