European Utilities: Champions Conference feedback: 9 utilities in attendance

研报英文原文证据摘录

European Utilities: Champions Conference feedback: 9 utilities in attendance

28 May 2026

Electricity

European Utilities

EDP

Power demand is expected to be very strong in Portugal over next 10 years, with

EDP expecting a c.4% CAGR (vs 16% absolute growth last decade). This will be

strongly driven by data centres (Start Campus) and green hydrogen, with other data

centres additive (eg Merlin). Power bills in Portugal are expected to fall by 5% by

2030. Divested EDPR Brazil segment as no growth for new renewables. This

increases balance sheet strength to focus on US opportunities and possibly rotate

less in Europe. Repowering, while tricky in the US currently, could allow for 50-60%

more generation with new turbines. New turbines have less noise and less light

pollution (use radar at night to activate). Have pipeline of projects awaiting

approval.

Enel

North America is seen as an attractive market for renewables, with many traditional

competitors not really competing in the brownfield space. In Spain 90% of the

distribution network is in a congestion situation, necessitating investment. There

was discussion around the issues in Brazil, in Sao Paulo. The company assumes the

completion of the Italian distribution concession process by year end. It will cancel

all the shares acquired in its buyback.

E.ON

The company expressed confidence in the outlook. The July draft cost of capital

proposal for gas networks could have a partial read across for power next year.

There was interest in discussing the parameters in detail. The balance sheet

remains strong with significant headroom. The good performance of regulated

businesses outside of Germany in Q1 was noted and discussed, with these

businesses having strong investment prospects.

Iberdrola