What turns a struggling energy behemoth into a beautiful butterfly? The need for metamorphosis among the market’s established players has never been clearer as this week we see the eye-watering impact of deteriorating market conditions on the bottom line. Take RWE – a €2.1 billion writedown on its conventional generation assets and a suspension of the dividend were announced this week. At Centrica, 2015 adjusted operating profit was down 12 per cent at group level, and E&P and power assets were written down by nearly £2 billion. At Drax, pre-tax profit plummeted 64 per cent.
Leader: The transformation of energy giants
