“Electricity is at the heart of modern economies and its share of final energy consumption is projected to rise from 20% today to over 50% by 2050 in the Net Zero Emissions by 2050 Scenario as electricity demand increases rapidly to decarbonise end-use sectors,” the International Energy Agency (IEA) says.
Utilities are the backbone of this modern economy — and of modern energy systems.
They need to evolve to keep up with the demands modern energy systems demand, especially as sustainability takes precedence and the transition to renewable energy continues to build momentum.
Here are the world’s 10 leading energy utilities, ranked by market cap.
10. National Grid
CEO: John Pettigrew
HQ: London, UK
Market cap: US$61.6bn
A multinational energy company operating in the UK and US, National Grid is one of the world's largest publicly listed utilities focused on transmission and distribution of electricity and gas.
In the UK, it manages high-voltage electricity transmission in England and Wales, as well as electricity distribution in the Midlands, South West and Wales.
Across the pond, it serves more than 20 million customers with electricity and natural gas.
CEO John Pettigrew says: “We are living in a period of extraordinary global change. But there is significant opportunity.
“At National Grid, it is our privilege and responsibility to upgrade, maintain and operate the energy system for millions across the Northeast US and in the UK.”
National Grid aims to enable a net zero carbon electricity system by 2025 and is executing The Great Grid Upgrade to connect more clean energy across England and Wales.
9. ACWA POWER
CEO: Marco Arcelli
HQ: Riyadh, Saudi Arabia
Market cap: US$65.6bn
“While we remain committed to being the best employer, a thought leader in our industry and the preferred partner in every region we serve, we never lose sight of our mission, which extends far beyond powering the communities — it is about making a lasting contribution and creating a sustainable future for generations to come,” says ACWA CEO Marco Arcelli.
During 2024, ACWA added 14.3GW of energy capacity to its portfolio, with 10.7GW in renewables and 0.4 million m³/day of desalinated water. It now owns and operates 94 assets with a total investment cost of US$97bn and a total gross capacity of 69.2GW of power generation.
ACWA operates in 13 countries across the Middle East, Africa and Asia.
Its recent US$2.3bn wind farm deal in Egypt further solidifies its position as Africa’s largest renewable energy developer.
8. Constellation Energy
President and CEO: Joseph Dominguez
HQ: Maryland, USA
Market cap: US$71.1bn
The largest producer of clean, carbon-free energy in the US, Constellation generates nearly 90% of its electricity from nuclear, hydro, wind and solar sources — enough energy to power more than 16 million homes and businesses.
It has 32,400MW of capacity and continues to embed sustainability into its operations.
“We have begun to transition our nuclear sites into versatile clean energy centres that not only generate emissions-free power, but also bring together new technologies that help decarbonise the entire US economy,” Joseph Dominguez, Constellation’s President and CEO says.
Constellation supports sustainability through innovative solutions like offsite renewables and carbon-free energy matching.
It also invests heavily in community development and advancing the transition to a carbon-free future.
7. Enel
CEO and General Manager: Flavio Cattaneo
HQ: Rome, Italy
Market cap: US$79.4bn
With a presence in more than 30 countries, Enel is a leading integrated operator in electricity and gas markets.
Enel manages 88GW of net installed capacity and serves more than 61 million customers.
“Over the past year, Enel Group has undergone a significant transformation, renewed economic and financial strength to drive sustainable and profitable growth within all the countries where we operate,” CEO and General Manager Flavio Cattaneo says.
“With a view towards the future, we believe that flexibility, proactivity, respect, trust and innovation will support us to approach this must-win path.”
The company focuses on renewable energy through its subsidiary Enel Green Power, which operates more than 1,300 renewable plants worldwide.
6. Duke Energy
Chair, President and CEO: Lyn Good
HQ: North Carolina, USA
Market cap: US$90.2bn
Duke is transitioning to clean energy, ensuring a greener supply for its more than 8.5 million electric customers across six states.
It is working to reduce its carbon emissions by 50% by 2030 and achieve net zero by 2050.
