2023 Energy Outlook: From power to utilities to renewables
Rarely has the energy market been such an important driver of global economic conditions. In this full report, we look at what to expect from oil and gas. We learn that European utilities are resilient but are far from immune to crises. And we look at the growth in renewables and how that is going to develop in 2023
Executive summary
Oil, gas and power markets are to remain tight.
Both oil and European gas prices may be off those highs we saw earlier in the year, and immediate gas supply worries have eased recently. Demand concerns, however, are weighing on sentiment for oil. We do expect both markets to tighten again in 2023 and that, of course, suggests higher prices.
European utilities are resilient but not immune to crises.
European utilities will continue to be driven by opposing forces in 2023. The recent financial distress of a few strongly dependent on Russian gas supply is concerning. Nevertheless, the reality is that most fared very well this year and will continue to do so in the next.
The growth in renewables, batteries, CCS and hydrogen infrastructure.
In 2023, we expect key technologies, including wind, solar, batteries, CCS and hydrogen infrastructure, to continue growing. Headwinds from supply chain disruptions and higher interest rates will likely persist, but policy support and company climate commitments suggest positive capacity growth
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20 December 2022
Energy outlook 2023: From power to utilities to renewables This bundle contains 4 articles
This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Read more