They state that already one third of European generation capacity is renewable right now. And that share is expected to rise to 50% until 2020.
That’s good, because more renewable energy means burning less fossil fuel, keeping more of the treasure for future generations and releasing less CO2.
But it’s bad if you happen to be an utility rated by Moody’s and don’t adapt to the changing market by getting some renewable capacity into your generation mix. Moody’s will lower your credit rating if you fail to get the message.
This is no surprise for me or readers of this blog. See my April post “No new coal capacities in Germany“.
But it’s nice to see Moody’s point this out as well. If the big utilities finally start to understand that the future is renewable and they need to invest there if they want to be a part of that future, that can only lead to increasing the speed of the energy transition.
In Germany, the big utilities’ track record is not very good. In April, they owned only about 13% of renewable resources. The rest was owned by citizens, farmers, industry, and specialized funds.
They just got a wake-up call from Moody’s.