Utilities companies that spend the most on R&D
Research and development expense is what the company charged to R&D in the income statement for the year. Most companies report no R&D at all — the line is absent rather than zero — so this ranking covers the roughly 40% of filers that do. Figures are for fiscal year 2025 and are read directly from each company's SEC filings; the source column on every row links to the document.
Venture Global (VG) tops the list with $344M in r&d expense for fiscal 2025, ahead of Consolidated Edison ($27.0M) and Cheniere Energy ($16.0M). The top 10 together report $434M in r&d expense; the gap between #1 and #10 is ×1,661.84. 10 companies in Utilities report r&d expense, 0.8% of the 1270-filer universe. The last place on the list, Genie Energy, comes in at $207,000.
| # | Company | R&D expense | YoY | 15-year trend |
|---|---|---|---|---|
| 1 | Venture GlobalVGUS | $344M | −45.8% | |
| 2 | Consolidated EdisonEDUS | $27.0M | +8.0% | |
| 3 | Cheniere EnergyLNGUS | $16.0M | +128.6% | |
| 4 | Opal FuelsOPALUS | $14.9M | −21.8% | |
| 5 | Enlight Renewable EnergyENLTIL | $12.2M | +5.1% | |
| 6 | NRG EnergyNRGUS | $8.0M | +14.3% | |
| 7 | Ormat TechnologiesORAUS | $6.3M | −3.0% | |
| 8 | Kenon HoldingsKENSG | $4.0M | −67.1% | |
| 9 | Cheniere Energy PartnersCQPUS | $1.0M | +$1.0M | |
| 10 | Genie EnergyGNEUS | $207,000 | +430.8% |
All figures from SEC filings · FY2025 · 10
see sources
- Venture Global 0002007855-26-000013
- Consolidated Edison 0001047862-23-000038
- Cheniere Energy 0000003570-23-000042
- Opal Fuels 0001628280-26-017908
- Enlight Renewable Energy 0001178913-26-001828
- NRG Energy 0001013871-21-000005
- Ormat Technologies 0001296445-26-000006
- Kenon Holdings 0001178913-26-001842
- Cheniere Energy Partners 0001383650-22-000005
- Genie Energy 0001213900-20-006416
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<p style="max-width:680px;font:13px system-ui,sans-serif">Source: <a href="https://companiesranked.com/en/utilities-companies-that-spend-the-most-on-research-and-development">Utilities companies that spend the most on R&D</a> — CompaniesRanked, compiled from SEC EDGAR filings</p>Cite this page
Ready-made references for the figures on this page, as published on September 25, 2026.
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{{cite web |title=Utilities companies that spend the most on R&D |url=https://companiesranked.com/en/utilities-companies-that-spend-the-most-on-research-and-development |website=CompaniesRanked |date=2026-09-25 |language=en}}APA 7
CompaniesRanked. (September 25, 2026). Utilities companies that spend the most on R&D. CompaniesRanked. https://companiesranked.com/en/utilities-companies-that-spend-the-most-on-research-and-developmentBibTeX
@misc{companiesranked-en-utilities-companies-that-spend-the-most-on-research-and-development-2026,
author = {{CompaniesRanked}},
title = {{Utilities companies that spend the most on R\&D}},
year = {2026},
howpublished = {\url{https://companiesranked.com/en/utilities-companies-that-spend-the-most-on-research-and-development}},
note = {Compiled from SEC EDGAR XBRL filings; data as of 2026-09-25},
urldate = {2026-09-25}
}The figures are rebuilt with every data refresh, so the reference carries the publication date. Add your own access date if your style requires one.
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