European utilities: sensing the impact of the ongoing war in Iran

The present report explores the potential impact  of the recent gas price spike in Europe on the Utilities sector (EDF, EDP, EnBW, Enel, Engie, Iberdrola, Naturgy, Orsted, RWE, Veolia in our coverage universe):- Analyzing EU's current gas import structure and the structural changes since 2022;- Deciphering commodity price movements (gas, power, carbon allowances) since the start of the war;- Providing a schematic overview of potential / likely implications of soaring gas prices on gas & power utilities. These implications are likely to be limited in our coverage universe assuming the Strait of Ormuz remains closed for a few weeks more. Impacts would have to be reassessed in the event of a prolonged closure leading to physical impacts on gas supplies starting to be felt.