The current and near term outlook for infrastructure and utility credit risk is a challenge to dimension in an environment of high energy prices and substantial energy supply side shocks, as well as the wider geopolitical tensions arising from the Russia-Ukraine crisis. Furthermore, these factors stimulate an even faster push for energy transition in Europe. This rapidly evolving landscape creates new opportunities and highlights some key risks within the wider infrastructure sector.
Register today to join discussions on:
- Moody’s credit outlooks for the European transport infrastructure and utility sectors
- The role of gas and hydrogen in the short and medium term
- Cyber vulnerabilities and mitigation within the infrastructure sector
Agenda
Registration & welcome coffee
Sovereign and macro-economic outlook – what will matter for European infrastructure and utilities
European electric and gas utilities outlook
European airports and toll roads outlook
Networking & coffee break
The role of gas and hydrogen in the short and medium term
- How can Europe reduce its dependence on Russian gas?
- What will be the role of gas infrastructure, and in particular gas storage, in the short and medium term?
- Are security of supply concerns going to derail the green agenda, including hydrogen?
Cyber vulnerabilities and mitigation within the infrastructure sector
- Scoping out cyber risk for utilities
- Cyber risk protections - Do organisations rely on a unique model?
- What are the lessons learned in the context of the rising sophistication of systems?
- Will cyber risk drive a change in corporate culture?
Networking lunch
Speakers
Venue
Event Details:
Venue Name: Paris Marriott Opera Ambassador Hotel
Address: 16 Bd Haussmann, 75009 Paris
Date: Wednesday, 30 November 2022
Time: 08:30 – 14:00
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Andrew Blease is an Associate Managing Director in Moody’s EMEA Infrastructure team, based in Paris, and responsible for a team of analysts covering transport infrastructure across EMEA and utilities in central and eastern Europe.
Over the course of a long career at Moody’s, Andrew has acted as lead analyst for a broad range of infrastructure and project finance issuers. He has followed the transport infrastructure sector since joining Moody’s in 2000, and has been instrumental in the development of Moody’s rating methodologies, having authored the first global airport methodology and co-authored the first PFI/PPP construction period methodology. He played a key role in the development of the EMEA Infrastructure team having been involved in the first ratings in the sector and subsequently in building the franchise. Andrew is a frequent speaker at conferences and other events, and has been called as an expert witness to various Government related enquiries through the course of his Moody’s career.
Prior to joining Moody’s Andrew spent his career in international banking, predominantly at Bank of Tokyo-Mitsubishi. Over this period he was involved in both the advisory and debt-arranging of project finance transactions, predominantly in the PFI and transport sectors.
Andrew studied finance at London Metropolitan University and is a member of the Chartered Institute of Bankers
Sarah has been the lead analyst for most countries in the European Union, and is also a former lead analyst for the United States. She is currently the lead analyst for France and Italy, among other European countries. She is also one of the Sovereign Risk Group’s global spokespeople.
She joined Moody’s in 2009 after completing a Sloan Fellowship at the London Business School. Prior to this academic sabbatical, she spent seven years at the Financial Services Authority in London where she headed the regulator’s Risk Analysis area and acted as its chief macroeconomist. Before joining the FSA, she worked in Dun & Bradstreet’s Economic Analysis Group for six years, where she was the organisation’s Deputy Chief Economist.
She holds an MA in European Studies (with a concentration in Economics and Finance) from the Elliott School of International Affairs at the George Washington University in Washington, DC and an AB with a double major in Government and History from Dartmouth College in Hanover, New Hampshire in the United States. She is a CFA Charterholder and is co-chair of the Macroeconomic Committee of the CFA Society France. She is a dual citizen of the United Kingdom and the United States and is based in Paris.
