TenneT has announced it will continue to hold discussions with Germany to explore the possible sale of its German activities.
It said over the past year, constructive talks have taken place between TenneT and KfW, acting on behalf of the German State, with the close involvement of Berlin and the Dutch State as TenneT’s sole shareholder.
To date, no agreement has been reached and no final decisions have been taken and TenneT said there is no certainty a transaction will materialize. The grid operator and KfW will continue their discussions in the coming period it said.
Pending further developments, TenneT and the Dutch state have made arrangements regarding a shareholder loan facility of €25bn, safeguarding its planned investments in the Netherlands and Germany for 2024/2025.
The loan facility is subject to a customary parliamentary approval process which is currently in progress. Whether TenneT will draw under the facility will depend, among other factors, on whether and if so, when, agreement on the sale of TenneT’s German activities would be reached it said.
To ensure security of electricity supply, TenneT has delivered around €8bn of investments in electricity grid expansion in 2023, almost doubling its €4.5bn investments in 2022.
For the coming years, it expects to invest more than €10bn in electricity grid expansion each year.