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The EU's Major Electricity and Gas Utilities Since Market Liberalization

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The EU's Major Electricity and Gas Utilities Since Market Liberalization The EU’s Major Electricity andGasUtilities sinceMarket Liberalization GOUVERNANCE EUROPÉENNE ETGÉOPOLITIQUE DE L’ÉNERG10 IE ChristianSCHÜLKE 2010 fri, ©I The EU’s Major Electricity andGasUtilities sinceMarket Liberalization 2010 fri, ©I ©Ifri, 2010 The EU’s Major Electricity andGasUtilities sinceMarket Liberalization GOUVERNANCE EUROPÉENNE ET GÉOPOLITIQUE DE L’ÉNERGIE T ome 10 ChristianSCHÜLKE 2010 fri, ©I The InstitutFrançais des Relations Internationales (IFRI)isaresearchcenter and aforumfor debate on major internationalpoliticalandeconomicissues.Headed byThierrydeMontbrialsinceits founding in 1979,IFRI is anon-governmental andanon-profit organization. Asanindependent think tank,IFRI sets its Ownresearchagenda, publishing its findings regularlyforaglobalaudience. Using aninterdisciplinaryapproach, IFRI brings together politicalandeconomicdecision-makers,researchers and internationallyrenownedexperts to animate its debate andresearchactivities. With offices in Paris andBrussels,IFRI standsOutasOne of the rare Frenchthink tanks to havepositioneditself atthe veryheart of Europeandebate. The Objectiveofthe “EuropeanGOvernanceandthe GeopoliticsOfEnergy”program is to promote acoherent andsustainable Europeanenergypolicythrough seminars, debates,andpublications.This series cOvers the main aspects of the energytopic. Tome 1: Abatement of CO2 Emissions in the EuropeanUnion (2007) Tome 2: L’Énergie nucléaire et les opinions publiques européennes (2008) Tome 3: The ExternalEnergyPolicyof the EuropeanUnion (2008) Tome 4: Gazet pétrole vers l’Europe. Perspectives pourles infrastructures (2008) Tome 5: La GOuvernancemondiale del’énergie :enjeux et perspectives (2009) Tome 6: GOvernanceofOil in Africa: UnfinishedBusiness (2009) Tome 7: Energyin India’s Future:Insights (2009) Tome 8: Atthe Speedof Light? ElectricityInterconnections for Europe (2010) Tome 9: Ukraine –unpaysdetransit dans l’impasse ?Quatre scénarios (2010– available at Ifri.org) ©All rights reserved,iFri, 2010 issN 1962-610X isBN: 978-2-86592-696-1 IFRI IFRI-B Ruxelles 27 rue de lA P rocessioN r ue M Arie-t hérèse,21 75740P Aris c edeX 15 –F rANce 1000 -B ruXelles –B elgiuM P hoNe:+33 (0)1 4061 6000P hoNe:+32(0)2238 51 10 e MAil: [email protected] e MAil: [email protected] W eBsite: Ifri.org 2010 fri, ©I Contents ExecutiveSummary . 7 Introduction . 13 Seven CaseStudiesof ChangingStrategies of MajorEuropeanEnergyUtilitiesSinceMarketLiberalization . 27 E.ON . 27 GDF Suez . 46 EDF . 60 Enel . 74 RWE . 84 Iberdrola . 99 Vattenfall . 107 Other EuropeanUtilities . 117 Overviewof MajorNationaland RegionalElectricity and GasMarkets in the EU . 127 Germany . 129 France . 135 UnitedKingdom . 140 Italy . 146 Spain . 151 Nordic . 158 Belgiumandthe Netherlands . 164 CentralandEastern Europe . 167 Conclusions . 171 Annex . 192 Bibliography . 209 2010 fri, ©I ©Ifri, 2010 ExecutiveSummary This studyfocuses on the evolution of major European energyutilities sincethe 1990s,when the liberalization of the Europeanelectricityandgasmarkets started.The author uses case studies in order to analyzehOwthe largest companies in the sector adaptedtheir strategies in the last fifteen years.All of them enteredthe markets of other EU cOuntries,with some of them nowbeing present in nearlyall Member States.All utilities diversifiedtheir business activities in the energysector, notablybydeveloping their activities in electricityandgas. Thanks to numerousmergers andacquisitions,alimited number of big companies (the “Big-7,”or“seven brothers” as some call them mockinglyin areferencetothe “seven sisters” of oil majors) haveanincreasing share of the EU electricity andgasmarket. Inthis study,weanalyzeinmore detail the EU’s seven largest utilities (byrevenues in 2008):E.ON,GDF Suez,EDF,Enel,RWE, Iberdrola, andVattenfall. The first part of the studyconsists of detailedcase studies of these seven companies.Agroupofmid-sizeutilities is presentedin shorter paragraphs.Ouranalysis focuses on strat- egies,operations andassets,andgives less attention to finan- cialaspects andenergytrading.Asfor energybusiness sectors, weconcentrate on electricitygeneration,transmission,distri- bution andsupply,aswell asnaturalgasdOwnstream. By analyzing the evolution of the seven largest utilities since market liberalization,weaim to present the statusquO of the companylandscape of the Europeanelectricityandgasmarket. Inthe secondpart,wegiveashort Overviewof the situation in major Europeanelectricityandgasmarkets today,presenting 2010 fri, ©I 8 The EU’s Major ElectricityandGasUtilities sinceMarket Liberalization the main companies in everymarket,their market shares and specificities of eachmarket. Main Conclusions Inthe