Document summary
Rising energy prices to mid-2008 were a key incentive to invest in energy efficiency measures. Since then with falling oil and gas prices and the recession economic incentive to invest in energy efficiency measures has diminished. Political targets however will focus attention on energy efficiency. Societe Generale examines the entire electrical chain from light bulbs to power plants identifying key beneficiaries. The Transmission & Distribution industry stands out as stimulus packages in the US, Europe and China has highlighted the power grid as a key area to make energy efficiency investments. Automation & Power Generation though will lose support.