Paul Marty is a Associate Managing Director in Moody’s EMEA Infrastructure Finance team, based in Paris. He oversees a team of analysts covering regulated and unregulated utilities across EMEA and is also responsible for a portfolio of utilities in Portugal. Over the course of a long career at Moody’s, Paul has covered a broad range of sectors including oil & gas and real estate and is experienced in rating both conventional and complex structured financing arrangements. Paul is an authority on the European utility sector and the lead author of Moody’srating methodology for regulated electric and gas networks. He has published extensively on the utility sector, authored well-received reports on environmental risks and developments, and frequently presents Moody’s views at investor roundtables and other events. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. 180 analytical sector staff cover more than 1,700 infrastructure issuers globally. Moody’s EMEA team of 46 specialists is responsible for rating around 430 issuers. The rating agency covers more than39,000 issuers and transactions. Paul’s prior work experience includes 3 years in an independent credit research boutique, covering high-yield corporate issuers. Paul started his career in Mergers& Acquisitions at BNP Paribas where he worked on a number of transactions in the oil & gas sector. Paul graduated from the ESSEC Business School in Paris, France. He is fluent in English and French.
Joanna Fic is a Senior Vice President in Moody’s EMEA Infrastructure Finance team, based in London. She is currently responsible for a portfolio of utilities and transport infrastructure companies in the United Kingdom and Africa, in addition to certain transport infrastructure companies in Norway and Turkey. With extensive credit experience across both the utility and infrastructure sectors, Joanna has a deep understanding of both conventional and complex structured financing arrangements.
Over the course of her career at Moody’s, Joanna has written extensively on transport infrastructure credit, covering airports, ports and toll roads. She has contributed to the development of a number of transport infrastructure methodologies and was the author of Moody’s Rating Methodology for Privately Managed Toll Roads, published in October 2017. Joanna has also published widely on European utilities, including in Germany, United Kingdom and Central and Eastern Europe. A highly regarded analyst and respected commentator, Joanna is a frequent speaker at conferences, investor roundtables and other events.
Prior to joining Moody’s in 2007, Joanna was a credit risk manager at Citigroup in Warsaw, where she was responsible for a diversified portfolio of corporates. Joanna holds a master’s degree in Finance and Banking from Warsaw School of Economics.
Benjamin Leyre is a senior analyst in the EMEA Infrastructure Finance Group, based in Paris. He has responsibility for a portfolio of Southern European utilities, including unregulated electric and gas utilities, and regulated electric and gas networks. Benjamin has a wide range of utility experience acquired through a number of roles which he uses to comment on sector credit themes. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2trillion of corporate and project finance securities, representing more than 90% of all public bonds globally in the sector. 140 analytical staff cover more than 1,000infrastructure issuers globally. Moody’s EMEA team of 50 specialists is responsible for rating 416 issuers. The rating agency covers more than 11,000 corporate issuers and 135 sovereign nations. Before joining Moody’s, Benjamin worked for Norway’s sovereign wealth fund, where he was heading the global energy team, and managing the fund’s European utilities equity portfolio. Prior to this, he worked as an equity analyst for ExaneBNP Paribas, as the head of its European utilities team, with direct coverage of large European corporates. Benjamin also worked as a senior consultant with IHS CERA, where he provided strategic advice to utilities, banks and governmental institutions in the US and in Europe, and where he kick-started the consultancy European environmental practice. Benjamin holds an M.Sc in Technology and Policy from M.I.T. and a M.Eng in mechanical Engineering and Energy Economics from Ecole des Mines de Paris. He is fluent in English and French.
Anne-Sophie Corbeau is a Global Research Scholar at the Center on Global Energy Policy at Columbia University’s School of International and Public Affairs. Her research focuses on hydrogen and natural gas. Anne-Sophie has over 20 years of experience in the energy industry and is a recognized expert on natural gas. She is the author of many publications focusing on gas, LNG markets, Asia, China, India and Africa, including the book “LNG markets in transition: the great reconfiguration” (Oxford, 2016). She is also a member of the Gastech governing body.
Prior to joining the Center, Mrs. Corbeau was a senior Leader and head of gas analysis at BP, where she was responsible for advising the Leadership Team on gas market developments and long term pricing assumptions. As part of the Economic and Energy Insights team, she was leading the Energy Outlook’s analysis on gas, industry, nuclear and hydrogen. She also served as a member of BP France’s Comex (board). Before joining BP, she was a Research Fellow at KAPSARC (King Abdullah Petroleum Studies and Research Center) in Riyadh where she set up and expanded the natural gas program. She also worked for the International Energy Agency (IEA) where she was responsible for managing the research on global gas markets, and for IHS CERA.
