GS Utilities Daily: Fortum Q2 Outlook and Siemens Energy Restructuring Analysis

Key Takeaways

• 1.Fortum Q2 2026 earnings are expected to be weak due to lower nuclear volumes and normalized hydro volumes.
• 2.Siemens Energy is considering spinning off its 'Transformation of Industry' business, potentially improving group margins and focus.
• 3.European utilities are entering a 'super cycle' driven by datacenter power demand and grid modernization.

Table of Contents

• Research you can't miss from past two weeks
• Fortum: Q2 2026 preview: Weak EPS expected, driven by lower nuclear volumes
• Siemens Energy: Restructuring to bring greater focus & higher margins?
• German government will reportedly not accept offshore wind lease return
• Germany: BDEW sets out 12 grid expansion proposals
• Heavy Industry companies call for ETS carbon prices to be frozen
• UK to adjust EV sales target according to press reports
• Other news
• Research you need to read

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Reports in this series

GS Utilities Daily is shown in chronological order through this edition, published on June 19, 2026.

Part of the GS Utilities Daily series — view all 33 editions

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