TenneT investierte 5,5 Mrd. EUR und startete im ersten Halbjahr 2025 Initiativen zur Beschleunigung des Netzausbaus und zur Optimierung der Netznutzung.

(WK-intern) – Die TenneT Holding meldete im ersten Halbjahr 2025 einen bereinigten Umsatz von 4,4 Mrd. EUR (4,1 Mrd. EUR im ersten Halbjahr 2024). Das bereinigte EBIT belief sich auf 1,5 Mrd. EUR (1,0 Mrd. EUR im ersten Halbjahr 2024).

Die Investitionen in niederländische und deutsche Netze beliefen sich im ersten Halbjahr 2025 auf 5,5 Mrd. EUR.

Eine Entscheidung darüber, ob eine Privatplatzierung oder ein Börsengang zur Deckung des Eigenkapitalbedarfs von TenneT Deutschland durchgeführt wird, wird im September 2025 erwartet.
TenneT Niederlande und das niederländische Ministerium für Klimapolitik und grünes Wachstum haben einen Beschleunigungsplan zur Beschleunigung des Netzausbaus initiiert, mussten jedoch im ersten Halbjahr 2025 Verzögerungen im Netzausbau feststellen.
TenneT betonte die Bedeutung der Kontinuität bei der Entwicklung der Offshore-Windenergie in enger Zusammenarbeit mit den Übertragungsnetzbetreibern und Anrainerstaaten der Nordsee.

In den ersten sechs Monaten des Jahres 2025 setzte TenneT den Netzausbau fort, der für die Elektrifizierung des Energiesystems erforderlich ist. Die Gesamtinvestitionen in kritische Onshore- und Offshore-Strominfrastruktur stiegen von 4,6 Mrd. EUR im Vorjahreszeitraum auf 5,5 Mrd. EUR. Trotz Verzögerungen bei Onshore-Projekten ist der höhere Investitionsbetrag hauptsächlich auf erhöhte Investitionen in mehrere Onshore-Projekte zurückzuführen. TenneT plant, bis 2034 insgesamt 200 Mrd. EUR in den Netzausbau und die Netzverbesserung in den Niederlanden und Deutschland zu investieren.

„Wir haben im ersten Halbjahr eine solide Finanzlage erzielt“, sagte Arina Freitag, CFO der TenneT Holding. „Unsere Finanzkraft ist entscheidend für die Umsetzung unseres Investitionsportfolios.“ In diesem Zusammenhang freuen wir uns, dass die niederländische Regierung TenneT Niederlande eine staatliche Garantie in Höhe von 52 Milliarden Euro gewährt und damit niederländische Netzinvestitionen in Höhe von rund 90 Milliarden Euro in den nächsten zehn Jahren absichert. Mit mehr als 10.000 engagierten Kolleginnen und Kollegen in den Niederlanden und Deutschland investieren wir in unsere Netze für die Gesellschaft.

Wichtige bereinigte Ergebnisse (in Mio. EUR)
30. Juni 2025 30. Juni 2024
Umsatz 4.409 4.050
EBIT 1.467 1.002
Investitionen 5.504 4.591

Der bereinigte Umsatz stieg im ersten Halbjahr 2025 um 359 Millionen Euro auf 4.409 Millionen Euro (H1-2024: 4.050 Millionen Euro). Im ersten Halbjahr 2025 stieg der Umsatz hauptsächlich aufgrund der steigenden Investitionen von TenneT, die zu einer wachsenden regulatorischen Vermögensbasis und höheren Onshore- und Offshore-Umsätzen führten. Das bereinigte EBIT stieg um 465 Mio. EUR auf 1.467 Mio. EUR (H1-2024: 1.002 Mio. EUR). Der EBIT-Anstieg ist hauptsächlich auf einen Umsatzanstieg in Kombination mit dem Gewinn aus dem Verkauf der Aktivitäten der Tochtergesellschaft NOVEC, einem Betreiber von Antennentürmen, zurückzuführen.

Zwei unabhängige und handlungsfähige Unternehmen unter der TenneT Holding

Am 1. Januar 2025 wurden unter dem Dach der TenneT Holding zwei unabhängig operierende Unternehmen gegründet: TenneT Niederlande und TenneT Deutschland. Im Rahmen der Suche nach einer strukturellen Finanzierungslösung für TenneT Deutschland bestätigte der niederländische Finanzminister Eelco Heinen Ende Juni, dass in den nächsten Monaten zwei Optionen weiter geprüft werden: entweder eine Privatplatzierung von Aktien oder ein Börsengang (IPO). TenneT arbeitet dabei eng mit seinem Anteilseigner zusammen. Eine Entscheidung über eine dieser Optionen wird im September 2025 erwartet.

