"Engie has delivered in unprecedented market conditions," Chief Executive Officer Catherine MacGregor said in a statement.
The company has benefited from the jump in power prices as the Ukraine war highlighted Europe's reliance on Russian gas, which has left the bloc seeking alternative energy sources.
Engie's earnings before deducting interest and taxes (EBIT) for the nine months to September 30 came in at 7.3 billion euros ($7.32 billion), up 79.3% organically from a year earlier.
The gas and electricity provider, which has undertaken measures to cut direct exposure from the risk of interruptions to Russian gas supplies, upgraded its full-year target of a net recurring income group share between 4.9 and 5.5 billion euros.
Engie also said it expected earnings before interest, taxes, depreciation and amortisation (EBITDA) in the range of 13.2 and 14.2 billion euros and EBIT from 8.5 to 9.5 billion.
Finance chief, Pierre-Francois Riolacci, said the annual forecast was now including a few hundred million euros in costs relating to a European revenue cap aimed at addressing high power prices for consumers.
He said it was too early to estimate the cost of this measure next year, but flagged the amounts were potentially significant.
Engie confirmed that for this winter, it had mitigated the exposure to volumes previously procured from Russia's Gazprom.
For the winter of 2023-2024, it said it was still confident that additional volumes contracted through new supply sources including liquefied natural gas (LNG) would contribute to replacing the need for Russian volumes.
The company said it would award its employees worldwide an exceptional bonus of 1,500 euros each.
($1 = 0.9971 euros)
(Reporting by Juliette Portala, editing by Shri Navaratnam and Jane Merriman)
