Identity crisis: utilities and IOCs

Hefty writedowns and plummeting prices have left IOCs looking to become power developers and traditional utilities turning to renewables
By The Wildcat 25 May 2017
DONG Energy is selling off its oil and gas assets to focus on offshore wind energy. (DONG Energy)

It’s no secret that European utilities have had a rough time of it over the past five years or so. Plummeting wholesale electricity prices and write-downs exceeding €100 billion ($112 billion) have prompted plenty of soul-searching among the continent’s biggest players.

In fact, it may have turned them into revolutionaries. “We wanted to do something different,” Wilfrid Petrie, chief executive of Engie’s UK and Ireland operations, told delegates at the FT Energy Transition Strategies conference in London on Wednesday 

“Isn’t this what real revolution is all about?...

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