Strong cash flow generation thanks to stable earnings from renewables generation and heating and cooling. Exposure to fairly competitive markets in its retail and supply activities. High capital expenditures related to an ambitious growth plan. Limited size compared to European peers. A healthy financial position following unbundling with low level of debts and upcoming maturities. Lower margins resulting from retail acquisitions, but increasing after 2019 through commissioning of renewable projects. Funds from operations to debt sustained above 50% albeit constraints from negative free operating cash flow generation. The stable outlook on Dutch multi-utility N.V. Eneco Beheer (Eneco) reflects S&P Global Ratings' view of the company's financial headroom after unbundling. Eneco has embarked on a significant capital expenditure (capex) program to