conclusion,weidentifysome common features of major Europeanelectricityandgascompanies.Inthe context of liberalization –even before the first directives were passed– there wasalot of movement in the sector.For manycompanies, weobservethe diversification of traditionalbusiness sectors,as theyenteredthe water,waste andtelecommunications sectors. Butmanyof them leftthese sectors again shortlyafterwards andconcentratedon their “core business,”i.e.energy.Itisalso notable thatseveralenergyutilities spunoff participations in non-energysectors (industry,realestate); this is forexample verymuchtruefor the twolargest Germanutilities E.ON and RWE. Atthe same time,astrong generaltrendtowardsdiversi- fication of activities within the energysector canbeobserved forall major utilities.All the companies nowhaveelectricity andnaturalgasactivities,even if this is not truefor all their cOuntries of operation. The synergyeffects between electricity andnaturalgas are Obvious,asmanycustomers needto be suppliedbyboth products.Moreover,naturalgasplaysan increasinglyimportant role forelectricitygeneration. The respectiveimportanceofelectricityandgasdiffers among major utilities:electricityandgasaccOunt formore or less equallyimportant shares of totalrevenues in the case of E.ON andGDF Suez.For EDF,Enel,IberdrolaandVattenfall,elec- tricityclearlydominates,even if all of them are currently developing their gasactivities.RWEis somehowin between these twogroups. Itisimportant to note thatthese seven companies domi- nate the Europeanelectricitymarket,astheyaccOunt for around55 percent of the EU’s electricitygeneration. The picture is different in naturalgas,where major utilities like E.ON,GDF SuezandRWE share the market with other impor- tant players likeEni,GasTerraor Wingas. ItisObvious(even if sometimes Overlooked)thatthe important differences 2010 fri, ©I ExecutiveSummary 9 between naturalgasandelectricity–whichare twofundamen- tallydifferent products –haveanimportant impactonmarket structures. All major utilities haveusedthe opportunities of market liberalization forentering newmarkets in other European cOuntries.Besides purelyeconomicfactors –whichare,of cOurse,the most important –, geographicalandculturalprox- imity haveplayedadecisiverole in expansion strategies.Many utilities have,atleast in the earlystages of market liberalization, investedin cOuntries surrounding their home market,or in cOuntries thatare culturallyclose.For instance,utilities from manyWestern EuropeancOuntries haveparticipatedin the (still ongoing) privatization of the energysector in Centraland Eastern Europe –butGermancompanies are byfarthe most present. The UnitedKingdom is aspecialcase,asnearlyall of the large utilities are present there:the openness of the British energymarket hasattractedmanyinvestors from other EU cOuntries,andledto asituation where most of the UK’s utilities are controlledbyforeign groups. Companies from Outsidethe EU playaverylimitedrole in the Europeanelectricityandgasmarket:trans-border mergers andacquisitions are mostlyintra-EU/European. The case of US energycompanies is interesting in this context,asmanyof them investedin Europe in the 1990s,butthen quicklydivested their assets again duetoeconomicfailure.One shouldnote, however,the growing presenceofGazprom in the wholesale andretail gasmarkets. Manyof the larger Europeanutilities haveassets Outsidethe EU,with investments in the Americas being the most significant. SeveralEuropeancompanies have investedin the US (especiallyin the renewable energysector). Spanish,Portuguese andItalianutilities haveacquiredsizeable assets in Latin America, too.Another important market is Russia, where E.ON,Enel andFortum–companies headquarteredin cOuntries thathavetraditionallyclose links with Russia–have madelarge investments in electricitygeneration. Wedonot discuss the legalaspects of Europeanlegislation in detail,butbrieflyassess their impact. Ownership unbundling of transmission networks is still not required, even under the EU’s thirdliberalization package whichpassedin 2009. HOwever, 2010 fri, ©I 10 The EU’s Major ElectricityandGasUtilities sinceMarket Liberalization wecanobserveacleartrendtowardsthe divestment of trans- mission and, to alesser degree,distribution activities bylarge utilities.Most major utilities nowfocusOnelectricitygeneration andsupplyof electricityandnaturalgas,with increasing interest in naturalgasproduction aswell. Butlarge parts of the transmission anddistribution networks in the EU are still Ownedbyincumbent utilities that,of cOurse,remain activein other parts of the valuechain,likegeneration andretail. Some of the major utilities continuetOconsider transmission asOne of their keyassets andwant to keep these regulatedactivities. Itwill beinteresting to watchiftheywill sticktothis strategy given the newregulatoryconditions set bythe thirdpackage. Asfor companyOwnership,weobservethatalarge
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