European Horizons

Fit for 55: The Gains (And Pains) For European Utilities


Key Takeaways


  • S&P Global Ratings see the EU's Fit for 55 decarbonization plan as largely positive for the European utilities sector because it will provoke an investment supercycle to massively expand renewables generation fleet and upgrade energy networks.
  • Yet, the energy transition will not be smooth. New, greener technologies, which still need to develop further to push down costs and boost efficiency, will only gradually replace conventional thermal and nuclear generation.
  • Therefore, utilities face a number of rising risks: managing a fragile supply-demand balance in the European energy system at least until 2025; maintaining affordability to minimize social and political risks; and overcoming hurdles in the delivery of new projects, including permitting, inflation, supply chain disruption, and human resources.
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