Brand Finance’s new report shows China’s energy brands strengthen global position as grid investment and rising electricity demand drive growth
BEIJING, 4 November 2026 – China's energy brands are gaining ground globally as rising electricity demand and investment in power infrastructure reinforce the country's transition to a more electrified economy, according to the Energy 100 2026 report from Brand Finance, the world's leading brand valuation consultancy.
China accounts for 44% of the total value of the global Utilities 50 ranking, worth USD114.6 billion, making it by far the largest single national contributor to the sector. The country’s dominance is led by State Grid Corporation of China, which retains its position as both the world’s most valuable and strongest utilities brand.
State Grid’s brand value increased 20% to USD102.4 billion this year, putting it well ahead of all other utilities brands globally. Its exceptional scale reflects the central role it plays in China’s electricity system, where continued investment in transmission and distribution infrastructure is becoming increasingly important as industrial activity, electrification and renewable energy deployment drive demand for grid capacity. It also retains its position as the world’s strongest utilities brand, recording a Brand Strength Index (BSI) score of 92.9/100 and an AAA+ brand strength rating.
The brand benefits from its extensive presence across China, where its role as the country’s state-owned electricity provider gives it exceptional visibility and familiarity. Its continued focus on strengthening transmission and distribution infrastructure is particularly important as electricity demand rises alongside industrial activity, electrification, and renewable energy deployment. The scale of State Grid’s operations also positions the brand at the centre of China’s changing energy system. As renewable generation expands and electricity demand becomes increasingly influenced by digital infrastructure and advanced industries, investment in grid capacity and resilience is becoming a critical component of the country's energy strategy.
Scott Chen, Managing Director China, Brand Finance, commented:
"China’s energy brands are demonstrating how scale, infrastructure investment and strategic relevance can translate into sustained brand value growth. State Grid’s continued leadership reflects the critical importance of reliable electricity infrastructure as China responds to rising demand from industry, electrification and the digital economy. At the same time, PetroChina and Sinopec are strengthening their positions as the energy landscape evolves, combining their established scale with growing investment in gas, electrification and new energy technologies.”
Meanwhile, PetroChina remains China’s most valuable oil & gas brand, with its brand value increasing 7% to USD35.7 billion, retaining third position globally. The increase reflects improved investor confidence and a more favourable outlook for China's energy sector. China's crude oil production, refinery throughput and natural gas production all increased in 2025, supporting PetroChina's revenue outlook. PetroChina's BSI score rose to 75.4/100 this year, with its brand strength rating upgraded from AA (2025) to AA+. The improvement reflects stronger perceptions of its role in meeting China's growing energy needs and reinforces its position among the world's leading oil and gas brands.
Sinopec Group retains fourth position globally among oil & gas brands, with its brand value increasing 2% to USD30.4 billion. Improving revenue expectations, higher refinery throughput and recovering demand for natural gas and petrochemicals supported the increase in brand value. Sinopec's extensive consumer reach across China, supported by more than 30,000 service stations and 21,000 EV charging points, continues to underpin strong familiarity and engagement with the brand. Sinopec recorded a BSI score of 78.6/100, retaining its AA+ brand strength rating.
Global energy brands performance
Shell (brand value up 14% to USD51.8 billion) retains its position as the world's most valuable oil & gas brand for the 12th consecutive year, recovering strongly from a 10% decline in 2025. Shell's continued focus on LNG and gas has positioned the brand well as global energy demand continues to grow, particularly in Asia. The brand also remains the strongest oil & gas brand ranked, with a Brand Strength Index (BSI) score of 83.9/100 and an AAA- brand strength rating, followed by PETRONAS with a BSI score of 83.5/100 and an AAA- rating, and TotalEnergies with a BSI score of 82.4/100 and an AAA- rating.
In the utilities ranking, two ASEAN brands follow closely after State Grid's brand strength leadership - PLN with a BSI score of 91.8/100 and an AAA+ rating,and Tenaga Nasional with a BSI score of 91.5/100 and an AAA+ brand strength rating
Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations make strategic decisions.
Headquartered in London, Brand Finance operates in over 25 countries. Every year, Brand Finance conducts more than 6,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.
Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on 6,000 brands, surveying more than 175,000 respondents across 41 countries and 31 industry sectors. By combining perceptual data from the Global Brand Equity Monitor with data from its valuation database — the largest brand value database in the world — Brand Finance equips ambitious brand leaders with the data, analytics, and the strategic guidance they need to enhance brand and business value.
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics, compliant with ISO 20671.
Brand Finance is a regulated accountancy firm and a committed leader in the standardisation of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.
Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.
Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.
Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.
Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.
The steps in this process are as follows:
1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.
2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.
3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.
4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.
5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.
6 Apply the royalty rate to the forecast revenues to derive brand revenues.
7 Discount post-tax brand revenues to a net present value which equals the brand value.
Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.
The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.
