This report examines rated regulated power utilities in Western Europe?s seven largest economies: Germany, the U.K., France, Italy, Spain, the Netherlands and Portugal. S&P Global Ratings rates more than 20 transmission and distribution system operators (TSOs and DSOs) across these countries. From 2025 to well beyond 2030, electrification will support steady power demand growth. Demand should expand 4%-5% annually from 2024-2029, for a cumulative growth rate of about 20%, with regional differences depending on factors such as levels of electrification.