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For a clearer market perspective
The Top 10 European
Utility Companies
Growth strategies,
performance and
SWOT analyses
Report Price £1495/ 2160/$2875
Publication date June 2009
E N E R G Y
The Top 10 European Utility Companies
Growth strategies, performance and SWOT analyses
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Report Overview
The European utilities market, Pages 174 Electricity utility market:
consisting of electricity, gas and Power generation and sale of
water/waste management markets, Figures 46 electricity to industrial, commercial,
grew at a CAGR of 16% during household and other end-users,
2003–07. Leading players in this Tables 86 including agricultural and transport
market are having to overcome a users.
number of challenges to secure
future growth, including “Use this report to gain an
insight into the positioning of
infrastructure obstacles in
leading players in the
distribution and transmission
European utilities market and Gas utility market:
networks, energy security issues, understand their strategies to Only downstream operations
increasing EU guidelines on exploit future opportunities...” (distribution to end-customers) and
environmental policies and the excludes up and midstream activities
adoption of expensive renewable (exploration, production and storage
technologies. of gas).
‘The Top 10 European Utility Companies’ is a new report published
by Business Insights that examines the competitive landscape of the
European utilities industry. This report examines the revenue
performance by business segment and growth strategies of each of the Water utility market:
top 10 European utilities companies. It also assesses the opportunities Activities involved in collection,
and threats facing each of these leading players. This report examines treatment and distribution of water to
end-users and collection and
the size, growth and major trends of the industry, in addition to
treatment of waste water.
providing an assessment of leading European utilities providers outside
of the top 10.
The Top 10 European Utility Companies
Growth strategies, performance and SWOT analyses
Key Findings
The European utilities market was worth $999bn
( 729bn) in 2007, an increase of 20.7% since 2006.
Power utilities accounted for 47.0% of the total European
utilities market by value in 2007, followed by gas utilities
(35.0%) and water utilities (18.0%).
EDF is the largest player in the European utilities
market, with a revenue share of 7.9% in 2007. The
company generated revenues worth $79.1m ( 57.7m) in
2007, an increase of 18.1% over 2006. Figure 2.6: Gas consumption in Europe (TWh),
2003–07
Investment in hydropower, wind farms and “Demand for gas in Europe grew at a CAGR of 1.8%
biomass have reduced coal/fuel oil-based power during 2003–07, representing 11,661TWh of gas
consumption in 2007. Warm winters in Europe and the
generation from 44% of total European power generation in
economic downturn were primarily responsible for the
1995, to 37% in 2007. European power generation is deceleration in gas consumption, resulting in 1.6%
undergoing a steady shift from fossil fuels towards more decrease in gas consumption in 2007...”
efficient renewable energy sources, supported by the EU’s
effort to curb greenhouse gas emissions.
E.ON is the second largest player in the European utilities industry, with a market share of 6.7%,
based on 2007 sales. E.ON is developing its generation portfolio and modernizing its distribution
network in key markets such as Germany, Central Europe and the UK, and plans to invest $44bn ( 30bn)
during 2009–11 to strengthen its infrastructure and customer base.
Use this report to...
• Compare the performance of the top • Assess the future prospects of the top
10 players in the European utilities industry 10 European utilities providers with this
with this report’s analysis of revenues by report’s analysis of each firm’s strengths,
business segment for Centrica, E.ON, EDF, weaknesses, opportunities and threats, in
Enel, Eni, GasTerra, Gazprom, GDF SUEZ, addition to an analysis of their individual
RWE, Scottish and Southern Energy. business segments and growth strategies.
• Understand the market dynamics of the • Benchmark the progress of other leading
European utilities industry, examine the utilities companies in Europe by evaluating
drivers and resistors to industrial growth and the business segments and financial
understand the key trends that are shaping performances of Veolia Environnement,
the future of power, gas and water utilities. EnBW, Edison, Vattenfall, EDP, Atel, Iberdrola,
National Grid, CEZ Group, Dong Energy.
The Top 10 European Utility Companies
Growth strategies, performance and SWOT analyses
Explore issues including...
High levels of growth. Between 2003
and 2007, the European utilities market
grew at a CAGR of 16% in dollar terms and
almost 11% in Euro terms, opening up a
significant market opportunity. Long term,
economic growth in Central and Eastern Europe
will continue to drive growth in the power
market.
Industry consolidation. With increasing
market liberalization in the EU, significant
consolidation is occurring as utility companies
seek to achieve scale and exposure to improve Figure 2.4: Fuel mix in European utilities market 1995–2007
their competitive positioning.
