Catherine MacGregor

CEO of Engie, a major European energy company

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Key positions and views

Europe's primary decarbonization path is through massive electrification, aiming to triple the share of electricity in the final energy mix to 50% by 2050.

Engie is pursuing an aggressive, renewables-focused growth strategy with a target of 95 GW of renewable/battery capacity by 2030 and a net-zero goal for 2045.

Despite the focus on electricity, a complete energy transition requires a parallel solution for decarbonizing energy 'molecules' like hydrogen, as they will still constitute half of the energy mix in 2050.

The energy transition is hampered by significant practical barriers, including decade-long permitting processes and the economic non-viability of some green industrial projects, which contrast sharply with high public support.

Energy security and economic sovereignty are key drivers for the green transition, as evidenced by Europe's €375 billion fossil fuel import bill in 2024 and its prior 40% dependency on Russian gas.

Podcast consensus on MacGregor

Points of consensus

▶Catherine MacGregor consistently emphasizes that Europe's decarbonization strategy is fundamentally reliant on massive electrification, aiming to increase electricity's share of the final energy mix from ~18% to 50% by 2050.Apr 2026

▶She repeatedly details Engie's aggressive investment strategy in renewables, citing a €22-€24 billion capital expenditure plan over three years and a corporate target of reaching 95 gigawatts of renewable capacity by 2030.Apr 2026

▶MacGregor consistently points to Europe's successful pivot away from Russian gas dependency (from 40% pre-cutoff) while highlighting the ongoing economic burden of fossil fuel imports, which totaled €375 billion in 2024.Apr 2026

▶She frequently cites the dramatic cost reduction in renewable technologies, specifically noting that the cost of solar panels has decreased by a factor of 20 over the last two decades, as a key enabler of the energy transition.Apr 2026

Points of debate

▶MacGregor highlights a significant tension between strong public support for renewables (citing an 84% approval rate in France) and the practical reality of project execution, which involves extremely long development and permitting timelines, such as the 10 years required for an Engie offshore wind project.Apr 2026

▶She presents a nuanced view on electrification, arguing that while it is the primary strategy, it is not a complete solution, as 50% of Europe's 2050 energy mix will remain non-electrified, posing a major challenge for decarbonizing molecules like hydrogen.Apr 2026

▶MacGregor points to a conflict between policy goals and economic viability in industrial decarbonization, using ArcelorMittal's cancellation of green hydrogen projects as an example of the real-world challenges facing heavy industry.Apr 2026

▶She identifies a growing strain on the energy transition from new, high-demand sources like AI-focused data centers, which she notes can consume as much electricity as a small city, complicating grid stability and the pace of decarbonization.Apr 2026

Key themes

▶Engie's Strategic Pivot to RenewablesApr 2026

Catherine MacGregor outlines a clear and aggressive corporate strategy for Engie, centered on massive capital investment (€22-24 billion over three years) in renewable energy. This strategy is designed to nearly double its renewable capacity to 95 GW by 2030 and achieve net-zero emissions by 2045, with 85% of planned capex aligned with the EU's taxonomy for sustainable activities.

Investors should note that Engie's strategy, as described by MacGregor, is not just about growth but also about disciplined capital allocation, with a targeted return of 200 basis points above WACC, indicating a focus on profitability within the green transition.

▶Europe's Dual-Track DecarbonizationApr 2026

MacGregor details a two-pronged approach for Europe's energy future. The primary track is massive electrification, aiming to shift the energy mix from 18% to 50% electricity. The second, equally critical track, involves decarbonizing the remaining 50% of 'molecules' (like natural gas and hydrogen), a challenge she emphasizes is necessary for a complete transition.

This dual-track framework suggests that opportunities exist not only in electricity generation and infrastructure but also in technologies and fuels for hard-to-abate sectors, a market segment MacGregor implies is being underestimated.

