Introduction

In the past six months, Europe's energy landscape has undergone important changes, with implications for all market players. European utilities have had to simultaneously contend with an unprecedented contraction in demand, a sharp reduction in liquidity and an energy security crisis, with the Copenhagen Climate Change conference looming in the background.

Scope

*An overview of events affecting the European energy & utilities landscape through H1'02

*Thematic analysis, discerning industry trends within M&A, new asset construction and upstream politics

*Historical context explaining the current situation utilities face in regards to EU policy, energy finance and environmental issue

Highlights

Chaos in financial markets caused difficulty for all energy firms but especially offshore wind. M&A value dipped in Q4'08 but this is as much due to the market reaching a natural plateau as it is the recession. Utilities will focus on shoring up their balance sheet and compliance with unbundling legislation through H2'06

Changes to EU energy regulation over the past 6 months laid the foundation for a fundamental landscape reshaping over the next 5 years in seeking to create a single network code. This will reduce utilities' regulatory risk when making strategic and operational decisions, reducing congestion and capacity hoarding.

The unstable relationship between Russia and Ukraine continues to drive European policies aimed at improving security of supply. The January crisis galvanized EU attitudes towards collective security and helped push through EUR80m spending package on improved interconnections. This will boost east-west energy trade (in both directions).

Reasons to Purchase

*Review and understand the historical backdrop to current challenges facing utilities - place issues in context

*Prepare your own strategy through a holistic understanding of what has driven utilities' performance over the past 6 months

*Develop your own expectations and forecasts for the European utilities sector

Report Highlights
Highlights

Chaos in financial markets caused difficulty for all energy firms but especially offshore wind. M&A value dipped in Q4'08 but this is as much due to the market reaching a natural plateau as it is the recession. Utilities will focus on shoring up their balance sheet and compliance with unbundling legislation through H2'06

Changes to EU energy regulation over the past 6 months laid the foundation for a fundamental landscape reshaping over the next 5 years in seeking to create a single network code. This will reduce utilities' regulatory risk when making strategic and operational decisions, reducing congestion and capacity hoarding.

The unstable relationship between Russia and Ukraine continues to drive European policies aimed at improving security of supply. The January crisis galvanized EU attitudes towards collective security and helped push through EUR80m spending package on improved interconnections. This will boost east-west energy trade (in both directions).
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List of Tables
List of Figures
Figure 1: UK average industrial demand for electricity (TWh), 2005-09 3
Figure 2: Global new private investment in low carbon energy ($bn), Q1 2004-Q1 2009 4
Figure 3: Global energy volumes and value dipped in Q4'08 but showed signs of a mild recovery in H1'09 6
Figure 4: Expected Unbundling Package Selection 8
Figure 5: EU funding for pipelines and interconnectors (€m) 10
Figure 6: The UK and Italy will account for a significant increase in European regasification capacity 12
Figure 7: Unconventional gas supply meets a growing proportion of total US consumption 13
Figure 8: Current and planned nuclear generation in Europe 15
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