TenneT to invest up to €5bn a year

16/03/2020 10:43 Electricity Market

news

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

Britain's largest solar farm poised to begin development in Kent

25/05/2020 10:55:00

Britain’s largest solar farm, capable of generating enough clean electricity to power 91,000 homes, is poised to receive the greenlight from ministers this week.

<READ MORE

Russian state holding gives up control of Rosneft after Venezuela exit

25/05/2020 10:51:00

Russia’s state holding company Rosneftegaz has relinquished its controlling stake in the country’s largest oil producer, Rosneft, Rosneft said on Friday, after Rosneft’s exit from Venezuela.

READ MORE

Ofgem cuts cost of Hinkley Point C grid link by £60 million

25/05/2020 10:46:00

The move will save UK consumers money on their bills over the 45-year cost period.

READ MORE