Nineteen of 20 select European utilities and power producers posted positive stock returns in April, with only Finnish utility Fortum Oyj ending the month with a lower share value, according to S&P Global Market Intelligence data.

Analysts generally expect the sector to see a comedown from 2022's record earnings in 2023 but still show a strong performance compared to previous years.

Enel SpA saw a positive stock return of 10.2% for the month, according to Market Intelligence data. The April exit of veteran CEO Francesco Starace introduces some uncertainty into Enel's future strategy, although successor Flavio Cattaneo brings experience in the sector and a track record of fixing company balance sheets.

Engie SA followed Enel with a gain of 9.2%. The French utility in April secured £2 billion in project financing and reached financial close on the 882-MW Moray West Offshore Wind Farm Project in northeastern Scotland. It also announced a final investment decision for the 496-MW Iles d'Yeu et de Noirmoutier offshore wind farm in France. Engie holds both projects through its Ocean Winds joint venture with EDP Renováveis SA.

CEZ a.s. recorded positive stock returns of 9.1% in April. The Czech coal- and nuclear-heavy generator benefitted last year from surging commodity prices, with some 61% of revenues in 2022 coming from its generation and mining division.

Other companies that posted positive stock returns in April included Uniper SE at 9.1%, Centrica PLC at 8%, RWE AG at 7.3% and E.ON SE at 4.4%.

Fortum Oyj, by contrast, saw its stock price fall 1% in April. The utility began arbitration proceedings against Danish wind-turbine maker Vestas Wind Systems A/S, demanding €200 million over partially completed wind farms in Russia.

– Click here to access the Chart Builder tool. – Click here to access the pricing highlights tool.

S&P Global Commodity Insights produces content for distribution on S&P Capital IQ Pro.