Bernstein | Utilities Daily — August 10, 2026
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Bernstein's European utilities and clean energy daily for August 10, 2026 combines recent research updates with sector news. The main story: a Vestas blade detachment led EnBW to pause part of construction at its 960MW He Dreiht offshore wind farm in the North Sea, though commissioning work largely continues. Recent research highlights include the view that Endesa's positive earnings drivers are largely reflected in the share price, and that Iberdrola faces the challenge of digesting expensive acquisitions alongside heavy capital spending. Bernstein's 2026 sector outlook argues European utilities and clean energy is a prime hunting ground for defensive growth, with EDP flagged as a key call offering multiple positive catalysts and paths to upside; UK water fundamentals remain strong with accelerating growth under the AMP8 regulatory period. Ratings are based on expected performance versus the market index over the next 12 months, with Outperform implying outperformance of more than 15 percentage points. Outperform-rated names include EDP (EUR 5.40), EDPR (EUR 15.70), Elia (EUR 145.00), Enagas (EUR 18.90), PGE (PLN 14.20), Redeia (EUR 18.60), Terna (EUR 10.30) and Veolia (EUR 40.00); Verbund is Underperform with a EUR 54.60 target.