GS Utilities Daily European Utilities Back to School A bias for Renewables South Korea outlines 25 GW offshore wind zones

Equity Research 7 September 2026 | 8:57AM CEST

GS Utilities Daily: European Utilities: Back to School: A bias for Renewables // South Korea outlines 25 GW offshore wind zones

Alberto Gandolfi | Goldman Sachs Bank Europe SE - Milan branch

Ajay Patel | Goldman Sachs International

Mafalda Pombeiro | Goldman Sachs International

Dhwani Khenwar | Goldman Sachs India SPL

Lawrence Lavizani | Goldman Sachs International

Liam Brueckner | Goldman Sachs International

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Goldman Sachs GS Utilities Daily

Research you can’t miss from past two weeks European Utilities: Higher rates hurt perception more than fundamentals

Public Power Corp.: Assessing the upside from the DC opportunity

Drax Group: Attractive cash generation story with options for upside; up to Buy

RWE: Becoming a Vertically Integrated Powerhouse

Solaria: Asymmetric risk/reward: Buy

European Utilities: Back to School: A bias for Renewables

Concerns over rising rates and approaching general elections (France, Italy) could temporarily put a lid on sector performance. However, we would use any weakness as entry point into our Buy-rated stocks: we believe the sector is already pricing in a strong increase in rates, whilst the re-opening of Hormuz should ultimately lower the cost of capital. Energy prices are likely to be strong into winter, and the ‘earnings super cycle’ growth thesis (electrification, datacenters) is gaining momentum. We are positive on Renewables (including RWE, Solaria, and Drax) and see Naturgy and PPC as transformational stories. More here.

South Korea outlines 25 GW offshore wind zones

South Korea plans to designate 25GW of preliminary offshore wind zones by 2031 as it introduces a government-led approach to project siting. Under the system, the government will identify sites before working with local governments to secure community acceptance and selecting businesses to undertake offshore wind design, construction and operations. The 25 GW of preliminary zones are expected to secure around 20 GW of additional offshore wind deployment, supporting cumulative capacity of 45 GW by 2040. Source: Renews

ENGIE exceeds 10 GW of storage capacity worldwide

Engie announced the acquisition of a 438 MW / 876 MWh BESS project in the Lodz region in Poland. Scheduled for commissioning between 2028 and 2029, this project will benefit from direct connections to substations, optimizing energy flows and easing congestion on the regional network. The group also acquired a ready-to-build 54 MW / 216 MWh project in Calan (Romania), which is expected to enter operation in 2029. Source: Press Release

Other news Vestas secured a 58 MW order for the Uberhasiges Viertel wind project in Germany. The contract includes the supply of eight V172-7.2 MW wind turbines and a 20-year Active Output Management 5000 (AOM 5000). Delivery is scheduled to start in Q2 2027, with commissioning in Q4 2028. (Press Release)

Germany: Several business groups have called for the government to make energy efficiency a core pillar of its security strategy to shield against global energy supply chains. The groups argue that energy efficiency must be included in industrial, security