Power Transition Tracker
Assessment of power utilities’ climate strategy
Why track the transition plans of power utilities?
The power sector is key to decarbonizing our societies. It covers a significant portion of our energy use, with decarbonization in this sector paving the way for many other sectors such as transport, the steel industry, metallurgical industries, chemistry, housing, etc. The Net Zero Emissions by 2050 (NZE) scenario from the International Energy Agency (IEA) states that the power sector must be decarbonized by 2035 in advanced economies and 2040 in other countries to limit global warming to 1.5°C with no or low overshoot.
Power utilities own, operate, and develop electricity production plants. The transformation of the power sector requires utilities to quickly adopt robust and ambitious energy transition plans. The main elements of these plans are: halt new fossil fuel developments, phase out fossil gas by 2035/2040, close coal and gas plants – and not sell or convert them to unsustainable technologies, and develop significant sustainable power supply.
Reports from power utilities on the position of their current transition plans tend to be unhelpfully varied, incomplete and hard for third parties to decipher. To be able to redirect financial support from the laggards to more ambitious utilities – those turning their backs on coal and gas supply, and focusing on the development of sustainable power solutions – financial actors need to access readable and comparable information. This need is even more crucial as European laws for extra-financial reporting are currently under threat and could be weakened.
To this end, the Power Transition Tracker assesses and compares the transition plans of the major European power utilities. It also highlights their most emblematic fossil gas developments to illustrate the existing toxic projects that are incompatible with the 1.5°C target.
Key findings
Fossil gas is still expanding.
7/10 power utilities plan to add 37 new fossil gas plants. 36 are in Europe.
EPH, PGE and RWE are the biggest gas developers.
No commitment to phasing out fossil gas by 2035 in advanced economies.
Only Enel, PGE, and Statkraft plan to phase out gas by 2040 or 2042 globally. Too late for advanced economies.
Decarbonization is jeopardized by reliance on fossil gas.
Insufficient investment in sustainable technologies.
Only 5/10 power utilities have ambitious sustainable CAPEX.
Low compliance with 1.5°C scenarios.
5/10 power utilities are not aligned with a 1.5°C pathway.
Weak climate reporting.
Overall comparison table
An analysis of the transition plans of ten major European power utilities has been achieved via a comprehensive framework. It led to an assessment of these plans, based on data published in 2024/2025 and on a questionnaire send to the utilities analyzed. It allowed us to evaluate the quality of the companies’ climate strategies. The result of this assessment is presented in the following table.
Fossil gas expansion and phase-out | Coal expansion and phase-out | Sustainable development and energy mix |
Emissions reduction plan | CAPEX | Climate planning | Transparency | |
---|---|---|---|---|---|---|---|
A2A | |||||||
Enel | |||||||
ENGIE | |||||||
EPH | |||||||
Iberdrola | |||||||
Naturgy | |||||||
PGE | |||||||
RWE | |||||||
SSE | |||||||
Statkraft |
The company does not reach the basic elements of a transition plan
The company addresses the basic elements of a transition plan, but core elements still need to be clarified or improved to reach a robust
transition plan
The company addresses the core elements of a robust and ambitious transition plan. Further information can yet be provided and/or some
standards reinforced
No answer to the questionnaire sent to the utility (section “Transparency” only)
toxic projects
Deep dive rankings
Utility | Rating | Comments |
---|---|---|
Iberdrola | ![]() |
No coal plants |
Naturgy | ![]() |
No coal plants |
SSE | ![]() |
No coal plants |
Statkraft | ![]() |
No coal plants |
A2A | ![]() |
No commitment to not sell or convert plants |
Enel | ![]() |
No commitment to not sell or convert plants |
ENGIE | ![]() |
No commitment to not sell or convert plants |