Die Gründung zweier unabhängiger Unternehmen unter einer Dachholding brachte auch notwendige Veränderungen auf Vorstandsebene mit sich. Markus Binder, Kathrin Günther und Ina Kamps wurden als CFO, CTO (Chief Transformation Officer) bzw. COO in den Vorstand von TenneT Deutschland berufen. Vorsitzender des Vorstands von TenneT Deutschland ist Tim Meyerjürgens (CEO). Der Vorstand der TenneT Holding besteht aus Manon van Beek (CEO), Maarten Abbenhuis (COO) und Arina Freitag (CFO). Sie bekleiden diese Positionen auch im Vorstand von TenneT Niederlande. Wie heute bekannt gegeben, wurde Dieuwert Inia mit Wirkung zum 1. Januar 2026 zum CFO der TenneT Holding und von TenneT Niederlande als Nachfolgerin von Arina Freitag ernannt.

TenneT invested EUR 5.5 bn and launched initiatives to accelerate grid expansion and optimise grid use in H1-2025

TenneT Holding reports an underlying revenue in the first half-year of 2025 EUR 4.4 bn (EUR 4.1 bn H1-2024), underlying EBIT amounted to EUR 1.5 bn (EUR 1.0 bn H1-2024).
Investments in Dutch and German grids amounted to EUR 5.5 bn in first six months of 2025.
A decision on whether to proceed with a private placement of shares or an initial public offering to meet TenneT Germany’s equity requirements is expected in September 2025.
TenneT Netherlands and the Dutch Ministry of Climate Policy and Green Growth initiated an acceleration plan to speed up grid expansion, while encountering onshore delays in H1-2025.
TenneT emphasised the importance of continuity in the development of offshore wind energy, in close collaboration with the North Sea TSO’s and countries.
In the first six months of 2025, TenneT continued expanding the grid needed to facilitate the electrification of the energy system. Total investments in critical onshore and offshore electricity infrastructure increased to EUR 5.5 bn, up from EUR 4.6 bn in the same period last year. Despite delays in onshore projects, the higher investment figure is mainly related to increased investments in several onshore projects. TenneT plans to invest a total of EUR 200 bn in grid enhancements and expansion in the Netherlands and Germany by 2034.

‚We delivered a solid financial performance in the first half of the year‘, said Arina Freitag, CFO of TenneT Holding. ‚Our financial strength is crucial to the execution of our investment portfolio. In this regard, we are pleased that the Dutch government provides a state guarantee of EUR 52 billion to TenneT Netherlands, backing approximately EUR 90 billion in Dutch grid investments over the next decade. With more than 10,000 dedicated colleagues in the Netherlands and Germany we invest in our grids for society.‘

Key underlying results (in EUR million)
30 June 2025 30 June 2024
Revenue 4,409 4,050
EBIT 1,467 1,002
Investments 5,504 4,591

Underlying revenue in the first half-year of 2025 increased by EUR 359 million to EUR 4,409 million (H1-2024: EUR 4,050 million). In the first half-year of 2025, revenue mainly increased because of TenneT’s growing investments, resulting in a growing regulatory asset base and higher onshore and offshore revenue.

Underlying EBIT increased by EUR 465 million to EUR 1,467 million (H1-2024: EUR 1,002 million). The increase of EBIT is mainly caused by an increase in revenue in combination with the gain on the sale of the activities of subsidiary NOVEC, operator of antenna towers.

Two independent and decisive organisations under TenneT Holding

1 January 2025 marked the start of two independently operating companies, TenneT Netherlands and TenneT Germany, under the umbrella of TenneT Holding. In the process of reaching a structural financing solution for TenneT Germany, the Dutch minister of Finance, Eelco Heinen, confirmed end of June two options will be further explored the next few months: either a private placement of shares or an initial public offering (IPO). TenneT is working closely together with its shareholder on this. A decision on one of these options is expected in September 2025.

