Temporary halt to energy transition. Drastic profit revisions. Excessive price corrections. Impact of rising interest rates already factored in. Medium-term outlook underestimated. Attractive valuations for 2024.

Key points

• The energy transition is temporarily threatened by inflation, rising interest rates and some changes in political direction
• Historic but volatile investment opportunities
• Alternative energies more sensitive to rates than the oil sector
• Main reasons for the sudden price collapse
• A key investment theme
• Particularly attractive valuations

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