RWE | ![]() |
No commitment to not sell or convert plants |
EPH | ![]() |
No coal phase-out plan |
PGE | ![]() |
No coal phase-out plan |
Utility | Rating | Comments |
---|---|---|
Iberdrola | ![]() |
No new development |
Naturgy | ![]() |
No new development |
Statkraft | ![]() |
No new development |
A2A | ![]() |
Fossil gas developers |
Enel | ![]() |
Fossil gas developers |
ENGIE | ![]() |
Fossil gas developers |
EPH | ![]() |
Fossil gas developers |
PGE | ![]() |
Fossil gas developers |
RWE | ![]() |
Fossil gas developers |
SSE | ![]() |
Fossil gas developers |
Utility | Rating | Comments |
---|---|---|
Enel | ![]() |
Phase-out by 2040. No detailed plan |
Statkraft | ![]() |
Phase-out by 2040. No detailed plan |
PGE | ![]() |
Phase-out by 2042. No detailed plan |
A2A | ![]() |
No phase-out plan nor date |
ENGIE | ![]() |
No phase-out plan nor date |
EPH | ![]() |
No phase-out plan nor date |
Naturgy | ![]() |
No phase-out plan nor date |
Iberdrola | ![]() |
No phase-out plan nor date |
RWE | ![]() |
No phase-out plan nor date |
SSE | ![]() |
No phase-out plan nor date |
Utility | Rating | Comments |
---|---|---|
Iberdrola | ![]() |
Sustainable CAPEX > 86% |
Statkraft | ![]() |
Sustainable CAPEX > 86% |
Enel | ![]() |
Sustainable CAPEX > 86%, yet CAPEX in new fossil fuels |
RWE | ![]() |
Sustainable CAPEX > 86%, yet CAPEX in new fossil fuels |
SSE | ![]() |
Sustainable CAPEX > 86%, yet CAPEX in new fossil fuels |
A2A | ![]() |
Sustainable CAPEX < 86%, and CAPEX in new fossil fuels |
ENGIE | ![]() |
Sustainable CAPEX < 86%, and CAPEX in new fossil fuels |
EPH | ![]() |
Sustainable CAPEX < 86%, and CAPEX in new fossil fuels |
Naturgy | ![]() |
Sustainable CAPEX < 86%, and CAPEX in new fossil fuels |
PGE | ![]() |
Sustainable CAPEX < 86%, and CAPEX in new fossil fuels |

Laggards

Slow movers

Leaders
Transition plans of the power utilities
Main points to engage A2A
As a priority, financial institutions should require A2A to:
- Stop developing new fossil fuel projects (including the extension of existing infrastructure and coal-to-gas conversion)
- Significantly improve the developments of sustainable technologies – mainly wind, solar, storage and grids
- Commit to a target to reach net-zero by 2035 in EU/OECD countries and by 2040 for the rest of the world
- Commit to close and not to sell or convert gas plants
A2A overview
Revenues
12.9 M€
Installed
gas capacities5.6 GW
Planned
gas capacities1.7 GW
Carbon
intensity310 gCO2/kWh
Coal
phase-out2024
Gas
phase-outNone
Net zero objective
2040
A2A Energy mix
A2A investment strategy
A2A fossil developments plan
Facility location Type Capacity Status Start year Monfalcone (Italy) Gas plant 860 MW under construction 2026 San Filippo del Mela (Italy) Gas plant 846 MW pre construction 2025
Main points to engage Enel
As a priority, financial institutions should require Enel to:
- Stop developing new fossil fuel projects (including the extension of existing infrastructure, coal-to-gas conversion, and LNG terminals)
- Commit to a target to reach net-zero by 2035 in EU/OECD countries and by 2040 for the rest of the world
- Commit to close and not to sell or convert gas plants
Enel overview
Revenues
95.6 M€
Installed
gas capacities17.9 GW
Planned
gas capacities2 GW
Carbon
intensity233 gCO2/kWH
Coal
phase-out2027
Gas
phase-out2040
Net zero objective
2040
Enel Energy mix
Enel investment strategy
Enel fossil developments plan
Facility location Type Capacity Status Start year Andrea Palladio (Italy) Gas plant 860 MW under construction 2025 Termini Imerese (Italy) Gas plant 300 MW pre-construction Unknown Brindisi Sud (Italy) Gas plant 840 MW pre-construction Unknown Larino (Italy) Gas plant Unknown pre-construction Unknown Porto Empedocle (Italy) LNG terminal 8 bcm/y pre-construction 2026
Main points to engage ENGIE
As a priority, financial institutions should require ENGIE to:
- Stop developing new fossil fuel projects (including the extension of existing infrastructure, coal-to-gas conversion, and LNG terminals)
- Commit to a target to reach net zero by 2035 in EU/OECD countries and by 2040 for the rest of the world
- Commit to close and not to sell or convert gas plants
ENGIE overview
