Engie SA

ENGI: XPAR (FRA)

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UKPN Deal Has Improved Engie's Business Mix

Tancrede Fulop

Sep 30, 2026

Business Strategy and Outlook

Engie is the third-largest European utility after Enel and Iberdrola. Historically a gas utility, Engie lacked exposure to electricity networks that are growing fast now due to high investments needed to accommodate renewables expansion. It reduced its shortfall with the GBP 15.9 billion acquisition of UK leading electricity distribution networks company UKPN announced in February 2026. Electricity networks should contribute to around 15% of the group's EBIT by 2028 versus 8% in 2024. Gas networks' EBIT contribution will remain dominant at around 25% of the 2028 EBIT.

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Engie SA

UKPN Deal Has Improved Engie's Business Mix

Business Strategy and Outlook

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