Transitioning to sustainable energy by incumbent utilities: Insights from M&As, alliances, and divestments

Energy utilities play an important role in transitioning to a sustainable energy industry. Data on 8,967 transactions by 19 European energy utilities from 1990 to 2019 illustrates when and how utilities invest in sustainable resources and divest traditional resources such as fossil-fuel plants. Utilities transitioning to sustainable energy have greater financial resources and experience with sustainability, are publicly owned, and access sustainable resources of international and inter-industry partners. Utilities adopt a diversified strategy of balancing sustainable and traditional resources.