The first two European utility numbers out for the first half of 2020 show vastly different outcomes with Iberdrola impressive, and Vattenfall disappointing, but both are reactions to the same pressures from Covid-19 and the corresponding reduced consumer energy usage. The two stories in a nutshell are that Iberdrola numbers – in its home country of Spain, in Brazil, the UK and the US, where it owns Avangrid – had lower electricity usage, but it was paid for by lower fuel prices, while VattenFall, in its native Sweden and nearby Germany, reflects a material impairment on coal assets that it still owns, as the pandemic exposes the inability of coal assets to compete. Vattenfall is nowhere near as advanced in…