MNI EU Utilities: 2026 € Issuance Outlook

Download Full Report Here

Executive Summary:

With the Green agenda in Europe and rapidly increasing electricity demand, capex spending is currently the main topic in credit discussions on Utilities. We start with a look at average annual spending compared to retained cash flow for the last full year and look deeper into the numbers for the top ten issuers on that list.

Overall, most issuers have manageable needs with usual suspect Enel topping our list for expected EUR issuance. German grid expansion will be a big driver of supply, even without including future issuer TenneT Germany here.