The United States-based NextEra Energy has quadrupled its renewable energy capacity since 2017, a trend observed in the global power sector, shifting from fossil fuels to clean energy sources. In 2023, the renewable power capacity of the Italian multinational electricity company Enel surpassed 55 gigawatts, the highest figure in the world outside of China. These electric utility companies have seen their market value soar in the past decade. Marked by strong investments in electricity production from renewable resources, these green majors are becoming larger than oil and gas companies.
When it comes to progress toward decarbonization, however, Europe takes center stage. Alongside Enel, Spain’s Iberdrola has heavily invested in renewables throughout the past decade, reaching an installed capacity of 42 gigawatts in 2023. Meanwhile, despite lagging behind in terms of installed capacity, French EDF and Danish Orsted take the lead when it comes to transitioning to clean sources – in 2023, fossil resources made up no more than seven percent of each company’s electricity generation.
Who are the new supermajors?
Headquartered in Florida, U.S., NextEra Energy was the most valuable green supermajor in the world, as of 2023. With a market capitalization estimated at more than 150 billion U.S. dollars, the North American company overtook most of the Big Oil companies, lagging only behind Chevron, ExxonMobil, and Shell. Over the past few years, NextEra even managed to briefly surpass these three oil giants. However, fossil fuels remain an important part of the corporation's portfolio, contributing a relevant share of the corporate’s greenhouse gas emissions in the United States.When it comes to progress toward decarbonization, however, Europe takes center stage. Alongside Enel, Spain’s Iberdrola has heavily invested in renewables throughout the past decade, reaching an installed capacity of 42 gigawatts in 2023. Meanwhile, despite lagging behind in terms of installed capacity, French EDF and Danish Orsted take the lead when it comes to transitioning to clean sources – in 2023, fossil resources made up no more than seven percent of each company’s electricity generation.
