The report by CDP ranks the 13 major European utilities who responded to its survey in an energy utilities ‘super league’, based on its assessment of companies’ level of preparedness for meeting the costs and opportunities presented by climate change.
According to CDP Iberdrola is significantly leading the field due to its reduction of both gas and coal production in recent years and its move instead towards renewables. In 2013 26 per cent of Iberdrola’s electricity was generated by renewables.
British Gas parent company Centrica achieved second place in the league due to its highly efficient gas-fired units and nuclear assets. In adition the company has no coal assets, the report noted.
However the report highlights that Centrica could improve its ability to take advantage of opportunities from renewable energy.
CDP executive chairman Paul Simpson said: “The top ranking electric utilities companies in the Super-League Table all have much lower exposure to coal, and are focusing their business towards cleaner energy sources.”
Centrica’s, head of environment Jim Rushen said, “We strive to limit energy’s impact on climate change by not only reducing carbon emissions from our own operations, but by helping customers cut their consumption through our innovative products and services. Our leadership position demonstrates our continued commitment to improving our environmental performance by securing the energy our customers need, responsibly”.
Europe has committed to reducing its emissions by 40 per cent by 2030 on 1990 levels. The utilities ranked represent 80 per cent of the electricity produced in Europe.