Decarbonisation and energy system transformation

Measuring the world's 50 most influential electric utilities companies

WBA’s second Climate and Energy Benchmark measures and ranks the world’s 50 most influential electric utilities companies on their transition to a low-carbon economy. The sector is often described as the ‘great enabler’ of low-carbon energy. Is it living up to its name? Or is it lights out for the Paris Agreement?

Electric utilities are an important nexus for cleaner energy across transport, real estate and industry more broadly. With electricity demand predicted to increase by nearly 80% by 2050, decarbonisation of electric utilities is thus critical for enabling change within and beyond the sector and powering the transition to a low-carbon economy.

While there are encouraging examples of leadership, the benchmarked companies as a whole display a lack of ambition. In this decade of action, now is the time for electric utilities to step up their accountability, embed transition planning and look to renewables as a necessary and core element of their business strategy.

Five key findings

This benchmark shows that less than 10% of the 50 keystone companies in a sector seen as the ‘great enabler’ of low-carbon energy have Paris-aligned targets. There is still a strong fossil fuel dependency, with 70% of the benchmarked companies already set to exceed their carbon budgets to 2033. Overall, the sector displays a lack of ambition in terms of transition planning, milestone creation and accountability. Disruptors have real potential to instigate and lead a clean energy transformation, but greater urgency is needed to deliver on the targets and ambition of the Paris Agreement.

Key finding

Dim prospects for decarbonisation.

The sector still has a strong fossil fuel dependency, with 35 of the 50 companies assessed already set to exceed their carbon budgets. The climate performance of 33 companies is expected to decline in the near term.

Key finding

Where is the ambition to achieve Paris?

Only 4 companies have set fully Paris-aligned emissions reduction targets; many of the targets of the remaining 46 are considered inadequate and unambitious. Without bold action, companies will fall further behind their decarbonisation pathways.

Key finding

Low-carbon transition planning not sufficient to spark change.

While 42 of the 50 companies have a low-carbon transition plan or have made transition-planning commitments, closer examination shows insufficient action. Overall, companies are not implementing sufficiently resilient, long-term strategies to enable a successful low-carbon transition.

Key finding

More needed to power the growth of renewables.

Companies must increase the capacity of renewables in their generation mix. Despite the fast-improving economics of renewables, technological advances and favourable policy landscapes in certain markets, only some companies are switching fossil fuels for renewables.

Key finding

The great disruptor can energise the low-carbon transition.

The low-carbon transition is shaking up the traditional electric utility business model and creating new opportunities. Increasingly stringent climate policy, falling technology costs, changing consumer demand and emerging market disruptors can energise the sector.

Find out the performance of the electric utility companies

Go to ranking

Regional findings

These 50 keystone companies have a global footprint through their emissions, and many are present across the globe through their operations, subsidiaries and services. When assessing them by location of headquarters, the benchmark has highlighted clear regional trends and discrepancies. Regional findings have been captured for Eastern Asia, Northern America, and Europe – which together cover 40 of the 50 companies in the benchmark.

The 50 keystone electric utility companies

Click the map to explore each company, depending on the region you would like to learn about and the location of headquarters

Locations

Title: EnBW Energie Baden-Wuerttemberg
Place: Karlsruhe, Germany
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Title: Enel
Place: Rome, Italy
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Title: ENGIE
Place: Paris, France
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Title: Eskom Holdings
Place: Sunninghill, South Africa
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Title: Exelon Corporation
Place: Chicago, Illinois, USA
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Title: Fortum
Place: Espoo, Finland
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Title: Iberdrola
Place: Bilbao, Spain
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Title: Inter RAO
Place: Moscow, Russia
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Title: Kansai Electric Power Company (KEPCO)
Place: Osaka, Japan
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Title: Korea Electric Power Corporation (KEPCO/Hanjeon)
Place: Naju-si, Republic of Korea
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Title: Kyushu Electric Power
Place: Fukuoka, Japan
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Title: NextEra Energy
Place: Juno Beach, Florida, USA
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Title: NTPC
Place: New Delhi, India
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Title: Origin Energy
Place: Sydney, Australia
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Title: Ørsted
Place: Fredericia, Denmark
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Title: Pacific Gas and Electric (PG&E)
Place: San Francisco, California, USA
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Title: Perusahaan Listrik Negara (PLN)
Place: Jakarta, Indonesia
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Title: RWE
Place: Essen, Germany
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Title: Saudi Electricity Company (SEC)
Place: Riyadh, Saudi Arabia
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Title: Southern Co
Place: Atlanta, Georgia, USA
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Title: SSE
Place: Perth, United Kingdom
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Title: State Power Investment Corporation (SPIC) (国家电力投资集团)
Place: Beijing, China
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Title: Taiwan Power Company (台灣電力公司)
Place: Taipei, Taiwan, China
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Title: Tenaga Nasional
Place: Kuala Lumpur, Malaysia
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Title: Tohoku Electric Power
Place: Sendai, Japan
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Title: Tokyo Electric Power Company (TEPCO)
Place: Tokyo, Japan
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Title: Uniper
Place: Düsseldorf, Germany
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Title: Vattenfall
Place: Solna, Sweden
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Title: Vistra Energy Corp
Place: Irving, Texas, USA
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Title: Xcel Energy
Place: Minneapolis, Minnesota, USA
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Title: AES Corporation
Place: Arlington, Virginia, USA
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Title: AGL Energy
Place: Sydney, Australia
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Title: American Electric Power (AEP)
Place: Columbus, Ohio, USA
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Title: CEZ Group
Place: Prague, Czech Republic
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Title: China Datang Corp (中国大唐集团)
Place: Beijing, China
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Title: China Energy Investment Group (CHN Energy) (国家能源投资集团)
Place: Beijing, China
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Title: China Huadian Corporation (中国华电集团)
Place: Beijing, China
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Title: China Huaneng Group (中国华能集团)
Place: Beijing, China
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Title: China Three Gorges (中国长江三峡集团)
Place: Beijing, China
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Title: Chubu Electric Power
Place: Nagoya, Japan
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Title: Chugoku Electric Power Company
Place: Hiroshima, Japan
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Title: CLP Holdings (中電集團)
Place: Hong Kong, China
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Title: Comision Federal de Electricidad (CFE)
Place: Mexico City, Mexico
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Title: Dominion Energy
Place: Richmond, Virginia, USA
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Title: Duke Energy
Place: Charlotte, North Carolina, USA
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Title: E.ON
Place: Essen, Germany
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Title: EDP Energias de Portugal
Place: Lisbon, Portugal
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Title: Egyptian Electricity Holding Company (EEHC)
Place: Cairo, Egypt
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Title: Électricité de France (EDF)
Place: Paris, France
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Title: Eletrobras
Place: Rio de Janeiro, Brazil
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