Most European utility stocks extended losses in August

Twelve of 20 tracked European utilities posted negative stock returns in August, extending prior-month losses, according to S&P Global Market Intelligence data.

French utility Engie SA posted the largest negative stock return of the month, at 9.3%. The company's 870-megawatt Flémalle CC gas-fired power plant in Belgium, which started operations in summer 2025, experienced several unplanned outages and output curtailments this summer.

Swiss utility BKW AG saw a 6.5% negative stock return, followed by Danish wind giant Ørsted A/S with a 6.2% decline. Ørsted maintained its full-year financial guidance amid a strategic pivot from recovery to new growth.

French water management utility Veolia Environnement SA logged a negative stock return of 5.4%, while Germany's E.ON SE recorded a 4.9% decline in August. E.ON CEO Leonhard Birnbaum urged German lawmakers not to water down proposed power grid reforms, warning that without effective locational signals for new renewables capacity, the country risks driving up system costs for consumers.

Other companies with negative stock returns included Italy's Enel SpA and Terna SpA, Spain's Iberdrola SA and Endesa SA, and the UK's National Grid PLC.

Many European utility executives on second-quarter earnings calls pointed to demand upside and opportunities to convert legacy power plants into colocated data center projects.

Finnish state-owned utility Fortum Oyj was one of the eight tracked utilities that posted positive stock returns in August, recording the largest gain of the month at 5%. Fortum, through subsidiary Fortum Consumer Solutions AS, launched a voluntary cash tender offer to acquire all issued and outstanding shares of Norwegian electricity retailer Elmera Group ASA.

Portugal's EDP SA saw a 4.7% gain, as the company reported stronger-than-expected first-half 2026 results and upgraded its full-year earnings guidance, highlighting significant growth opportunities from surging data center demand in Portugal.

Other companies posting positive stock returns for the month included the UK's SSE PLC, Germany's RWE AG, and the Czech Republic's CEZ as.

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