As of: February 6, 2024, 3:52 p.m
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Electricity pylons in the fog: The energy supplier EnBW is causing its prices to explode despite solid income.
© Julian Stratenschulte / dpa
Revenues are bubbling up at EnBW.
Nevertheless, the supplier will increase electricity prices on April 1st.
He gives several reasons for this.
Karlsruhe - Numerous households will have to pay significantly more for their electricity from April.
The energy supplier EnBW, with its around 5.5 million customers, is raising electricity prices by 15.9 percent.
One cost driver is the increase in network fees for household electricity, the Karlsruhe-based group announced on Tuesday (February 6).
“At the same time, state levies, levies and taxes have also increased overall, which are also part of the electricity price for households.”
EnBW announced that the electricity price increase applies to basic and replacement supplies.
For heat flow customers with shared measurement, the prices increase by 4.5 percent.
“With the price measure on April 1, 2024, the price of EnBW’s household electricity in the basic and replacement supply is currently slightly above the average price in the market,” wrote the supplier.
For a household with an annual consumption of 2,900 kilowatt hours, this means additional costs of around 16 euros per month.
In December, as a result of the Federal Constitutional Court's budget ruling, the traffic light coalition decided to cancel the federal subsidy for network fees of 5.5 billion euros in 2024.
The four major long-distance line operators Tennet, Amprion, 50Hertz and TransnetW then announced that they would more than double their network fees from 3.1 to 6.4 cents per kilowatt hour at the turn of the year.
The network fees are usually passed on to the electricity prices.
Price increases and billions in profits
“The last price adjustment for household electricity in basic and replacement supplies dates back to October 2022,” explained Volker Bloch, responsible for sales at EnBW.
“Overall, we were able to significantly cushion the enormous cost increases of recent times and guarantee fair prices well below the market average.” The company has no influence on the biggest cost drivers.
“But it is also a fact that the costs for procuring gas and electricity on the stock exchanges are still at a high level compared to the prices before the start of the energy crisis.”
In principle, business is going well at Germany's third-largest energy supplier: in 2022, adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) amounted to 3.29 billion euros - an increase of 11 percent compared to the previous year.
According to the latest forecast, the group expects an increase of up to 6.5 billion euros for 2023.
The balance sheet for the past financial year is due to be presented at the end of March.
50 billion for the energy transition
EnBW wants to use the profits to invest in the expansion of renewable energies, the network and charging infrastructure for electric vehicles and climate-friendly, low-CO2 production.
This decade, 50 billion euros are to be invested in energy transition projects, more than 80 percent of which will be invested in Germany.
“Investments are needed for the success of the energy transition and the restructuring of the energy system,” said Bloch.
Customers in particular benefited from this.
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EnBW boss Andreas Schell recently showed understanding for anger over high energy costs.
“It is important that we take people with us and give them confidence and stability again,” he told “Stuttgarter Zeitung” and “Stuttgarter Nachrichten”.
It is important to state the facts clearly: “The energy transition is necessary, but it takes a long time, costs a lot and brings with it significant changes.”
Different providers, different price developments
But not all consumers have to expect such jumps in electricity prices.
Other electricity providers had announced that they would not raise prices as much.
In some cases they are even expected to decrease.
The general manager of the Federal Association of the Energy and Water Industry, Kerstin Andreae, recently explained this with the recently reduced procurement costs.
“Since the procurement strategies of energy suppliers are very different, in individual cases cheaper procurement costs may be able to partially compensate for the increased network fees.”
(dpa, lf)