TenneT, one of Europe's leading electricity transmission system operators, has announced its remarkable 2023 results, boasting a record-high investment of EUR 7.7 billion in grid infrastructure. This surge in investments, up by 70% compared to 2022, underscores the company's commitment to expanding, strengthening, and modernizing crucial onshore and offshore electricity networks.
Despite the challenges posed by grid congestion and outstanding customer connection requests, TenneT reported solid financial results, with an underlying EBIT of EUR 1,817 million, marking a significant 50.2% increase year-over-year. Moreover, the company saw a substantial workforce increase to 8,336 employees, demonstrating its dedication to growing infrastructure investments faster than its workforce through innovations.
TenneT's robust financing position received a boost from the Dutch state, which provided EUR 1.6 billion to cover Dutch grid funding requirements and a substantial loan facility of EUR 25 billion, safeguarding planned investments in the Netherlands and Germany for 2024 and 2025. Addressing grid congestion, TenneT is actively implementing the National Grid Congestion Action Plan (LAN) and pursuing unorthodox measures to operate the grid at its limits.
Looking forward, TenneT remains committed to achieving a reliable, climate-neutral, and affordable energy system by 2045. With a 10-year investment plan totaling EUR 160 billion for the period 2024-2033, the company aims to balance economic efficiency, sustainability, and high grid availability, guided by a stable and consistent energy policy.
Manon van Beek, CEO of TenneT, emphasized the importance of increasing grid capacity swiftly to meet the growing demand for transmission and connection capacity, ensuring long-term affordability and energy security. As TenneT continues to navigate the complexities of the energy transition, its focus remains on building a sustainable future for households and industries alike.
Source: tennet.eu