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EnBW commits to €40bn investment drive by 2030

RICHARD HEAP

May 7, 2024

German utility EnBW plans to invest €40bn in renewable energy generation, grid upgrade and hydrogen-ready power plant projects by 2030.

Georg Stamatelopoulos, chief executive at EnBW, announced the strategy today at the company’s annual general meeting, where he also confirmed the utility’s financial forecasts for 2024.

EnBW is predicting adjusted EBITDA of between €4.6bn-€5.2bn in its 2024 results, which Stamatelopoulos said was “significantly below last year’s earnings, which were partly due to exceptional market conditions” but would be above the level of 2022.

He said a diversified investment strategy would put the company on a stable financial footing: “We cover all stages of the value chain and understand every step, from generation to grids to the customer. Above all, we understand the interrelations between the various stages. This allows us to make better capitalise on opportunities and better balance risks,” he said. “It goes without saying that we will adapt and revise our strategic goals and plans in line with current and future changes in the operating environment. We will take time for this review in the months ahead.”

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