She began her career as an engineer working on fuel cells and hydrogen at Peugeot and Debis Systemhaus. Anne-Sophie holds an MSc from the Ecole Centrale Paris and an MSc from the University of Stuttgart.
Camille BONENFANT-JEANNENEY, 41 years old, has been in charge of the general management of the Storengy BU, a subsidiary of Engie.
Camille BONENFANT-JEANNENEY, an engineer and political science graduate, was previously Managing Director of CPCU (Compagnie Parisienne de Chauffage Urbain), a subsidiary of Engie group. After spending three years at the head of France's leading district heating network, which provides heat and hot water to 500,000 equivalent housing units, she began a new phase in her career with the Engie group by taking over the management of Storengy, one of the world's leading underground natural gas storage companies, a developer of geothermal energy solutions and a producer and storer of low-carbon energy.
Camille BONENFANT-JEANNENEY began her training at Polytechnique (2000) and then followed a double degree at the École Nationale des Ponts Chaussés and the Institut d'études politiques - Sciences-Po. She began her career in European affairs, as a diplomat at the Permanent Representation of France to the European Union (2006-2012), on industrial and environmental issues and as an advisor to the cabinet of the Minister Delegate in charge of European Affairs (2012-2013). In 2013, she joined RATP as head of the Greater Paris mission and then chief of staff to the Chairman and CEO (2014-2015).
In 2015, she joined the ENGIE group, initially as Director of NewCorp within the General Secretary. In 2018, she took over the management of the Paris district heating company; as a director of Storengy since 2018, she got to know the company she is joining today.
Loek Caris is Manager Investor Relations at N.V. Nederlandse Gasunie since 2020. Before joining Gasunie, Loek worked as an economist at the Sector Advisory department of ABN AMRO Bank. Gasunie marks Loek’s return to the energy sector. In 2000 Loek founded energy news wire Energeia.nl. He led the company until its acquisition by Het Financieele Dagblad in 2014.
Céline Chérubin is a senior credit officer in the EMEA Infrastructure Finance Group, based in Paris. She has responsibility for a portfolio of unregulated utilities in France, Belgium, Italy and the Czech Republic as well as water and waste management companies in France.
Céline has considerable experience of assessing utilities and infrastructure in Europe, with an in-depth knowledge of business models, strategies and stakeholders. She has a particular focus on the French market but also benefits from experience of a broad range of other jurisdictions.
Moody’s has a leading global Infrastructure Finance franchise, rating some US$2.8trillion of corporate and project finance securities. Our team of 148 analytical staff covers more than 2,700 public and private sector infrastructure issuers globally. Moody’s EMEA team of 48 infrastructure specialists is responsible for rating around 330 issuers with approximately US$756 billion in debt outstanding. Moody’s Investors Service covers a total of more than 35,000 issuers and structured finance transactions worldwide, representing more than US$73 trillion in rated debt.
Before joining Moody’s in April 2019, Céline worked for Infravia, a French infrastructure investment company, where she was responsible for investor relations and the fundraising of the fourth infrastructure fund. Prior to this, she had an extended career as a sell side equity analyst covering European utilities for more than 12 years. She has also taught classes in accounting, P&L diagnostics and cashflow analysis for the Société Française des Analystes Financiers.
Céline holds a degree in business administration (DESCAFF) from the Bordeaux Business School. She is fluent in English and French.
Daniel Widera has been with Terega since 2016, where he heads Transformation, Digital and Performance as a member of the Executive Committee.
Prior to this, he was Group CIO at Veolia Environment and COO for the Capgemini Industry Sector in France.
He holds an Engineering degree from the Ecole Polytechnique in Paris and a Business Administration degree from the Free University of Brussels.
Rosa Kariger is the Global CISO of Iberdrola, responsible for cybersecurity governance, intelligence and oversight for the IT and OT environments in all countries where the Group operates. She holds a Master’s Degree in Industrial Engineering and has more than 25 years of experience in the electricity sector. Ms. Kariger actively participates in several international cybersecurity expert groups.
