欧洲公用事业与清洁能源：防守型增长板块仍有上行空间

Jorge Alonso Suils+34 915 893 913jorge.alonso@bernsteinsg.comBartlomiej Kubicki+49 69 717 4418bartlomiej.kubicki@bernsteinsg.comThibault Dujardin, CFA+33 1 58 98 59 16thibault.dujardin@bernsteinsg.comRory Graham-Watson+44 20 7676 7093rory.graham-watson@bernsteinsg.comKen-Ree Choong+44 20 7676 8243ken-ree.choong@bernsteinsg.com Specialist SalesGareth Williams+44 20 7762 5256gareth.b.williams@bernsteinsg.com BERNSTEIN Utilities Daily — July 6th FEATURED RECENT RESEARCH Blackbook - European Utilities & Clean Energy 101 Primer 2026 Outlook - Utilities & Clean Energy: Look no further for defensive growthTop Picks -European Utilities & Clean Energy: Why there is still room to run in this defensive growth sector6 Jul 2026 - Iberdrola: Mind the (ROE) gap - A deep dive into its US networks2 Jul 2026 - Engie 2Q26 preview: FY26 guidance seems to be ‘de-risked’2 Jul 2026 - EDP/R: Key drivers - Part 3: Regulated networks offering visibility and quality earnings25 Jun 2026 - Regulated Networks Primer series: Part 2: A deep-dive into valuation23 Jun 2026 - Italgas: FY26-FY32 Business Plan - Consolidation-led growth drives capex upgrade, limited organic upside23 Jun 2026 - How could Engie benefit from the reform of hydropower in France?22 Jun 2026 - EDP/R: Key drivers - Part 2: Mispriced Iberian hydro with data center demand-driven upside15 Jun 2026 - Regulated Networks Primer series: Part 1: How do regulated return frameworks compare across jurisdictions? HEADLINES BELGIUM •Sumitomo divests three Belgian offshore wind projects (Recharge).Japan’s Sumitomo Corporation is exiting three Belgianoffshore wind projects but insists it remains open to participation in European renewables. Sumitomo has completed the sale of itsstakes in the Northwester 2 and Nobelwind wind farms to project partner Jera Nex BP. It has also agreed the sale of its 30% stake in theNorthwind project to a consortium called Publiwind, made up of a group of Belgian investors that includes national state investmentvehicle SFPIM. That deal is due to be completed by the end of the current financial year. Sumitomo said the exits are part of an assetrotation policy that “balances the realisation of value in mature assets with investment in new projects”. Sumitomo added it remainscommitted to European renewables, pointing to its 29% stake in the 500MW Noirmoutier project that entered operations in French waters earlier this year. •Cost of extending Doel 4 and Tihange 3 revised upward (Le Soir).Maintaining the Doel 4 and Tihange 3 nuclear power plantsin operation will cost more than initially expected, according to Engie. Based on the French energy group's latest estimates, thetotal investment required now amounts to €2.4bn, newspaper De Tijd reports. When the De Croo government and Engie reachedan agreement in 2023 on extending the operational lifetime of the two reactors, the necessary modernization work was estimatedat between €1.6bn and €2.bn. However, a draft budget presented last October by Electrabel, Engie's Belgian subsidiary, indicatesthat costs have since risen significantly. Electrabel now estimates that the investment required from Be-Nuc, the joint venturebetween Electrabel and the Belgian state, will amount to €2.14bn. Including the share of costs attributable to Luminus (EDF), the totalinvestment reaches €2.4bn. GERMANY •E.ON and Imerys inaugurate energy recovery plant in Willebroek (E.ON).E.ON Power Plants Belgium and Imerys Graphite &Carbon inaugurated a state-of-the-art Energy Recovery Plant at Imerys’ production site in Willebroek. Built, owned, and operated byE.ON, the facility captures the energy content of industrial syngas — a mixture of hydrogen and carbon monoxide with significantenergy content — and converts it into electricity via a high-efficiency steam turbine. With an installed capacity of up to 29MW, theplant supplies the entire Imerys site and feeds surplus power equivalent to the annual consumption of roughly 40,000 householdsinto the Belgian public grid. •Engie selected to deploy a fast-charging network for electric trucks in Germany (Les Echos).Following a tender covering 124rest areas along Germany's federal motorways, the country's motorway operator, Autobahn GmbH, on Tuesday awarded contracts forthe design, construction, and operation of the charging infrastructures in five lots. One of the lots was awarded to Engie (through itsVianeo subsidiary), while another went to a consortium that includes a subsidiary of Vinci (Eliso Voltix Truck Charging). Across these124 stations, 836 charging points are expected to be installed by 2030. More than half of them will use the new Megawatt ChargingSystem (MCS) standard, which will enable charging capacities of up to 1,000 kilowatts for heavy-duty commercial vehicles in thefuture. Engie Vianeo will build and operate 26 charging stations comprising 173 charging points, of which 105 will use the MegawattCharging System (MCS) standard. IBERIA •Galp, Opdenergy, Nadara and CTG