The Utility & Energy sector is a tumultuous place to invest. Several very unusual factors, as well as discouraging trends in commodity prices, point to the uncertainty within this sector. It is therefore complex and rapidly changing, as companies pursue new models of value creation. Three major trends are currently influencing significantly this industry on a local and global basis:

1. Regulatory changes in the wholesale energy market: generation and transmission

2. Regulatory changes in the retail energy market: distribution and marketing

3. Industry restructuring, disintermediation and M&A

Main sectors covered include:

• Electricity, gas and water utilities

• Oil & Gas: drilling, operations, equipment & services

• Solar

• Biofuel

• Wind

• Other clean technologies

• Energy storage

• Waste management