Inside this episode:

​​Elena Nadtotchi and Matthias Heck of the Corporates group and Nana Hamilton of the Infrastructure group explore the outlook for global oil and gas producers, global auto makers, US regulated power utilities, and European unregulated utilities. The oil and gas and auto industries’ capital expenditure will come under pressure following a coronavirus-induced drop in revenues during 2020, although issuers continue to invest in carbon transition. Utilities’ capex will remain robust, as the pandemic has had less impact on them.

Related content:

• Global oil and gas 2021 outlook is stable, with modest price gains, limited investment - Oil producers will remain wary of boosting capital investment on new and replacement production next year, even with a modest improvement in oil prices. Fuel demand will rebound, but not to pre-downturn levels.
• Automotive manufacturers and parts suppliers - Global: 2021 outlook stable on expectations of car sales recovery (Slides) - Recovery will be uneven and sales are unlikely to reach previous 2018 peak until mid-decade.
• Regulated Electric and Gas Utilities – US: 2021 outlook stable on strong regulatory support and robust residential demand - The stable outlook for the sector reflects our expectation for continued regulatory support, solid residential demand and a recovering economy in 2021.
• Regulated electric and gas networks – EMEA: 2021 outlook stable with sector playing a key role in green recovery - We expect the sector to continue to be supported by well-established and transparent regulatory frameworks, although financial metrics will remain under pressure from lower allowed returns.
• Unregulated electric and gas utilities – EMEA: 2021 outlook stable as utilities remain resilient to the coronavirus pandemic - We expect the sector's earning growth to rebound in 2021 as electricity demand slowly improves following the coronavirus-induced economic hit, although the pace of recovery is uncertain.