European utilities revise their renewable electricity targets downwards

Several European energy companies have announced a downward revision of their renewable electricity targets, citing rising component costs, high interest rates and falling forward prices on the markets. Statkraft, EDP and Oersted are among the companies that have made such statements, as have Enel and Iberdrola. Some companies, such as Enel, have indicated that they wish to invest more in modernising their networks, emphasising that modernising networks is a sine qua non of the energy transition.