German utility EnBW will invest billions of euros in its power grids and other businesses by 2025, creating 3,600 new jobs, Reuters reports.
The company plans to invest a total of 12 billion euros between 2021 and 2025, CEO Frank Mastiaux said at a presentation on the company’s financial performance. In a press release, EnBW said it would focus on building and managing infrastructure within the energy sector and beyond. “These efforts will target three growth areas: Sustainable generation infrastructure, system-critical infrastructure and smart infrastructure for customers,” the press release says.
EnBW also announced that it is in talks to acquire French wind and solar company Valeco. The move is part of an effort to internationalise EnBW’s renewables business, the press release says. “For EnBW, this is another important step on the way to making renewable energy a cornerstone of the company’s business,” CEO Mastiaux said. He added: “Our decision to completely restructure the business while keeping the company in one piece is increasingly paying off.”
EnBW is one of Germany’s largest utilities. It operates the transmission grid and large parts of the distribution grid in the southwestern state of Baden-Württemberg through its subsidiaries, and is largely owned by the state of Baden-Württemberg and a consortium of municipal governments. Germany’s energy transition has shaken the country’s dominant power companies, including EnBW, challenging their traditional business model of centralised power generation. In recent years, EnBW has pursued a strategy of replacing nuclear and coal generation with renewables, including offshore wind farms. Low water levels and poor wind conditions put a strain on the company’s business in 2018.