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We carry out scenario analysis and research to examine and understand how potential changes to supply and demand will impact the future of fossil fuel-exposed companies and projects. This analysis helps the investment community better understand the financial implications of tackling climate change
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Absolute Impact 2023: Progress on oil and gas...



Kazakhstan Energy Transition


Loading the DICE Against Pensions


There Will Be Blood: Decommissioning California’s...


Enel SpA – All change?
Transition Plan Analysis Enel is the largest global renewable private player, biggest grid operator by end users and retail operator by...

US Vertically Integrated Utilities
Duke Energy (N/R) – Sale process drawn out raises eyebrows on potential equity. In our Transition Files vol 2 piece, we noted that a...

Will Shell’s Energy Transition Strategy Change Under Its New CEO? – Updated Version
Given the very large size of Shell’s hydrocarbon assets on the balance sheet, to convert Shell into a business able to cope well with the...

Transition Plan Analysis (TPA1) – EDF SA: Nuclear funding gap for renewables
Transition Plan Analysis Despite nationalisation, EDF remains a major issuer in the fixed income space as well as a competitive force to...

NextEra – NEE and the Sunshine Band
Transition Plan Analysis In this note Will Grainger, our Senior North American Power and Utilities Analyst, outlines the key components...

The Transition Files: periodic thoughts and views on companies, industries and energy transition – Volume 2
In this edition of our Transition Files Journal, we celebrate our coverage of US Power and Utilities corporates with a rigorous look behind...Popular Reads
Absolute Impact 2023: Progress on oil and gas emissions targets has stalled
We carry out scenario analysis and research to examine and understand how potential changes to supply and...
Read MoreKazakhstan Energy Transition
We carry out scenario analysis and research to examine and understand how potential changes to supply and...
Read MoreTransition Plan Analysis (TPA) Level 2 Despite differing views on climate change, it cannot escape anyone’s attention that...
Read MoreSHELL – Will Shell’s Energy Transition Strategy Change Under Its...
Corporate Research Report March 2023Key Findings: Shell has made a significant effort to improve the amount, depth and frequency of information in its approach...
Read MoreTransition Plan Analysis (TPA) Level 1 Despite differing views on climate change, it cannot escape anyone’s attention that...
Read MoreDecarbonising CCGT, grids & Scope 3 Emissions Engie needs to consider retiring merchant CCGT capacity. Its plans to...
Read MoreTransition Plan Analysis: For Naturgy to be fully aligned with the goals of the Paris Agreement, five things need to...
Read MoreTransition Plan Analysis: Engie’s plans to reduce carbon intensity for scope 1 and 3 emissions from generation are not...
Read MoreCentrica plc – Four steps from Company, Regulator and Government to...
Energy transition Report January 2023For Centrica to be aligned with the goals of the Paris Agreement, four things need to happen: The company needs to...
Read MoreJ-Power has a commitment to achieve net zero emissions by 2050 but we do not think the plan is currently Paris-aligned We...
Read MoreThe Transition Files: periodic thoughts and views on companies, industries...
Oil Journal October 2022The Transition Files In Volume 1, this journal comprises: an article on SHELL, another on Discounted Cash Flows, and one on...
Read MoreRWE is bringing forward the closure of 3.1GW of lignite capacity at Niederaussem K, Neurath F & G from end 2038 to December...
Read MoreCorporate Research: PGE – Urgency needed, especially for renewables
Corporate Research Report September 2022PGE PGE’s planned transition to net zero is not aligned with the goals of the Paris Agreement. PGE could retire 5.7GW...
Read MoreCorporate Research: Uniper SE – Restructuring due but let’s not...
Corporate Research Analyst Note September 2022Uniper SE Uniper’s transition to net zero is not aligned with the goals of the Paris Agreement. Datteln4 is a major...
Read MoreCorporate Research: RWE AG – Talking the talk, but will need to walk...
Power Analyst Note September 2022RWE AG RWE’s transition to net zero is not fully aligned with the goals of the Paris Agreement. Germany has yet to...
Read MoreCorporate Research: CEZ a.s – Restructuring due; urgent need for...
Power Analyst Note September 2022CEZ a.s CEZ’s transition to net zero by 2040 is not fully aligned with the goals of the Paris Agreement. CEZ is...
Read MoreWe are writing this report because retiring coal is the fastest route to decarbonisation and alignment with the goals of the...
Read MoreCLP Holdings Limited (CLP) has a commitment to achieve net zero emissions by 2050. However, we do not think CLP’s net zero plan...
Read MoreTenaga Nasional Berhad (TNB) aims to achieve net zero emissions by 2050 underpinned by a commitment to reduce 35% of its...
Read MoreAdani Power Limited (APL) has no commitment to achieve net zero emissions and no meaningful plans to manage the energy transition...
Read MoreShell’s Energy Transition Progress Report: Still lacking absolute...
Corporate Research Flash Note May 2022Shell recently published its first Energy Transition Progress Report. The document has been produced ahead of the AGM on 24...
Read MoreThird Point, the US activist hedge fund, has recently proposed a significant change to the corporate structure of Shell,...
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