German utility EnBW Energie Baden-Wuerttemberg AG on Tuesday pledged to invest EUR 40 billion (USD 43m) in energy transition projects by 2030, putting a major focus on renewables and grid expansion.
“This is the largest investment program in our corporate history,” chief excutive Georg Stamatelopoulos said during the company’s annual general meeting on Tuesday.
The CEO explained that EnBW’s position and experience across the entire value chain will help it better capitalise on opportunities and balance risks.
“The fact that EnBW achieved very healthy results in the 2023 financial year is therefore positive for both the company and the energy transition,” he added.
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.
EnBW posted adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 6.4 billion for 2023, up 60% in annual terms and representing the seventh increase in earnings in a row. For 2024, EnBW expects adjusted EBITDA at group level to be between EUR 4.6 billion and EUR 5.2 billion.
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