Enel has reduced the use of fossil fuels in power generation from
67.0% of total fuel mix in 2002 to 41.4% in 2007, with the share of
Shift towards renewables and nuclear renewable sources increasing from 9.0% to 29.0% during the same
power. There is a movement towards period. New legislations such as 20-20-20 European policy
green energy and nuclear as power generators (approved in 2008) mandating the use of renewable energy sources
will also increase the pace of shift in fuel mix away from fossil fuels.”
seek to invest away from fossil fuels, in
particular plans in Italy and the UK to bring
several new plants on stream
Discover...
• What are the major trends in the European • What are the growth strategies of the top 10
utilities industry? companies?
• What are the key opportunities for the top 10
• Who are the top 10 players in the market?
European utilities companies?
• What is the market share of each leading
• How have leading companies outside of the
company?
top 10 performed?
• What are the strengths and weaknesses of the
top 10 players?
The Top 10 European Utility Companies
Growth strategies, performance and SWOT analyses
Sample Information
Chapter 6: Enel
Recent financial performance
Enel registered $90,022m ( 61,184m) Figure 6.23: Enel European utilities financial performance
($m), 2004–08
consolidated revenues in the fiscal year
ended December 2008, representing
an increase of 50.3% over 2007.
European utilities contributed
$81,208m ( 55,193), accounting for
90.2% of total consolidated revenues in
2008. Revenues from the European
business increased 42.4% over 2007.
This substantial rise in revenues was
primarily due to the consolidation of
Endesa in its Iberian business.
Favorable weather conditions in Q1
2008 and the new regulations for
electricity transmission services (in Note: Recent fiscal year end is December 2008.
Business Insights
application of Decree Law 73/07 and
subsequent provisions issued by the
Authority for Electricity and Gas) also contributed to the increased revenues in 2008. Revenues from the
European utilities business grew at a CAGR of 21.5% during 2004–08. In 2008, Enel’s operating profit
totaled $11,752m ( 7,987m), representing a rise of 34.0% over 2007. Its operating profit grew at a CAGR
of 15.4% during 2004–08.
Performance by business segments Table 6.28: Enel business segment performance, 2008
Enel operates through seven business
segments: Sales (accounted for 37.0%
of its consolidated revenues in 2008),
Generation and Energy Management
(23.5%), Engineering and Innovation
(0.3%), Infrastructure and Networks
(3.0%), Iberia and Latin America
(26.0%), International (7.4%) and
Renewable Energy (2.8%).
Reducing domestic market Business Insights
dependance
Enel is reducing its exposure in the Italian market and targeting other viable international markets such as
Russia and Spain. It is strengthening its presence in the international markets through acquisitions in
Russia and Spain; and developing renewable power generation capacity in North America, Central
America, Slovakia, France and the Iberian peninsula. (Continued...)
The Top 10 European Utility Companies
Growth strategies, performance and SWOT analyses
Table of Contents
CHAPTER 1: INTRODUCTION CHAPTER 4: E.ON CHAPTER 7: RWE
• Methodology • Summary • Summary
• Company overview • Company overview
CHAPTER 2: INDUSTRY - Business segments in Europe - Business segments in Europe
OVERVIEW - Central Europe - RWE Power
• Introduction - Pan-European Gas - RWE Innogy
• Market dynamics of European utilities - UK - RWE Energy
market - Nordic - RWE npower
• Power utilities - New Markets • Recent financial performance
- Power generation in Europe • Recent financial performance - Performance by business segments
- Shift in power generation fuel mix - Performance by business segments • Growth strategies
- Resurgence of nuclear power • Growth strategies - Focus on core European markets
- Consolidation underway - Develop generation portfolio and - Expansion of gas procurement
• Gas utilities modernize distribution network in - Acquisitions
- Gas production in Europe core markets • SWOT analysis
- Globalization leading to - Expansion into new markets
consolidation - Focus on renewable energy CHAPTER 8: GDF SUEZ
- Gas consumption in Europe - Acquisitions • Summary
- Gas prices in Europe • SWOT analysis • Company overview
• Water utilities - Business segments in Europe
- Water distribution in Europe CHAPTER 5: GAZPROM - Energy France
• Competitive landscape • Summary - Energy Benelux & Germany
- Competitive positioning of the top • Company overview - Energy Europe
10 companies - Business segments in Europe - Infrastructures
- Top 10 utilities based on revenues - Marketing - SUEZ Environment
- Top 10 utilities based on generation - Electric Power • Recent financial performance
capacity • Recent financial performance - Performance by business segments
