15 Biggest European Energy Companies

Published on November 16, 2022 at 9:01 am by Insider Monkey Team in Hedge Funds, Lists, News

In this article, we will take a look at the 15 biggest European energy companies. If you want to see more of the biggest European energy companies, go directly to 5 Biggest European Energy Companies.

When most people think of Europe, they think of the European Union, which as a 27 country bloc makes up one of the biggest economies in the world. Given its substantial size and population of 447.7 million, the European Union accounted for €14.5 trillion of GDP in 2021. With such a big economy, the European Union also consumes a lot of energy.

According to Statista, primary energy consumption was 60.12 exajoules in 2021, up from pandemic affected 2020’s 57.07 exajoules but down from 2019’s 60.73 exajoules.

In terms of the EU’s 2021 primary energy consumption composition, oil accounted for for 21.32 exajoules, natural gas accounted for 14.28 exajoules, coal accounted for 6.74 exajoules, nuclear energy accounted for 6.62 exajoules, hydroelectricity accounted for 3.24 exajoules and renewables accounted for 7.92 exajoules.

Renewable Energy

Many parts of Europe are trying to transition to sustainable energy such as solar and wind.

In terms of the European Union, the EU has made some progress on that front. In 2020, for example, renewable energy accounted for a bigger percentage of electricity power than fossil fuels did for the first time. In the future, the EU hopes to cut net emissions by at least 55% by 2030 and to achieve climate neutrality by 2050.

In terms of individual countries among the EU, there has also been some encouraging trends in terms of renewable energy. As of October 26, 2021, 9 members of EU states have successfully phased out of coal and 13 have committed to a phase out date.

According to BP’s 2022 Energy Outlook, the EU is in rapid process of decarbonization and as a result, the company believes the share of renewables in primary energy in the EU will be 54% to 78% by 2050. Given energy efficiency is playing a big role in European policies, primary energy is also declining around 1% per year at least in the near term. According to BP, clean hydrogen could eventually be a key energy carrier that helps decarbonize hard to abate sectors in industry and transport.

Russia Ukraine

The Russia Ukraine war has affected Europe’s energy markets substantially.

As a result of the war, natural gas is much more expensive and economic growth might not as strong in many parts of Europe as a result. Given that Russia is also a big exporter of oil, oil prices are also higher.

Due to the war and other reasons, energy prices are substantially higher in many countries in the EU than what they were last year. As a result, many of Europe’s biggest energy companies have seen their 2022 revenues increase versus 2021.

Growth has also slowed in many parts of Europe, which has decreased total energy demand.

Pixabay/Public Domain

Methodology

For our list of 15 Biggest European Energy Companies, we took the top 15 companies with the most revenue that were based in Europe that were either utilities or oil and gas companies according to companiesmarketcap.com’s companies ranked by revenue list.

For our revenue numbers, we used companiesmarketcap.com’s data.

15 Biggest European Energy Companies

15. Repsol

Revenue: $74.33 Billion

Repsol is a global energy company with headquarters in Spain with revenue of over $74 billion. As one of the largest energy companies in Europe, Repsol has 1.852 billion barrels of oil equivalent in proved reserves and produces 648,000 barrels of oil equivalent per day of net average production. Repsol also has over 3,200 MW of 100% low-emissions electricity generation capacity. Given its scale, Repsol ranks #15 on our list of 15 Biggest European Energy Companies.

14. EDF (Electricité de France)

Revenue: $95.65 Billion

EDF (Electricité de France) is a multinational utility company based in France active in generation, transmission, distribution, energy trading, energy sales, and energy services. EDF (Electricité de France) is also a leader in low carbon energy with a diverse production mix that includes nuclear and renewable energy such as hydropower. EDF (Electricité de France)’s goal is to build a net zero energy future with electricity and innovative solutions and services to help economic development. As of October 2022, the company provides energy to services to around 38.5 million customers, of which 28 million are in France. EDF (Electricité de France) is largely owned, and France’s government is in the process to fully nationalize the company which has revenues of $95.65 billion.

