German Energy Giant to Invest Billions in Power Grid
EUR 27 billion – that’s how much leading energy company E.on says it’s prepared to put into Germany’s transition to green energy, with the lion’s share of that money going to improving the country’s power grid.
“E.on is now commencing a comprehensive growth and investment offensive to create a carbon-free digital energy world,” news magazine Spiegel quoted E.on chairman Leonhard Birnbaum as saying at an investors’ forum.
The company says it will dole out some EUR 22 billion from now until 2026 to expand its energy networks. E.on clearly thinks that its ecological and economic plans go hand in hand. The firm has also announced its ambition to raise profits over that same period by four percent annually to EUR 7.8 billion. E.on is Germany’s largest electricity and gas provider and its biggest energy grid operator.
Industry analysts greeted the news of the company’s investment.
“Quick progress in expanding the power grid in Germany is a decisive step in further promoting renewables in the country and achieving our climate-protection goals,” said Thomas Grigoleit, Germany Trade & Invest Director of Energy, Construction and Environmental Technologies.