Adapting to a new reality

KPMG | European Power & Utilities Report – Q2 2020


The effect of COVID-19 was immediately felt in the first quarter of 2020 as European P&U companies’ financial results indicate. Revenues fell by ~8 percent in 1Q20 from 4Q19, and most other metrics like TEV/EBITDA valuation and Capex/EBITDA ratio also took a beating. And while one may agree that the COVID-19 pandemic has played havoc in most industries, the European P&U industry has displayed surprising resilience in the second quarter of 2020. Initially, the April data showed a bleak picture: Electricity prices dropped, input prices remained very low, clean spark and dark spreads declined, and the EUROSTOXX utilities index was on a downtrend. However, the months of May and June saw steady recovery in all these indicators as lockdowns eased and demand surged. 


Following report includes:

  • Prices & margins: Has the European P&U industry felt the full effects of the pandemic?

  • Financial performance: How European P&U companies have performed so far?

  • Mergers & acquisitions: Has the pandemic halted the ongoing consolidation?

  • Looking forward: A more resilient European P&U industry?

To read the full report, click here.


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