Revenues
82.6 M€
Installed
gas capacities49.2 GW
Planned
gas capacities2.1 GW
Carbon
intensity145 gCO2/kW
Coal
phase-out2027
Gas
phase-outNone
Net zero objective
2045
ENGIE Energy mix
Engie investment strategy
ENGIE fossil developments plan
Facility location Type Capacity Status Start year Nijmegen (NL) Gas plant 500 MW proposed Unknown Awirs power (Flémalle, Belgique) Gas plant - pre-construction 2025 Amercoeur (Belgique) Gas plant 330 MW permit (TBC) Unknown Melijonnes (Mexique) Gas plant 375 MW pre-construction 2026 Fos Cavaou (France) LNG terminal - proposed - TBC Unknown Montoir-de-Bretagne (France) LNG terminal - proposed - TBC Unknown
Main points to engage EPH
As a priority, financial institutions should require EPH to:
- Provide transparent information regarding its climate strategy
- Stop developing new fossil fuel projects (including the extension of existing infrastructure and coal-to-gas conversion)
- Commit to a target to reach net zero by 2035 in EU/OECD countries and by 2040 for the rest of the world
- Commit to close and not to sell or convert gas plants
EPH overview
Revenues
24.2M€
Installed
gas capacities9.4 GW
Planned
gas capacities10.6 GW
Carbon
intensity570 gCO2/kWh
Coal
phase-out2038
Gas
phase-outNone
Net zero objective
2050
EPH Energy mix
EPH investment strategy
EPH fossil developments plan
Facility location Type Capacity Status Start year Trapani (Italy) Gas plant 220 MW pre-construction 2024 (planned) Ostiglia (Italy) Gas plant - CCGT 890 MW construction 2025 Fiume Santo (Italy) Gas plant - CCGT 560 MW pre-construction 2025 Tavazzano (Italy) Gas plant - OCGT 800 MW planned 2030 Eggborough (UK) Gas plant 1700 MW pre-construction 2026 EP Energy Developments
power station (Ireland)Gas plant 350 MW pre-construction 2025 Emile Huchet (France) CHP 647 MW pre-construction 2027 Leipheim (Germany) Gas plant 869 MW planned 2030 Leipheim (Germany) Gas plant 550 MW pre-construction Unknown Lippendorf (Germany) Gas plant - CCGT 900 MW pre-construction 2027 Janschwalde (Germany) Gas plant - CCGT 900 MW planned 2028 Komorany (Czech Republic) Gas plant - CCGT 156 MW planned 2029 Opatovice (Czech Republic) Gas plant - CCGT 390 MW construction 2029 Plzen (Czech Republic) Gas plant - CCGT 97 MW construction 2029 Plzenska (Czech Republic) Gas plant - CCGT 65 MW construction 2029 Boxberg (Germany) Power-to-gas (H2) - TBC - EPIF (Czech Republic) Coal-to-gas - planned 2030
Main points to engage Iberdrola
As a priority, financial institutions should require Iberdrola to:
- Commit to a target to reach net zero by 2035 in EU/OECD countries and by 2040 for the rest of the world
- Provide a plant-by-plant closure plan for its gas plants
- Commit to close and not to sell or convert gas plants
Iberdrola overview
Revenues
49.3 M€
Installed
gas capacities17.5 GW
Planned
gas capacities0 GW
Carbon
intensity55 gCO2/kWh
Coal
phase-outNo coal
Gas
phase-outNone
Net zero objective
2040
Iberdrola Energy mix
Iberdrola investment strategy
Iberdrola fossil developments plan
Main points to engage Naturgy
As a priority, financial institutions should require Naturgy to:
- Commit to a target to reach net zero by 2035 in EU/OECD countries and by 2040 for the rest of the world
- Commit to close and not to sell or convert gas plants
- Provide an ambitious long-term vision for the development of sustainable solutions – mainly wind, solar, storage and grids
Naturgy transition overview
Revenues
22.6 M€
Installed
gas capacities9.8 GW
Planned
gas capacities0 GW
Carbon
intensity247 gCO2/kWh
Coal
phase-outNo coal
Gas
phase-outNone
Net zero objective
2050
Naturgy transition Energy mix
Naturgy transition investment strategy
Main points to engage PGE
As a priority, financial institutions should require PGE to:
- Provide transparent information regarding its climate strategy
- Stop developing new fossil fuel projects (including extension of existing infrastructure and coal-to-gas conversion)
- Commit to a target to reach net zero by 2035 in EU/OECD countries and by 2040 for the rest of the world
- Commit to close and not to sell or convert coal and gas plants
PGE overview
Revenues
21.2 M€
Installed
gas capacities2.3 GW
Planned
gas capacities5.2 GW
Carbon