As a member of the Cyber Risk team she is responsible for researching and publishing credit relevant cybersecurity reports in collaboration with the broader Moody’s analytical community. Although her role supports all industry groups Moody’s covers, Ms. Ritter is particularly interested in industrial control systems’ cybersecurity and has been a regular speaker on this topic at a number of ICS cyber conferences. Prior to joining the Cyber Risk Group, Ms. Ritter was a lead credit analyst in the Public Power and Infrastructure team where she covered a portfolio of US-based regulated electric and gas utilities as well as natural gas pipeline companies. Ms. Ritter completed her credit training at GE Energy Financial Services where she was an associate in the origination team covering the global power, midstream, and oil and gas space. Ms. Ritter holds a Bachelors in Economics from Union College and a Masters in Finance and Energy Policy from Columbia University.
Andrew Blease is an Associate Managing Director in Moody’s EMEA Infrastructure team, based in Paris, and responsible for a team of analysts covering transport infrastructure across EMEA and utilities in central and eastern Europe.
Over the course of a long career at Moody’s, Andrew has acted as lead analyst for a broad range of infrastructure and project finance issuers. He has followed the transport infrastructure sector since joining Moody’s in 2000, and has been instrumental in the development of Moody’s rating methodologies, having authored the first global airport methodology and co-authored the first PFI/PPP construction period methodology. He played a key role in the development of the EMEA Infrastructure team having been involved in the first ratings in the sector and subsequently in building the franchise. Andrew is a frequent speaker at conferences and other events, and has been called as an expert witness to various Government related enquiries through the course of his Moody’s career.
Prior to joining Moody’s Andrew spent his career in international banking, predominantly at Bank of Tokyo-Mitsubishi. Over this period he was involved in both the advisory and debt-arranging of project finance transactions, predominantly in the PFI and transport sectors.
Andrew studied finance at London Metropolitan University and is a member of the Chartered Institute of Bankers
Sarah has been the lead analyst for most countries in the European Union, and is also a former lead analyst for the United States. She is currently the lead analyst for France and Italy, among other European countries. She is also one of the Sovereign Risk Group’s global spokespeople.
She joined Moody’s in 2009 after completing a Sloan Fellowship at the London Business School. Prior to this academic sabbatical, she spent seven years at the Financial Services Authority in London where she headed the regulator’s Risk Analysis area and acted as its chief macroeconomist. Before joining the FSA, she worked in Dun & Bradstreet’s Economic Analysis Group for six years, where she was the organisation’s Deputy Chief Economist.
She holds an MA in European Studies (with a concentration in Economics and Finance) from the Elliott School of International Affairs at the George Washington University in Washington, DC and an AB with a double major in Government and History from Dartmouth College in Hanover, New Hampshire in the United States. She is a CFA Charterholder and is co-chair of the Macroeconomic Committee of the CFA Society France. She is a dual citizen of the United Kingdom and the United States and is based in Paris.
Paul Marty is a Associate Managing Director in Moody’s EMEA Infrastructure Finance team, based in Paris. He oversees a team of analysts covering regulated and unregulated utilities across EMEA and is also responsible for a portfolio of utilities in Portugal. Over the course of a long career at Moody’s, Paul has covered a broad range of sectors including oil & gas and real estate and is experienced in rating both conventional and complex structured financing arrangements. Paul is an authority on the European utility sector and the lead author of Moody’srating methodology for regulated electric and gas networks. He has published extensively on the utility sector, authored well-received reports on environmental risks and developments, and frequently presents Moody’s views at investor roundtables and other events. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. 180 analytical sector staff cover more than 1,700 infrastructure issuers globally. Moody’s EMEA team of 46 specialists is responsible for rating around 430 issuers. The rating agency covers more than39,000 issuers and transactions. Paul’s prior work experience includes 3 years in an independent credit research boutique, covering high-yield corporate issuers. Paul started his career in Mergers& Acquisitions at BNP Paribas where he worked on a number of transactions in the oil & gas sector. Paul graduated from the ESSEC Business School in Paris, France. He is fluent in English and French.