- Fuel mix of top 10 utilities - Performance by business segments • Growth strategies
- Geographic diversification of top 10 • Growth strategies - Reinforcing business in domestic
utilities - Strengthening power generation core markets
- Competitive landscape analysis business - Developing natural gas
- Buyer power - Focusing on European countries infrastructure
- Supplier power - Acquisitions - Acquisitions
- Barriers to entry • SWOT analysis • SWOT analysis
- Threat of substitutes
- Competitive rivalry CHAPTER 6: ENEL CHAPTER 9: ENI
• Summary • Summary
CHAPTER 3: EDF • Company overview • Company overview
• Summary - Business segments in Europe - Business segments in Europe
• Company overview - Sales - Gas & Power
- Business segments in Europe - Generation and Energy • Recent financial performance
- Generation-Supply Management - Performance by business segments
- Distribution - Infrastructure and Networks • Growth strategies
- Transmission - Iberia and Latin America - Expanding international gas and
- Other - International power sales
• Recent financial performance - Renewable Energy - Consolidating market share in Italy
- Performance by business segments • Recent financial performance - Acquisitions
• Growth strategies - Performance by business segments • SWOT analysis
- Strengthening market position in • Growth strategies
Europe - Reducing dependence on the CHAPTER 10: GASTERRA
- Developing renewable energy domestic market • Summary
- Investing in nuclear revival - Reinforcing financial position • Company overview
- Acquisitions - Acquisitions • Recent financial performance
• SWOT analysis • SWOT analysis • Growth strategies
- Securing gas supplies and
distribution network
The Top 10 European Utility Companies
Growth strategies, performance and SWOT analyses
Table of Contents
- Acquisitions • EDP performance ($m), 2005–08
• SWOT analysis - Company overview • EDF SWOT analysis
- Business segments in Europe • E.ON European utilities financial
CHAPTER 11: CENTRICA - Recent financial performance performance ($m), 2004–08
• Summary • Atel • E.ON SWOT analysis
• Company overview - Company overview • Gazprom European utilities financial
- Business segments in Europe - Business segments in Europe performance ($m), 2005–07
- British Gas - Recent financial performance • Gazprom SWOT analysis
- Centrica Energy • Iberdrola • Enel European utilities financial
- European Energy - Company overview performance ($m), 2004–08
• Recent financial performance - Business segments in Europe • Enel SWOT analysis
- Performance by business segments - Recent financial performance • RWE European utilities financial
• Growth strategies • National Grid performance ($m), 2004–08
- Improving operational efficiency - Company overview • RWE SWOT analysis
- Securing gas supplies - Business segments in Europe • GDF SUEZ European utilities financial
- Diversifying fuel mix - Recent financial performance performance ($m), 2006–08
- Acquisitions • CEZ Group • GDF SUEZ SWOT analysis
• SWOT analysis - Company overview • Eni European utilities financial
- Business segments in Europe performance ($m), 2004–08
CHAPTER 12: SCOTTISH AND - Recent financial performance • Eni SWOT analysis
SOUTHERN ENERGY • Dong Energy • GasTerra European utilities financial
• Summary - Company overview performance ($m), 2005–08
• Company overview - Business segments in Europe • GasTerra SWOT analysis
- Business segments in Europe - Recent financial performance • Centrica European utilities financial
- Power Generation and Energy performance ($m), 2004–08
Supply LIST OF FIGURES • Centrica SWOT analysis
- Power Transmission • European utilities market size ($bn), • Scottish and Southern Energy
- Gas Network 2003–07 European utilities financial
• Recent financial performance • European utilities market performance ($m), 2004–08
- Performance by business segments segmentation by value (%), 2007 • Scottish and Southern Energy SWOT
• Growth strategies • Power generation in Europe (TWh), analysis
- Strengthening renewable energy 2003–07 • Veolia Environnement European
portfolio • Fuel mix in European utilities market utilities financial performance ($m),
- Entering into new markets 1995–2007 2004–08
- Investing in emerging technologies • Gas production in Europe (TWh), • EnBW European utilities financial
- Acquisitions 2003–07 performance ($m), 2004–08
• SWOT analysis • Gas consumption in Europe (TWh), • Edison European utilities financial
2003–07 performance ($m), 2004–08
CHAPTER 13: 11 TO 20 • Top 10 gas consuming countries in • Vattenfall European utilities financial
COMPANIES Europe, 2003–07 performance ($m), 2004–08
• Veolia Environnement • Gas prices in Europe, 1997–2007 • EDP European utilities financial
- Company overview • Water distribution in Europe (bcm), performance ($m), 2004–07
- Business segments in Europe 2003–07 • Atel European utilities financial
