How are incumbent European energy companies reinventing their business models to align with the energy transition while balancing sustainability and profitability?

Martins, Luis VeigaVekemans, Margaux2026-04-272026-04-272026-01-292025-12-31http://hdl.handle.net/10362/202553This thesis examines how European energy incumbents reinvent business models to align sustainability with profitability. Analyzing Engie, Enel and Ørsted over 2014-2024, it demonstrates that success relies on the coordinated use of five mechanisms: portfolio transformation, digital and service innovation, partnership and M&A, financial innovation and governance alignment. The results show that profitability reinforces decarbonisation when these elements operate as an integrated system, creating a virtuous cycle of green growth. This study offers a theoretical contribution to sustainable business model innovation and a practical playbook for managers navigating the energy transition.engSustainable business model innovationEnergy transitionPortfolio transformationRenewable energyDigital and service innovationFinancial innovationGovernance alignmentHow are incumbent European energy companies reinventing their business models to align with the energy transition while balancing sustainability and profitability?master thesis204238510