PWC’s Jeroen van Hoof thinks the utilities space will look very different over the coming years
Majors see opportunity in utility fragmentation
PWC sees value for IOCs as the traditional utility model becomes less relevant
International oil companies (IOCs) returning to the utility business has been a clearly observable trend over several years, with the European headquartered majors at the forefront. Shell's installed generating capacity in North America is now above 10GW, of which one-third is from renewable sources, and it has also invested in Dutch offshore wind. In the UK, its acquisition of supplier First Utility sees it supplying 100pc renewable power, as well as gas and energy services, to domestic consumers, while, through MP2 Energy, it has also entered the US supply market. Shell has also bought into US and Asian solar, while it has made three investments in electric vehicle (EV) charging firms and
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
