Goldman Sachs Utilities Daily: RWE, Centrica, and the Utility Earnings Super-Cycle

Key Takeaways

• 1.RWE's move into power grids via the Amprion deal is viewed positively due to accretive growth prospects and lower cost of capital.
• 2.Centrica faces a weak 1H26 earnings outlook due to warmer weather and bad debt collection challenges.
• 3.Agentic AI is expected to significantly boost power consumption, creating a multi-year 'earnings super-cycle' for the utility sector.

Table of Contents

• Research you can’t miss from past two weeks
• RWE: The Amprion deal: Moving into power grids would bring several positives
• Centrica: 1H26 Preview: Weak numbers driven by headwinds flagged
• Iberdrola secures €130 mn financing for Neoenergia
• Engie plans a hydrogen-ready gas plant in Germany
• EU: Grid interconnection could unlock 27 TWh of renewable generation, report says
• European Battery Storage growth accelerating to 2030
• Other news
• Research you need to read

Report data

Distribution of ratings/investment banking relationships

Reports in this series

GS Utilities Daily is shown in chronological order through this edition, published on June 23, 2026.

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

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