In line with this, Duke Energy plans to triple its renewable energy production this decade, increasing from 7% to 23% of its total output by 2030.
Lynn Good, Duke’s Chair, President and CEO says: “Our more than 27,000 teammates rallied behind our mission to achieve net zero emissions by 2050. Our promise is to continue this momentum.
“Our five-year enterprise capital plan includes US$63bn of investment and 80% is directed to our clean energy transition.”
5. China Yangtze Power
CEO: Exec
HQ: Location
Market cap: US$93.8bn
Established by China Three Gorges Corporation (CTG), China Yangtze Power (CYPC) is one of China’s largest utilities.
CYPC has four large hydropower stations — Three Gorges, Gezhouba, Xiluodu and Xiangjiaba — along the trunk stream of the Yangtze River. These projects boast a whopping total installed capacity of 45,537,000kW.
The Three Gorges Dam, the world's largest hydroelectric power station, has a capacity of 22,500MW alone.
4. TAQA
Group CEO and Managing Director: Jasim Husain Thabet
HQ: Abu Dhabi, UAE
Market cap: US$95.8bn
TAQA, the Abu Dhabi National Energy Company, is a government-controlled energy holding company. It is based in the UAE and operates in 11 countries across four continents.
TAQA is a major player in oil and gas exploration, power generation and water desalination.
Group Chief Executive Officer and Managing Director Jasim Husain Thabet says: “2024 has been a strong year for TAQA Group as we continued to deliver reliable, efficient and low-carbon power and water solutions for communities and businesses worldwide.
“Building on our commitment to accelerate the global energy transition and ensure water security, we reached significant milestones throughout the year.”
Looking ahead, the company is actively pursuing renewable energy projects, aiming to generate more than 30% of its power from clean sources by 2030.
3. Southern Company
President and CEO: Chris Womack
HQ: Georgia, USA
Market cap: US$96.2bn
Serving nine million customers across the Southeast US, Southern operates through electric and natural gas utilities, focusing on clean energy solutions like nuclear, solar and wind power.
Its energy subsidiaries include:
- Alabama Power
- Georgia Power
- Mississippi Power
- Southern Nuclear
- Southern Company Generation
- Southern Power
- Southern Company Gas
- Southern Natural Gas Company
In a letter to shareholders, President and CEO Chris Womack said: “Our customer-focused business model continues to be the cornerstone for delivering value to customers and shareholders alike.
“We believe our company is well-positioned for continued success.”
Southern Company aims to achieve net zero emissions by 2050 and has increased its capital investment plan across its subsidiaries to US$63bn before 2030, supporting growth in renewable energy and grid resilience.
2. Iberdrola
CEO: Armando Martínez Martínez
HQ: Bilbao, Spain
Market cap: US$98bn
Iberdrola operates 44,478MW of renewable capacity worldwide, with a strong focus on both offshore and onshore wind power.
Its €41bn (US$44.3bn) 2024 to 2026 investment plan has a clear focus on electrification, smart grids and energy storage, benefiting its nearly 100 million customers
Iberdrola’s commitment to sustainable development doesn’t stop there as it aims to reach 100,000 MW of renewable installed capacity in the future.
"Our investment decisions are made with 40 or 60-year time frames,” Executive Chairman Ignacio Galán said at the International Energy Policy Forum last month.
“We cannot live in an environment where decisions are made depending on last-minute problems and circumstances.
“We need predictability, stability, the rule of law and an environment in which we can easily do our job.”
1. NextEra Energy
CEO: John Ketchum
HQ: Florida, USA
Market cap: US$141.1bn
The world's largest electric utility by market cap, NextEra is home to some household energy names, including Florida Power & Light — America’s largest electric utility — and NextEra Energy Resources.
The company is a leader in renewable energy, with significant investments in wind, solar and battery storage.
It is committed to delivering clean, affordable and reliable energy solutions, all while prioritising environmental sustainability and community engagement.
Speaking at CERAWeek, CEO John Ketchum said: “We’re expecting a six-fold increase in power demand over the next 20 years compared to what we saw over the prior 20.
“The demand is here right now. We have to have the generation available to meet that demand.”
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