13. E.ON

Revenue: $107.92 Billion

E.ON is a leading European operator of energy networks and energy infrastructure based in Germany with revenue of $107.92 billion. Given the company’s scale, E.ON has 72,000 employees, 51 million customers, 1.6 million kilometers of energy networks, and a 35 billion euro regulated asset base. E.ON is also a leader in sustainable energy. E.ON says about its goals, “Today, we’re focused on using our businesses to drive the decarbonization of the energy world. We’re determined to combat climate change, improve people’s lives, and create a livable future. We want to further reduce those emissions we can directly influence and become climate neutral by 2040. To achieve this, we will reduce our own emissions (Scope 1 and 2) by 75 percent by 2030 and 100 percent by 2040 compared to 2019. We aim to reduce emissions at our customers (Scope 3) by 50 percent by 2030 and 100 percent by 2050 compared with 2019.”

12. Rosneft

Revenue: $111.11 Billion

Although Russia is not part of the European Union, it is part of Europe and thus Rosneft makes our list of 15 Biggest European Energy Companies. Rosneft is an integrated energy company based in Russia that engages in the exploration, development, production and sale of oil and gas. With a revenue of $111.11 billion, Rosneft is one of the biggest energy companies in the world.

11. Lukoil

Revenue: $124.77 Billion

Lukoil is another major Russian energy company that produces oil and gas. In terms of scale, Lukoil has 15.4 billion boe of proved hydrocarbon reserves as of December 31, 2020. Lukoil also produced 2.1 million boe per day in hydrocarbon in 2020 and has 1.2 million barrels per day of refining throughput in 2020. Lukoil ranks #11 on our list of 15 Biggest European Energy Companies.

10. Eni S.p.A. (NYSE:E)

Revenue: $135.8 Billion

Eni S.p.A. (NYSE:E) is a global oil and gas company based in Italy with revenues of $135.8 billion. Specifically, Eni S.p.A. (NYSE:E) “engages in oil and natural gas exploration, field development and production, as well as in the supply, trading and shipping of natural gas, LNG, electricity and fuels. Through refineries and chemical plants, Eni processes crude oil and other oil-based feedstock to produce fuels, lubricants and chemical products that are supplied to wholesalers or through retail networks or distributors.” Given its scale, Eni S.p.A. (NYSE:E) ranks #10 on our list of 15 Biggest European Energy Companies.

9. Gazprom

Revenue: $138.28 Billion

Gazprom is a major Russian energy company that’s the largest producer of natural gas in the world. Given its scale, Gazprom has revenues of $138.28 billion, which makes it one of the largest energy companies by revenue in the world. Given its importance, Gazprom is state owned by Russia.

8. Enel

Revenue: $141.73 Billion

Enel is a multinational maker and distributor of electricity and gas based in Italy with revenues of $141.73 billion. After Enel’s formation in 1962 as a government enterprise with the fusion of over 1000 energy producers in Italy, the company helped power Italy’s growth and later connected Italy’s grid with the European network grid. When the Italian electricity market was liberalized, however, Enel became a private company. Given climate change, Enel “stepped up our investments in digitalization, e-mobility, circular economy, and decarbonization. Today our sustainable approach to creating long-term shared value is guiding the energy transition.”

7. Equinor ASA (NYSE:EQNR)

Revenue: $147.88 Billion

Equinor ASA (NYSE:EQNR) is a leading petroleum company based in Norway that also has made substantial investments in renewable energy. In Q3 2022, Equinor ASA (NYSE:EQNR) delivered net income of $9.37 billion while total power production for the quarter was 491 GWh, of which 294 GWh were from renewable energy assets. In terms of its scale, Equinor ASA (NYSE:EQNR) ranks #7 on our list of 15 Biggest European Energy Companies given its revenue of almost $148 billion. Like a few others on our list, Equinor ASA (NYSE:EQNR) is a state owned energy company.

6. Fortum

Revenue: $172.84 Billion

Fortum is a state owned energy company based in Finland that generates and sells electricity and heat with revenues of $172.84 billion. Fortum also offers electricity retail sales, district heating and cooling, power trading services, and products and services for nuclear and thermal power plants. In 2021, Fortum generated 188.1 TWh of power, 33.4 TWh of heat, and 40% of total power generation was carbon dioxide free.

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