2025-06-09-Bernstein-伯恩斯坦公用事业日报-_6月9日_21页_212kb

European Utilities & Clean Energy Daily Report: June 9, 2025

Summary: This report highlights key developments in the European energy sector, focusing on utilities, renewable energy, and industrial impacts. Belgium's Elia continues energy island construction without HVDC contracts due to cost-cutting measures, while Spain's Iberdrola, Endesa, and Naturgy discuss extending the Almaraz nuclear plant. The UK introduces new regulations requiring solar panels on new homes, part of its Future Homes Standard, and considers involving Distribution Network Operators (DNOs) in energy efficiency efforts. Across Europe, power demand dropped 3% year-on-year in May, and executives advocate for policies to support electrification amid high costs. The EU faces conflicts with neighboring countries over CBAM policies, and nuclear energy reviews now emphasize investment needs. In the US, the Energy Department proposes cuts to renewable funding, potentially slowing solar growth due to tariffs and shifting federal priorities.

Key studies include updates on SSE's resilience, Engie's capacity market benefits, and Enel's net debt analysis. Ratings and price targets for companies like SSE and Orsted show mixed views, with some gaining Outperform ratings while others face Underperform due to risks like US project impairments. A ticker table provides valuation metrics, and numerous primers offer detailed company overviews. The report also addresses US election impacts on renewables and global trends like hydrogen energy development.

Disclosure: Standard disclaimers apply.