TenneT to invest up to €5bn a year

16/03/2020 10:43 Electricity Market


Dutch/German transmission system operator TenneT expects to increase its investment level to €4bn to €5bn annually in the coming years, as a result of the phase out of coal and nuclear power plants and the growth of offshore wind energy.

TenneT said its capital investments totalled €3.064bn in 2019, of which €1.131bn was in the Netherlands and €1.925bn in Germany.


This compares with total investments of €2.253bn in 2018.


TenneT chief executive officer Otto Jager said: “In order to keep the company financially healthy, we expect to need €2bn to €3bn of additional equity in the next four years.”


He added that a number of solutions are conceivable that need to be flexible, scalable and must not split the company.


“We are in close consultation with our shareholder (the Dutch State) about the best way forward,” Jager said.


In 2019, TenneT revenue fell slightly to €4.084bn from €4.176bn, while earnings before interest and taxes dropped to €768m from €853m.

Source: renews.biz

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