Electric imperialism: Europe, state capital and the global political economy of the energy transition

Abstract

Foregrounding the growing prominence of European state-owned electric utilities (electricity SOEs) in renewable energy generation, this article sets out to advance a new understanding of the ‘green capitalist state’ and its role in shaping the uneven geographical development of the energy transition. Political economists have emphasized the pivotal role of the state in derisking renewable energy investments, thereby socializing costs while privatizing rewards. This article argues that the role of the green capitalist state extends far beyond merely enabling privatized green accumulation; states are also emerging as major owners and profiteers of the expanding global landscape of renewable energy. It examines the state interventions that have underpinned the growth of major European electricity SOEs, showing how European governments, in response to EU liberalization pressures, have bolstered domestic incumbents both to protect national markets and enhance global competitiveness. The article advances the concept of ‘electric imperialism’ to theorize how European states position themselves at the commanding heights of the green economy by exercising sovereign control over domestic electricity resources and infrastructures while mobilizing corporatized utilities to expand abroad and secure ownership and control of the electricity supply of other nations.