LAUSR

Abstract Fifteen years ago, Thomas (2003) found that seven European energy utilities had a strong hold over European energy markets. By 2009, further concentration had occurred, with five large utilities becoming more dominant. However, by 2015, while the market share of these five companies remained intact, their strength was waning. Sales and profits were declining, and their credit ratings suffering. Contributing factors were poor corporate strategy, competition from new entrants, and a shift from large, complex technologies to smaller, decentralised options. The challenge for the Big Five is to embrace new business models and transform themselves into more nimble companies.