Table of Contents
- CATALYST
- SUMMARY
- ANALYSIS
- State energy incumbents are similar except in the degree of state
ownership
- The sample of utilities are taken from Datamonitor' s Key Player data
- The level of state ownership in energy utilities is varied
- Without exception, the state-owned utilities are all vertically
integrated
- State-owned utilities are mainly focused on power generation and sales
- State-owned utilities dominate in nuclear generation, but lag in
renewable and gas capacity
- State-owned utilities are dominant in their domestic markets
- Power focused state-owned utilities dominate their domestic markets
- Gas focused state-owned utilities dominate their domestic markets
- Energy volume growth generates extremely high income growth in
state-owned utilities
- State-owned utilities post above average profit margins and energy
volume returns
- In order to weather liberalisation, business inefficiencies need to be
reduced
- The high income growth of state utilities does not generate high cash
flow growth
- Employee efficiency is on average higher in privately owned utilities
- As domestic competition intensifies, state incumbents will lose power
market share
- As domestic competition intensifies, state incumbents will lose gas
market share
- State-owned utilities' home advantage can be a springboard to enhancing
their competitive position
- State-owned utilities are on average less leveraged than their
privately-owned counterparts
- Private utilities are more exposed to changes in wholesale power
markets
- Both state-owned and privately-owned utilities are highly exposed to
wholesale gas markets
- State-owned utilities are adapting to changing energy market conditions
to become more competitive in the longer term
- As liberalisation gains momentum and competition intensifies, merger
and acquisition activity will increase substantially
- State-owned utilities must navigate both regulatory and political risk
- State-owned utilities will be pressured to increase the share of
renewable energy in their product portfolios
- The rate of divesture from state-owned utilities will increase
- APPENDIX
- Definitions
- Further Reading
- Ask the Analyst
- List of Figures
- Figure 1: European leading utilities key players
- Figure 2: The level of state ownership in energy utilities is varied
- Figure 3: State-owned utilities are all vertically integrated
(bundled), controlling distribution and transportation/transmission
networks
- Figure 4: State-owned utilities are mainly focused on power generation
and sales
- Figure 5: 2005 Generation capacity - MW
- Figure 6: 2005 Power market share and national consumption
- Figure 7: 2005 Gas market share and national consumption
- Figure 8: 2004-2005 Energy volume and net income growth
- Figure 9: 2005 Operating power margin and return on energy volumes
- Figure 10: 2004-2005 Net income and operating cash flow growth
- Figure 11: Employee efficiency measured by operating profits
- Figure 12: July 2008 Power switching rates
- Figure 13: July 2008 Gas switching rates
- Figure 14: 2005 Debt leverage
- Figure 15: 2005 Power net trade requirement as a proportion of overall
power volume
- Figure 16: 2005 Gas net trade requirement as a proportion of overall
gas volume
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