A big UK power cut would be grim at the best of times for the system’s operator. But National Grid also faces upheaval from new price rules, the transition to greener energy, and a nationalisation threat. Even if blame for the mess lies elsewhere, it hands ammunition to critics.
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.