With a primary focus on renewable energy and grid expansion, German utility EnBW Energie Baden-Wuerttemberg AG (ETR:EBK) promised on Tuesday to invest EUR 40 billion (USD 43 million) in energy transformation projects by 2030.
During the company’s annual general meeting on Tuesday, chief executive Georg Stamatelopoulos declared, “This is the largest investment program in our corporate history.”
The CEO clarified that EnBW will be able to better capitalize on opportunities and manage risks thanks to its position and knowledge throughout the whole value chain.
“Therefore, it is positive for the company and the energy transition that EnBW achieved very healthy results in the 2023 financial year,” he continued.
The company said further that it intends to deploy hydrogen-ready power plants and rely on them when wind or solar power is insufficient.
In the coming months, it will revise its strategic goals and plans to align with the changes in the operating environment.
For the year 2023, EnBW reported adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) of EUR 6.4 billion, a 60% yearly increase and the company’s seventh consecutive year of earnings growth.
EnBW projects adjusted EBITDA at the group level to range from EUR 4.6 billion to EUR 5.2 billion in 2024.
(1.0 EUR = 1.074 USD)
Source EnBW
