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The global energy sector is changing beyond recognition. Those who fail to acknowledge this risk being left behind. Following the inaugural Barclays Energy Revolution Conference in London, our Equity Research analysts sum up how policy, technology and market forces are transforming how we generate power, who supplies it and how we use it.

Analysts: Mark Lewis – MD, European Utilities Equity Research Barclays; Jon Windham – Director, North American Alternative Energy & Environmental Services Equity Research Barclays; Catherine Hubert-Dorel – Director, European Utilities Equity Research Barclays

  • The two biggest trends that are here to stay are:
    • Decarbonisation – which is being driven by the virtuous loop of policy and technology
    • Decentralisation – accelerating with the rise of the ‘pro-sumer’ i.e. producer-consumer who is no longer reliant on large suppliers
  • Corporates are driven by customers and employees to source more sustainable energy, faster
  • The speed at which the energy revolution is occurring is driving dramatic adaptation measures, including structural change

Analysts: Jon Windham – Director, North American Alternative Energy & Environmental Services Equity Research Barclays; James Stettler – MD, European Capital Goods Equity Research Barclays; Catherine Hubert-Dorel – Director, European Utilities Equity Research Barclays

The sharp drop in renewable costs and improvements in efficiency have many implications:

  • Falling costs of solar and wind are driving a global re-think of business models to integrate energy efficiency and renewables to meet customer demand
  • Quicker adoption, in a way that makes good business sense, is becoming more possible
  • Improved efficiency will cut demand for utilities, but this will be partially offset as the adoption of electric vehicles and electrical space heating drive demand
  • Varied strategies are being employed, from embracing smaller scale renewable facilities or continuing to invest in traditional facilities such as nuclear 

Analysts: Jon Windham – Director, North American Alternative Energy & Environmental Services Equity Research Barclays; Catherine Hubert-Dorel – Director, European Utilities Equity Research Barclays; James Stettler – MD, European Capital Goods Equity Research Barclays

What separates the winners from the losers?

  • Significant investment and lateral thinking are required to go beyond traditional models and get ahead of the curve
  • Being reluctant to embrace change has cost some utility companies, but they are now stepping up and driving the revolution
  • Sustainability programs are becoming more prevalent due to shareholder and regulatory pressure, but also the view that saving energy and procuring renewable energy makes good business sense

The Barclays inaugural Energy Revolution Conference brought together industry experts from utilities, capital goods and related fields and facilitated discussion about the fundamental changes occuring that are here to stay. 

Follow #energyrevolution

Authorised clients of Barclays Investment Bank can log in to access the audio link to listen to sections of the conference, and subscribe to #energyrevolution for related Research reports on Barclays Live.

For further information about Barclays Research offering, please contact barclayslive@barclays.com.

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Barclays Research Analysts

  • Mark Lewis is a Managing Director and Head of European Utilities research at Barclays. Previously, he was Chief Energy Economist at Kepler Cheuvreux (2014-15), and Managing Director and Global Head of Energy Research at Deutsche Bank, where he worked for 14 years. Mark also spent one year as Deputy Head of investor relations at E.ON (2004-05), and two years as a credit analyst covering the European utility sector at Standard & Poor’s (1997-99), and has also worked as an academic at London University. Mark is a member of the Financial Stability Board’s Task Force on Climate-related Financial Disclosure, which was established by FSB Chairman Mark Carney in January 2016 under the chairmanship of the Honourable Michael J. Bloomberg. He holds a BA (First-Class Hons) in Modern Languages and Economics from Sheffield University, an MPhil from Cambridge University, and an MA from London University.

  • Catherine Hubert-Dorel is an equity research analyst covering the European utilities sector. She joined Barclays in July 2009 and spent 7 years as the utilities and infrastructure specialist sales before moving to equity research in July 2016. She joined Barclays from Credit Agricole Asset Management where she was responsible for the coverage of the utilities and renewables sectors. Prior to that, she worked at SocGen as a sell side research analyst covering Spanish utilities stocks. Catherine graduated from the Ecole Superieur de Commerce de Paris in France (ESCP-EAP) with a specialisation in Finance and is a CFA charterholder.

  • Jon Windham is a Director at Barclays, responsible for U.S. Alternative Energy & Environmental Services sector research. Previously, Mr. Windham was responsible for regional transportation & infrastructure sector research in Asia ex-Japan, based in Hong Kong. Mr. Windham joined Barclays in September 2010 from Macquarie Securities where he was Head of Asian industrials research. Mr. Windham has an MBA from The University of Michigan and is a CFA charterholder.

  • James Stettler is a Managing Director covering European Capital Goods in Equity Research at Barclays. He joined the team in August 2013. He has covered the sector for over 15 years, mostly at Dresdner Kleinwort where he led a top-ranked team in the sector. James graduated with a B.A. degree in economics from the College of William & Mary in Virginia. He is a CFA Charterholder.

Expert view: time to think bold on energy

  • Why are ambitious targets vital?
  • The ‘triple energy revolution’ explained
Watch the videos
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