Joanna Fic is a Senior Vice President in Moody’s EMEA Infrastructure Finance team, based in London. She is currently responsible for a portfolio of utilities and transport infrastructure companies in the United Kingdom and Africa, in addition to certain transport infrastructure companies in Norway and Turkey. With extensive credit experience across both the utility and infrastructure sectors, Joanna has a deep understanding of both conventional and complex structured financing arrangements.
Over the course of her career at Moody’s, Joanna has written extensively on transport infrastructure credit, covering airports, ports and toll roads. She has contributed to the development of a number of transport infrastructure methodologies and was the author of Moody’s Rating Methodology for Privately Managed Toll Roads, published in October 2017. Joanna has also published widely on European utilities, including in Germany, United Kingdom and Central and Eastern Europe. A highly regarded analyst and respected commentator, Joanna is a frequent speaker at conferences, investor roundtables and other events.
Prior to joining Moody’s in 2007, Joanna was a credit risk manager at Citigroup in Warsaw, where she was responsible for a diversified portfolio of corporates. Joanna holds a master’s degree in Finance and Banking from Warsaw School of Economics.
Benjamin Leyre is a senior analyst in the EMEA Infrastructure Finance Group, based in Paris. He has responsibility for a portfolio of Southern European utilities, including unregulated electric and gas utilities, and regulated electric and gas networks. Benjamin has a wide range of utility experience acquired through a number of roles which he uses to comment on sector credit themes. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2trillion of corporate and project finance securities, representing more than 90% of all public bonds globally in the sector. 140 analytical staff cover more than 1,000infrastructure issuers globally. Moody’s EMEA team of 50 specialists is responsible for rating 416 issuers. The rating agency covers more than 11,000 corporate issuers and 135 sovereign nations. Before joining Moody’s, Benjamin worked for Norway’s sovereign wealth fund, where he was heading the global energy team, and managing the fund’s European utilities equity portfolio. Prior to this, he worked as an equity analyst for ExaneBNP Paribas, as the head of its European utilities team, with direct coverage of large European corporates. Benjamin also worked as a senior consultant with IHS CERA, where he provided strategic advice to utilities, banks and governmental institutions in the US and in Europe, and where he kick-started the consultancy European environmental practice. Benjamin holds an M.Sc in Technology and Policy from M.I.T. and a M.Eng in mechanical Engineering and Energy Economics from Ecole des Mines de Paris. He is fluent in English and French.
Anne-Sophie Corbeau is a Global Research Scholar at the Center on Global Energy Policy at Columbia University’s School of International and Public Affairs. Her research focuses on hydrogen and natural gas. Anne-Sophie has over 20 years of experience in the energy industry and is a recognized expert on natural gas. She is the author of many publications focusing on gas, LNG markets, Asia, China, India and Africa, including the book “LNG markets in transition: the great reconfiguration” (Oxford, 2016). She is also a member of the Gastech governing body.
Prior to joining the Center, Mrs. Corbeau was a senior Leader and head of gas analysis at BP, where she was responsible for advising the Leadership Team on gas market developments and long term pricing assumptions. As part of the Economic and Energy Insights team, she was leading the Energy Outlook’s analysis on gas, industry, nuclear and hydrogen. She also served as a member of BP France’s Comex (board). Before joining BP, she was a Research Fellow at KAPSARC (King Abdullah Petroleum Studies and Research Center) in Riyadh where she set up and expanded the natural gas program. She also worked for the International Energy Agency (IEA) where she was responsible for managing the research on global gas markets, and for IHS CERA.
She began her career as an engineer working on fuel cells and hydrogen at Peugeot and Debis Systemhaus. Anne-Sophie holds an MSc from the Ecole Centrale Paris and an MSc from the University of Stuttgart.
Camille BONENFANT-JEANNENEY, 41 years old, has been in charge of the general management of the Storengy BU, a subsidiary of Engie.
Camille BONENFANT-JEANNENEY, an engineer and political science graduate, was previously Managing Director of CPCU (Compagnie Parisienne de Chauffage Urbain), a subsidiary of Engie group. After spending three years at the head of France's leading district heating network, which provides heat and hot water to 500,000 equivalent housing units, she began a new phase in her career with the Engie group by taking over the management of Storengy, one of the world's leading underground natural gas storage companies, a developer of geothermal energy solutions and a producer and storer of low-carbon energy.
