Germany and Holland have signed an MoU to cooperate more closely in grid and power transmission.
Dutch state-owned TenneT, which operates in both Holland and Germany, is set to play an integral role in achieving the energy transition goals of the two countries.
TenneT’s planned investments in the Dutch-German transmission network will require “substantial additional funds” by 2029, according to a statement from the German government.
The MoU specifically expresses an intention to examine the options for investment and participation in TenneT on behalf of Germany and the Netherlands.
It also expresses a mutual aim to develop a common approach to strengthening TenneT’s capital base.
Germany and the Netherlands also intend to examine the possibilities of further cooperation through network investments, innovative solutions for networks, the implementation of cross-border redispatch mechanisms and the joint development of offshore hubs, the statement said.
Germany’s Federal Minister of Finance Olaf Scholz said: “A successful energy transition is based on sustainable electricity grids within the European internal energy market.
“The energy transition is an opportunity for future economic development. I expect the cooperation between Germany and the Netherlands to provide a positive impetus for the development of the electricity grids in Germany.”