TenneT to raise its annual RE connection investments to up to € 5 billion
TenneT will raise its investment in renewable energy connections to EUR 4 to 5 billion per year, the transmission system operator (TSO) said in a press release from 31 July, also reporting a 30% increase in its investment agenda in the first half of 2020.
The TSO, operating in Germany and the Netherlands, said it expected to scale up its organisation to an annual investment volume of EUR 4 to 5 billion within the next few years to connect renewable energy sources, as well as to develop a borderless European electricity market.
“On 1 July, we launched a new organisational structure with a new senior leadership team that will support the company’s growth and its role in the energy transition in the Netherlands, Germany and neighbouring countries”, said Manon van Beek, TenneT’s CEO.
“New departments will further focus on strategic partnerships, digitalization and energy system planning. The new organisation marks an important milestone in TenneT’ s transformation, which also includes a sharpened strategy and more focus on leadership and culture”.
In the first half of this year, TenneT’ s underlying revenue increased to EUR 2.32 billion, up by 7.1% compared to 2019. This was mainly driven by a growing asset base and additional compensation for grid-related expenses, the TSO states. Underlying EBIT increased by EUR 7 million to EUR 414 million in the first half of 2020, from EUR 407 million in the first half 2019.
Offshore, TenneT currently has fourteen offshore grid connections in operation, twelve in the German and two in the Dutch North Sea.
In the Netherlands, the Borssele Alpha offshore platform received the first power from the Borssele 1 & 2 offshore wind farm at the end of April. Borssele Beta became operational end of July, which is well before the formal delivery date of 31 August, according to TenneT.
The TSO has several other offshore grid projects in the pipeline, as well as DC corridor projects such as SuedLink and SuedOstLink, which are TenneT’ s largest projects. These links, to be built completely underground, will be crucial to transport northern wind production to meet demand for electricity in southern Germany, TenneT said.