The lines between oil majors and utilities will continue to blur further, we believe -- as both groups seek to boost the production and supply of renewable power, battery storage and hydrogen solutions -- but the pie looks big enough for all. That's given huge renewable-capacity additions and battery-storage deployment needed for the next decade and beyond for global climate targets to be met. Some utilities may become M&A targets for oil and gas majors seeking to transform themselves into energy stalwarts. The evolution of oil majors' product mix toward electrons will be a key lever to achieving ambitious net-zero emissions objectives.
