French Utility Engie Not Changing Middle East Strategy Despite Disruptions

French utility Engie is still looking to grow and develop its profile of energy assets in the Middle East despite the disruptions ⁠from the Iran War, Engie’s ⁠finance chief Pierre-Francois Riolacci told reporters on Thursday. “We don’t see ⁠any questioning of our development plan in the Middle East at all. It’s not necessarily the largest region, but it still is part ⁠of ⁠our plans, and we do not see the crisis prompting us to revise our strategy,” Riolacci said. Engie met expectations as it reported a drop in first-quarter earnings on Thursday after warmer weather lowered domestic gas sales and deliveries. The company, which produces, transports and sells gas and electricity, said earnings before interest ⁠and tax (EBIT) excluding nuclear, ⁠were 3.4 billion euros ($4 billion), down 8.4% from a year earlier. That matched the consensus forecast of 3.4 billion euros from analyst estimates compiled ⁠by LSEG. Engie also confirmed a media report this week that said onshore wind project development had slowed in the United States, but it added that solar and battery sector development continues. “Some permits are being revoked for onshore wind power. It’s clear ⁠that ⁠obtaining the necessary authorizations is indeed difficult,” Riolacci told reporters. “Even when permitting isn’t required on federal lands, we still face challenges getting approval from agencies.”