Over the past few years, many utilities have sharpened their strategic direction. The broad lines have become clearer: decarbonization, expansion of renewable generation, the heat transition, and greater system flexibility. That also shifts the challenge. Because between a strategic target picture and successful execution lies a phase that is becoming particularly demanding for many utilities: turning strategic guardrails into concrete capital decisions. This is exactly where

A New Phase: Between Ambition and Reality Industrial decarbonization in Europe is entering a new phase. The ambition remains high, the European Union still targets a 90 percent emissions reduction by 2040, but the path forward is becoming less linear. Policy negotiations are slowing. Competitiveness concerns dominate boardrooms. Investment appetite is tightening. Some observers now call for a “climate reset,” arguing for a more pragmatic approach; others dismiss the term as a