TenneT, the European grid operator, surged forward in 2023 with a record-breaking €7.7 billion investment in grid expansion, marking a 70% increase from the previous year. This significant investment, spread between the Netherlands and Germany, underscores TenneT's commitment to bolstering electricity infrastructure for a greener energy future. Notably, projects like the 2GW Programme aim to enhance grid capacity and integrate renewable energy sources.
Looking ahead, TenneT unveiled a bold €160 billion investment plan for the next decade, positioning itself as a leader in shaping Europe's energy landscape. Despite a dip in revenue to €9.2 billion, attributed to lower ancillary service costs, TenneT saw a substantial increase in underlying profit (EBIT), reaching €1.8 billion in 2023. To maintain investment momentum, the Dutch government provided vital financial support, ensuring planned projects until 2025.
TenneT's CEO emphasised the importance of rapid grid expansion to meet Europe's clean energy goals while prioritising affordability and transparency in project execution. Similarly, TenneT's CFO stressed the necessity of sustained investment for a competitive and climate-neutral energy system by 2050.
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