- Recent financial performance • Water utilities market in Europe, 2007 performance ($m), 2004–08
• EnBW • Water consumption by sector in • Iberdrola European utilities financial
- Company overview Europe, 2007 performance ($m), 2006–08
- Business segments in Europe • Major European utilities • National Grid European utilities
- Recent financial performance • Top 10 European utilities market financial performance ($m), 2005–09
• Edison share, 2007 • CEZ Group European utilities financial
- Company overview • Fuel mix of top 10 European utilities performance ($m), 2004–08
- Business segments in Europe by type, 2007 • Dong Energy European utilities
- Recent financial performance • Geographic diversification of top 10 financial performance ($m), 2004–08
• Vattenfall European utilities by region
- Company overview • Competitive analysis of European
- Business segments in Europe utilities market
- Recent financial performance • EDF European utilities financial
The Top 10 European Utility Companies
Growth strategies, performance and SWOT analyses
Table of Contents
LIST OF TABLES • RWE major M&A deals, 2007–09 • Vattenfall snapshot
• European utilities market size ($bn), • GDF SUEZ snapshot • Vattenfall key operating parameters,
2003–07 • GDF SUEZ key operating parameters, 2008
• Power generation in Europe (TWh), 2008 • Vattenfall European utilities financial
2003–07 • GDF SUEZ European utilities financial performance, 2004–08
• Major M&A deals in European power performance, 2006–08 • EDP snapshot
utilities, 2008 • GDF SUEZ business segment • EDP key operating parameters, 2008
• Gas production in Europe (TWh), performance, 2008 • EDP European utilities financial
2003–07 • GDF SUEZ major M&A deals, performance, 2004–07
• Major M&A deals in European gas 2007–09 • Atel snapshot
utilities, 2008 • Eni snapshot • Atel key operating parameters, 2008
• Gas consumption in Europe (TWh), • Eni key operating parameters, 2008 • Atel European utilities financial
2003–07 • Eni European utilities financial performance, 2004–08
• Water distribution in Europe (bcm), performance ($m), 2004–08 • Iberdrola snapshot
2003–07 • Eni business segment performance, • Iberdrola key operating parameters,
• Major M&A deals in European water 2008 2008
utilities, 2008 • GasTerra snapshot • Iberdrola European utilities financial
• Top 10 European utilities based on • GasTerra key operating parameters, performance, 2006–08
revenues ($m), 2007 2008 • National Grid snapshot
• Top 10 European utilities based on • GasTerra European utilities financial • National Grid key operating
power generation capacity (MW), performance, 2005–08 parameters, 2008
2007 • Centrica snapshot • National Grid European utilities
• Major M&A deals in Eastern Europe in • Centrica key operating parameters, financial performance, 2005–09
2008 2008 • CEZ Group snapshot
• EDF snapshot • Centrica European utilities financial • CEZ Group key operating parameters,
• EDF key operating parameters, 2008 performance ($m), 2004–08 2008
• EDF European utilities financial • Centrica business segment • CEZ Group European utilities financial
performance ($m), 2005–08 performance, 2008 performance, 2004–08
• EDF business segment performance, • Centrica major M&A deals, 2007–09 • Dong Energy snapshot
2008 • Scottish and Southern Energy • Dong Energy key operating
• EDF major M&A deals, 2007–09 snapshot parameters, 2008
• E.ON snapshot • Scottish and Southern Energy key • Dong Energy European utilities
• E.ON key operating parameters, 2008 operating parameters, 2008 financial performance, 2004–08
• E.ON European utilities financial • Scottish and Southern Energy
performance, 2004–08 European utilities financial
• E.ON business segment performance, performance, 2004–08
2008 • Scottish and Southern Energy
• E.ON major M&A deals, 2007–09 business segment performance, 2008
• Gazprom snapshot • Scottish and Southern Energy major
• Gazprom key operating parameters, M&A deals, 2007–09
2007 • Veolia Environnement snapshot
• Gazprom European utilities financial • Veolia Environnement key operating
performance, 2005–07 parameters, 2007
• Enel snapshot • Veolia Environnement European
• Enel key operating parameters, 2008 utilities financial performance,
• Enel European utilities financial 2004–08
performance, 2004–08 • EnBW snapshot
• Enel business segment performance, • EnBW key operating parameters,
2008 2008
• Enel major M&A deals, 2007–09 • EnBW European utilities financial
• RWE snapshot performance, 2004–08
• RWE key operating parameters, 2008 • Edison snapshot
• RWE European utilities financial • Edison key operating parameters,
performance, 2004–08 2008
• RWE business segment performance, • Edison European utilities financial
2008 performance, 2004–08
The Top 10 European Utility Companies
Growth strategies, performance and SWOT analyses
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