Who are the new supermajors?
Headquartered in Florida, U.S., NextEra Energy was the most valuable green supermajor in the world, as of 2022. With a market capitalization estimated at more than 145 billion U.S. dollars, the North American company overtook most of the Big Oil companies, lagging only behind Chevron, ExxonMobil, and Shell. Over the past two years, NextEra even managed to briefly surpass these three oil giants. Nevertheless, although its renewable installed capacity has quadrupled since 2017, fossil fuels remain an important part of the corporation's portfolio, accounting for approximately 47 percent of its electricity generation mix in 2021.When it comes to progress towards decarbonization, however, Europe takes center stage. In 2021, Italian utility Enel had the largest renewable capacity outside of China, with over 50 gigawatts installed. That year, renewables accounted for roughly half of Enel’s electricity generation. Likewise, Spanish Iberdrola has heavily invested in renewables throughout the past decade, reaching an installed capacity of 38 gigawatts that year. The Bilbao-based utility plans to reach 60 gigawatts of renewable capacity by 2025. Meanwhile, despite lagging behind in terms of installed capacity, French EDF and Danish Orsted take the lead when it comes to transitioning to clean sources – in 2021, fossil resources made up no more than 10 percent of each company’s electricity generation.
