In the first six months of the 2024 financial year, TenneT increased its investment activities mainly due to higher spending on its 2GW offshore programme.
The increased investment of €4.6bn, compared to €3.5bn in the same period last year as also down to several onshore projects.
TenneT increased its pace of work in providing grid capacity to its customers and preparing the power grid for a clean energy system of the future.
By 2045, TenneT aims to build more than 3,500 kilometres of grid expansion on land and at sea in Germany and 2,500 kilometres in the Netherlands.
This requires a significant expansion of the TenneT onshore grid with hundreds of new transformers and dozens of new substations, while at the same time building a meshed offshore grid in the North Sea.
Manon van Beek, chief executive of TenneT, said: “In order to achieve the climate milestones in 2030, 2045 and 2050 and to be able to meet the needs of our customers, we are fully promoting the electrification of industry, businesses, households, hospitals and public transport by providing new infrastructure.
“As planned, we will further increase our investments in the expansion and maintenance of the electricity grid on land and at sea in 2024.
“The half-year figures show that we are on the right track. The energy transition requires a high degree of acceptance and space for expansion.
“This remains a critical issue and we will therefore work even more closely with national and regional authorities to ensure that the space needed is available in time.
“Until then, we need to work with our customers on flexible solutions so that we are able to make the best possible use of and share the available capacity.
“In addition to acceptance, affordability is an important and complex issue that is close to our hearts, because the investments in the next two decades are also intended for generations to come.
“Not investing in the electricity grid is not an option, because the social and economic price of grid bottlenecks, redispatch costs and lack of access to electricity is much higher than the grid investments required.”
Strengthened by the increased investments in fixed assets, TenneT said it was able to maintain a high degree of grid availability in the first half of 2024 and was able to make an important contribution to the security of electricity supply – even in times of intensive work on the high-voltage grids and grid expansion.