The next generation Big Energy Giants will not produce oil.
These new Big Energy Giants include four companies, Enel, Iberdrola, NextEra Energy and Orsted, which began their activities to build or acquire clean energy plants, at a time when these assets were still considered alternative and very expensive energy.
Even China has seen the importance of this sector and has oriented its largest state energy companies towards renewable energy. In 2017, they formed China Energy Investment Corp., by merging two state-owned giants. The company has about 40 gigawatts of renewable power generation capacity, more than any of the large European and American companies.
The new energy giants no longer explore or extract oil, yet they have the influence and financial power of their predecessors. These new Big Energy Giants are leading the race to electrify the global economy.
Now everything has changed and they are at the top, at a time when clean energy is taking on enormous relevance. Increasingly cheaper solar panels and wind turbines are beginning to dominate new energy facilities, threatening the growth of natural gas in our power grids and changing energy markets.
Other large renewable energy players include Brookfield Renewable Partners, whose portfolio includes 7,900 megawatts of hydroelectric power and 4,700 megawatts of wind power and RWE AG, whose renewables unit plans to invest up to 5 billion Euros (US $ 6 billion) until 2022 in renewable energy and storage technologies.
Yes, the next generation Big Energy Giants will not produce oil!