European Utilities: The Metering Check: May 2026

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European Utilities: The Metering Check: May 2026

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European Utilities

The Metering Check: May 2026

News: 1Q’26 results, Anglian equity injection… 11 June 2026

Utilities reported good 1Q’26 results. EDP upgraded guidance, while RWE, E.ON, EnBW, High Grade Credit

Enel, Engie, and Orsted maintained guidance. National Grid, SSE, Anglian Water, and Europe

Severn Trent reported good FY25/26 results. Anglian Water noted the completion of Utilities

£500mn equity injection and indicated plans to inject further equity potentially in FY28

and FY29. ODI penalties for Anglian water reduced materially compared to Ofwat’s final Prithvi Vetsa

Research Analyst

determinations. Drax agreed to purchase Bluefield Solar Income Fund that operates MLI (UK)

0.9GW of renewable installed capacity. Please refer to Key headlines section for more +44 20 7995 0323 prithvi.vetsa@bofa.com

detailed commentary.

Rating actions: Fitch upgrades National Grid

Fitch upgrades the senior unsecured rating of National Grid (NG) and National Grid

Electricity Transmission plc (NGET) to BBB+ and A, respectively, from BBB and A-

previously - outlook stable. The ratings upgrade reflects strengthened credit profile

ODI: Outcome Delivery Incentive

underpinned by strong earnings visibility and growing share of regulated earnings. Fitch

expects NG's funds from operations (FFO) net leverage to average 6.0x over FY27-FY31,

maintaining comfortable headroom under the revised negative rating sensitivity of 6.9x.

Please refer to the Rating actions section for more details and for the current ratings

and respective upgrade / downgrade thresholds of some utility companies.

Bond issuance reached c.€37bn, +59% y/y

Issuance until May-26 reached c.€44bn, +31% y/y (Exhibit 19) – this was primarily driven