TenneT has significantly ramped up its investments in grid expansion and maintenance, spending EUR 4.6 billion in the first six months of 2024, marking a 30% increase from the same period last year. This surge in investment is primarily attributed to advancements in the 2GW offshore program and several onshore projects.

Despite a challenging labor market, TenneT experienced a net growth of nearly 600 full-time employees in the first half of 2024. The company's underlying EBIT increased by EUR 72 million to EUR 1,002 million, showcasing robust operational performance. However, underlying revenue dropped by EUR 744 million to EUR 4,050 million, influenced by reduced costs for ancillary services and lower regulatory rates in Germany.

Looking ahead, TenneT is focused on significant expansions to support the European energy transition. By 2045, the company aims to construct over 3,500 kilometers of new grid connections in Germany and 2,500 kilometers in the Netherlands, along with numerous new transformers and high-voltage substations. This ambitious plan also includes developing an integrated offshore grid in the North Sea.

TenneT CEO Manon van Beek emphasized the company's commitment to electrification and meeting climate milestones. Meanwhile, CFO Arina Freitag highlighted ongoing investment plans and the preparation for alternative financing solutions following the termination of negotiations with the German government.

TenneT's credit ratings remain stable, and the Dutch state has agreed upon a EUR 25 billion shareholder loan facility to support investments in the Netherlands and Germany through 2025.

Source: tennet.eu