<p>This study identifies future leadership competencies required for millennial leaders in Indonesian energy state-owned enterprises undergoing strategic transformation. Drawing on a two-stage modified Delphi expert-panel validation design involving sixteen senior executives and leadership experts, the study elicited, refined, and validated leadership competency constructs relevant to succession, sustainability transition, public accountability, and organizational resilience. Consensus was treated as conceptual convergence, indicated by recurrence across expert accounts, stability after coder comparison, and validation through second-stage expert review. The analysis generated twenty competency constructs. Comparative mapping against Spencer and Spencer’s competency model and the Indonesian SOE leadership competency framework indicates that five competencies receive stronger contextual emphasis in this setting: resilience, national stewardship, servant leadership orientation, sustainability leadership, and crisis leadership. The contribution of this study is not the invention of entirely new leadership constructs, but the contextual integration of established and emerging competencies into a future-oriented leadership architecture for energy SOEs. The findings offer implications for leadership development, succession planning, and transformation capability in organizations facing institutional complexity, energy-transition pressure, and long-term public-value responsibilities.</p>