TenneT has spent EUR 904 million (USD 1.06bn) on the Dutch and German high-voltage grids in the first half of 2018, or 20% more than in the same period of 2017, as it works on a big wind power expansion, both onshore and offshore.
The Dutch-German transmission system operator (TSO) is developing an offshore electricity grid in the Netherlands that will connect a total of 11.5 GW of offshore wind power generating capacity to its onshore high-voltage transmission grid by 2030. At the same time, the company continues to work on Dutch onshore projects to ensure the transport of sustainable generated electricity.
Meanwhile, in Germany TenneT is getting ready to launch tenders for the earth cables needed for two “electricity highway” projects: SuedLink, developed with TransnetBW; and SuedOstLink, developed with 50Hertz. The two direct-current (DC) systems, whose combined capacity will be 6 GW, are expected to transmit large volumes of wind power from the north of Germany to the major consumption centres in the south of the country, starting from around 2025.
CEO Mel Kroon commented that soon the company will be dealing with large amounts of wind power generation, which requires both new grid connections and software systems for real-time coordination.
For the first half of 2018, TenneT posted earnings before interest and tax (EBIT) of EUR 362 million, down from EUR 478 million a year back because of certain regulatory changes in the Netherlands. Underlying revenue was flat at EUR 1.97 billion.
(EUR 1.0 = USD 1.171)
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