KKR is looking to list one-quarter of its UK smart-meter group, Calisen. Last year the volume of London listings dipped as new offers were pulled and existing ones lurched. The strategic tailwinds behind Calisen’s sector should stop it being added to the pile of duds.
The French gas and power group is decluttering its complex structure by exiting 20 markets. Engie’s state ownership and Belgian nuclear albatross act as a brake on activism, but won’t always save it if its undervaluation lingers. Still, steps to close the gap with big wind and solar peers suggest a capacity for self-help.