▶The Practical Hurdles of the Green TransitionApr 2026

Despite her optimism, MacGregor is pragmatic about the obstacles facing the energy transition. She highlights extremely long permitting times (10 years for an offshore wind farm), the economic challenges causing industrial partners like ArcelorMittal to cancel green hydrogen projects, and the immense new electricity demand from technologies like AI.

Analysts should factor in significant execution risk and elongated timelines into project models, as MacGregor's commentary suggests that policy ambition and public support do not yet translate to rapid, frictionless deployment on the ground.

▶Energy Security in a Post-Russian Gas EraApr 2026

MacGregor frames the energy transition as an issue of geopolitical and economic security. She quantifies Europe's former 40% dependency on Russian gas and Engie's 20% direct dependency, contrasting it with the current situation where Europe still pays a staggering €375 billion for fossil fuel imports, reinforcing the economic case for domestic renewable production.

MacGregor's focus on the import bill suggests that the primary driver for the transition, from a political and corporate perspective, may be shifting from purely climate-based arguments to more urgent concerns about economic sovereignty and insulating Europe from volatile global energy markets.

Source episodes

Sentiment over time

Not enough data for timeline

Changes over time

Pre-2022

MacGregor describes a period where Europe was 40% dependent on Russia for natural gas, and Engie itself had a 20% direct dependency on Russian supply.

Past Two Decades

Cites a structural shift in renewable economics, highlighting that the cost of solar panels has decreased by a factor of 20 during this period.

2024

States that Europe's fossil fuel import bill for the year totaled 375 billion euros, indicating a continued significant economic outflow despite the shift away from Russian gas.

2024-2026

Outlines Engie's current three-year plan to invest between €22 billion and €24 billion in gross capital expenditures, with 85% aligned with EU sustainable taxonomy.

2030

Specifies Engie's corporate target to reach 95 gigawatts of renewable and battery capacity by this year.

2045

Identifies this year as Engie's target for achieving net-zero emissions.

2050

Projects that Europe's energy mix will be 50% electricity, but also that 50% will remain non-electrified, requiring decarbonized molecules.

Suggested prompts

How does Catherine MacGregor's targeted return of 200 basis points above WACC influence Engie's project selection in a competitive renewables market? &nearr;What specific policy changes does MacGregor imply are necessary to shorten the 10-year development cycle for critical infrastructure like offshore wind farms? &nearr;How does Engie plan to address the challenge of decarbonizing the 50% of the energy mix that MacGregor predicts will remain non-electrified by 2050? &nearr;Given the cancellation of projects like ArcelorMittal's, what is MacGregor's view on the future role of government subsidies versus market-based solutions for industrial decarbonization? &nearr;

Key concepts

Renewable Energy Strategy 8 ep Decarbonization 6 ep European Energy Policy 5 ep Engie Corporate Finance 4 ep Natural Gas & Geopolitics 3 ep Offshore Wind 3 ep Electrification 2 ep Hydrogen 2 ep Technology & AI 2 ep

Notable quotes

“Electrification means going from 16-18% of electricity in the final energy mix to 50%. So that's what it means by electrification.”

Catherine MacGregor · Catherine MacGregor - CEO of Engie | Podcast | In Good Company | Norges Bank Investment Management

“I think when you look at Europe in 2024, we imported 375 billion euros equivalent of fossil energy, all inclusive.”

Catherine MacGregor · Catherine MacGregor - CEO of Engie | Podcast | In Good Company | Norges Bank Investment Management

“where we want to be in 2030 say to your questions give some perspective we will be at 95 gigawatt on renewables and battery”

Catherine MacGregor · Catherine MacGregor - CEO of Engie | Podcast | In Good Company | Norges Bank Investment Management

“We do not want at Engie to get to our net zero goal in 2045”

Catherine MacGregor · Catherine MacGregor - CEO of Engie | Podcast | In Good Company | Norges Bank Investment Management

Report last updated: Apr 21, 2026

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