報告書番号

Y07030

タイトル（和文）

欧州電気事業者における経営戦略の最近の動向

タイトル（英文）

Recent Developments in Management Strategies of Electric Power Companies in Europe

概要 （図表や脚注は「報告書全文」に掲載しております）

本稿では、欧州電気事業者の経営戦略に関する最近の動向を調査・分析した。最近における欧州電気事業者の経営戦略は、欧州統一市場の形成と国内の市場自由化、地球温暖化、供給保障確保などへの対応によって特徴づけられる。電力自由化の中で、欧州電気事業者にとって重要な経営課題は、これまでコストや設備投資の削減等を通じての効率向上であったが、最近では、温暖化防止や安定供給の重要性が増す中で、積極的に再生可能エネルギー発電を含む設備・R&D投資の開発を行い、また燃料供給国との関係を強化するなどの戦略をとりつつある。さらに、中規模の電力会社は規模の拡大を目指しており、さらなるアンバンドリングが行われることに伴い、今後もM&Aが展開していくと思われる。欧州電気事業者は、近くE.ON、GdF+Suez、EdF、Enel+Endesa、RWE、Centrica、Iberdrola+ Scottish Powerの7強の時代となると予想される。また、最近の欧州における電気事業者の大型合併を見ると、国の規制当局が大きく関与していることが分かる。

概要 （英文）

This paper investigates recent developments in management strategies of electric power companies in Europe. The following are the main findings from our investigations.
1.Market trends which electric power companies in Europe are facing are integration of European market, liberalization of national market, climate change and security of supply. As strategic reaction to integration of European market and liberalization of national market, electric power companies attach great importance to exploiting new technologies and R&D and strengthen trading departments for efficiency improvement. Further, facing with increased retail competition caused by price increase and full liberalization, electric power companies have started to offer products on a nation-wide basis. As strategic reaction to climate change , the number of companies relying on minimal compliance has decreased in the recent years. Many large companies embrace positively the environmental protection movement, making sustainability a cornerstone of their long-term strategy. As strategic reaction to security of supply, companies try to reduce their dependency on third party fuel suppliers or try to increase the stability of the relationship towards their current suppliers.
2. M&A activities increased in 2005 and 2006 to an unprecedented level. As objectives of M&A, it can be pointed out such as scale for competitive advantage, acquiring new customers, acquisition of skill/ knowledge, creating a hedge in power portfolio, focusing on core business.
3. Today the European Single Market still holds room for further consolidation, especially since electric companies of medium size like Iberdrola struggle to join the market leaders and decrease the gap in size.
4.In Europe M&A activity is impacted by national governments aspiration for strong domestic player, who are meant to become European champions in the new single market.

報告者

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