It was not until September that the federal government bought up the troubled energy company Uniper for 30 billion. The gas importer was systemically important, it was said at the time. This also applies to the power grid operator Tennet, whose further financing is unclear. Is another entry into the state imminent?
Federal Minister of Economics Robert Habeck has spoken out in favor of a stake in the Dutch power grid operator Tennet. It is politically attractive to examine this path, said the Green politician. However, he cannot yet comment on the ongoing talks. Government officials had previously said that the federal government wanted to take a majority on the German part of Tennet.
The aim is for the state bank KfW to hold more than 50 percent. A complete takeover is also conceivable. Talks are progressing, but an agreement in the first quarter of 2023 is unlikely. We are counting on a conclusion in the first half of the year. Talks between Germany and the Netherlands have been going on for years and were interrupted last year because of the elections in both countries.
Germany has an interest in Tennet because the company is responsible for the urgently needed construction of the important north-south routes to transport wind power. The Netherlands, in turn, see the large investment requirement of 50 billion euros by 2035 for Tennet as a whole - 70 percent of this, however, is attributable to the German subsidiary. The value of Tennet's German business is estimated in the industry at around five billion euros.
The Dutch Ministry of Finance had stated that it was aiming for clarity by the beginning of 2023 as to whether a deal with Germany could be concluded. Until the beginning of 2024, you can still finance the investments in the neighboring country yourself. Then there would be a new capital requirement of 11 billion euros. The Federal Ministry of Finance had explained to the budget committee about the possible purchase: "For the federal government, the preservation of appropriate rights and influence on Tennet Germany are of central importance." Germany is very interested in accelerating the grid expansion, which is years behind the original schedule.
The idea of a German grid company had already emerged in politics at the beginning of the millennium in the course of the separation of the large transmission grids decreed by the EU. However, this was never implemented. Instead, there are four major network operator companies: Tennet, 50Hertz, TransnetBW and Amprion.
Habeck said he thinks it makes sense for the public sector to take responsibility for infrastructure monopolies like the power grid. He pointed out that the state-owned KfW bank already held a fifth of the shares in the east German network operator 50Hertz and that TransnetBW was looking for shareholders in south-west Germany. Here, too, the state could step in. Habeck emphasized that he considered it wise and necessary for the public sector to make a contribution to the creation of a public infrastructure.
