German grid operator Amprion reported adjusted EBITDA for 2022 of €772m compared with €867m in 2021 and adjusted consolidated net income of €228m compared with €260m in 2021.
The adjusted key figures take into account temporary regulatory effects and the accrual presentation of ancillary services.
As a result of developments on the electricity and gas markets, high costs for ancillary services have arisen. These include all interventions to stabilize the power grid.
In 2022, at around €2.4bn, they were about twice as high as in the previous year.
The costs are covered by the regulation and are returned to Amprion with a time delay and is a temporary burden on IFRS results, the company stated.
Adjusted net income is at the average level of recent years.
For the current financial year, Amprion expects a stable business development and an investment requirement of around €2.8bn.
In the past fiscal year, investments reached a new record level of around €1.5bn and Amprion plans to invest around €22bn in the transmission grid over the next five years.
With its investments, Amprion is taking into account the accelerated expansion of renewable energy and is focused on the expansion of the important north-south direct current corridors on land and the implementation of Amprion’s first four offshore grid connection systems.
“A new phase of the energy transition is beginning, in which we are increasingly moving from planning to implementation.
“We are currently implementing more projects than ever before,” said Amprion CEO Hans-Jürgen Brick.
“In addition, the acceleration initiated by the Federal Government is beginning to have an effect, enabling us to implement important projects earlier than originally planned.
“We are well equipped for the tasks ahead.”
Due to the Federal Government’s acceleration targets, Amprion has awarded the world’s first two-gigawatt offshore grid connection systems BalWin1 and BalWin2 and will commission them two and three years earlier respectively – in 2029 and 2030.
For the underground cable project from Rastede to Bürstadt (DC 34), the company intends to submit the planning approval documents by mid-2024, an acceleration of two years.