As of: March 13, 2024, 7:28 a.m
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Leonhard Birnbaum, CEO of the energy company Eon, speaks at the 2023 annual press conference at the company's headquarters.
© Rolf Vennenbernd/dpa
Germany's largest distribution network operator now wants to invest 42 billion euros across Europe by 2028.
Most of it should flow into expanding the electricity grid.
Essen - Germany's largest energy supplier and distribution network operator Eon wants to invest significantly more in the next few years than previously planned.
From 2024 to 2028, the group wants to invest 42 billion euros in the energy transition across Europe, as the company reported on Wednesday in Essen.
The previous five-year plan called for around 33 billion euros for the period 2023 to 2027.
They said they want to invest in a safe, competitive and sustainable energy system.
Of the 42 billion euros, 34 will flow into the network business.
Eon wants to invest more than 25 billion euros of this in Germany.
“What Europe needs now is an intelligent energy infrastructure for sustainable, secure and affordable energy,” said Eon boss Leonhard Birnbaum, according to a statement.
“This is exactly what we have aligned E.ON with and we are consistently continuing on this course.
This means that we will continue to invest massively to meet the rapidly growing need for energy infrastructure.”
Eon confirmed the key data for the 2023 financial year presented at the beginning of February. Earnings before interest, taxes, depreciation and amortization (Ebitda) adjusted for special effects rose by 16 percent year-on-year to 9.4 billion euros.
The adjusted annual profit increased by 12 percent to 3.1 billion euros.
The shareholders should receive a dividend of 0.53 euros per share (2022: 0.51 euros).
In the current year, Eon expects an adjusted group Ebitda of 8.8 to 9.0 billion euros.
The energy giant announced that adjusted consolidated earnings should rise to over 11 billion euros by 2028.
According to its own information, Eon is one of the largest distribution network operators in Europe with around 1.6 million kilometers of electricity and gas lines in nine European countries.
The company is the largest distribution network operator in Germany.
Eon operates almost 700,000 kilometers of the almost 1.9 million kilometers of electricity network.
There are also 100,000 kilometers of gas network.
dpa