Camille BONENFANT-JEANNENEY began her training at Polytechnique (2000) and then followed a double degree at the École Nationale des Ponts Chaussés and the Institut d'études politiques - Sciences-Po. She began her career in European affairs, as a diplomat at the Permanent Representation of France to the European Union (2006-2012), on industrial and environmental issues and as an advisor to the cabinet of the Minister Delegate in charge of European Affairs (2012-2013). In 2013, she joined RATP as head of the Greater Paris mission and then chief of staff to the Chairman and CEO (2014-2015).
In 2015, she joined the ENGIE group, initially as Director of NewCorp within the General Secretary. In 2018, she took over the management of the Paris district heating company; as a director of Storengy since 2018, she got to know the company she is joining today.
Loek Caris is Manager Investor Relations at N.V. Nederlandse Gasunie since 2020. Before joining Gasunie, Loek worked as an economist at the Sector Advisory department of ABN AMRO Bank. Gasunie marks Loek’s return to the energy sector. In 2000 Loek founded energy news wire Energeia.nl. He led the company until its acquisition by Het Financieele Dagblad in 2014.
Céline Chérubin is a senior credit officer in the EMEA Infrastructure Finance Group, based in Paris. She has responsibility for a portfolio of unregulated utilities in France, Belgium, Italy and the Czech Republic as well as water and waste management companies in France.
Céline has considerable experience of assessing utilities and infrastructure in Europe, with an in-depth knowledge of business models, strategies and stakeholders. She has a particular focus on the French market but also benefits from experience of a broad range of other jurisdictions.
Moody’s has a leading global Infrastructure Finance franchise, rating some US$2.8trillion of corporate and project finance securities. Our team of 148 analytical staff covers more than 2,700 public and private sector infrastructure issuers globally. Moody’s EMEA team of 48 infrastructure specialists is responsible for rating around 330 issuers with approximately US$756 billion in debt outstanding. Moody’s Investors Service covers a total of more than 35,000 issuers and structured finance transactions worldwide, representing more than US$73 trillion in rated debt.
Before joining Moody’s in April 2019, Céline worked for Infravia, a French infrastructure investment company, where she was responsible for investor relations and the fundraising of the fourth infrastructure fund. Prior to this, she had an extended career as a sell side equity analyst covering European utilities for more than 12 years. She has also taught classes in accounting, P&L diagnostics and cashflow analysis for the Société Française des Analystes Financiers.
Céline holds a degree in business administration (DESCAFF) from the Bordeaux Business School. She is fluent in English and French.
Rosa Kariger is the Global CISO of Iberdrola, responsible for cybersecurity governance, intelligence and oversight for the IT and OT environments in all countries where the Group operates. She holds a Master’s Degree in Industrial Engineering and has more than 25 years of experience in the electricity sector. Ms. Kariger actively participates in several international cybersecurity expert groups.
Daniel Widera has been with Terega since 2016, where he heads Transformation, Digital and Performance as a member of the Executive Committee.
Prior to this, he was Group CIO at Veolia Environment and COO for the Capgemini Industry Sector in France.
He holds an Engineering degree from the Ecole Polytechnique in Paris and a Business Administration degree from the Free University of Brussels.
As a member of the Cyber Risk team she is responsible for researching and publishing credit relevant cybersecurity reports in collaboration with the broader Moody’s analytical community. Although her role supports all industry groups Moody’s covers, Ms. Ritter is particularly interested in industrial control systems’ cybersecurity and has been a regular speaker on this topic at a number of ICS cyber conferences. Prior to joining the Cyber Risk Group, Ms. Ritter was a lead credit analyst in the Public Power and Infrastructure team where she covered a portfolio of US-based regulated electric and gas utilities as well as natural gas pipeline companies. Ms. Ritter completed her credit training at GE Energy Financial Services where she was an associate in the origination team covering the global power, midstream, and oil and gas space. Ms. Ritter holds a Bachelors in Economics from Union College and a Masters in Finance and Energy Policy from Columbia University.