“Recent reforms in the EU’s market design for electricity, quicker permit approvals, and the Net-Zero Industry Act have shifted the balance in favour of assets that can adapt quickly and align with local policy priorities. Small- and mid-cap platforms have a structural advantage. In practice, this means utilities that work constructively with municipalities, transport assets embedded within national and regional strategies, and energy platforms that can adapt business models as subsidy regimes and security-of-supply priorities evolve. Large, centralised assets often struggle to respond at this pace. The Draghi competitiveness report and the ongoing debate about Europe’s cost of capital highlight the importance of bilateral, primary deals that avoid auction-driven premia and that can deliver better-timed execution. This matters in an environment where value is increasingly created through operational decisions rather than multiple expansion.”
Morten W. Langer
