罗兰贝格：2025欧洲电力公司能源转型时机抉择研究报告（英文版）（16页）.pdf

1、Timing the energy transitionREPORTWhy some utilities can act today,while others must prepare for tomorrows opportunitiesEuropes energy transition is at risk.Although it is making steady progress,the process remains far from complete.The transformation requires continuous investments as well as robus

2、t balance sheets,yet ongoing participation in new generation,grid infrastructure,storage,etc.has not proven beneficial for all.Utilities margins have fallen and stock performance has weakened,while debt levels continue to rise.As a result,the sector faces a widening gap between investment needs and

3、financial capacity.Utilities ability to drive the transformation depends on the resilience and balance of their portfolios,their operational performance and their financial headroom.Thus,we regularly monitor the business performance of leading European utilities to assess their transformational powe

4、r.Independent power producers(IPPs)and integrated utilities that once achieved healthy margins from power generation and sales now face pressure from changing market dynamics,while regulatory support for grid operators is failing to keep up with new investment needs.Today,the financial headroom of u

5、tilities covers only 20 percent of the EUR 1 trillion investment the European energy system needs by 2030.The very companies expected to lead the transition are running out of financial strength.To measure the transformational power of utilities,the Roland Berger Transformation Indicator was develop

6、ed as a combination of ROCE and leverage.As of now,only about 55 percent of the top 60 European utilities are meeting its hurdle rate,putting the energy transition at risk.As strategic guidance,European utilities can be grouped into four categories based on their financial strength and recent invest