The establishment of two independent organisations under one umbrella holding company also entailed the necessary changes at board level. Markus Binder, Kathrin Günther and Ina Kamps were appointed to the Executive Board of TenneT Germany as CFO, CTO (Chief Transformation Officer) and COO, respectively. The board of TenneT Germany is chaired by Tim Meyerjürgens (CEO). The Executive Board of TenneT Holding consists of Manon van Beek (CEO), Maarten Abbenhuis (COO) and Arina Freitag (CFO). They also hold these positions on the board of TenneT Netherlands. As announced today, Dieuwert Inia has been appointed as CFO of TenneT Holding and TenneT Netherlands as Arina Freitag’s successor, effective 1 January 2026.

TenneT Netherlands: achievements and challenges

In the Netherlands onshore grid reinforcement projects in Zeeland were completed. Key offshore milestones so far this year include the installation of the topside for the Hollandse Kust (west Beta) project in the Dutch part of the North Sea.

Despite its ongoing efforts to build the grid faster, utilise the grid better and to connect customers, TenneT had to announce delays in several grid projects in the Netherlands due to factors such as extended permitting procedures and longer delivery times for critical components. A major step to prevent delays and speed up project processes is the new acceleration package, developed with the Dutch Ministry of Climate Policy and Green Growth. This joint effort aims to cut project lead times significantly helping to resolve grid congestion.

TenneT Netherlands: achievements and challenges

In the Netherlands onshore grid reinforcement projects in Zeeland were completed. Key offshore milestones so far this year include the installation of the topside for the Hollandse Kust (west Beta) project in the Dutch part of the North Sea.

Despite its ongoing efforts to build the grid faster, utilise the grid better and to connect customers, TenneT had to announce delays in several grid projects in the Netherlands due to factors such as extended permitting procedures and longer delivery times for critical components. A major step to prevent delays and speed up project processes is the new acceleration package, developed with the Dutch Ministry of Climate Policy and Green Growth. This joint effort aims to cut project lead times significantly helping to resolve grid congestion.

TenneT Germany: achievements and challenges

In Germany, construction began on the Hardebek substation and the Netzbooster (Grid Booster) facility in Schleswig-Holstein. With respect to offshore, TenneT added two new converter platforms for the BorWin 5 and DolWin 5 grid connections, increasing the transmission capacity in the German North Sea to almost 10 gigawatts.

Solar energy expansion in Germany has exceeded all forecasts for years, reaching over 100 gigawatts of capacity. However, grid expansion cannot keep pace with this rapid growth, which is putting increasing strain on grid and system stability. To address this, TenneT Germany is taking comprehensive measures to strengthen and expand the grid, enhance flexibility, and safeguard security of supply, even during high generation peaks.

Innovations to utilise the grid better

Manon van Beek, CEO of TenneT Holding: ‚In addition to expanding our high-voltage grid more quickly by building more assets, the existing capacity of the grid can also be utilised better. Therefore, ‘building’ must be accompanied by smart, flexible solutions. Dynamic tariffs, dynamic line rating, sharing grid connections and battery systems at the right locations create space on the electricity grid. The solutions are available if we dare to make the right choices.‘

In April 2025, TenneT announced that in the Netherlands 9.1 gigawatts of additional grid capacity can be used during off-peak hours with Time-Dependent Transmission Right (TDTR) contracts. TDTR contracts allow users to secure off-peak electricity transport rights for a fixed number of hours per year, at least 85% of the time. TenneT may impose restrictions for the remaining 15% of the time. Parties that make use of this can receive a discount of up to 65% on their transport tariff. Thanks to this new approach, TenneT can provide much-needed capacity on the high-voltage grid to customers on the waiting list.

TenneT continues to unlock up to 30% more capacity on the grid using Dynamic Line Rating (DLR) in both the Netherlands and Germany by making smart use of weather conditions.

Continuity and consistency in energy policy

Working together with North Sea countries, and as a participant in the Offshore TSO Cooperation, TenneT published the position paper ‚Offshore wind: the linchpin of an affordable, clean and independent energy system‘. An important part of this paper was the presentation of a grid map for an integrated North Sea grid. The map highlights promising cross-border projects and shows how the North Sea can become Europe’s green energy powerhouse.

With a caretaker cabinet in place following the dissolution of the Dutch coalition government in June, and the upcoming elections on 29 October, TenneT urged the House of Representatives not to delay decisions on critical issues such as energy security. Manon van Beek said: ‚Continuity is also crucial when it comes to investments in offshore wind energy which is highly important for Europe’s energy security, economic resilience, and geopolitical independence. Potential delays threaten this future.‘

PR: TenneT