Power and renewables 2026 outlook: half-time report

Six months into 2026, the power and renewables sector is moving faster than expected. The strategic divergences flagged at the start of the year have not just materialised - they have accelerated, and in some cases become irreversible. 

Utilities are doubling down on network investment and flexible generation, while oil and gas majors continue to retreat from renewable power. The gap between these two worlds is widening, reshaping the competitive landscape in ways that will define the industry for years to come. 

What does the mid-year picture really tell us? Which companies are best positioned for the second half, and which face the hardest choices? 

Our global team of experts has have drawn on unique insights from Wood Mackenzie Lens Power & Renewables and reviewed corporate strategies across leading power and renewables players to deliver our comprehensive half-time report. 

Fill in the form to download your complimentary copy, and read on for a short introduction to just a couple of the report's key themes:

Utilities pull further ahead - and the gap is widening

Aggregate organic investment across leading utilities is set to rise by more than 10% this year, with networks at the core. Regulatory support, accelerating electrification demand and transformational M&A are all acting as tailwinds, enabling utilities to move with a conviction that is increasingly difficult for other players to match.

The strategic logic is clear: utilities are building for a world in which grid infrastructure, system flexibility and proximity to the customer are the defining sources of competitive advantage. That positioning is being reinforced, not reconsidered, as the year progresses.

But not all utilities are equally well placed to capture the opportunity. Which players are best positioned to sustain this investment momentum into the second half, and which face constraints that could slow their ambitions? Read our full analysis in the report.

Oil and gas majors: a retreat that is becoming harder to reverse

BP, Equinor and Shell have each materially scaled back their low-carbon energy commitments in 2026, redirecting capital to upstream oil and gas. Taken individually, each pivot can be framed as a portfolio adjustment. Taken together, they represent a structural shift in how the world's largest energy companies view the role of renewable power in their strategies.

The consequences are already visible in offshore wind, where BP, EnBW and TotalEnergies pulling back has reshaped the competitive field. RWE has emerged as the new global offshore wind leader, surpassing Ørsted on contracted capacity following major AR7 auction wins; a remarkable change in the market's power dynamics in the space of just a few months.

Is this retreat a strategic recalibration, or something more permanent? And what does it mean for the companies stepping in to fill the gap? Read our view in the full report.

Also in 'Power and renewables 2026 outlook: half-time report'...

Investment in gas-fired generation and battery storage is accelerating as utilities respond to intermittency, system balancing needs and volatile power markets - so which technologies and markets are seeing the most activity?

And how are Middle East conflict and energy security concerns reshaping long-term strategy for renewables, nuclear and storage, particularly across Europe and Asia?

To read our full analysis of these themes and their global impact, fill in the form at the top of the page for your complimentary copy of the full mid-year power and renewables outlook report.