European Energy: Expert call feedback - Alternative fuels: the biomethane option

Research evidence excerpt

European Energy: Expert call feedback - Alternative fuels: the biomethane option

Global Research

15 June 2026ab

European Energy Equities

Europe including UKExpert call feedback - Alternative fuels: the

biomethane option Energy

Henri Patricot, CFA

Analyst

henri.patricot@ubs.com

Call with ReFuels CEO and CFO +33-14-888 3033

We hosted a call with ReFuels CEO Philip Eystein Fjeld and CFO Baden Gowrie-Smith last Joshua Stone

week. ReFuels is a publicly listed company that combines CNG Fuels, which operates the Analyst

UK's largest CNG refuelling network for heavy good vehicles, and Renewable Transport joshua.stone@ubs.com

Fuels Services (RFTS), Europe's leading aggregator of biomethane to the transport +44-20-7901 5588

sector. You can find the company's latest presentation here. Nayoung Kim

Structural opportunity emerging for Bio-CNG nayoung.kim@ubs.com

Bio-CNG is increasingly emerging as a credible near-term pathway for decarbonising +44-20-7568 4010

heavy goods vehicles (HGVs), especially as the electrification of HGVs encounters Anna Kishmariya

structural limitations. ReFuels management emphasised that while policy and public Analyst

discussions have predominantly centered on battery-electric options, these remain anna.kishmariya@ubs.com

operationally difficult for long-haul trucking due to limitations in range and payload +44-20-7568 7999

capacity. Against this backdrop, they pointed out that their biomethane offering Ellinor Cederstroem Palliotto

provides a practical alternative, delivering 80-90% lower GHG emissions compared to Associate Analyst

diesel, along with costs that are 20% lower than diesel and 40% lower than renewable ellinor-cederstroem.palliotto@ubs.com

diesel (2023-26 average).