TenneT increased its revenue 11% to €1.546bn in the first half of 2016, up from €1.395bn in the same period last year, as the transmission system operator integrates more renewables to the Dutch and German grids.
The company said the growth was buoyed by a growing asset base, which included investments totalling €875m in the first six months of the year.
TenneT is planning five offshore platforms with a total capacity of 3.5GW in the Dutch sector of the North Sea to connect offshore wind energy to the onshore grid.
In Germany, it is working on the DolWin3, BorWin3 and Nordergründe offshore grid connections, which have a joint capacity of 2.827GW.
Preparations are also being made for the construction of the 1.4GW NordLink between Norway and Germany, while work will start in the autumn on the 700MW Cobra interconnector between the Dutch and Danish electricity grids.
TenneT said its underlying EBIT decreased in the period to €414m from €490m last year.
It said this was “mainly due to the impact of special items which were higher in 2015. Among others this related to the release of offshore liability provisions and an incidental gain on the sale of APX shares in 2015.”
The underlying result for the first half of 2016 was also negatively impacted by a change of discount factor applied to German pension provisions, which will be settled in future tariffs, the TSO said.
TenneT chief executive officer Mel Kroon said: “In this part of Europe the energy transition means the availability and demand of renewables has to be connected over big distances which requires infrastructure.
“In addition, further Northwest European integration and collaboration on the energy transition is essential if we want to continue achieving societal sustainability targets in the future.”
Image: TenneT