intensity810 gCO2/kWh
Coal
phase-outNone
Gas
phase-out2042
Net zero objective
2050
PGE Energy mix
PGE investment strategy
PGE fossil developments plan
Facility location Type Capacity Status Start year Krajnik (Poland) Gas unit 660 MW unconfirmed N/A Rybnik (Poland) Gas plant - CCGT 882 MW in construction 2026 Czechnica Nowa (Poland) CHP 342 MW in construction 2025 Bydgoszcz (Poland) CHP 52.6 MW in construction 2025 Gdynia (Poland) CHP 160 MW pre-construction 2026 Ostrów Wielkopolski (Poland) Gas plant - CCGT 1 310 MW planned N/A Kraków (Poland) CHP 99.8 MW pre-construction by 2030 Szczecin (Poland) CHP 24 MW pre-construction by 2030 Wielopole (Poland) Gas unit 1040 MW unconfirmed N/A Adamów (Poland) Gas plant - CCGT 600 MW pre-construction 2027 Main points to engage RWE
As a priority, financial institutions should require RWE to:
- Stop developing new fossil fuel projects and stop relying on unproven CCS technologies
- Commit to a target to reach net zero by 2035 in EU/OECD countries and by 2040 for the rest of the world
- Commit to close and not to sell or convert coal and gas plants
RWE overview
Revenues
24.2 M€
Installed
gas capacities15.8 GW
Planned
gas capacities2.5 GW
Carbon
intensity334 gCO2/kWh
Coal
phase-out2030
Gas
phase-outNone
Net zero objective
2040
RWE Energy mix
RWE investment strategy
Main points to engage SSE
As a priority, financial institutions should require SSE to:
- Stop developing new fossil fuel projects
- Commit to a target to reach net zero by 2035 in EU/OECD countries and by 2040 for the rest of the world
- Commit to close and not to sell or convert coal and gas plants
- Provide an ambitious long-term vision for the development of sustainable solutions – mainly wind, solar, storage and grids
SSE overview
Revenues
12.5 M€
Installed
gas capacities7.4 GW
Planned
gas capacities1.8 GW
Carbon
intensityN/A
Coal
phase-out2020
Gas
phase-outNone
Net zero objective
2040/2050
SSE Energy mix
SSE investment strategy
Main points to engage Statkraft
As a priority, financial institutions should require Statkraft to:
- Commit to a target to reach net zero by 2035 in EU/OECD countries and by 2040 for the rest of the world
- Commit to close and not to sell or convert gas plants
- Provide a long-term vision for the development of sustainable solutions – mainly wind, solar, storage and grids
Statkraft overview
Revenues
5.7 M€
Installed
gas capacities2.5 GW
Planned
gas capacities0 GW
Carbon
intensity12 gCO2/kWh
Coal
phase-outNo coal
Gas
phase-out2040
Net zero objective
2040
Statkraft Energy mix
Statkraft investment strategy
Statkraft fossil developments plan
methodology
To assess the transition plans of power utilities, we have established a comprehensive analytical framework based on both the European Sustainability Reporting Standards (ESRS) requirements, and the baseline of “forward-looking indicators” provided in Reclaim Finance’s analysis. Our assessment of the transition plans of the companies is based on the reports and data publicly available, and on a questionnaire sent to the power utilities, allowing them to complete or correct the public data. This methodology is detailed in the following document.
What to require from power utilities ?
A guide for financial actors
Financiers involved in the power sector bear responsibility for supporting the decarbonization of power generation. Sectoral policies for fossil gas are needed now more than ever from financial institutions to keep ambitious, 1.5°C-aligned climate goals within reach. Moreover, investment and financing targets that contribute to the massive ramp up of sustainable power solutions are also required.
The transition plans of power utilities use heterogeneous assumptions, references, and timelines to set targets, making it difficult for financial institutions to easily assess and compare them. Access to a standardized and independent framework that provides a common basis for analysis is needed. To this end, we have developed a comprehensive analytical framework which delivers clear insights into the current trajectories of the European power utilities, highlighting the potential loopholes in their approaches.
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