This module assesses the alignment of a company’s generation emissions reductions targets with a well-below 2-degree pathway. To get a complete view of the company’s commitment to and credibility on emissions reductions over time, this module also assesses the time horizon of targets, and the achievement of previous targets.

Given the overall importance of the alignment indicator in this module (12 of the total 20% available), it is unsurprising that the four top-performing companies in this module are the only four to have set targets that are fully aligned with a well-below 2-degree pathway – Ørsted, Enel, AES Corporation and EDP Energias de Portugal. Enel, Ørsted and EDP set their targets through the Science-Based Targets initiative, while AES’ was set internally in 2018 as part of the company’s “Climate Scenario Report”. 23 of the remaining 46 companies have not set any targets or have no targets that reach beyond 2022.

The 50 companies in this benchmark are also lacking when it comes to time horizon of targets. 13 of the 50 companies have targets that cover the majority of their assets’ lifetimes. However, none of these companies have set short-term targets, of no more than five years apart, to incentivise action in the present on their long-term decarbonisation goal. Even AES who tops this module falls short, having only set a 2030 target that covers just 25% of the estimated lifetime of its assets.

The overall picture to emerge from the results of this module for the 50 electric utilities is a clear lack of ambition towards the Paris goals.

Ranking overview

50 companies

1 AES Corporation
3.2 / 4
2 Enel
3.1 / 4
3 EDP Energias de Portugal
3.0 / 4
- Ørsted
3.0 / 4
5 Xcel Energy
2.9 / 4
6 RWE
2.8 / 4
7 Origin Energy
2.7 / 4
8 Duke Energy
2.5 / 4
- Uniper
2.5 / 4
10 Iberdrola
2.4 / 4
11 CLP Holdings (中電集團)
2.3 / 4
- Southern Co
2.3 / 4
- Vistra Energy Corp
2.3 / 4
14 SSE 
2.2 / 4
15 American Electric Power (AEP)
2.1 / 4
16 CEZ Group
2.0 / 4
- Tohoku Electric Power
2.0 / 4
18 E.ON
1.9 / 4
- ENGIE
1.9 / 4
- Vattenfall
1.9 / 4
- Électricité de France (EDF)
1.9 / 4
22 Chugoku Electric Power Company
1.8 / 4
23 Chubu Electric Power
1.7 / 4
24 Tokyo Electric Power Company (TEPCO)
1.6 / 4
25 Dominion Energy
1.4 / 4
26 EnBW Energie Baden-Wuerttemberg
1.0 / 4
- Fortum
1.0 / 4
- Korea Electric Power Corporation (KEPCO/Hanjeon)
1.0 / 4
29 AGL Energy
0.9 / 4
- Kansai Electric Power Company (KEPCO)
0.9 / 4
- Kyushu Electric Power
0.9 / 4
32 Pacific Gas and Electric (PG&E)
0.4 / 4
33 China Datang Corp (中国大唐集团)
0.0 / 4
- China Energy Investment Group (CHN Energy) (国家能源投资集团)
0.0 / 4
- China Huadian Corporation (中国华电集团)
0.0 / 4
- China Huaneng Group (中国华能集团)
0.0 / 4
- China Three Gorges (中国长江三峡集团)
0.0 / 4
- Comision Federal de Electricidad (CFE)
0.0 / 4
- Egyptian Electricity Holding Company (EEHC)
0.0 / 4
- Eletrobras
0.0 / 4
- Eskom Holdings
0.0 / 4
- Exelon Corporation
0.0 / 4
- Inter RAO
0.0 / 4
- NTPC
0.0 / 4
- NextEra Energy
0.0 / 4
- Perusahaan Listrik Negara (PLN)
0.0 / 4
- Saudi Electricity Company (SEC)
0.0 / 4
- State Power Investment Corporation (SPIC) (国家电力投资集团)
0.0 / 4
- Taiwan Power Company (台灣電力公司)
0.0 / 4
- Tenaga Nasional
0.0 / 4