It argues that onshore wind and solar PV are now economically competitive with gas in Western Europe, and it expects those companies investing the most in such renewables to show the best financial performance. It lists those companies that are devoting the most investment to renewables, as Orsted (Danish), RWE (German), and EDP (Portuguese),which between them will dedicate an average of 68% of their investment to renewables by 2022.
Investments of the British companies are more paltry, with SSE dedicating only 17% of its investment to renewables by 2022, and Centrica having no investments in renewables by 2022 at all.
However, the report not only demonstrates how much British companies are lagging, it also provides an illustration of the extent to which renewables in Europe are now looking good to mainstream financial assessors. Morningstar has no explicit ethical agenda.