TenneT’s grid investment rises to EUR 4.5bn in 2022

Netherlands-based grid operator TenneT Holding BV on Tuesday said it invested a record EUR 4.5 billion (USD 4.8bn) in grid expansion in 2022 to support the energy transition, up from almost EUR 4 billion in 2021.

Over the next 10 years, TenneT expects to increase its annual investment in onshore and offshore grids to at least EUR 8 billion, in line with the climate policies of the two countries it operates in, Germany and the Netherlands.

The company said it continued to perform well last year despite the geopolitical tensions and turbulent energy markets. Underlying earnings before interest and tax (EBIT) rose to EUR 1.21 billion from EUR 834 million in 2021, while revenues grew to EUR 9.84 billion from EUR 6.37 billion.

TenneT, however, booked a stated EBIT accounting loss of EUR 976 million. This is due to the extraordinary impact of high grid stabilisation costs and the fact that TenneT’s regulatory future reimbursement on these costs are not recognised under IFRS accounting standards.

(EUR 1 = USD 1.071)

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