POWER MOVES AND POWER FAILURES

The report evaluates the transition plans of Enel, ENGIE, EPH, Iberdrola, and Statkraft, finding that none have committed to phasing out fossil gas power in Europe or the OECD by 2035. While Iberdrola and Statkraft are highlighted as following better practices by focusing on sustainable power solutions, EPH is identified as an industry laggard with a strategy heavily reliant on coal and gas. Enel and ENGIE are described as having conflicting strategies that combine renewable growth with continued fossil gas development and reliance on immature technologies like hydrogen and CCUS. The analysis emphasizes that current CAPEX allocations for several utilities remain too high for fossil fuels to meet the IEA's Net-zero Emissions by 2050 scenario.

• None of the five utilities assessed have officially committed to phasing out fossil gas power in Europe or the OECD by 2035, which the report identifies as a critical requirement for a robust transition plan.
• Enel, ENGIE, and EPH continue to develop fossil gas-fired power plants, which contradicts the goal of phasing out fossil gas and risks locking these companies and their operating countries into continued gas use.
• EPH is characterized as an industry laggard, lacking a science-based 1.5°C emission reduction strategy and a net-zero target before 2050, while dedicating the vast majority of its 2022 CAPEX (75%) to fossil fuel activities.
• Iberdrola and Statkraft are identified as exemplifying better practices by maintaining portfolios predominantly based on sustainable energy and committing to no new fossil fuel power.
• ENGIE and Enel are described as trapped in conflicting strategies, where significant developments in sustainable power are undermined by investments in fossil gas and technologies like biomethane, hydrogen, and CCUS, which the report deems incompatible with a rapid transition.
• While most utilities have ambitious renewable targets for 2030, EPH's plans are significantly lower, targeting only 7 GW of renewable energy in Europe by 2030, much of which is biomass.
• Coal phase-out remains a concern for Enel, ENGIE, and EPH, as they have not all committed to closures rather than sales or conversions, which is necessary to ensure absolute emission reductions.

APA

Sebrecht, P.-A., Alarcon, B., Fox, H., Her, H., Bruegel, J., Kubala, R., Ruiz-Bautista, C., Schubiner, B., & Tricarico, A. (2024). POWER MOVES AND POWER FAILURES. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2024/06/Power-Moves-and-Power-Failures.pdf

Chicago

Sebrecht, Pierre-Alain, Brigitte Alarcon, Harriet Fox, Henri Her, Jonathan Bruegel, Radek Kubala, Carlota Ruiz-Bautista, Brian Schubiner, and Antonio Tricarico. POWER MOVES AND POWER FAILURES. Reclaim Finance, 2024. https://reclaimfinance.org/site/wp-content/uploads/2024/06/Power-Moves-and-Power-Failures.pdf.

Wikipedia

{{cite report |last1=Sebrecht |first1=Pierre-Alain |last2=Alarcon |first2=Brigitte |last3=Fox |first3=Harriet |last4=Her |first4=Henri |last5=Bruegel |first5=Jonathan |last6=Kubala |first6=Radek |last7=Ruiz-Bautista |first7=Carlota |last8=Schubiner |first8=Brian |last9=Tricarico |first9=Antonio |title=POWER MOVES AND POWER FAILURES |publisher=Reclaim Finance |date=June 2024 |url=https://reclaimfinance.org/site/wp-content/uploads/2024/06/Power-Moves-and-Power-Failures.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{sebrecht2024power, author = {Sebrecht, Pierre-Alain and Alarcon, Brigitte and Fox, Harriet and Her, Henri and Bruegel, Jonathan and Kubala, Radek and Ruiz-Bautista, Carlota and Schubiner, Brian and Tricarico, Antonio}, title = {{POWER MOVES AND POWER FAILURES}}, institution = {Reclaim Finance}, year = {2024}, month = jun, url = {https://reclaimfinance.org/site/wp-content/uploads/2024/06/Power-Moves-and-Power-Failures.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }