At the end of 2019 Europe presented its Green Deal with the ambition to become the first climate neutral continent by 2050. The switch to a decarbonized society brings fundamental challenges for the electricity system: the share of renewables in the capacity mix will further increase and some conventional generation will disappear, creating the need for more flexibility in the system. Besides this, Belgium needs to determine a clear strategy as its nuclear reactors are set to be phased out between 2022 and 2025.

There are significant changes underway in the Belgian Energy sector, and organizations must adapt, transform their businesses in order to satisfy changing customer demands and to take advantage of new opportunities.

The energy transition is no longer a matter for energy companies alone. Consumers are increasingly independently looking to make their energy needs 100% sustainable and are considering alternative decentralized technologies to reduce CO2 as much as possible. In addition, more and more internationally operating companies are actively taking charge of their own energy transition and monitoring and/or accelerating it where possible. This trend will have an impact on the entire Energy market and the role that the various parties play in this.

Everyone is confronted with the same trilemma: 1) how do we achieve the climate objectives, 2) how do we keep energy affordable, 3) how do we guarantee a reliable, safe energy supply? This puts all energy players - regulators, government, investors and the energy companies themselves - under pressure to transform.

Jorn De Neve
Partner – Head of Energy & Natural Resources

Technology also has a significant impact on power and utilities. As the European Union (EU) looks to decarbonize its energy supply, the rise of distributed energy, energy storage and smart metering to capture real-time usage data, are presenting opportunities for new entrants from other sectors. With the market share of the existing providers shrinking, many are re-evaluating their operating models and their relationship with customers, to ensure their long-term survival. Innovations like data analytics and intelligent automation have the potential to improve productivity and give rise to new products and services—as long as the right risk management measures are in place.

Regulation and policy change in energy is complex and navigating the ever-changing landscape is challenging. From EU regulation on energy trading through to the opening up of regulated markets to competition - how do companies comply and capitalize without losing their competitive edge?

Our goal is to help clients understand the impact of these matters on their businesses and to identify opportunities. Our multidisciplinary team of more than 19,000 dedicated energy experts worldwide help clients create robust, sustainable and flexible strategies, teams and operating models that can quickly adapt in a dynamically unfolding future.

Ranked No.1 for Mindshare by clients of consulting firms in the energy & natural resources sector in 2023


KPMG International was ranked No.1 in Source’s annual global survey of end users of consulting services. The Source report, “Perceptions of Consulting in Energy & Resources in 2023”, reveals what clients and prospective clients think of the world's leading energy and natural resources consulting firms. Source’s customers include each of the world’s biggest 20 consulting firms and is the leading provider of research, data, and strategic advice about the global management consulting industry.[1]

Energy divider


Challenges & trends

Our clients in the Energy sector all face the challenges of the unprecedented energy transition which we can capture in the so-called 4 D’s: 



Ambitious climate targets and related regulatory pressure drive the Energy players away from fossil fuels towards renewable sources, investments & divestments, innovative business models, strategic repositioning, technological evolution and security of supply.

Decentralized production

Decentralized production

Moving from large central units to smaller decentralized units creates the necessity for smart, intelligent networks, flexibility and “prosumers”. This, in turn, puts pressure on distribution system operators and transmission system operators, requiring innovation (“multi-utility”), efficiency and consolidation in the sector.



“Energy as a service” requires new ways of connecting technologies (Internet of Energy), the use of Artificial Intelligence (AI) and creating a customer centric energy system affecting all stakeholders.

Decreasing consumption

Decreasing consumption

Energy efficiency as a key target, energy efficient buildings, storage, demand side management, smart cities, circular economy, etc.

Energy divider


Key Services involved in the Energy sector

KPMG’s Energy & Natural Resources Sector experts aim to help power, utilities and water businesses, state-owned providers, services companies and public sector bodies charged with regulating and advocacy within the sector.


We develop and execute effective strategies that win in today's energy market, providing industry-specific expertise to help clients navigate the complexities of the energy landscape, make informed decisions and optimize their operations, including market analysis, corporate governance support, ESG strategy development and decarbonization in order to enhance client's competitiveness and performance in the energy sector.

Business Consulting

We help energy clients to deal with complex challenges by offering high value services tailored to your needs. Our KPMG Business Consulting energy sector team combines relevant business experience to provide answers to business transformations, implications of energy transition, cost optimization, supply chain and procurement, sustainability challenges, process improvement and efficiency, strategic workforce planning, impact of decarbonization and sustainability challenges, disclose the power of innovation, etc. We like to co-create with our clients and build sustainable solutions together.


The energy transition, customer and digital challenges all require technology to drive solutions. Our Digital Strategy team ensures the frame with the right vision, operating model, cost model and sourcing. This frames the transformation where our Agile business analysts work hand-in-hand with application experts in Microsoft, SAP, ServiceNow, Odoo and several others. Data is key requiring the right governance, platform, analytics and AI where our KPMG Lighthouse experts work in close collaboration with our energy experts to ensure real value to business. All of this is managed with the right risk and cybersecurity framing by our team, including NIS-auditors and OT experts.


Whether you are involved in purchasing, selling, forming partnerships, securing funding or optimizing your company's operations, our Deals team has the essential tools and expertise to help you. Our commitment to your success extends across a full range of services, encompassing due diligence on both the buy and sell sides, merger and acquisition advisory and corporate finance services, including valuations, funding strategies, and debt instruments.

We approach our support with a forward-thinking mindset, firmly grounded in a deep understanding of the energy sector. Our team of experts boasts a proven track record in various segments, such as onshore and offshore wind, photovoltaics, heat networks, and regulated assets. This wealth of experience enables us to offer you invaluable insights throughout our collaboration, ensuring you're well-prepared for the challenges and opportunities that lie ahead.

Risk & Regulatory

Our Risk & Regulatory team within KPMG Advisory in Belgium supports organizations to set-up and improve their overall risk management, governance, internal audit, compliance and internal control processes, in order to provide comfort that an organization has the right processes and controls in place to ensure its risks and opportunities are being appropriately managed, and in line with the expectations of decision makers.

Our teams work hand-in-hand to bring integrated, multidisciplinary and cross-functional knowledge and skill sets in order to support you in the set-up, enhancement and execution of your internal audits, enterprise risk management programs (including business continuity and crisis management), risk and controls management as well as forensic support and dispute advisory.

Tax & Legal

At KPMG, we understand that the energy sector is dynamic and constantly evolving. That's why our dedicated team of tax and legal professionals is here to assist you with all your tax needs, ensuring compliance and unlocking opportunities for your business. When it comes to the energy sector, we have a deep understanding of the unique challenges and intricacies involved. Whether you're a renewable energy company, a traditional energy provider, or involved in any other aspect of the energy value chain, we have the expertise to help you navigate the complex tax landscape.

Our team of experts stays up-to-date with the latest regulatory changes and industry trends, allowing us to provide you with tailored solutions that meet your specific needs. We can assist you with corporate tax planning, transfer pricing, VAT and customs, tax incentives, Fit for 55 - European Green Deal (EGD), US Inflation Reduction Act (IRA), Carbon-Border Adjustment Mechanism (CBAM) Global Minimum Tax (BEPS 2.0), local taxation, one-offs, withholding tax exemptions, M&A tax and more.

Our Audit & Assurance services go beyond the audit of financial statements. Assurance can be provided on interim financial statements and on the information that is used to manage, transact with and invest in any type of organization in the Energy & Natural Resources Sector. With an increasing demand for more accountability and transparency from organizations in all aspects of their business, assurance on non-financial information can help instill confidence when management takes important decisions on behalf of an organization. Our Assurance services also include expert services (e.g., intervening to help resolve conflicts between different parties) and sustainability readiness assessment and assurance.
Energy divider


We advise Energy organizations on a broad spectrum of issues as well as through the following integrated solutions

We believe the future enterprise will be Connected. Powered. Trusted.

Connected. Powered. Trusted. is our definition of a digitally transformed organization. One that is connected, aligned and engineered around the customer. One that is powered by modern technology and agile business practices. One that is trusted by all its stakeholders, from customers, employees and suppliers to investors and regulators.


KPMG Connected Enterprise for Power & Utilities is how we tackle the end-to-end digital transformation required by the Energy Transition and the customer who becomes an active player. A future-ready, connected Power & Utilities will have the capabilities to quickly respond to market signals, generating opportunity instead of challenge. It will be navigating the complex transformations of technology infrastructure, evolving customer behavior / needs, new markets, new market players in an Agile and customer-centric way. It keeps all key elements for success in picture, taking the right steps to grow ahead of the curve in a sustainable way.


KPMG Powered Enterprise is an outcome-driven, functional transformation solution that combines deep business and industry knowledge, global and local delivery capability, and market-leading cloud technologies. In the Energy sector especially Powered Enterprise is especially relevant for Risk (e.g. NIS2) and all ERP and CRM related domains such as Powered Finance ((incl. billing engines) and Procurement enabled by SAP, Microsoft, Coupa and/or iValua. It is an integrated solution that transforms business functions including Marketing, Sales & Service, Commerce, Supply Chain Management, Procurement, Finance, Human Resources, Information Technology, Enterprise Service Management, Cyber and Risk. It helps drive sustainable change, raising performance and creating lasting value for your business, while delivering on the business strategy. Specialized industry verticals and/or add-ons combine KPMG and industry best practices as a strong fundament for any continuous transformation in the Energy sector, by embedding and enabling newer digital technologies such as data lakes, IoT and AI.


Trust serves as the paramount catalyst for business success, driving growth, efficiency, innovation, and investment. It emanates from people's unwavering confidence in an enterprise, forged through adept risk management, robust cybersecurity measures, adept regulatory strategies, and the attainment of critical certifications like ISO 27001. The Trusted imperative leverages KPMG's expertise in Cybersecurity, Risk, and Regulation to establish and maintain trust from strategic planning through execution and into IT & OT operations.

Contact us