E.ON ramps up investment into networks business
Grid area for Avacon, an E.ON subsidiary. Image courtesy E.ON
Over the last nine months, German electric utility company E.ON increased its investments by 20% to €4.7 billion ($5 billion), with €3.6 billion ($5 billion) invested in its Energy Networks business.
The investment, announced in the company’s Q3 results, comes alongside €6.7 billion ($7.1 billion) EBITDA, signalling results in line with the company’s expectations and on track to meet their full-year targets.
Commenting in a release was E.ON CFO Nadia Jakobi: “Our nine-month results again show that we’re executing our strategy consistently and successfully.
“We invested more in sustainable growth than ever before and once again demonstrated our operational performance. This enables us to reaffirm our financial targets for the full year 2024.”
Have you read:
DynamiX: Innovation in grid flexibility through E.ON UK, E.ON Group Innovations and Corinex collaboration
E.ON taps Siemens Smart Infrastructure for smart fast-charging
E.ON Networks and other investment prospects
Further to the investment increase, E.ON plans to invest approximately €7.2 billion ($7.6 billion) for the full year 2024.
E.ON increased its Energy Networks investments by 15% to about €3.6 billion ($3.8 billion), with the main focus on expanding, modernising, and digitising the network infrastructure as part of the energy transition.
Additionally, the company’s Energy Retail investments rose by more than 40% to €390 million ($411 million), driven by investments to improve customer service and digital offerings and expand their Europe-wide e-mobility charging infrastructure.
Furthermore, E.ON invested in an acquisition in the solar sector in the Netherlands.
In Energy Infrastructure Solutions, investments grew to more than €660 million ($696 million), 50% above the prior-year level.
The increase is mainly due to the acquisition of a stake in a large battery storage project in the United Kingdom, marking the company’s goal of creating flexibility options.
More investments also went toward expanding the smart-meter business in the UK and solutions to decarbonise the energy supply of business customers in Germany.
Between 2024 and 2028, E.ON plans to invest a total of €42 billion ($44.3 billion) in the energy transition across Europe.
