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PARIS (Reuters) - Every new solar panel installed on European rooftops chips away at power utilities' centralized production model. Unless they reinvent themselves soon, these giants risk becoming the dinosaurs of the energy market.

The industry faces drastic change as renewable energy turns consumers into producers and hollows out the dominance of utilities. With their stocks at decade lows and a millstone of debt around their necks, Europe's utilities have little margin for error.

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