Grid operator Tennet plans to talk to the German government about possibly selling its German activities as it struggles with the need for “unprecedented capital investments”.
The Dutch government-owned firm explained that such a move would enable Germany – which it claimed would “prefer[s] to fund, control an own [its] national electricity grid” – to accelerate the grid expansion needed for its energy transition.
Selling the part of the German grid it operates to Berlin would “enable the creation of two strong national players who would continue to cooperate in driving the energy transition”, it added.
Tennet currently estimates a €10 billion cost for funding its Dutch activities this decade and a €15 billion bill in Germany. It is in charge of building several transmission links for North Sea offshore wind and for carrying onshore wind in windy north Germany to industrial and population centres in the south.
The Dutch government – Tennet’s sole shareholder – has not made a final decision on a potential sale.
Tennet stated that its focus in the upcoming discussions will be “ensuring security of supply, and the interests of its employees, customers, suppliers, financiers and other stakeholders”.
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