Net Zero Strategies in the Power Sector – Strategic Intelligence

Net Zero Strategies in Power Strategic Report Overview

All major economies have committed to reducing their greenhouse gas (GHG) emissions, with advanced economies aiming for net zero emissions by 2050. This will reduce the power demand generated by fossil-fuel power generation and increase the demand for renewable energy.

The “Net Zero Strategies in Power” strategic intelligence report gives you an in-depth insight into the net zero targets and performance of power companies. The report elucidates the importance of a net zero strategy in the power sector along with the progress made by the leading companies to achieve the emission target. These detailed analyses are critical in developing effective business plans to gain a competitive edge.

A Typical Net Zero Strategy

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Net Zero Strategy - Renewable Energy

Transitioning to renewable sources like wind and solar for energy generation is the main strategy for reducing the Scope 1 emissions of power companies. It will also mitigate Scope 3 emissions that are associated with the use of sold gas. While wind and solar are the most prominent sources of renewable energy investment, solar will dominate the sector. Furthermore, solar power is becoming the go-to energy source fueling the data center boom. In 2023, combined wind and solar power began to rival hydropower in terms of energy generation.

Global Renewable Energy Capacity, 2000 – 2035

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Net Zero Strategy – Hydrogen

Hydrogen is a low-carbon solution for decarbonizing multiple industries. It is light, storable, and does not produce direct carbon emissions of GHGs. Additionally, hydrogen can be produced from natural gas, nuclear, and renewable energy sources. Hence, power companies are adopting hydrogen as part of energy transition targets. Low-carbon hydrogen capacity is primarily being allocated to transport. Most hydrogen, in the form of grey hydrogen, is used in refining.

Some power companies have made early moves into hydrogen, diversifying cleaner energy sources and expanding power portfolios. Currently, Iberdrola and Enel are leading the power companies’ hydrogen capacity.

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Net Zero Strategy - Smart Grid and Digitalization

Smart grids are electricity networks supported by digital technologies that match the supply and demand of electricity in real-time. Smart grids will support the integration of renewable energy into existing infrastructure. They will better ease the supply and demand management as more renewable energy sources come online. Meanwhile, digitalization and grid modernization across the power sector are supporting sustainability efforts. Connected IoT devices like sensors and cameras, combined with machine learning capabilities, can improve data analysis. This will allow for improved energy management, careful monitoring of energy flows, and identification of carbon-saving opportunities.

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Power Sector - Net Zero Strategies of Leading Companies

A few energy companies practicing net zero strategies are Orsted, Iberdrola, RWE, EDF, and NextEra Energy Resources, among others. Companies can ensure their targets are ambitious enough by getting them verified by the Science-based Targets Initiative (SBTi). Most companies’ net zero targets cover Scope 1 and 2, while eight companies also specify covering Scope 3. Ørsted and Enel have the most ambitious targets, aiming for net zero for all scopes by 2040.

Orsted: Ørsted is aiming for net zero by 2040 for Scope 1, 2, and 3 emissions. In July 2023, it began using AI predictive maintenance solutions on its wind farms. The company is a leading offshore wind owner.

Net Zero Strategies in the Power Market Analysis by Companies

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Scope

• This thematic brief identifies the companies most likely to succeed in a world filled with disruptive threats.
• The report predicts how each theme will evolve and identifies the leading and disrupting companies.
• This report covers the ESG – Environmental theme.

Key Highlights

Most major power companies have set both interim and long-term emissions targets. Ørsted has the lowest emissions intensity of the 20 major power companies analyzed for this report and has achieved the most significant reduction in emissions intensity between 2021 and 2023.

Reasons to Buy

• GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying important themes early, enabling companies to make the right investments ahead of the competition and secure that all-important competitive advantage.
• Develop and design your corporate strategies through an in-house expert analysis of artificial intelligence by understanding the primary ways in which this theme is impacting the power industry.
• Stay up to date on the industry’s major players and where they sit in the value chain.
• Identify emerging industry trends to gain a competitive advantage.