Compared to €834m in its 2021 results, TenneT reported nearly €1bn in earnings before interest and tax (EBIT) for 2022. Revenues climbed from €6.4 billion in 2021 to €9.8 billion in 2022, in addition to €1.2 billion in EBIT.
The asset volume increased by 23% and reached €40.9 billion in 2022. Notwithstanding geopolitical shifts, the associated volatile market environment, and rising energy prices, the Dutch-German TSO maintained its strong performance in 2022.
Expanding electricity grid
For the energy transition, TenneT has invested a record 4.5 billion euros in 2022 to expand the electrical grid. TenneT anticipates spending at least 8 billion euros a year on network expansion for the following ten years.
TenneT invested more than EUR 30 billion in onshore and offshore electrical infrastructure between 2011 and 2022 in Germany (EUR 9.4 billion) and the Netherlands (EUR 9.4 billion) (EUR 21.1 billion). The funds were used, among other things, to build offshore wind farm grid connections, replace high-voltage substations, and install new high-voltage connections.
Offshore wind targets in North Sea
With the Esbjerg Declaration in May 2022, new goals for offshore wind in the North Sea were established. It is the first intergovernmental agreement involving Belgium, Denmark, Germany, and the Netherlands that calls for the construction of 65 GW of offshore wind capacity by 2030 and up to 150 GW by 2050. By 2030, TenneT will connect 40 GW of offshore wind energy capacity in the Netherlands and Germany in order to meet that goal.
TenneT has created the next generation of offshore grid connection technologies using the two gigawatt direct current standard to achieve these goals (2 GW HVDC, high voltage direct current).
Image source: TenneT
